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Facebookcoin, JPM Coin, and other fiat-backed 'stablecoins' are *not* cryptocurrencies.
Why?
Because they only allow users to do payments that the contract issuers are comfortable with (from a legal/regulatory and business perspective).
Why?
Because they only allow users to do payments that the contract issuers are comfortable with (from a legal/regulatory and business perspective).
In contrast, cryptocurrencies have no formal issuer. Their main value proposition is to empower users by letting them do things (e.g. payments) that others (e.g. government agencies, financial institutions, communities, family members) wouldn't want them to.
That being said: issuing corporate tokens on open, permissionless infrastructure significantly expands their functionality ("asset programmability") and makes them instantly compatible with other tokens issued on the same network(s). The long-term implications may be immense.
