JP Morgan’s new JPM Coin has been roiled in analysis over the crypto rage. Economist Nouriel Roubini has kept condemning blockchain projects, Garlinghouse criticizes JP Morgan’s new crypto effort, while Craig Wright insists that he himself created JPM’s token already.
The JPM token has been abuzz across cryptocurrency social media, with several noting that it endangers Ripple’s XRP market sector by offering a similar service. It’s unsurprising then, that many of the usual suspects in crypto Twitter have gotten their word in.
Nouriel Roubini, who’s known as ‘Dr. Doom’ in the cryptosphere for his dire predictions of the market’s future and for his frequent criticism of cryptocurrency generally, has noted that this new JPM Coin is not a public blockchain, but a private blockchain one that has nothing do with crypto.
In which way has the new alleged JPMorgan crypto coin anything to do with blockchain/crypto? It is private not public, permissioned not permissionless, based on trusted authorities verifying transaction not trustless, centralized not decentralized. Calling it crypto is a joke
— Nouriel Roubini (@Nouriel) February 14, 2019
While Roubini is something of a pariah in the cryptocurrency world, he’s not alone in his criticism there are a few more personalities in the industry who think the same.
Brad Garlinghouse, the Ripple CEO, has himself drawn a distinction between JP Morgan’s crypto efforts and his own, and is obliging that JPM is not just nothing new, but is in direct conflict with the latest advancements in crypto world.
As predicted, banks are changing their tune on crypto. But this JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer https://t.co/39EAiSJwAz https://t.co/e7t7iz7h21
— Brad Garlinghouse (@bgarlinghouse) February 14, 2019
Garlinghouse’s claim that JPM Coin is not creating a novel technology is something that sits well with the claims of Craig Wright, who, hot off continuing to claim he is Satoshi, has said that JP Morgan is in conflict with his patent.
While analysis of these legal claims is better left to someone with a background in technological intellectual property, so far Craig Wright has not had his claim taken very seriously.
Whatever happens with JP Morgan’s cryptocurrency efforts, it has dependably created quite a splash across the entire sector. This likely won’t be the last heard of the financial giant’s cryptocurrency.