Andreas Antonopoulos, the author of Mastering Bitcoin and a well-known Bitcoin influencer, discussed whether bank coins such as JPMorgan Coin [JPM Coin] would become more mainstream, during his recent Q&A session on YouTube. He also spoke about the impact it would have on other coins.
On bank coins, Andreas stated that they would definitely become mainstream, adding that they will have more market capitalization and users [in the short term]. Nevertheless, these coins would provide “less financial freedom,” decentralization, censorship resistance, and neutrality, when compared to non-bank/corporate coins.
This was followed by the author remarking that the “primary” competition for bank coins would be fiat and other bank coins, with factors such as freedom, decentralization, neutrality and censorship resistance being the primary differentiators. This, according to him, are the main aspects that bank coins “cannot and will not ever offer.” Ergo, Bitcoin will not be its competition.
“Does that mean they may be “bigger” and “richer”? Absolutely. Fiat is already bigger and richer. But that doesn’t matter. The measure of success is not market capitalization or how fast you shed principles, or compromise to absurd regulations that impoverish people both financially and in terms of their freedom.”
Andreas added that these entities will subject its users to surveillance capitalism and the “rapacious corruption of dictators around the world.” He further added that there were several problems with fiat and that banks would “keep coming anyway.” He said,
“[…] That is a race to the bottom. We should be strengthening our principles with cryptocurrencies, introducing better privacy, anonymity, fungibility, security, and usability. This is already happening in the crypto space. JPM Coin can have their [market capitalization].”
Additionally, the author stated that banks “fundamentally misunderstand” the value of cryptocurrencies and blockchains, adding that they are simply doing “business-as-usual,” which is disguised as innovation.
“[…] when it really doesn’t change [anything]… about the power imbalance, which is what cryptocurrencies are all about. “E-coin,” yes. Evil Corp. It is really funny how JPMorgan Chase is quite [closely] following the plot of Mr. Robot, the exact plot line of [the second season], even though we know that it ends with their offices in flames.”
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