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What you need to know for this week
As important news on February 25 at 2:00 PM (UTC) will be the sale of chips Fetch.Al (FET) in Launchpad of Binance. A total of 1,152,997,575 FETs will be offered, each chip will have a value of 0.0867 USD, the prices in BNB will be fixed on the day of the sale, the format will be based on “First come first, served basis”, to participle people must already have verified their account and accepted the conditions to participate in this sale; since the Fetch.AL will not be responsible for any investment, all are under the user's own risk. Users from the following countries will not be able to participate in token sales on the Binance Launchpad platform: Afghanistan,Albania,Belarus,Bosnia & Herzegovina,Burundi,Central African Republic,China,Cote dIvoire,Cuba,Democratic Republic of the Congo, Ethiopia, Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Liberia, Libya, Malaysia, Myanmar, North Korea, Republic of Macedonia, Serbia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Thailand, Trinidad & Tobago, Tunisia, Uganda, Ukraine, United States, Venezuela, Yemen, Zimbabwe. It is important to stand out that the global cryptocurrency platform that provides a place for the trade of more than 100 cryptocurrencies, Binance, has decided to withdraw certain digital assets that do not meet certain parameters; these are CloakCoin (CLOAK), Modum (MOD), SAL (SAL), Substrate (SUB), Wings (wings). The coins and chips will stop trading on February 22 at 10:00 AM UTC any commercial order after the stipulated date will be eliminated. The platform has indicated that this action is due to breach of its parameters. And another one who bet on the cryptocurrency economy; on Thursday, February 14, the banking institution JP Morgan Chase, one of the largest banks in the world, announced the launch of its own cryptocurrency that will be known as the JPM Coin. This project will start its tests with a small number of institutional clients, once the results are satisfactory by the end of this 2019, it will be open to the public. This cryptocurrency will serve to make international payments between clients, it will not be money, it will only serve as a representation of the amount of money that a certain account has in the JP Mongar Chase bank. The head of the project, Umar Farooq, also announced that the cryptocurrency will be in all standard platforms. This action has baffled those who remember the statements of the bank's CEO, Jamie Dimon, who declared a few years ago that he did not understand how people gave value to something that has no value. To close with good numbers, as we know more and more people who dare and trust the Bitcoin economy, according to the figures of Kaspersky Labs, there is a 700% increase in the adoption of Bitcoin in the last 6 years. There are more and more businesses that accept payments in Bitcoin as transactions, and an approximate of 13% of the world population has used Bitcoin as payment method; this survey of Kaspershy Labs was conducted with more than 13,000 consumers from 22 countries where we can see that the countries with the highest inflation are those that have resorted most to this method of commercial exchange. These numbers are encouraging for a market that has struggled to gain the confidence of people, and despite the fall in their prices there are still people who bet because it can be a strong economy in the future, according to Coinmap data indicate that the acceptance increased by 70% in relation to December 2013.
BINANCE ARGUES JPMORGAN’S DUBIOUS CRYPTO PROJECT WILL SPUR REAL ADOPTION
In a new article from Binance Research, one of the world’s largest cryptocurrency exchanges deems JPM Coin a “stepping stone” toward mass adoption. By exposing large clients to a private blockchain structure, JPMorgan will indirectly increase interest in the wider crypto industry.
“The rise of this third generation of stablecoins may only be an intermediate stepping stone for cryptocurrency mass adoption. Stablecoins running on private blockchains will contribute to increasing awareness of the rest of the blockchain and cryptoasset industry in the long run.”
The question they set out to answer, whether or not JPM Coin can disrupt the stablecoin market, comes back as “very unlikely.”
“It is very unlikely that JPM Coin will disrupt the existing stablecoin industry in the near term owing to its permissioned, private nature. Currently, stablecoins issued by banks are designated to serve a specific purpose and as a result, do not directly compete with the existing stablecoins.”
WILL JPM COIN BE MADE AVAILABLE TO REGULAR CHASE USERS?
“JPMorgan Coin could be internal, could be commercial, it could one day be consumer.”
However, as CCN’s Josiah Wilmoth noted, the JPM Coin website specifically states they have no existing intention to issue it to the public. The token is currently unavailable to everyday consumers. JPM Coin reminds one of “E Coin” from USA’s “Mr. Robot” series. The “cryptocurrency” was used as a means to settle transactions within the bank’s massive holdings. Binance also concludes in agreement with Ripple Labs CEO Brad Garlinghouse: Ripple and JPM Coin are not currently in a competitive state:
“Overall, the two projects appear to have different focuses and potential applications in the short term. While there is currently no direct overlap on the functionality of the two initiatives, future developments on the reach of JPM Coin outside of its existing closed network will determine to what degree Ripple and JPM Coin will compete.”
If we categorize JPM Coin as a stablecoin, it takes very little effort for it to be the largest. As Binance writes:
“Based on J.P. Morgan’s position as one of the world’s largest banks, even a small portion of total assets locked as fiat collateral for JPM Coin could make the institution the largest stablecoin issuer on a blockchain measured by circulating supply and total market cap.”
JPMorgan moves up to $6 trillion in assets daily. The total market capitalization for all stablecoins is well under $3 billion. If JPM Coin represents just 1% of JPMorgan’s daily average, it more than doubles the market. But it’s not a stablecoin in the same respect that Tether or TrueUSD are. It’s not available to traders all over the world, nor even people outside of JPMorgan’s top client list. It’s not something you can take and redeem for Bitcoin. It, therefore, has no actual net effect on the stablecoin market. The purpose that existing stablecoins serve is not affected by the issuance of JPM Coin. Original from: https://www.ccn.com/binance-jpmorgan-token-a-step-to-crypto-adoption
Dimon still maintains that the emphasis in the financial sector should remain on the blockchain, rather than Bitcoin which he maintains, he has unintentionally become the spokesperson against, arguing, “I didn’t want to be the spokesperson against Bitcoin. I just don’t give a ….., that’s the point…Blockchain is real, it’s a technology, but Bitcoin isn’t the same as a fiat ... Binance Coin $ 27.31 7.18%. Polkadot $ 4.32 1.36%. Chainlink $ 9.60 2.58%. Bitcoin SV $ 169.56 1.39%. Crypto.com Coin $ 0.149494 1.72%. Alle Kurse. JPMorgan-Chef Jamie Dimon erneuert seine Aussagen zu Bitcoin und Blockchain . Startseite; Aktuelle Artikel im Überblick; Krypto; Bitcoin; JPMorgan-Chef Jamie Dimon erneuert seine Aussagen zu Bitcoin und Blockchain . von Tobias Schmidt. Am 7 ... Jamie Dimon, the CEO of one of the largest banks in the world, JP Morgan, has said Facebook’s proposed cryptocurrency Libra is a “neat idea” that will “never happen.” The CEO of JPMorgan made his comments on the cryptocurrency during a conference by the Institute of International Finance in Washington, adding that we “already have stablecoins, so they’re not the first to do that.” In 2017, Jamie Dimon slammed Bitcoin. The chief executive of JP Morgan claimed that if any of his firm’s traders were caught trading the cryptocurrency, they would be fired, as it is “dangerous”. Other figures on Wall Street have echoed this sentiment. Legendary investor Warren Buffett has dubbed Bitcoin “rat poison”, adding that it doesn’t have much more inherent value than a ... Jamie Dimon’s relation with cryptocurrencies and especially Bitcoin has been a shaky one since his statements in September 2017. He referred to Bitcoin as a “fraud” but later said that he ... Bitcoin has fared better under such fundamentals so far in 2020. #2 Stimulus Package. JPMorgan CEO Jamie Dimon noted that the US government is the most significant catalyst behind US economic recovery. In March, after the coronavirus-led lockdown, Congress passed a $2 trillion stimulus package that benefited the American households and pandemic ...
Binance to Launch Crypto Travel Rewards Card with Startup TravelByBit
Jamie Dimon Says "Bitcoin Investors Will Pay the Price" The CEO of JPMorgan Chase & Co. Jamie Dimon comments on bitcoin during a panel discussion at the annual meeting of the Institute of ... A far cry from when JP Morgan CEO Jamie Dimon called Bitcoin a fraud and they tried to stop consumers from buying cryptocurrencies. 🚀 Get the Ledger Nano X to Safely store your Crypto - https:/ Binance Reopens Registrations - Jamie Dimon Backs Off "Bitcoin Fraud" Comments 💲Best Crypto Exchanges for Buying Altcoins & Trading Cryptos💲: Binance: http:/... We'll also discuss verifying FUD as it relates to MyEtherWallet, Jamie Dimon's latest retraction + what it means for you and a few words about ICOs. Links: Jamie Dimon Regrets: https://www.cnbc ... Per the announcement, the card will function like a traditional prepaid card with access to additional discounts and rewards that users will be able to load with Bitcoin (BTC), Binance USD (BUSD ... Jamie Dimon is the CEO for one of the largest banks in America known as JP Morgan & Chase and he’s been an enemy towards bitcoin, bashing it throughout the years. Jamie and his banking firm have ... What are your thoughts on Jamie's comments? Are you optimistic or bearish on bitcoin long-term? Feel free to leave a comment below! Thank you all so much for watching the video. If you enjoyed the ...