Bank to offer competitor to BTC?

[Jcw188]

Oh no - I just read an article that JPMorganChase is getting ready to unveil a competitor to BTC.  Any thoughts?  I'd be worried they will push this on everyone and say lies like BTC is unsecure etc.  As the site says if they can't beat em, join em, and then beat em.

[DeathAndTaxes]

Not worried.  It is a centrally controlled system, which means the trusted third party will be able to block, freeze, limit, and otherwise manipulate transactions and users.   Also it is a payment platform (one that honestly is really needed because CC are just horrible for the internet they just happen to be the only option) which means the underlying "cash" or "money" is still the heavily inflated and centrally controlled federal reserve note.

If it gains any critical mass companies like OKPay, PayPal, Dwolla, et all are far more vulnerable.  Depending on how the protocol works (irreversible?) it could be a very useful mechanism to move USD and thus facilitate greater peer to peer exchange of BTC for USD.  I mean lets face it if you want to sell or buy BTC and you don't want to use an exchange, right now which is the "harder" half of the equation?  Transferring BTC or transferring USD?

[allthingsluxury]

I just read this at Zero Hedge as well. If it is centralized, which I can't see JPMorgan not making it, then it is not going to take off like bitcoin. It may find some success and even be more useful than the current visa payment system on the internet, but I highly doubt it would replace an open sourced free bitcoin.

[Melbustus]

First off, it was a patent application. That's likely quite a ways from an actual product.

Second, it'll be centralized. That means they could absolutely make it something that integrates more easily into the legacy financial infrastructure, but it'll be undesirable as an asset to actually hold.

[gadsdengraphics]

I would very much like to see a corporate-sponsored, resource-backed, pre mined cryptocurrency.

I think it would ease the transition for people who can't quite wrap their heads around gold not being necessary.

[RodeoX]

I have a thought about that... 

Hahah! Ahhaha, omg hahaha. "competitor" Hahah hah, too funny.

[XBBlade]

I have a thought about that... 

Hahah! Ahhaha, omg hahaha. "competitor" Hahah hah, too funny.

I share this thought 

[matt608]

Depending on how the protocol works (irreversible?) it could be a very useful mechanism to move USD and thus facilitate greater peer to peer exchange of BTC for USD.  I mean lets face it if you want to sell or buy BTC and you don't want to use an exchange, right now which is the "harder" half of the equation?  Transferring BTC or transferring USD?

That's a good point, it will make it easier to cash out of USD into BTC!