Enough with the bashing of JPM coin and calling it the XRP killer. There is something that can happen which is much worse than the existence of JPM Coin let me bring that to your attention. So far we know it’s going to be a stable coin pegged with Dollar and that doesn’t sound something new or exciting by any means. We have been told so far it will fulfill the requirement of value transfer and settling of funds but something that nobody is discussing is a potential $BTC /JPM coin pair.
We all know how in past Bitfinex has been the center of attention because of the rumors of manipulating the market with its Tether/USDT Coin much like JPM Coin. The common understanding was that for every Tether coin there is a Dollar backing it up until Bitfinex got accused of not having enough funds to back the Tether at all times AND/OR they produced more Tether at will to manipulate the market in form of buy backs and then selling back into real Dollar once the rates got higher concluding that they made money without investing actual money, to prove themselves right and not involved in any such activity they frankly haven’t done anything satisfactory.
Now if there comes a $BTC/JPM pair you know what that means? JPM is itself is a bank they can assure there is a Dollar pegged to every JPM coin without needing a bank to become a guarantee for their actions and this also opens up a possibility for Jamie Dimon to buy Bit coin without having actual money. I’m not saying that he would do that but who could stop him? These Banks do this kind of stuff all the time. How do you think they get fined so often? They don’t play by rules. All I’m trying to say is be vigilant if you think it’s already a wild world what more could happen? I must say you’re in a fool’s paradise.