JP Morgan announced that it came out with a new token – the JP Morgan token. It seems to just be another way for a mainstream bank to compete with the likes of XRP. Here are the top 3 reasons why JP Morgan token is a piece of s***.
Top 1 Reason Why JP Morgan Token a Piece of S***: Goes Against Whole Philosophy Behind Cryptocurrencies
According to Satoshi Nakamoto’s whitepaper, blockchain and crypto were meant to destroy centralized institutions such as banks. Now, the bank of all banks is trying to turn this philosophy on its head. It wants to be the one in charge. Crypto fans beware – the bank first tried to smear blockchain, and now it wants to compete with blockchain companies! It reminds us of the saying: If you can’t beat them, join them. But, even if JP Morgan joins in on the hype, who is to say that its values have changed from its old centralized authority days?
Top 2 Reason Why JP Morgan Token a Piece of S***: XRP Already Exists
What is the actual value of the JP Morgan token tech, if XRP already exists? Certainly, XRP already allows for fast transfers of currency across borders. The Ripple network takes just seconds to transfer currency. Consequently, JP Morgan looks like it just wants to capitalize on the hype. Thus, it seems like the bank is trying to come up with its own token tech to compete with the likes of Ripple.
Top 3 Reason Why JP Morgan Token a Piece of S***: Running an ICO Is a For-Profit Activity
Certainly, running an ICO is clearly a for-profit type of activity. There is no reason for a bank such as JP Morgan to run an ICO, other than hoping to capitalize on the ICO! Also, there can be a decent amount of money capitalizing on the already-existing market hype. Thus, this just goes to show that JP Morgan is afraid of losing out!