Well this was unexpected!
What the heck.
JP Morgan goes crypto.
Are you kidding me!
This is a lot to take in.
For some this might be a good thing.
This validates cryptocurrencies in general, seeing what seems like the biggest name is
banking history, has now rolled out their own token.
So what's gonna happen next?
Are we gonna be trading Morgans on Binance now?
What does this mean for XRP which was supposed to be doing what JPMorgan is now gonna do?
Is there hope for all hodlers?
Meanwhile, South Korea's leading telco company released a local cryptocurrency in the city
of Gimpo.
Apparently its called K token and its legit.
Their government is being really innovative.
Really excited about this.
The world is changing guys.
This is the revolution.
Tell your friends.
Hello Cryptogang, welcome to Lambo News!
So we just had the first cryptocurrency, created by a major US bank.
JP Morgan Chase has released their brand new digital currency called JPM Coin.
By the way, JP Morgan "moves more than $6 trillion around the world everyday, for corporations."
They have a massive payment system.
And in a few months, they will trial a small fraction of that on JPM Coin.
Now their CEO Jamie Dimon had been vocal about his distaste for Bitcoin in
the past.
So to summarize what he said
I could care less about Bitcoin.
God bless blockchain.
Cryptocurrencies are 'fine'.
I have issue with a non-fiat currency Hmm…
Crypto gang, this is a classic example of a man, whose head has gone so far up his butthole,
that everything he says, stinks.
Coz Cryptocurrencies are the future.
They're not 'fine'.
And you should care about Bitcoin, especially if you're in the finance industry.
Atleast keep an eye on it.
You better.
Let's be real straight here.
Love it or hate it, Bitcoin is not something you can ignore.
Now back to JPM Coin.
According to Umar, head of JP Morgan's blockchain projects, "the applications are endless;
literally anything where you have a distributed ledger which involves corporations or institutions"
But, only 3 so far have been planned.
The first application is for international payments for large corporate clients, which
now typically happens using wire transfers between financial institution.
Because institutions have cut-off times for transactions, and countries operate on different
systems, payment settlement traditionally may take more than a day.
But with JPM Coin, it will settle in real-time 24/7.
The second application is for securities transactions.
Relying on wires to buy a security, results in a time gap between settling the transaction,
and being paid for it.
Instead, institutional investors can use the JPM token to have instant settlements.
The final usecase would be, for huge corporations that use J.P Morgan's treasury services business,
to replace the dollars they hold in subsidiaries, across the world.
JPMorgan handles a significant chunk of the world's money flows for companies from Honeywell
International to Facebook, moving dollars for activities like employee and supplier
payments.
Having a unified ledger will ease the back and forth movement of money.
Let's look at JPM a little more closely.
It's not really money; they'd be the first to admit.
Rather, "it is a digital coin, representing US Dollars held in designated accounts at
JPMorgan.
In short, a JPM Coin always has a value equivalent to one U.S. dollar"
With that being said, what makes it different from other cryptocurrencies?
First of all they have no intrinsic value.
Unlike Bitcoin, whose value is intrinsic to the coin.
Most cryptocurrencies worth a fraction of their marketcap are atleast public and open.
JPM is not.
It is built on top of their own blockchain called Quorom.
Quorom is an enterprise-focused clone of Ethereum.
Its a private and permissioned blockchain obviously.
Which means that only big corporations and institutional customers have access to it.
I almost don't wanna finish video.
This is an abomination.
Well, How about the users?
With cryptocurrencies, its available to everybody.
With JPM, It's exclusive for institutional customers e.g., Banks, Broker Dealers, Corporates.
Wow.
Terrific.
Just the type of people we love to help.
I'm sorry, aren't these the middlemen that we crypto people keep talking about?
Same old system this is.
Primary users Cryptocurrencies are used as investment- true.
But that's because the industry is early and there is incentive for first movers.
But with JPM they're just using it for themselves.
Yes they have a usecase.
But it's only gonna serve them and their self interest.
JPM Coin is a betrayal to everything crypto stands for.
It should not affect the market because it has nothing to do with the market.
Just an old dog desperately trying to learn new tricks.
And there has been a lot of talk about JPM killing Ripple as I know you guys are aware,
Ripple has a similar goal.
But now that JPM, is taking the lead, its byebye Ripple right?
And not just Ripple but also Stellar.
Now let me tell you that this is very unlikely to happen because 1, JPM didn't really solve
any problem here but their own.
They have a private permissioned blockchain.
The point of cryptocurrencies, including XRP, was to bring the power back to retail consumers.
That was the point.
We have bigger goals than faster settlements.
Any centralized system could do that easily.
But what they can't do this is empower the average consumer.
2, JP Morgan controls JPM completely while Ripple has a more distributed… well kinda..
type of governance.
Roughly 70 percent of their validators are independent users.
So atleast there's that.
And XRP can still exist without Ripple.
JPM cannot.
It's not a cryptocurrency per se.
But more like a digital representation of the US dollar.
And because of that, other banks can simply do the same.
Nothing can stop them really.
What's gonna happen is that as more banks issue their own digital currency, money is
gonna be even more fragmented than ever before.
Atleast XRP is trying to fix that not make it worse.
"South Korea's leading telecommunications company, KT Corporation, has been selected
to develop a local cryptocurrency in the city of Gimpo."
This is interesting because this is the type of support that our governments should model
you know.
"Their crypto is called K token and it will be introduced in April."
"Gimpo City plans to issue 11 billion Won, that's roughly over $9.7 million dollars,
worth of K tokens per year, and this will include budgets for various social services
and developments."
This crypto will only available for use in the Gimpo area though.
It works by scanning QR codes and merchants can easily convert this into fiat without
fees.
Fortunately, KT plans to expand their currency usage to all local governments including places
like Hadong-gun, Namhae-gun, and Ulsan-si, which have concluded existing business agreements,
based on the performance of K token on Gimpo City.
Furthermore, they are also planning to provide various business-related solutions using this
technology.
And according to KT chief executive, Seo Young-il, "we will successfully carry out the local
currency business in Gimpo City.
Local currency introduction will contribute to the revitalization of the regional economy."
Now this is something that I'd love to see here in the Philippines.
You know.
Start in a small town and execute a pilot project.
Then as soon as we see more successful trials, move to local government and to bigger metropolis.
Coz why not?
Governments should learn how to innovate.
They should think outside the box.
What about you guys?
Do you wish your local government would have their own local cryptocurrency?
Tell my why in the comments.
Damn it feels good to be in crypto And that's it for today's video.
Thank you so much for watching.
So far we're trading sideways but we were off to a good start of the year.
Had a pump recently.
Will this last?
I don't think so.
Looking at the charts it smells a lot like manipulation.
But so what.
We're still here.
Fighting strong.
It's been an honor to be here for you guys.
I'll see you on the flipside.
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