dChan
Anonymous ID: ccdb26 Feb. 14, 2019, 5:06 a.m. No.5168174   🗄️.is 🔗kun   >>8315 >>8624 >>8639

One Year After Dimon Slammed Bitcoin As A "Fraud", JPM Launches Own Cryptocurrenc

 

It seems like just yesterday that JP Morgan CEO Jamie Dimon bashed bitcoin as "a fraud" and warned it "won't end well" for investors (though he failed to mention that the bank had been buying bitcoin-linked ETNs traded on a Scandinavian exchange). But in a sign that banks are still seriously exploring applications for blockchain technology despite the blowup in the prices of crypto tokens, JPM announced that it would be rolling out the first cryptocurrency launched by a US bank, according to CNBC.

 

After banning the purchase of cryptocurrencies by its credit card customers last year, JPM said it will soon begin testing a stablecoin technology in its wholesale payments business now that its engineers have produced a finished product.

 

The bank said "JPM Coin" will be used to offer instantaneous settlement for transactions in the bank's large corporate clients in its $6 trillion-a-day payments business for large corporations and institutions. Unlike bitcoin, JPM Coin's value won't be subject to the whims of a secondary market; instead, 'JPM Coin' will join the ranks of so-called "stable coins" where its value will be pegged to the dollar.

 

But it also could have other uses, including facilitating securities transactions and enabling JPM's corporate clients to consolidate their dollar deposits held by subsidiaries across the world.

 

And the bank isn't ruling out using the technology to facilitate smartphone payments for its retail customers. But focusing on the corporate application, since JPM counts such a large share of the Fortune 500 as clients, the bank hopes its "first mover" status will give the technology a good chance of being adopted, even if other banks create their own coins.

 

"Pretty much every big corporation is our client, and most of the major banks in the world are, too," Farooq said. "Even if this was limited to JPM clients at the institutional level, it shouldn't hold us back."

 

Because of its payments focus, some compared JPM Coin to XRP; but as one twitter user pointed out, the coin will most immediately compete with 'settlement coin', a consortium between seven global banks that have been working to roll out something very similar.

 

https://www.zerohedge.com/news/2019-02-14/jp-morgan-becomes-first-bank-launch-its-own-cryptocurrency

 

Boss…just get rid of this fucker NOW

Anonymous ID: ccdb26 Feb. 14, 2019, 6:20 a.m. No.5168653   🗄️.is 🔗kun

US Equities Plunge After Retail Sales Slump, Trade-Talks "Deadlocked"

 

(hardly call that a plunge but dropped from positive)

 

 

Trade talks remain deadlocked as Beijing refuses to eliminate coerced technology transfers or government subsidies to Chinese companies.

 

During the negotiations this week that were in their fourth day Thursday, U.S. and Chinese officials have remained deadlocked on a number of issues underlying the current trade dispute, according to people with knowledge of the matter. These include Washington’s complaints that China pressures American firms to share technology and uses industrial policies to favor domestic companies at the expense of U.S. competitors.

 

Having denied those allegations, Chinese officials instead are focusing on ways to boost U.S. exports to China. For instance, China’s top economic-planning agency is proposing to increase U.S. semiconductor sales to China to $200 billion over six years, said U.S. companies briefed on the plan. The sum is about a fivefold increase over current exports.

 

 

https://www.zerohedge.com/news/2019-02-14/us-equities-plunge-after-retail-sales-slump-trade-talks-deadlocked

 

https://www.dailyfx.com/crude-oil

 

happy valetine's day to all