Not so long ago, one of the world's largest banks, JPMorgan, announced the development of its own cryptocurrency and its testing for international payments. However, according to Antonopoulos, although representatives of the bank say they are using the blockchain technology, this is more a database.
A well-known supporter of Bitcoin, Andreas Antonopoulos (Andreas Antonopoulos) spoke out with open criticism regarding the functionality and the very idea of JPM Coin and Facebook Coin cryptocurrency.
“This is not a blockchain, but a sequence of incompetent engineering solutions”, said a cryptocurrency enthusiast.
He also spoke out regarding the stable-coins, mentioning Facebook Coin allegedly in development of cryptocurrency.
“Company representatives use the word ‘blockchain’, however, in essence, this is a centralized solution. It is subject to inflation, which can bring the value of the stable-coins to zero, and is tied to an unstable dollar, which is burdened with huge debts. He is being promoted by the biggest fraudsters in history who have settled on Wall Street”, said Antonopoulos.
In the opinion of the cryptocurrency enthusiast, such stable-coins do not represent value and will not compete with real cryptocurrency, but they may well compete with PayPal, Alipay and Venmo.
Antonopoulos believes that after the launch of Facebook cryptocurrency and JPM Coin awaits a sad fate. Thanks to Facebook's huge social acceptance, this company's coin will win many more fans and mislead the audience from the path of real decentralization and benefits brought by the technology.
“I am absolutely calm for real cryptocurrencies, because they serve a completely different purpose. They must become an independent, decentralized, uncensored world currency. They will not be controlled by any particular company”, he concluded.
In addition, at the end of last year, Andreas Antonopoulos expressed confidence that cryptocurrency could undermine the power of governments and financial systems, as well as reduce the level of corruption