2013-12-09 JPMorgan Chase Building Bitcoin-Killer

[bryant.coleman]

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

Not as simple as you think. They'll sue the exchanges and main websites. No one is stupid enough to sue individual miners. Life will be hard without the exchanges and other services.

[oakpacific]

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

Not as simple as you think. They'll sue the exchanges and main websites. No one is stupid enough to sue individual miners. Life will be hard without the exchanges and other services.

I pity those who live within the full protection of IP laws yet without access to a proper escrowing payment system.

[elchelito]

this is real proof that the banks are shitting their pants because their were too lazy and greedy to update an ancient system.

evolution is taking over bitches!

[HeliKopterBen]

Fail on 3 levels:  closed-source, centralized, fiat-based.

However, success with respect to utility.  This system could actually facilitate the conversion from fiat to crypto. 

[Bitware]

Here is JPM stock prices - http://www.marketwatch.com/investing/stock/jpm

Remember what Apple and Microsoft did with the command line applications and operating systems?

Did not matter one little bit what was technically better.

I am getting this uneasy feeling TBF and the devs best start putting over-time in.

This patent/application needs to be vigorously challenged.

[elchelito]

This patent/application needs to be vigorously challenged.

+100000!

Bitcoin is about way more than just a currency. Its about DECENTRALIZATION because we all see what happens if the power is in the hands of few.

Check out the latest episode of Lets talk Bitcoin for a glimpse of the future!

http://www.stitcher.com/podcast/mind-to-matter/lets-talk-bitcoin?refid=stpr

Oh and power to the people!

[Kluge]

Umm... It sounds exactly like Chase QuckPay (along with many similar programs at other financial institutions), which is basically PayPal without the middleman (the middleman being PayPal). It's a clear step in the right direction for financial institutions. It removes some friction, theoretically costs less (but since fees are charged based on how much banks feel they can squeeze, kind of irrelevant),  and is much quicker than the horribly outdated US money transfer systems used to move money around banks today.

What'd be nice is if JPM didn't try to copy Paypal (where it looks like it's going to act as the middleman when someone doesn't have a JPM/Chase account), but instead tried to copy the Shared Branching model credit unions adopted, where you can transfer money free and instantly to any other credit union (participating in the Shared Branching program), instead of just between your credit union's branches.

[RodeoX]

Oh great, a frequent flier miles alt-coin. 

[epetroel]

Looks like this was picked up by fox news today:

http://www.foxnews.com/tech/2013/12/10/jpmorgan-files-patent-application-on-bitcoin-killer/

[empoweoqwj]

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.

Maybe in the States, but thankfully the rest of the world doesn't give a flying **** about JPMorgan and their schemes.

[weisoq]

UK press (uk is a real b@stard when it comes to cryptos and financial choice):
BBC - http://www.bbc.co.uk/news/business-25326289
FT - behind paywall but can google JPMorgan files patent for Bitcoin-style payment system'

[bryant.coleman]

this is real proof that the banks are shitting their pants because their were too lazy and greedy to update an ancient system.

If we got the greedy bankers scared to $hit, then I think this is one of the best news as far as the Bitcoin sector is concerned.

I don't want to lose my calm.... but if Morgan tries to take out the BTC, then I think it is going to end badly for them. There are tens, if not hundreds if thousands of Bitcoin enthusiasts around the world right now, and that number includes a large number of hackers and black-hat specialists. Enough said!

[marcus_of_augustus]

this is real proof that the banks are shitting their pants because their were too lazy and greedy to update an ancient system.

If we got the greedy bankers scared to $hit, then I think this is one of the best news as far as the Bitcoin sector is concerned.

I don't want to lose my calm.... but if Morgan tries to take out the BTC, then I think it is going to end badly for them. There are tens, if not hundreds if thousands of Bitcoin enthusiasts around the world right now, and that number includes a large number of hackers and black-hat specialists. Enough said!

they might not want to wander this far over the border ... "make my day" is an expression that springs to mind.

 

[blacksails]

Wow. They have re-invented PayPal, so now bitcoin will die!
Pfft, "Bitcoin-killer" up my a**!

[Rygon]

Is there a factual article anywhere on this topic? Most of what is on here is assumptions and wild speculation.

[empoweoqwj]

this is real proof that the banks are shitting their pants because their were too lazy and greedy to update an ancient system.

If we got the greedy bankers scared to $hit, then I think this is one of the best news as far as the Bitcoin sector is concerned.

I don't want to lose my calm.... but if Morgan tries to take out the BTC, then I think it is going to end badly for them. There are tens, if not hundreds if thousands of Bitcoin enthusiasts around the world right now, and that number includes a large number of hackers and black-hat specialists. Enough said!

This speculation is getting out of hand ..... we won't need to "take down" JP Moron because of a patent application. They aren't producing a bitcoin killer and no bank ever will.

[PenAndPaper]

How can a patent about something that has a central authority can affect a decentralized system?

[row5_seat47]

Revised original post to reflect the following 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

[StarfishPrime]

Revised original post to reflect the following 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

Yes, here's the link to the analysis (from the legal thread). Clearly the dusted-off JP Morgan patent appl. has no substance or relevance whatsoever:

http://www.m-cam.com/sites/www.m-cam.com/files/JPMorganMonopolyMoney.pdf

The best chance JP Morgan has in bitcoin is to re-package 'sub-prime' bitcoin derivatives (black/red-listed?) and sell them as lucrative investments. 
Hey, it worked last time...