JP Morgans Digital Currency

[General_A]

I am sure most of you have heard the news. For those of you who haven't - here's a link http://www.bbc.co.uk/news/business-25326289 . To paraphrase the whole article, JP Morgan has filed a patent for a new payment system - which sounds eerily similar to another online payment system (cough*cough*BITCOINS*cough*cough).

I was wondering what the public (i.e. you) thought about this. Some thoughts I am interested in

a) Do you think this system could halt or even diminish bitcoins adaption
b) On the account that this is backed by the dollar (or at least you would suspect so) do you think that it is just reinventing the wheel? As opposed to a serious contender for 21st century payment system.
c) What do you think JP Morgans motives maybe? (Some could argue this is obvious - but never judge a book by its cover).

Structurally speaking - I am not saying that all of your wonderful answers (at least I hope wonderful) have to fall under the scope laid out above. Just thought it would provide all of you brilliant people with food for thought.

Thanks and regards,

[TheGr33k]

He is renewing the patent he owned one in the late 90's but I really dont think much of the issue

[quone17]

Someone pointed out that this is only applying for a patent so this could be a long way to actually having a competitor for BTC.  I saw a Russian bank also say they thought virtual currencies were the future.  However, I think BTC has the "first mover" advantage, like Amazon ebay etc. where people are already familiar with BTC.  What is JP gonna do, they will try to make money somehow, will they only allow you to use their currency in some places?  BTC is trying to go global and never says "oh Walmart you can't use BTC."