If JP Morgan launched a new open source crypto currency (JP coins) I would be all for it. But its is offensive that JP Morgan would try to patent their version of what is open-source software. They obviously don't get it.
Having said that, i believe that the masses would much rather make use of JP Morgan's system rather than alt currencies. The masses do not understand the concepts of trustless, open source, decentralized, not for profit systems (I've lost count of the number of heated debates I've had with people about them thinking Bitcoin is a ponzi scheme. Don't get me started on how they react when I explain DACs haha). The masses would prefer a trust based system in which they would select which company/brand they trust the most.
For the long term, Stan's words sum this all up rather nicely:
"The biggest, insurmountable, competitive advantage that Bitcoin has is that it is not JP Morgan."
JP Morgan's currency may suffer for the following reasons:
- They are a for profit company and the overall fees of using the service would likely be higher than that of bit coin.
If they keep their fees too low, won't this cannibalize their current market and reduce profitability?
I foresee high levels of regulation here, thus lots of administration, which again… will be paid for by their users.
If accounts get hacked/funds get stolen it may reflect badly on the whole company. Is JP Morgan willing to take this risk?
Can the JP Morgan developers keep up with all the open source developers and new innovations coming freely to market?
They just don't get it.
They may do well because the masses trust them.
Can people see other reasons why they might do well or do badly?
Now please excuse me while I go and patent Ubuntu OS.