Andreas Antonopoulos Critiques JPM Coin Functionality and Concept in Let’s Talk Bitcoin Interview
Andreas Antonopoulos is one of the biggest influencers in the crypto ecosystem and his podcast, Let’s Talk Bitcoin is the most listened to talk show in the business. In his most recent edition of the podcast, he had Adam B. Levine as the host.
The @coinbase privacy kerfuffle, @jpmorgan's tepid jump into the #stablecoin market, and the still unannounced but inevitably coming "Facebook Coin" on this episode of #letstalkbitcoin. @GamerAndy @aantonop @JonathanMohan @S_Murphy_PhD #bitcoin #podcasthttps://t.co/1BC0FZHxcr
— The LTB Network (@TheLTBNetwork) March 25, 2019
Antonopoulos said that JPM Coin is not a threat to cryptocurrencies. He is one of the many crypto influencers who hold this view. Earlier Charles Hoskinson called it an abomination, and Max Keiser said:
“JPM Coin is a hot steaming pile of dog crap.”
Andreas said that JPM Coin is not even a blockchain but a sequence of numerous poor engineering decisions calling it ridiculous. He added:
“We’re going to see these types of corporate coins emerge, and they’re going to use words like “blockchain”, but effectively what these are, is centralized, custodial counterparty risk-laden, slowly inflating into shit value, pegged to the unstable debt-ridden U.S. dollar, and backed by the full faith in credit and the biggest crooks in history who run Wall Street.”
“I am not worried at all about crypto because crypto serves an entirely different purpose. It serves the purpose of independent, decentralized, censorship-resistant, borderless, world currency that is not controlled by a single company. They cannot compete.”
Additionally, they spoke about Coinbase’s centralized business models. Coinbase is currently facing a bit of a hard time and it looks like things might not get any better any time soon. The current issues could be traced to a number of things but regardless, many people think that Coinbase’s liquidation, if it eventually does happen, might hit the cryptocurrency market a lot harder than most people might expect.
Coinbase is an entirely centralized business. It is a profit-oriented business and just like others, will make whatever moves it deems necessary to make sure the money keeps rolling. The problem with this system is that bad moves tend to be made when businesses like this have their backs against the wall.
The Coinbase problem has now raised awareness for the decentralization of the entire crypto market, most especially the exchange firms. It would seem like the only way these problems can be completely avoided is for decentralization to be entirely adopted.