That was just a month before got to it’s sky high of more than $20,000. Even though that result never happened again, last few years proved to be everything but a fraud. Not just that, but since then, plenty of other emerged and found their place under the crypto sky. One of them is .
And we have to admit, it was pretty surprising when last month came out with the suggestions of a US dollar-backed that would be used for cross-border transactions with the bank’s client. However, they lamented its use as an internal-payment tool within JP Morgan. A recent statement by the bank’s CEO Jamie Dimon suggested that JPM Coin could one day be used outside the bank.
Few days ago, found themselves the subject of ridicule (or even bribery) at the hands of the XRP army, when one of their writers casually indicated that may be a scam. The writer named Jason Bloomberg was also an author of the article about above mentioned JPM Coin.
Within the article, certain parallels were drawn between JPM’s latest venture and themselves. However, rather than positing JPM Coin as competition to , Jason Bloomberg simply dismissed as an outright scam – seemingly through conjuncture and without any real explanation given.
Of course, the XRP/ community didn’t stand for it, calling Jason out for his evident
He started an article saying that was originally designed as a “pump and dump” project because the company works really hard to pump the price, but does so cleverly so that only those who look closely enough can spot the issues. He writes:
“At its core, the business model is a pump and dump scheme, as it undergoes numerous activities to increase the value of the XRP (crypto). Unlike most crypto pump and dumps, however, takes numerous steps to obscure this basic fact.”
Jason Bloomberg didn’t stop himself here. He actually claims that pays its “” to promote XRP in an arrangement called the . One would have thought the clients would pay for its services. That puts a huge question mark on and how they run the business.
He also touches issues such as XRP being the security, liquidity issue, , technology and more. We actually recommend that you read this .
The Ripple Community Strikes Back
As expected the XRP and community defended their favorite crypto company and the digital asset XRP. Everyone knows that the community is strong and really active.
Is Forbes a scam? – At its core, the business model is an obsolete model that relies on FUD. (Not financial advice).
— Oskar Arnarson (@oskararnarson)
The truth is, and we already , has issues with central control. claims not to own or have created XRP, however it controls over 60% of the total XRP circulating supply. argues that XRP is an open source project that is separate from the company. It, however, claims the group of developers gave it a large percentage of XRP.
The question is for what? Jason Bloomberg believes it is for pumping the price of the .
However, Ryan Zagone, Director of Regulatory Relations had said:
“XRP is open source and it was not created by our company, so that existed as an open source technology. We created a company that was interested in modernizing payments and then began using that open-source tech to do so … We didn’t create XRP… What we do have is we do own a significant amount of XRP, it was gifted to us by some of the open-source developers that created it. But there’s not a direct connection between the company and XRP.”
That Forbes is in favor of JPM Coin is a well-known fact. Perhaps one of the most famous was an article published by Ms. Frances Coppola in Forbes that explained how JP Morgan Coin was a “” for .
He wrote:
“JPMCoin is a slap in the face for . Brad Garlinghouse, ’s CEO, is on record as saying he expects major banks to adopt xRapid, along with the XRP , in 2019. Now, J.P. Morgan – unquestionably a major bank – has told that there is no way they are using xRapid or XRP.”
However, a report issued by , after careful analysis, concludes that in principle, the differences between JP Morgan’s and XRP are so vast that both could not compete directly.
First, highlights the fact that JP Morgan is a stablecoin, whereas XRP is a volatile . This in itself is an essential difference since one can be used as a means of speculation while the other cannot. JP Morgan’s currency would, in any case, compete with other stablecoins such as USDT, TUSD, USDC, GUSD, etc, and even that doesn’t seem to be the case either.
Another fundamental difference is that JP Morgan does not seem to be interested in opening its to (however, they are open to that possibility). Also, the ’s will be private and controlled by JP Morgan. They said:
“For this pilot project, J.P. Morgan is specifically targeting institutional clients such as banks, brokers, dealers and other large corporations primarily for settlement and value transfer use cases within a closed ecosystem. J.P. Morgan has made it clear that the intent of this pilot is to test stablecoins and technologies to improve internal processes, ultimately resulting in efficiency gains and cost reductions for its global client base.”
Just a LowQquality Paid Article from JP Morgan?
Last but not least, let’s not forget the fact that the exact Jason Bloomberg is the head of , a company involved in providing paid content. They said their are both end consumers and business users who expect more options, higher quality and better service, at competitive prices with on-demand availability.
We, at Coinspeaker, just cannot escape the impression that this article is paid for and as such, can not serve as the serious analysis. The question is only: is that’s because JP Morgan so scared by XRP and just wants to outperform it this way?
Published at Mon, 04 Mar 2019 12:08:53 +0000
