Bitcoin Forum

So,

the odious patent laws are the chosen weapon to be used to attack and take down democratic bitcoin and to be used by the filthy money crooks to retain their corrupt privileges by stealing ownership of something that was never theirs to take?

http://www.zerohedge.com/news/2013-12-10/chasing-bitcoin-jpm-preparing-unveil-its-own-electronic-currency

+1

I believe that is what is going on. They have renewed an old patent that is broad and generic.  This can be used to threaten and extort millions from the nascent bitcoin infrastructure companies. The threat of endless lawsuits - even if clearly spurious - leads most to pay up. Patent troll game. Very destructive.

We will likely see many more "new patents" showing up around electronic currency topics.

Who exactly are they going to steal bitcoin from? Do you think the rest of the world has any interest in a centralized American JPM Scamcoin? The old guard have already tried with Ripple. Take a look at how well that's been received.

Anyone can make a coin. It's too late. Dogecoin.

I wouldn't be quite so chipper about the chances of btc surviving an onslaught from the money printing masters of the universe. As soon as patent violation lawsuits start being issued many legitimate businesses will run a mile and not want anything to do with btc.

Who are they going to sue? The Internet?

Unfortunately they may go for established entities such as Bitpay and others.

F'ing banker parasites.

Just depends on how bought the judges are. Bitpay may have to go offshore.

Government pays judges, banksters pay government. Judges do as they're told or get replaced by someone who will.

Interesting how some wall street guys started freak out ...  I am just reading a book called "Electronic Exchanges: The Global Transformation from Pits to Bits - ISBN-10: 0123742528 ) came to my mind the history about the first fully electronic exchange called INTEX... and how they destroyed that company, but the idea could not be stopped... same with bitcoin protocol.

The issue here is not one of destruction per se but it is one of capture, control and ultimately exploitation for profit. I suppose you could reasonably argue that is a destruction of what bitcoin represents but I very much doubt those controlling it at that point would give a shit.

They don't have a chance at competing with bitcoin.
Unless...
This is going to be a free service and...
is decentralized and ...
is open source.

Otherwise, how is this different from any online banking scheme? They sell their money for a fee and retain it at their server for a fee, then let you use it for a fee. They control the price, the supply and the rules for use.  

I wouldn't touch them with a 10, no a 20 ft. pole.

... and no company would touch your btc with a bargepole for fear of being sued into oblivion - that is the issue.

At the end of the day, if you can't use your btc for anything you have to start asking what use are they.

Not sure I follow. Who would get sued?, and why?

Read the OP

Banksters start to patent the technology bitcoin uses, anyone using bitcoin is then violating said patents if purchasing goods and services electronically with anything other than JPMoron "shitcoin" then the company selling is also violating them and gets sued.

There is nothing for JPM to patent that could stop bitcoin. And their system appears to be very different, other than it is digital money. They can patent their work, not Satoshi's. I don't see a threat here.

I take the point, I don't have as much faith in the integrity of the judicial system as perhaps your answer implies you do.

The question I ask myself is really, do banksters see bitcoin as a threat? I'd contend they most definitely do and as such will strive to use any and all methods available to secure what they have and recapture what bitcoin threatens to take away from them and give to the people.

Basically all I'm saying is I would not put anything past banksters and this looks like an opening salvo of sorts. I think it needs to be monitored very carefully because the rapacious, parasitic nature of these people knows no bounds.

If they bought the patent for said technology, it would only apply to technology created from that date. However just because they buy a patent to say they own the technology, doesn't necessarily mean they own it. As the intellectual property rights would out way the patent directly, especially if the person who designed the technology had evidence that pre-dates the patent. This would then make the patent worthless to said party.

Perhaps they plan to or could use this as a play to expose Satoshi Nakamoto?

Thing about bankers is they don't want crush or kill anything or anyone just because they're assholes. They want to make money. Period.

If making an e-money variant or whatever stands to make them a dollar they will do it.

Just a little concerned about the tone of the 'big bad bankers' talk going on here. Let's talk about facts of their system rather than assigning a faceless megacorp some malicious personality, because it's just not there. I've nothing against competition to bitcoin. If it's shit, let it be shit on its own merits.

It's like that great scene in 'Cube', where they're all trying to figure out who would put them in this diabolical torture device.

Exactly right, the US will lose out to the rest of the world.

JPM are scum who have financed wars and destruction of lives for most of the 20th century, hope they crash and burn.

 ;D

I don't buy it, bankers (at the level that really matters) have privileged access to politicians and those who make the rules, they're well able to make sure things that get done are favourable to themselves. They're effectively calling the shots in the debt riddled west. I would be more inclined to agree with the sentiment in your post if this crypto battle was going to all playing out on a level playing field but anyone who can see knows that won't be the case.

Sounds about right to me.  I mean they steal everything else it seems only logical that they would steal something that threatens their business of controlling the banking industry.  I expected this from the start and I'm sure I wasn't alone.

Guy,

this Patent is from 1999 they have just renewed it.

And it's not even remotely similar to Bitcoin  ::)


A "journalist" just pulled a Story out of his ass. As usual.