Bank Of America Patent

[MF Doom]

so this is why the "big money" never came into btc.  As soon as btc was big enough to spark interest, they caught wind of these banks going forward with tech that can and probably will destroy btc, so they are keeping their money in institutional investments, like B of A

[JPage]

so this is why the "big money" never came into btc.  As soon as btc was big enough to spark interest, they caught wind of these banks going forward with tech that can and probably will destroy btc, so they are keeping their money in institutional investments, like B of A

The interesting part is that Band of America was VERY committed and involved in early 2014.  What else have they filed in the last 18 months? 

[JPage]

Satoshi allowed this too happen, when he abandoned his experiment.

Yes.  This is all true.  Bank of America pretty much owns Bitcoin now that Satoshi left it for the sharks.

Fuck Satoshi. That lazy fucking guy.

Patent application and owning a patent are not the same thing.

Well, they own the patent application, and as soon as the examiner is done, the patent application becomes the patent.  So it is pretty darn close to being the same.

[elvizzzzzzz]

I would see the novel features as :

a) Offering the "system" as a service

b) the inclusion of a second exchange in the process. This seems odd.
Surely the process could be completed without going through a second exchange?

I'd see it as routine to wire funds from one bank to an exchange, convert to BTC,
convert to a different currency, and wire funds to another bank in a different country.
That would be done as a discrete process, and I never got around to writing an
application to automate it.

[GriffinHeart]

Satoshi allowed this too happen, when he abandoned his experiment.

Yes.  This is all true.  Bank of America pretty much owns Bitcoin now that Satoshi left it for the sharks.

Fuck Satoshi. That lazy fucking guy.

We don't KNOW Satoshi, if he exists behind that anagram, or his motives.
This could be his experiment, leaving money to the sharks of human conciousness and marking the outcome of it.
You have no idea what his motives were, facts are the person/people behind the "Satoshi Nakamoto" alias created a currency worth, at it's peak, $1000. That is admirable.

[Blawpaw]

This means Bitcoin is finally picking up!
I wonder what will be the outcome from all of this big moves in a year or two

[AgentofCoin]

So what is so extraordinary to patent here, I don't get it?

To get a patent, it doesn't have to be so extraordinary.  just new and not obvious.  So extraordinary is for a Nobel prize.

Here is an example of the exchange:

(1) USD Bank Account transfer to Coinbase exchange.
(2) USD Coinbase convert to bitcoin Coinbase.
(3) bitcoin Coinbase transfer to bitcoin BTC-E exchange.
(4) bitcoin BTC-E convert to EUR currency.
(5) EUR BTC-E currency exchange withdrawal to EUR Bank Account.

I have just done what BoA proposes without using their "patentable" service.

The Supreme court said: "all inventions are made up of wheels, gears, cogs - all of which are very well known and ordinary.  It is when you put them together in a certain combination that they yield a special output or result, that makes them together a new invention."

You have done this combination today.  But did you put all these elements together prior to the BofA filing?  

What is the new invention created, from separate common parts?
A financial transfer system that uses blockchain rails, instead of the current world clearinghouse? Sounds like bitcoin to me.

I think they will be awarded the patent for wire transfers done on cryptocurrency rails.  

Maybe so, maybe not. Do me a favor and contact me either way when there is a final determination.

[elvizzzzzzz]

"What is the new invention created, from separate common parts?
A financial transfer system that uses blockchain rails, instead of the current world clearinghouse? Sounds like bitcoin to me."

Exactly so. First banks prevent their customers from using their accounts to trade bitcoin,
then they patent the process to profit from it. The supposed feature of the patent is
that transferring the money in three hops, one of which is a cryptocurrency, is faster,
in some unknown circumstances, than a single wire transfer.

I'd suppose that would be true if there were a delay somehow built into the SWIFT system, or
if it were necessary to use both the SWIFT system and another wire transfer system, 
but I do not see how that would work.

The mystery of this patent is whether it does what it says, except it doesn't actually
specify how the advantage is calculated, ie, how it works. 

I'd throw it out.

[edric]

Well, I guess we no longer need to speculate whether or not Bank of America takes crypto seriously!!!  This just in: MAJOR patent: http://www.pat2pdf.org/patents/pat20150262173.pdf

Basically, Bank Of America wants to own all wire transfers done on blockchain rails.  Wow!

Bank of America is clearly: in it to win it!!  I would not have guessed this.

This is not some obscure patent which barely references Bitcoin like the JP Morgan bullshit - this is a very broad patent squarely directed to a primary function of the Bitcoin system.

It's very interesting.  They basically are saying they invented the idea of using cryptocurrency for international wire transfers.  It just sounds like further cornering of the money transmitting/remittance business by big banking power brokers that control the regulators.

[rgm108]

It's already been done.
https://switchless.com/ Has a solution called Falcon. Just happened to see a demo a while back.
Where BoA might have an edge is where they are using multiple Crypto's. My understanding is that Falcon only uses Bitcoin but I could be wrong.

[neoneros]

I think this is where development of the banks personal and closed blockchain technology comes in handy, a swift way to make wiretransfers more reliable and faster. They can patent whatever they want and extort eachother over what is and isn't within the boundaries of those patents. It will never stand in the way of the demise of their species ignited by Satoshi. The need of banks and the dependance for them to wire value across the globe is done for by the rise of the cryptocurrencies.

[Kprawn]

Well, I guess we no longer need to speculate whether or not Bank of America takes crypto seriously!!!  This just in: MAJOR patent: http://www.pat2pdf.org/patents/pat20150262173.pdf

Basically, Bank Of America wants to own all wire transfers done on blockchain rails.  Wow!

Bank of America is clearly: in it to win it!!  I would not have guessed this.

This is not some obscure patent which barely references Bitcoin like the JP Morgan bullshit - this is a very broad patent squarely directed to a primary function of the Bitcoin system.

It's very interesting.  They basically are saying they invented the idea of using cryptocurrency for international wire transfers.  It just sounds like further cornering of the money transmitting/remittance business by big banking power brokers that control the regulators.

How can they claim that?  A fast search :

http://www.google.com/patents/US6554184 and http://www.google.com/patents/US20020077971 and http://www.google.com/patents/US20150112856

There are several patents for international money transfers and I guess they will get a lot of opposition from Swift / MoneyGram / Western Union.

Western Union Company (“Western Union”) owns four patents (“money transfer patents”) directed to systems for performing formless money transfers using an electronic

transaction fulfillment device (“ETFD”).

They will be in courts for years to come over this subject :

http://www.law360.com/articles/213859/fed-circ-reverses-western-union-s-16m-patent-win

[RawDog]

Well, I guess we no longer need to speculate whether or not Bank of America takes crypto seriously!!!  This just in: MAJOR patent: http://www.pat2pdf.org/patents/pat20150262173.pdf

Basically, Bank Of America wants to own all wire transfers done on blockchain rails.  Wow!

Bank of America is clearly: in it to win it!!  I would not have guessed this.

This is not some obscure patent which barely references Bitcoin like the JP Morgan bullshit - this is a very broad patent squarely directed to a primary function of the Bitcoin system.

It's very interesting.  They basically are saying they invented the idea of using cryptocurrency for international wire transfers.  It just sounds like further cornering of the money transmitting/remittance business by big banking power brokers that control the regulators.

How can they claim that?  A fast search :

http://www.google.com/patents/US6554184

This is a very funny patentUS6554184 - it claim everything.  I wonder if they ever tried to enforce it?

[BillyBobZorton]

so this is why the "big money" never came into btc.  As soon as btc was big enough to spark interest, they caught wind of these banks going forward with tech that can and probably will destroy btc, so they are keeping their money in institutional investments, like B of A

I think Big Money hasn't come yet simply because the big money holders are simply old people that have no idea what Bitcoin is and probably their assistants are also old and or ignorant about Bitcoin and will stick to  "old school" corporations and equities. We'll need a generation shift so wait for at least 10 years to see real change. And when I say 10 it could be 20 or it could be 2.