On: JP Morgan Unveils USD-Backed Cryptocurrency for B2...

[lordnacho]

If you lose your private key, you lose your JPM dollars. How many people want to have $100K in notes? Because that's similar and a lot harder to lose than something stored on a computer.

Or, if you send the £100K to a valid address that nonetheless is the wrong one. Money in a black hole.

If you screwed up the note to send $100K via ACH, something could still be done about it.

[dkoston → lordnacho]

Nope. JPMC doesn’t give you actual token access. This system doesn’t work like public crypto. It’s all behind the scenes.

As such, it’s mostly marketing hype and adds value only for JPMC, not the consumer

[treis → lordnacho]

None of the problems you cite are inherent to blockchains. They can have mechanisms to reissue coins for lost keys or undo erroneous payments.