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Saturday, February 16, 2019

Someone Please Let Jamie Dimon Know That His New Cryptocurrency is a Fraud

By: Wes Messamore

JP Morgan Chase and Co. announced Thursday it would be the first major institutional bank to release its own cryptocurrency. Its new JPM Coin is an almost shockingly impotent reaction to Bitcoin and other cryptocurrencies by the United States’ largest bank.

JP Morgan says you can now give them a dollar, and they’ll give you a JPM Coin, which you can redeem for your dollar with them any time. So they’re using JPM Coin to keep track of how much money you’ve deposited and withdrawn. So they are offering basic banking as a new crypto.

The embarrassing level of fail in this move is difficult to overstate.

Read more at CCN.

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