Charles Hoskinson tears into JP Morgan Coin, calling it an "abomination"

08 Mar, 2019 | Updated: 09 Mar, 2019
by David Borman
Charles Hoskinson tears into JP Morgan Coin, calling it an abomination

It is being reported by The Daily Hodl that Charles Hoskinson, creator of Cardano and head of IOHK, was recently speaking on a crypto panel at the Hybrid Summit in Hong Kong, when he began ripping into JP Morgan Coin and the bank that produced it.

Immediately the IOHK CEO blasted the concept as being completely out of touch with crypto:

"I saw the JP Morgan Coin, and listen – you guys just don’t get this space. You don’t know how any of these things work. It’s an abomination of a concept."

Hoskinson didn't mince words as he blatantly called out JP Morgan and the rest of the banking cartel such as the US Federal Reserve, pointing out that the very reason crypto exists is to fight back against the elite's illegal banking practices.

Read more: Ripple's Brad Garlinghouse has one good thing to say about JPM Coin

To quote Hoskinson:

"The whole reason we exist is because these guys are criminals. They’ve done horrible things over the last few decades. They’ve bankrupted the world, and they’ve excluded three billion people from the world financial systems as a consequence of their regulations and the systems they’ve put into play. And the whole world is living the consequences of their malfeasance and poor decisions. And so, as a counter reaction, the cryptocurrency exists and it continues to grow, and it will continue to gain relevance. And eventually it will collide with the legacy system."

He then spoke fondly of what not only his company is doing but the whole crypto sphere, admitting it is going slow but emphasizing that these things take time:

"We modernize blockchain technology. Everything from property and business registration to voting systems to supply chain management, across to as many verticals as we can find. Once you have blockchain tech, you have digital identities, you have wallets, and then you can link them to permissionless systems like Cardano and Ethereum, and give them access to credit, insurance, remittances and these types of things. So it’s a slow, methodical march, and it takes quite a bit of time."

It is encouraging to see one of the leaders in crypto speak out so passionately against the system that crypto was made to stand against. Will it ultimately matter, or will JPM Coin ultimately be the coin of tomorrow? Stick with Chepicap to find out!

Read more: JP Morgan tested their network with one account according to FAQ

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