21 karma · joined October 27, 2018
From my understanding, JPMC wants to issue a new coin and make the market for that coin by buying the coin for $1. Then, they plan to use this coin for it's normal banking tasks, such as lending money, except they would use JPM Coins instead of dollars. By using this coin, they would be able to skirt their fractional reserve requirements. Of course, this coin only has value because of trust in JPMC. If this trust or breached, or if external economic events cause a large amount of JPM Coin to be sold, then this will effectively be a run on JPMC. Given JPMC's size and importance in the marketplace, the aftermath would not be pretty.
I don't know your workload, but 60ms doesn't seem that fast. Don't get me wrong, it's pretty good, but for a read-heavy load it seems like this could be optimized to be sub-10 ms at the 99th percentile.