An Era of Centralized Cryptocurrencies and Blockchains: Binance’s DEX and JPM Coin

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The launch of Binance’s decentralized exchange and JP Morgan’s proprietary cryptocurrency, JPM Coin, have raised fundamental questions about where the crypto industry is headed. Both products fall short of traditional definitions of decentralization, and instead, stake territory somewhere between the Facebooks and the Bitcoins of the Internet. JPM Coin and the Definition of Cryptocurrency When JP Morgan’s JPM Coin was first launched on Feb. 14, 2019, pundits from mainstream media outlets labeled it the “Bitcoin Killer.” The hyperbolic title indeed earned a ton of clicks, but a deeper dive into the technology reveals it has little in common with the pioneer cryptocurrency. There is also added hypocrisy when it comes to the CEO of JP Morgan, Jamie Dimon, going from calling bitcoin a “fraud” and then later retracing these statements. He later regretted his earlier comments on Jan. 2018 and admitted that “blockchain is the real deal.” With JPM Coin,…

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