Enterprise blockchain technology is beginning to enter the crypto world, with JP Morgan Chase’s newly launched JPM Coin and Facebook’s highly anticipated Facebook Coin that is purportedly launching in the first half of 2019.
The advent of these enterprise-level cryptocurrencies has garnered a wide array of contradicting opinions as to whether the crypto community should welcome them with open arms or repudiate them.
These 2 cryptocurrencies will certainly bring a lot of attention to the blockchain and crypto industry from mainstream media and consumers, but they also go against a big part of what cryptocurrency is trying to achieve: the building of a decentralized world.
Therefore, it’s easy to see why the greater crypto community have conflicting views on the advent of enterprise blockchain technology like JPM Coin and Facebook Coin, and why many are skeptical about welcoming them into the ranks.
Binance CEO on JPM and FB Coins
Changpeng “CZ” Zhao, CEO of the world’s largest cryptocurrency exchange Binance, recently addressed the crypto community regarding the controversial subject of JPM/FB coins.
According to CZ, both JPM Coin and Facebook Coin will further the adoption of the cryptocurrency industry as a whole, and CZ welcomes this adoption. CZ also noted that in a decentralized world anyone can do as they please as long as they do not bring harm to others in doing so, and that ideological differences are no reason for JP Morgan or Facebook to not take advantage of blockchain technology.
Therefore, the CZ sees it, tech giants and banks like Facebook and JP Morgan can do as they please, as long as their intentions are not harmful.
Following CZ’s tweet, Justin Sun, the founder of Tron and CEO of BitTorrent replied:
“Totally agree. The more, the better.”
Sun’s approval of CZ’s tweet comes as no surprise, as the 2 blockchain-related CEOs have been collaborating extensively in recent months with the launch of BitTorrent on Binance launchpad. They have also done multiple podcasts together, and Sun has even proclaimed that CZ’s BNB token is the new Bitcoin.
Not Everyone Agrees With CZ
Despite Binance’s CZ and Tron’s Sun backing the launch of JPM Coin and Facebook Coin, the overarching crypto community are not fans of these centralized coins. CZ’s tweet received a number of comments in disagreement with his open-armed acceptance of these coins.
One Twitter user by the name of Brad disagreed with CZ by stating:
“They [Facebook] banned crypto ads and now want to be a part of the crypto world. I’ll lose any and all respect for any exchange that adds them.”
Another Twitter user by the name of Renko proclaimed that the JPM Coin is just a power play for the banks to remain in control. Regarding Facebook, he said:
“Will facebook decentralize it’s platform and voluntarily cede control to it’s users? If it doesn’t embrace privacy for your finance, identity, user data, if they keep monetizing with your info through advertising revenue, then it’s just another PayPal.”
As well, apart from these distraught Twitter users, Charles Hoskinson, the co-founder of Ethereum and creator of Cardano called JPM Coin an “abomination of a concept” at the recently held Hybrid Summit in Hong Kong. He stated that the banks’ unethical and exclusionary behavior that caused the last recession was what drove the necessity of cryptocurrencies in the first place, and that JPM Coin is a perfect example of a dying industry desperately trying to prove its relevance.
In response to all naysayers, CZ simply replied:
“Don’t buy them if you don’t like them. No one is forcing you to.”
Date: March 14, 2019
Source: Invest in Blockchain