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> Those are systems for transferring money from JP Morgan to another bank. This system doesn't do that; it can only transfer money from JP Morgan to JP Morgan.

> Those are systems for transferring money from JP Morgan to another bank. This system doesn't do that; it can only transfer money from JP Morgan to JP Morgan. In theory, anyone who passes KYC can transfer money in token format to anyone else on the network. There is a major issue with the network which is that it seems as if only JPMC can actually redeem the tokens for dollars.

thaumasiotes 8y ago
> JPM Coins are used for transactions over a blockchain network with other J.P. Morgan clients Moving your JP-Morgan-client-only coins from your JPMcoin account held with JP Morgan to someone else's JPMcoin account held with JP Morgan is not conceptually different from moving USD from your JP Morgan dollar-denominated account to someone else's JP Morgan dollar-denominated account. In both cases, participating in the system in any way at all requires you to hold an account with JP Morgan, and the transfer that takes place "moves" currency from JP Morgan to JP Morgan. And, no surprise, JP Morgan already has all of the infrastructure in place to do transfers from one JP Morgan account to another JP Morgan account. > There is a major issue with the network which is that it seems as if only [J. P. Morgan] can actually redeem the tokens for dollars. That's not an issue. In theory, you hope for the cryptocurrency to be valid currency in its own right; you don't want people to think they need to redeem it. The issue is that you can't receive these coins unless you hold an account with JP Morgan. (You can't spend them either, but that's moot unless there's a way to get them in the first place.)
- dkoston 8y ago
  I think we are talking about the same issue in different ways. What’s clear is that this is either about internal efficiency at JPMC or marketing hype. This has no benefits for retail banking customers, unless JPMC provides new benefits (cheaper transfers). It certainly is not transformative to retail clients.

thaumasiotes 8y ago

> JPM Coins are used for transactions over a blockchain network with other J.P. Morgan clients Moving your JP-Morgan-client-only coins from your JPMcoin account held with JP Morgan to someone else's JPMcoin account held with JP Morgan is not conceptually different from moving USD from your JP Morgan dollar-denominated account to someone else's JP Morgan dollar-denominated account. In both cases, participating in the system in any way at all requires you to hold an account with JP Morgan, and the transfer that takes place "moves" currency from JP Morgan to JP Morgan. And, no surprise, JP Morgan already has all of the infrastructure in place to do transfers from one JP Morgan account to another JP Morgan account. > There is a major issue with the network which is that it seems as if only [J. P. Morgan] can actually redeem the tokens for dollars. That's not an issue. In theory, you hope for the cryptocurrency to be valid currency in its own right; you don't want people to think they need to redeem it. The issue is that you can't receive these coins unless you hold an account with JP Morgan. (You can't spend them either, but that's moot unless there's a way to get them in the first place.)

dkoston 8y ago
I think we are talking about the same issue in different ways. What’s clear is that this is either about internal efficiency at JPMC or marketing hype. This has no benefits for retail banking customers, unless JPMC provides new benefits (cheaper transfers). It certainly is not transformative to retail clients.