Bitcoin Forum

I'm guessing many have read this article about MasterCard patents and some history of their views on bitcoin.

 https://cointelegraph.com/news/mastercard-patents-blockchain-tech-for-instant-payments

I'm curious Bitcoin Forum members views on the patents.  Any comments about the closing line:

" This most recent announcement only highlights the level of intensely negative feelings toward Bitcoin among institutionalized finance departments, all while embracing the technology it is built on. "

"Pro-blockchain, Anti-Bitcoin"  ::)

Of course MC and the other CCs hate Bitcoin. They can easily see that if Bitcoin catches on, they are doomed.

When the institutional guys say "We love Bitcoin's technology but hate Bitcoin", they mean that they are all for using generic crypto primitives to secure financial communications, and so on. They refuse to acknowledge that what makes Bitcoin Bitcoin is not its crypto (even though it couldn't exist without crypto) but its core principles (https://en.bitcoin.it/wiki/Principles_of_Bitcoin), especially "No censorship", "Permissionless" and "Minimal Trust". The entire edifice of modern financial institutions is built on censorship, permission and "just truuuuuuuuuuuuust us!"

Always find it interesting how they (*traditional financial institutions) like to bash Bitcoin which is the first to actually use the Blockchain and
just go with the idea of utilizing the blockchain to push their own brand of coin which will be very private and highly centralized and also easily manipulated and controlled by them in my opinion. A screwed up, perverted version of what Blockchain is suppose to be.

Clearly they have a love hate relationship with it -
But they NEED to adapt to it to keep up with it and ensure that they are able to still maintain their piece of the pie.

Do you think this will change the community that was built on this type of currency?

Blockchain -  technical genius - world changing

Bitcoin - social genius - world changing - if we keep it decentralized and uncensorable

Any form of "cryptocurrency" coming from a major institutional player will be just another shitcoin and will share the same fate as all other shitcoins...

Agreed.  If there is only one or very few participants in this block chain technology, they can just use a database and a contract with merchants.

Big companies especially banks love blockchain technology but don't like bitcoin.

Yes! That's what we need! Accepting recognized brands in the world is the key to success!

yes, but mastercard also invested in bitcoin

This is another high level of hypocrisy from the MasterCard team coming to lay credit to something that is not even theirs to begin with and its boils down to the following

1. The same invention that they have been critical about and recently disable payment and support for bitcoin outside the EU region.

2. How do you even lay claim to something that is already in the public  domain. This move to me, is not out of the love for bitcoin nor because of one great invention, rather its just a way to tame an emerging currency that could make them obsolete and lose the market share they currently enjoy. They believe that by "owning" it by this move, they can then decide to either continue its development or shut it down while anyone still developing on it will be infringing on their own right.

Not just bitcoin but see all decentralized unregulated cryptocurrencies as a threat. Bitcoin is the biggest hatter cos it dominates over 50% of the industry

no, I see they have invested BTC too. So should say they loved btc too.

MasterCard is against Bitcoin <token> because it is the competitive payment option, but not against the underlying technology, Blockchain. <because they can use it to improve their systems> These companies are very cunning, they will grab <steal> any technology that are cheaper and faster to streamline their own business and to put more profits in their pockets.

The end-user will not see any benefits when they do, because the increased profits will go towards the investors and shareholders and the CEOs and management. <bonuses & salary increases and dividends>    ^grrrrrrr^

It is just a US patent, so they will most likely get it. In Europe it is not so easy, there you can only get a patent if it is actually something new that is not already exsisting. The US patent system is so stupid, that they give patents to all and then people just have to fight in the court to prove the patents are invalid.

My love for blockchain technology is on another level..wish they could just start adopting it here in Nigeria already.

Nice article bro!  Never knew the Core Principles writeup exist. I usually thought nobody was very committed?       I have added them to my list to serve as my Bitcoin/Crypto/Blockchain Guides and Commandments.


Good observation op. The community should always be vigilant & counter their every crazy moves.
My guess is they would patent any Patentable Blockchain tech and use that to stall any attempt by big Cryptocurrency/Blockchain companies to improve in the future. Which could eventually make them monopolize and control everything.

All information included in that line "Pro Blockchain, anti-Bitcoin". Obviously, Master Card and many CC hate bitcoin because of bitcoin's advantages. Imagine one day bitcoin become popular and everybody can pay what they want by bitcoin so that no one using MC or something like that. In fact, MC afraid of bitcoin's values in future and they want try to go dirty on bitcoin name. Shame on you MC !

How do you think, when bitcoin will be available to pay with mastercard?

Couldn't have said it better myself

If Bitcoin went to Mastercard, Ethereum and Litecoin would take off. I mean people are complaining about a $0.20 transaction fee, when MasterCard is astronomical for merchants. Mastercard and Visa will go by the wayside in favor of decentralization.

I would recommend you to read the article. You won't be able to "pay bitcoin with mastercard".
Its about the blockchain technology itself. An patent which has been submitted from MasterCard.
It, itself, has nothing to do with bitcoin. Its just an blockchain based payment system.  Thats pretty cheeky from mastercard..
This probably still will stay centralized and there aren't that much advantages of having a blockchain based technology which is not decentralized and spread around.

You can't pay by a card from your BTC wallet, because your walled stored on your PC.

World is changing towards blockchain

no se ve el bitcoin como una amenaza para Mastercard en general. "Francamente, creemos que los pagos con tarjeta son simples, seguros y fáciles de usar

Many banks love the blockchain technology.
In my country, our banks is learning about it and trying to adopt the technology, but they're like hating bitcoin.
I don't know why, but wish our banks adopt it fast, too.

which I know especially in my country they are more curious to blockchain technology for the development of the financial system
rather than incorporating bitcoin into its financial system

Why they hate it? because they cant make money out of it.Thinking off that those banks are greedy bastards which do really aim on making money on services that they would see that would benefit them and seeing bitcoin would really oppose such thing this is why they wont really tend to adopt it but rather use the technology being used on it when it comes on making transactions which is possible by blockchain technology.There are lots already who are interested on this technology which would really contribute and fasten up transactions that can be applied through their service.

So what has been developed openly for the last 10+ years for everybody's benefit... these guys just come along, copy much of it and make a few obvious changes here and there and patent it?

Next thing they will be suing the rest of the crypto community for anything that even remotely resembles what they are claiming to do.

Just like the self fulfilling banking system, Intellectual Property system has also become just another tool used to control and keep in check any challenge to the powers that be... to stifle innovation and embolden big corporates to crush small competitors.

Agree stick with the original, BTC leading the way.

I'm so happy the traditional banks and institutional financial companies hate bitcoin. It means they have feeled the threat from crypto currency, which means decentralization, secure money storage and money transaction on the Internet. Bitcoin has become a potential good which financially tradable and storable equivalent. Banks as one type of intermediaries will be bypassed somehow. People will be more free without bankers.