JPMorgan creates new unit for blockchain projects, says the technology is close to making money

CNBC ^ | 27 October 2020 | Hugh Son

[zeestephen]

At JPMorgan Chase, the firm's digital currency JPM Coin is being used commercially for the first time this week by a large technology client to send payments around the world...JPMorgan’s move could provide a boost to the broader blockchain and cryptocurrency industries, whose proponents believe that mainstream adoption is nearing. Digital currencies popped last week after PayPal announced that users could soon buy, hold and sell crypto directly from their accounts.

[oldbill]

If blockchain and Bitcoin are the wave of the future, why is it that no one, even their strongest adherents, can adequately explain it in layman terms.

Nobody has any problem with the concept of money, yet these people want to replace it without something even they can’t explain.

[no-s]

Nobody has any problem with the concept of money

What do you think money is? Because WRT to my understanding of the concept of money, cryptocurrency fits right in neatly.

[delta7]

Cashless seems to be all the rage....12 countries developing it ( sovereign government digital)....most disturbing is the push by the US to instate Fedcoin by the end of 2021...ALL US citizens AND inhabitants will have their own registered accounts....( you can read the Senate Bill ( SB 3571 I believe). It will be controlled and administered by the Federal Reserve, it is moving quickly through the Senate Banking Comittee. No problem for most of society, but us Biblical types see cashless as another step to the Mark, ...no man will buy or sell....”, no stopping it. Do be aware private digital currencies will NOT be tolerated, as China has stated with their version now operating in China’s major cities.

[sergeantdave]

“Digital currencies popped last week after PayPal announced that users could soon buy, hold and sell crypto directly from their accounts.”

Uh...no. You can buy Bitcoin from PayPal, but you cannot sell it to anyone or anything but PayPal. PayPal controls all the Bitcoin you buy. And when you use your PayPal Bitcoin to buy goods or services, PayPal converts your Bitcoin to US dollars to pay the merchant. It’s all laid out in PayPal’s TOS.

So the PayPal Bitcoin thing makes no sense.