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Tushar Jain
Banks were obviously never going to use XRP for settlements and enrich Ripple Inc (who owns more than half of all XRP). They would rather enrich themselves instead! Kudos to JPM for being first. They are going to wipe the floor with Ripple.
Engineers at the lender have created the "JPM Coin," a digital token that will be used to instantly settle transactions in its wholesale payments business.
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Michael Arrington Feb 14
Replying to @TusharJain_
Go Banks! Wait.
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Matt Hamilton Feb 14
Replying to @TusharJain_
But you already know that stablecoins don't work for cross-border payments. This conversation has been had multiple times. This is good news for XRP as it generates even more demand for it for settlement.
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galgitron (no price predictions) Feb 14
Replying to @TusharJain_
Welcome to 2016! Just a few more years of catching up and you'll be right where everyone else is
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Tushar Jain Feb 14
Replying to @galgitron
The point is *not* that the fiat backed stable coin will win. Rather the point is that JPM could issue an XRP type asset anytime they wanted (they could literally copy the open source code) and they are much more likely to use their own asset than enrich Ripple Inc.
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Tushar Jain Feb 14
Replying to @arrington
The point is *not* that the fiat backed stable coin will win. Rather the point is that JPM could issue an XRP type asset anytime they wanted (they could literally copy the open source code) and they are much more likely to use their own asset than enrich Ripple Inc.
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Tushar Jain Feb 14
Replying to @HammerToe
The point is *not* that the fiat backed stable coin will win. Rather the point is that JPM could issue an XRP type asset anytime they wanted (they could literally copy the open source code) and they are much more likely to use their own asset than enrich Ripple Inc.
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galgitron (no price predictions) Feb 14
Replying to @TusharJain_
How exactly did you go from talking about their new stablecoin to a non-existent freemarket XRP-clone? How'd that strategy work out for XLM? And that should be really popular all over the world. Hey everybody, a legitimate banker's coin! Let's make JP Morgan even richer!
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to the moon... Feb 14
Replying to @TusharJain_
With all due respect I think you need to look at the use case for each coin a little more I'm sure a bank in the Philippines will be happy to take a JPM coin.... NOPE!! JPM intranet XRP internet Big difference 😀
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Tushar Jain Feb 14
Replying to @dlong83
The point is *not* that the fiat backed stable coin will win. Rather the point is that JPM or another bank could issue an XRP type asset anytime they wanted (they could just copy the open source code) and they are much more likely to use their own asset than enrich Ripple Inc.
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Tushar Jain Feb 14
Replying to @galgitron
This is proof that big banks like JPM are willing to issue their own digital assets. If a stablecoin doesn't work, XRP is *not* the next option. The next option is for JPM to issue their own XRP type asset. Big banks will never use XRP when they could enrich themselves instead.
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709 ⚡️ Feb 14
Replying to @TusharJain_ @arrington
It's not an 'XRP type asset'. They've created a walled garden. There's counterparty risk. Do you think other banks will use JPM coin? No. Sure, other banks could create their own coin, but those will also be walled gardens.
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Tushar Jain Feb 14
Replying to @xrpmoonboiz @arrington
Why must they be walled gardens? JPM can literally just copy Ripple Inc's code if they want to.
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galgitron (no price predictions) Feb 14
Replying to @TusharJain_
No competing bank in the world will enrich Jamie by treating jpm coins as a bridge/reserve currency, whether it's a Stablecoin or freemarket xrp clone. Xrp is the only capable politically/economically neutral coin out there, and will be the bridge between banker's coins to come
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Michael Arrington Feb 14
Replying to @TusharJain_
Yeah. I’m just flabbergasted that your hatred of XRP outweighs your dislike of the banks.
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Noel o connell Feb 14
Replying to @TusharJain_ @dlong83
If the banks were all trusting and willing to use Jpm coin. Then a coin wouldn’t even be needed they could just write i.o.u’s every time money was transferred. It would do the same thing . Why aren’t they doing this ? Oh ya .! they don’t all trust each other 🤔
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Tushar Jain Feb 14
Replying to @galgitron
Are you claiming that XRP is more politically and economically neutral than Bitcoin??
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Tushar Jain Feb 14
Replying to @arrington
I don't make moral judgements on which token/network *should* win in my ideal world, my job is to think about who is most likely to win. The reality is that a JPM issued clone of Ripple is 100x more likely to succeed than Ripple itself. Feelings don't matter.
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galgitron (no price predictions) Feb 14
Replying to @TusharJain_
100%, in fact moreso because 'today' China can unilaterally decide to destroy Bitcoin by ordering its 9 mining pools to double-spend attack Bitcoin, and nobody would know till it's too late. Whereas the XRP ledger is completely decentralized and no single authority can affect it
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Tushar Jain Feb 14
Replying to @galgitron
Ripple Inc controls the circulating supply of XRP. They own >50% of XRP & release 1B XRP per month from escrow. They have been returning 900M per month to escrow at their sole discretion & could decide to start selling all 1B every month. That's economic centralization.
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