The idea behind a Stable coin is an exercise in the futile.
Like to contemplate one of the absurd chances.
The coin is attached to the value of something else.
So why not just keep something else, which apparently will always have the same value as stablecoin, but is actually self and not just something redeemable for itself?
This is just so funny because Dimon and such institutional finances scoffed at Bitcoin compared to the Dutch tulipan, claiming that there is only a common hallucination of a larger stupid after another of some value in something with no intrinsic value .
Now they ask big players with a lot of money to buy their stablecoin, which they say is worth $ 1
JPM Coin is so absurd, it's almost like a postmodern art project.
JP Morgan has just issued a digital certificate that you can redeem for another digital certificate that you have not been able to redeem for hard specie since Nixon was president.
Are we actually forgetting the banking system viciously satirizing itself?
Forget about World War 3, atomic agents, zombie apocalypse, rising sea levels, winter AI, space gamma rays or some kind of nano-biotic gray goo.
Is the real chtonic force that will overwhelm the world the unbearable hilarity and frightening blindness of dinosaur heritage institutions fumbling through our brave new world?
Disclaimer: The views expressed in the article are just the author's and not
Jamie Dimon AP Photo's picture / Jacquelyn Martin