Bitcoin Forum

SETLcoin
https://bitcoinmagazine.com/articles/goldman-sachs-files-patent-application-for-securities-settlement-using-cryptocurrencies-1449000967

so its begin

Goldman Sachs also invests $50 million in Circle if I remember correctly. Big Wall Street companies are entering crypto currencies market now.

They'll sure profit a lot from the market volatitlity. That's what they do. Question is: does that really mean they would provide further incentives to digital coins?

Is there anyone who is officially challenging this patent application?

Will the patents be similar to the work done by Overstock.com? Overstock has got the permission in issuing stock in blockchain.

Surely the need for approval by the Fed negates the whole blockchain concept. This puts it into a divergent universe. Anyway, Bitcoin was there first (followed by many others), so I don't see how the patent can be valid. If they want to enforce it, are they going to sue every node in the network?

"Anyway, Bitcoin was there first (followed by many others), so I don't see how the patent can be valid."

Who filed an application on behalf of Bitcoin? No one.

We are no longer in a Prior Art paradigm but rather "first to file"
http://www.uspto.gov/about-us/news-updates/uspto-publishes-final-rules-and-guidelines-governing-first-inventor-file

It just filed patent for the new altcoin called setlcoin to avoid others clone the same system and same name. I will watch how it will play out. Anyway It is a great initiative to involving in altcoin or blockchain technology.

You realize non-patent literature can and is used to negate patent applications......all the time.

They are not trying to steal open source stuff. If it is published somewhere, it cannot be patented any more.

What they can do, is patent a new use for a technology. And this is what the big players are now all trying to do.

This type of movement is what is needed in order to move BTC into the next realm of being considered a known currency.  I am assuming it is because of companies like this that are making moves like this; which is indirectly causing the increase in the BTC market.  At the same time these companies could make the moves against BTC and make it crash over knight if they get involved enough.

These patents have me concerned to an extent.

Are they patenting to block expansion of bitcoin? What I mean is if they start patenting necessary functions that a global currency needs to exude.

Bah, too much development went into these ASICS and all the different exchanges and get rich alt coins. Everyone chased the money. No one built the infrastructure to provide the framework for a global currency. Now the banks are building IP portfolios for all the infrastructure. What they will ultimately do with them, I do not know.

Even if other financial institutions build the patent portofolio, we can circumvent those patents. Some ideas in the patent have been discussed before, so the patents are not valid.

Well, I hope you are right. Time will tell.

For me Goldman Sachs are scamers. I dont trust him.

This is what I don't understand - could they patent a new use for the blockchain?  or would they make their own "blockchain" and patent that?

I think it is just the new use of the blockchain. The block chain is a very basic idea. It encomposes all most everything.