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comment by kleinbl00

In what way does it "have anything to do with crypto?"

In that they're planning extensibility to "all standard blockchain networks."

    The JPM Coin will be issued on Quorum Blockchain and subsequently extended to other platforms. JPM Coin will be operable on all standard Blockchain networks.

If JPM is calling it crypto, and planning on interacting with other crypto, it's crypto.

Full stop.





Creativity  ·  278 days ago  ·  link  ·  

Yes it's crypto.

But can we be honest for a second and distinguish two subsets of crypto, one that is decentralized & permissionless vs one that is centralized and permissioned ? Can we agree that Jamie Dimon thinks the first one is going nowhere while he believes that the second one can optimize current processes ? Can we agree that we are not agreeing with this because both of us believes the first one will really change things (disruption) while the second one will only do some improvements ? Can we agree that since the beginning Jamie Dimon didn't change his line of thinking in regards to these two subsets ? Can we agree that creating a narrative as if he did isn't legitimate ?

kleinbl00  ·  278 days ago  ·  link  ·  

This is a whole lot of nuance whereas four hours ago, you were disdainfully dismissive of any discussion related to JP Morgan and cryptocurrency. Further, an hour ago you agreed with Nouriel Roubini, noted Keynesian hatemonger of crypto, calling this whole discussion "a joke."

You effectively exerted the right to mock anyone who saw a contradiction between JP Morgan Chase's former and current positions, a set of people that, based on my titling, includes myself. Now that you have triangulated to an either/or position of what is/is not "permissioned" you're attempting to resolve the insult by assigning motives to my behavior.

I'm not agreeing with you on this because I believe Jamie Dimon in particular and JP Morgan Chase in general to be bad actors taking advantage of the amplification effect of their position in the market. The whole time JP Morgan has been slagging on crypto they've been a member of the Enterprise Ethereum Alliance, for example. My personal opinion is that the financial and research spaces of cryptocurrency and blockchains are exquisitely sensitive to sentiment and my personal experience is that JP Morgan doesn't say what they mean, they say what they benefit from.

is Hyperledger a cryptocurrency? Is SWIFT a blockchain? These are arguments of definition, not intent. The bottom line is that JP Morgan is inconsistent when it is profitable for them to be inconsistent. That's my allegation, that's the allegation of many observers of cryptocurrency, and that's why the two are mentioned together.

Creativity  ·  278 days ago  ·  link  ·  

I am dismissive of the creation of a narrative between Jamie Dimon comments on Bitcoin and the launch of the JPM Coin as if it’s something that doesn’t make sense. I might be naïve, but I take Jamie Dimon comments on Bitcoin at face-value: I believe that he thinks like that about Bitcoin, and that he isn’t playing a metagame here.

I agreed with Roubini in the sense that to my understanding, linking Jamie Dimon comments on Bitcoin and the launch of the JPM Coin is comparing apples and oranges (both projects are crypto, like those two are fruits, but they have not much in common besides that). I should have been more precise.

I mostly agree with you otherwise on your thoughts about JP Morgan and Jamie Dimon. It’s just that subset of the discussion with the link between Jamie Dimon comments on Bitcoin and the launch of the JPM coin that doesn’t resonate with me. It’s a catchy title and everything, but I still believe that him having that opinion about Bitcoin and JP Morgan launching the coin doesn’t contradict itself.