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Home / Business / Nouriel Roubini and Crypto Community Agree: JP Morgan's New Coin is not a Cryptocurrency

Nouriel Roubini and Crypto Community Agree: JP Morgan's New Coin is not a Cryptocurrency



Economist Nouriel Roubini claims the latest reports claiming that JP Morgan's new digital resource is actually a cryptocurrency.

According to a report from CNBC, JPM Coin is billed as the first US bank-backed crypt. With JP Morgan setting up $ 6 trillion worth of transactions every day, the new technology is well positioned to change global payments. Using Digital Ledger Technology (DLT), the bank plans to utilize 21st-century technology to move funds worldwide quickly, efficiently, and cost-effectively, theoretically settling transactions in seconds.

The coin could potentially replace the bank's confidence in the Swift, the legacy messaging network was established in 1973, linking over 11,000 financial institutions worldwide ̵

1; and can take days to settle a transaction.

Out of pace with instant delivery and digital streaming ethos driving large companies such as Netflix, CashApp and Spotify, the established man fights a swing water.

While the banks are on the move, they do not necessarily take the open and unrelenting cryptocurrency paradigm shift that can make them obsolete. Instead, they find a new wedge between the old and the new.

But according to Roubini, JPM Coin is called a crypto.

A cryptocurrency is a decentralized virtual currency. The most prominent example is Bitcoin. As a decentralized virtual currency, Bitcoin and cryptocurrencies use DLT to record transactions. Blockchain network transactions have different consensus mechanisms. They can be verified by independent miners scattered all over the world or managed by a fixed number of delegated verifiers.

An important feature of crypto curves is that they are not issued by a central authority. Decentralization allows them to be resistant to takeover, the government's confiscation, political disruption or other closure.

However, the definition of a cryptocurrency becomes very nuanced, as people learn more and more about cyber security. For many people, any digital resource that uses encryption is to secure and transfer value to a cryptocurrency.

But what if a central authority, such as JP Morgan, issues a digital resource and what if the digital asset is issued on a private ledger It is not decentralized? Is it a cryptocurrency or just a virtual currency? And that matters?

Bitcoin and cryptocurrencies such as Litecoin, Dash, Bitcoin Cash and Bitcoin SV were inspired by the idea of ​​creating a peer-to-peer network where people can send and receive money without intermediaries and disruptions. To obtain an open financial system that is not controlled, created or regulated by banks, or subject to third party manipulation, banks may not be liable. However, by creating a private permit for JPM Coin, JP Morgan is responsible.

Roubini, who has had a number of heated shouting matches on Twitter with crypto enthusiasts, found himself praising his opponents on this one. Having called Bitcoin, blockchain and crypto sh * t, garbage, garbage and crap, and having been an accredited investor millions of dollars with an inherent ability to make better financial decisions than any less wealthy who are interested in crypto, got Roubini a couple rop-

Barry Silbert, founder and CEO of Digital Currency Group, owner of Genesis Globl Trade and Grayscale, calls JPM Coin as technology at level with an AOL rival that was canned in 1999.

Commenting on JPM Coin, Coinsenters director of communication Neeraj K. Agrawal comments

"All I see here is a whole new wave of having to explain the difference between a closed, gated, system and an open, public system."

Anthony Pompliano, founder and partner of Morgan Creek Digital, joins the choir of crypto insiders calling to JP Morgan's new technology, a stable one.

In the wake of the JP Morgan experiment, Bitcoiners call BTC, the world's largest cryptocurrency, a sleeping giant, a Trojan Horse and .

Crypto enthusiast and chief strategy at Rhythm Technologies, Alec Ziupsnys, takes a bird's eye view of JP Morgan's chess move. He maps the road map and delivers us to the third phase of complete crypto cannibalization.

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