JP Morgan’s ‘JPM Coin’ Under Heavy Fire From All Corners

Siamak Masnavi

Since "JPM Coin" was announced by JPMorgan Chase on Thursday (February 14th), it has been attacked by a diverse range of critics. This article looks at some of more interesting things that have been said about "JPM Coin" on Twitter in the past couple of days.

Economists

Professor Nouriel Roubini (aka "Dr. Doom"):

Naturally, many Bitcoiners, who are generally not known to be great fans of Roubini, loved this comment. One of the more interesting replies to the above tweet came from Alena Vranova, Head of Strategy at Casa:

J.P. Koning:

Crypto Miners

Crypto Investment Managers

Anthony Pompliano (aka "Pomp"):

Crypto Pioneers

Nick Szabo:

Crypto Advocates

Jerry Brito:

People Who Claim to Have Invented Bitcoin

Dr. Craig Steven Wright:

 

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Craig Wright Court Ruling Causes Jitters Among Nervy Investors

Neil Dennis

Some Bitcoin investors and enthusiasts are getting uncomfortable over the actions of Craig Wright, the self-proclaimed inventor of the world's largest cryptocurrency, and are beginning to fear another major downturn in the BTC price.

Wright has failed to comply with a US Federal court order instructing him to list his Bitcoin holdings prior to December 31, 2013, and could be held in contempt of court at a hearing which follows on Friday this week.

The Florida District Court order was issued under the ongoing lawsuit filed by Ira Kleiman - representing the estate of his deceased brother David Kleiman, former business partner of Wright - who claims Wright defrauded his brother out of more than a million Bitcoins following his death in 2013.

Investors Getting Nervous

Some investors are getting nervous that Wright may be ordered to repay the Kleiman estate the Bitcoin stockpile, allegedly held in a fund called the "Tulip Trust". If such a stockpile were immediately consolidated into cash it could have a significant impact on the price.

Others fear that Wright - known for his sometimes volatile and capricious behaviour and who claims to be Satoshi Nakamoto, the mysterious inventor of Bitcoin - if piqued by the court's decision on Friday could sell much or some of his own significant holdings.

One Twitter user said:

Another nervously asked a question of BitcoinSV (Satoshi Version) - a hard fork of Bitcoin Cash in November last year promoted by Wright: "Just wondering, what does the BSV community expect to happen to the coin if Craig Wright is indicted?"

According to a court filing on May 8, Wright had named seven trustees of the Tulip Trust, including himself and David Kleiman. The filing also pointed to the existence of a second Tulip Trust. 

While it remains unclear whether both, or either Wright or Kleiman created Bitcoin, the Kleiman estate's lawyer Vel Freedman has said "it is undeniable, however, that Craig and Dave were involved in Bitcoin from its inception and that they both accumulated a vast wealth of Bitcoins from 2009 through 2013".

Freedman took to Twitter last Friday saying that Wright had not complied with the court order to list his Bitcoin holdings as of the end of 2013.

While some investors may have appeared to be showing the nerves, the price of Bitcoin remained just below $11,000 by early afternoon on Monday, up 1.3% on the day. BitcoinSV, however, was down 0.4% at $238.