2013-12-09 JPMorgan Chase Building Bitcoin-Killer

[row5_seat47]

Thanksgiving day, while many of us were eating turkey, The United States Patent and Trademark Office (USPTO) published JPMorgan Chase’s (Chase) patent application 20130317984, “Method and system for processing internet payments using the electronic funds transfer network.”

http://letstalkbitcoin.com/jpmorgan-chase-building-bitcoin-killer/

Edit:  Please see discussion at Legal Thread
JPMorgan’s Monopoly Money: IP Analysis of USPTO App 20130317984
https://bitcointalk.org/index.php?topic=369119.0

[Carlton Banks]

I'm sensing a future PR fail, they cannot compete features-wise. Not without putting themselves out of business to an even greater extent than Bitcoin has the potential to.

[PatMan]

I lulzed so hard at this article I shat myself.......

[thehedgemon]

Thanksgiving day, while many of us were eating turkey, The United States Patent and Trademark Office (USPTO) published JPMorgan Chase’s (Chase) patent application 20130317984, “Method and system for processing internet payments using the electronic funds transfer network.”

http://letstalkbitcoin.com/jpmorgan-chase-building-bitcoin-killer/

I feel like if anything, this verifies Bitcoins importance. If one of the worlds largest banks is blatantly trying to compete and improve, then obviously Bitcoin is doing something right....

[meanig]

Sounds like it will be a useful for buying bitcoins  

But seriously I can't see how they'll be able to eliminate chargebacks if consumers get hacked.

[Carlton Banks]

The credit and debit card companies will be pissed at them, it could be more effective at killing their business in the short term than Bitcoin. Physical terminals would be very easy to improvise even if they weren't made by design, this is basically a huge marketshare grab from the card companies....

Unless of course there is an upper limit on the amount you can store or on how much you can transact in a given time period. In which case, LOL

[PrFen]

Thanksgiving day, while many of us were eating turkey, The United States Patent and Trademark Office (USPTO) published JPMorgan Chase’s (Chase) patent application 20130317984, “Method and system for processing internet payments using the electronic funds transfer network.”

http://letstalkbitcoin.com/jpmorgan-chase-building-bitcoin-killer/

I feel like if anything, this verifies Bitcoins importance. If one of the worlds largest banks is blatantly trying to compete and improve, then obviously Bitcoin is doing something right....

Exactly!

And I am not afraid for Bitcoin as people are sick of JPMorgan and other terrorists and don't trust them  

[seriouscoin]

Pffff..... LOL

The Canadian Royal Mint is already ahead. They started last year with the idea and a contest. Now they're gonna launch in 2014 (i was told Spring 2014)

Canada will be a heaven for bitcoin.... trading will be so easy.

[marcus_of_augustus]

Sounds like Digicash2.0 ... maybe Chaum's patent's expired.

Edit: maybe we will see the source code links posted in the Alt-Coins section one day? ... it will give it some legitimacy.

[BitDreams]

Ghost Busters ref: Choose the form of your destructor.

[Voogru]

Anything that the banks create similar to bitcoin, would just end up being excellent ways to buy bitcoins.

All of the banking regulations go out the window if they have a real competitor to bitcoin, so governments won't let them build a real competitor. Seriously, no centralized entity is going to be allowed to build something that will allow people to move millions of dollars around undetected.

[seriouscoin]

Anything that the banks create similar to bitcoin, would just end up being excellent ways to buy bitcoins.

All of the banking regulations go out the window if they have a real competitor to bitcoin, so governments won't let them build a real competitor. Seriously, no centralized entity is going to be allowed to build something that will allow people to move millions of dollars around undetected.

Uhhhh what makes you think this will be undetected? LOL if anything i would say they will lobby the government as "highly visible" by authorities, they will say .... imagine cash..... but digitally and you can see EVERYTHING .... we will tell the public otherwise tho....

 
 

[meanig]

Just thought of a reason why this isn't going to work as fast as they claim.

These digital wallets won't contain digital cash. Instead they'll contain bank credit. Bank credit isn't necessarily fungible because the value of the credit is based on the assets of the bank. Transfer won't be instantaneous because the receiving bank will have to make risk decisions about whether or not the incoming credit is credit worthy.

[empoweoqwj]

JPMorgan .... that's all we need. Bunch of cr****s

If there is one thing I trust less than websites that hold people's bitcoins and mysteriously get "hacked" its .... JPMorgan

[beetcoin]

i love it. they cannot use bitcoin as a model for their own business, since the very reason bitcoin is popular is because it's decentralized from assholes like chase itself. i hope they try it and fail miserably.

[freedomno1]

So all future alt coins will have lawsuits courtesy of JP Morgan And Chase
Good luck with that

[knight22]

It will probably be the biggest scamcoin around.
Does it have any back door? No? Really? Can we see the code? No? Why not? lol

[beetcoin]

more like chase reserves the right to manufacture as many scamcoins as they want, since they need their own QE. that's the only way that banks know how to roll.

[bryant.coleman]

We should take this seriously. If JP Morgan is allowed to move forward with this step, the legal status of Bitcoin exchanges, and that of payment processors such as Bitpay will be at risk.

[oakpacific]

Yeah, it's your patent, now sue us, sue all the miners, let's see if you can take them all down!