Andreas Antonopoulos on JPM Coin: That's not blockchain!

26 Mar, 2019 | Updated: 26 Mar, 2019
by Fifi Arisandi
Opinion
Andreas Antonopoulos on JPM Coin: That's not blockchain!

Renowned Bitcoin proponent, Andreas Antonopoulos made comments on JP Morgan & Chase's, JPM Coin, upcoming Facebook Coin and stablecoins.

As if the slurs against JPM Coin weren’t enough. After Charles Hoskinson called it an abomination, and Max Keiser said “'JPM Coin is a hot steaming pile of dog crap”, this time, the comments came from Andreas Antonopoulos.

Read more: ABRA CEO: Private blockchains like JPM Coin will fail miserably; Warren Buffett: 'Bitcoin is a delusion, JP Morgan is even making their own'

Talking on Let’s Talk Bitcoin, Antonopoulos criticized JPM Coin functionality. According to the Bitcoin proponent, JPM Coin didn’t resemble an actual blockchain’s functionality, despite its claim to be one.

He believed that JP Morgan used over-engineered technology to implement a sturdy database, as reported by Ambcrypto.

“That’s not a blockchain, that’s a sequence of poor engineering decisions!” he stated.

Antonopoulos continued by expressing his opinion towards stablecoins, calling it “ridiculous”.

Quoting what he said, “We’re going to see these types of corporate coins emerge, and they’re going to use words like “blockchain”, but effectively what these are, is centralized, custodial counterparty risk-laden, slowly inflating into shit value, pegged to the unstable debt-ridden U.S. dollar, and backed by the full faith in credit and the biggest crooks in history who run Wall Street.”

Furthermore, he also stated that stablecoins are a waste of time and that it shouldn’t be considered as competitors to cryptocurrency, but PayPal’s and Venmo’s instead.

“I am not worried at all about crypto because crypto serves an entirely different purpose. It serves the purpose of independent, decentralized, censorship-resistant, borderless, world currency that is not controlled by a single company. They cannot compete,” said Antonopoulos.

Lastly, he commented on the upcoming Facebook Coin, which he also considered as a waste of time. However, he believed that when it’s launched, Facebook Coin will “kill” JPM Coin, considering its massive user base.  

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