The creator of the altcoin Cardano, Charles Hoskinson, is making the crypto news today because of a recent statement in which he shared a less than flattering assessment on the brand new crypto asset issued by JP Morgan – the JPM Coin.
Hoskinson was a speaker at the Hong Kong Blockchain Week 2019, where he made the comments and drew an impassioned response from the audience. Most of them, in fact, applauded his outspoke message.
As a successful entrepreneur, mathematician and humanitarian, Hoskinson’s main challenges are to solve global problems using emerging technologies. He also often talks about banking the ubanked, where he aims to develop financial tools for billions of people who would otherwise lack access to any monetary means.
As he told during the Hong Kong Blockchain Week 2019:
“We train people and then we set up public private infrastructure and we’re trying to modernize most of these governments, we modernize with blockchain technology, so everything from property and business registration to voting systems to supply chain management.”
Then, he pointed to his biggest challenge being the dealing with government officials and citizens who show a great deal of suspicion when idealistic solutions are put forward. And when the JPM Coin topic came up, he said:
“I saw the JP Morgan Coin, and you guys just don’t get this space. You don’t know how any of these things work. It’s an abomination of crypto. It’s an abomination of concept.
There is absolutely no need or utility behind what they’ve created, it’s just a proof of concept for the sake of being a proof of concept..to justify some bizare executive fantasy.
The whole reason why we exist is because these guys are criminals. They’ve done horrible things over these last few decades. They’ve bankrupted the world, and they’ve excluded three billion people from the world financial systems as a consequence of the regulations and systems they’ve put into play. And the whole world is living the consequences of their wrongdoing and poor decisions.
As a counter-reaction, the cryptocurrency world exists, and it continues to grow, and it will continue to gain relevance. And eventually, it will collide with the legacy system.
I see this [JPM Coin] as the last vestiges of a dying industry trying to achieve some form of relevance. And I have very little respect for this type of work. I don’t see it as a positive thing.”
This statement has showed the extent of Hoskinson’s frustration with the status quo. His viewpoint demonstrates his sincerity towards establishing a more equitable economic system for which he is known as a pioneer.
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Wells Fargo Will Launch A New Stabelcoin Cryptocurrency Next Year
“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo will launch its stablecoin after the largest bank in the United States JPMorgan Chase announced the launch of their own digital currency as a solution to changes in the global financial space. JPMorgan’s coin saw some mixed reactions on the announcement which was made earlier this year. The stance that both banks have is based on the decentralized cryptocurrencies. At many points, the executives have issued warnings about the dangers of using innovations and the control of the fiat-based financial system. Wells Fargo made it to the headlines after it confirmed it was refusing to allow some of the domestic banking customers to use cryptocurrencies and conduct crypto-related transactions. One of the officials of the bank pointed out:
“Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that.’’As per the announcement in the coming altcoin news, the governments and central banks are still drawing lines as to what the iterations of cryptocurrency are acceptable. Facebook’s Libra crypto project is also set to release in 2020 so a lot of interesting crypto projects are preparing for next year.
Second EOS ICO Has Raised $2.8 Million Worth Of DApps So Far
“They’ve done an interesting job and [have been] innovative in learning from the best cryptocurrency news sites.LiquidApps has declined to provide any comments on the results of its token sale so far, even though there is ongoing pressure for comment. For those of you who don't know, the LiquidApps is a solution that is meant to take the pressure off the EOS blockchain and its RAM system, which has gotten bogged down as the computing resources have proven to be the scarce asset on the fourth largest blockchain by market cap. Still, this effort seems to be garnering comparably little fanfare. Six months into the EOS sale, the startup behind the second EOS ICO named Block.One had raised $700 million, as a sale and mechanics in crafting how a fundraise for a project should be done. Where they’ve struggled is, not just different market conditions, but finding the right investors and participants for their sale that fully understand the value proposition for the project,” a source with knowledge of the LiquidApps fundraise told many 2017 report by the Wall Street Journal shows.
Berkeley City Council Member The First To Buy Cannabis With Cryptocurrency
‘’By providing a cash-free method of cannabis tax collections, AB 953 can reduce costs and safety risks for cities and businesses. The Green Rush is a 21st-century industry; it deserves 21st-century legislation. Tax collections leveraging stablecoin technology will help bring this new industry into the light.’’According to the US Federal Statutes, cannabis is still illegal despite the many attempts to make it legal for recreational use in states like California. The business is still cash-based and there is almost zero banking support. The federal banks in the United States have been known to close down the accounts of many marijuana investors. The nature of the industry that is cash-based causes serious problems when considering the sales and city tax payments. The state tax officials tend to spend some more money and their time to accept payments in large fiat deposits. For the co-founder of cred, Dan Schatt, cryptocurrencies can provide solutions for these problems:
‘’Not only does crypto result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments.’’Cannabis is still a very taboo subject and so are the cryptocurrency payments and systems but it still seems like crypto is the perfect transactional tool for the industry. Berkeley’s Blockchain department’s Liam DiGregoria commented on the efforts that Bartlett made in leading the way for marijuana to become normalized among the elected officials and as he noted for the latest cryptocurrency news reports:
‘’There’s a negative public perception that people in higher levels of office shouldn’t use (cannabis), let alone buy it.’’
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