Charles Hoskinson lambasts JPM Coin

Charles Hoskinson, the co-founder of Ethereum, creator of Cardano and CEO of IOHK, criticized JPM Coin. Speaking at the Hybrid Summit in Hong Kong, Hoskinson called JPM Coin an "abomination" and stated that it exists merely for the sake of existing. He said:

“I saw the JP Morgan Coin, and listen – you guys just don’t get this space. You don’t know how any of these things work. It’s an abomination of a concept. First: They are the Federal Reserve.

They run the whole damn show. Them and five or six other entities. And there’s absolutely no need or utility behind what they’ve created. It’s just a proof of concept for the sake of being a proof of concept to say that they’re in the space, and they can justify some sort of bizarre executive fantasy.

The whole reason we exist is because these guys are criminals. They’ve done horrible things over the last few decades. They’ve bankrupted the world, and they’ve excluded three billion people from the world financial systems as a consequence of their regulations and the systems they’ve put into play. And the whole world is living the consequences of their malfeasance and poor decisions. And so, as a counter reaction, the cryptocurrency exists and it continues to grow, and it will continue to gain relevance. And eventually it will collide with the legacy system.

But I see these things as the last vestiges of a dying industry trying to achieve some form of relevance. And I have very little respect for this type of work. I don’t see it as a positive thing.”