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JP Morgan to launch its own cryptocurrency

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It's not great news for Ripple who currently have a first-mover advantage in the space, but it's hardly surprising that they're trying to emulate these technological innovations given how much JP Morgan stands to lose from the disruption of cross-border payments. What this does tell us, though, is that there is currently no better solution for settlements - so that's encouraging! 

There's also the 'Why JP Morgan?' issue: why will anyone continue to use them as a clearing house from cross-border payments when they now don't have to?

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Every other coin is stealing a piece of the Ripple pie. PANIC! /s

Oh, wait. It's just another silo. And I suppose we can pass a little gratitude on to JPM for legitimizing digital assets. 

PS. Feel free to panic sell. I'm looking to buy more xrp at 0.24-0.26 usd. 

Edited by Guest

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It will be interesting to see who will trust JP Morgans stable coin. It’s like ‘printing digital stamps backed by.....???’

As long as banks do not trust each other...... and they have never done.... stable coins (bank owned private coins with counterparty risk) will be a failure. Banks do have a tendency to go bankrupt and change the ‘standard conditions’ of agreements. Not to be trusted. :acute:

It’s like buying a digital IOU from a bank... you cannot buy anything with them... ‘absolutely useless’ (Tnx Donald Trump for the quote).

Edited by cryptoxrp

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I believe there was a comment from Brad Garlinghouse dealing with stablecoins. It was something like they will try and in the end the risk and liability will increase causing them to fail. I guess J.P Morgan is going to have to add an additional dollar to every coin it issues tying up even more funds. Maybe it can turn a quick buck or two on implementation. It will also be on a private ledger. Maybe J.P Morgan will just trade the coin between its own accounts. This could in a sense increase the security of their own personal ledgers.

It can not unless accepted by masses (trust issue) be utilized as an international liquidity tool.

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Banks now openly coming out that there is in fact an issue with slow payments and the need to solve this through Blockchain solutions, underpins the need for XRP and Ripple even more. Even if they gain some market share from Ripple, it creates a healthy environment where DA’s will be broadly accepted as a means of money transfer. 

So good news for XRP in the end. Once this ball keeps rolling and more and more people agree that DA’s are the future of payments, the more the XRP fud will dissappear and make place for utility demand imho

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16 minutes ago, peanut56 said:

I believe there was a comment from Brad Garlinghouse dealing with stablecoins. It was something like they will try and in the end the risk and liability will increase causing them to fail. I guess J.P Morgan is going to have to add an additional dollar to every coin it issues tying up even more funds. Maybe it can turn a quick buck or two on implementation. It will also be on a private ledger. Maybe J.P Morgan will just trade the coin between its own accounts. This could in a sense increase the security of their own personal ledgers.

It can not unless accepted by masses (trust issue) be utilized as an international liquidity tool.

https://www.linkedin.com/pulse/case-against-bankcoin-brad-garlinghouse/

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On 2/14/2019 at 2:35 PM, peanut56 said:

I believe there was a comment from Brad Garlinghouse dealing with stablecoins. It was something like they will try and in the end the risk and liability will increase causing them to fail. I guess J.P Morgan is going to have to add an additional dollar to every coin it issues tying up even more funds. Maybe it can turn a quick buck or two on implementation. It will also be on a private ledger. Maybe J.P Morgan will just trade the coin between its own accounts. This could in a sense increase the security of their own personal ledgers.

It can not unless accepted by masses (trust issue) be utilized as an international liquidity tool.

Exactly and well said. The problem is that the new generation does not trust JP Morgan (especially after 2008)...... The one thing they can be trusted for is to bring JPM account holders in serious financial problems with creative assets like Credit Default Swaps and other ****** paper & digital assets.

This is what JP Morgan does with your and tax payers money (in case anyone forgets). Link: https://dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/

JP Morgan is an outdated company with a focus on 'bla bla bla bla' whilst filling management and directors pockets. Don't go there with your cash.

Edited by cryptoxrp

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