The crypto industry’s most vocal critic, Nouriel Roubini, is again in headlines for his less-than-pleasant-yet-quite-expected comment on JP Morgan’s new crypto coin, dubbed JPM Coin, via Twitter on Feb.14.
His mostly one sided hate story of cryptocurrencies continued on the world’s celebration of Valentine’s Day when Roubini took to Twitter to make his thoughts known on JP Morgan’s alleged new “pseudo crypto coin.”
Ditto for XRP. It is as much of a joke as the new JPMorgan new pseudo crypto coin. https://t.co/K1EWE2mUFQ
— Nouriel Roubini (@Nouriel) February 14, 2019
Roubini’s many infamous rants against the apparent shortcomings of blockchain/crypto industry are well-known in the crypto community, the most memorable of which is perhaps his phrase calling Bitcoin “a mother of all scams and bubbles” when quoting to the US senators.
JPM Coin, the new crypto coin announced by one of America’s top multinational banks, JP Morgan, is a digital token much similar to Ripple (XRP), which is the number one altcoin on the crypto market. It would be used to settle transactions between clients almost instantly.
The JPM Coin utilizes blockchain technology as the basis of its new digital asset. JP Morgan have at their end stated that JPM Coin is a stablecoin, pegged 1:1 with the fiat currency in their possession.
The bank also clarified that this project was based on a permissioned blockchain network, stating that only those customers passing JP Morgan’s KYC standards would gain access to JPM Coin.
Roubini’s take on the matter is very simple: JP Morgan is using a disguised blockchain that can only be used by selective clientele and will not be transparent in it’s operation. The bank’s alleged ‘permissioned blockchain’ is centralized and in no way has any similarities to the very concept and definition of a blockchain.
Roubini’s tweet, which was re-tweeted nearly 700 times at the time of going to press, attracted many from the crypto sympathizers who couldn’t stop agreeing, a signifigant first in itself, with the global economist on this one matter:
— Altcoin Reijo 🏴☠️⚡️ (@ReijoKuha) February 14, 2019