Close any accounts you have with JP Morgan Chase ASAP

[Interized]

http://www.coindesk.com/jp-morgan-chase-patent-digital-payment-system/

I already closed my account with them.

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[bitcoinpsftp]

I liked the article.  What I found most interesting is that it echoes my personal view as well.  IT's true, everyone will be trying to make a bitcoin 2.0, abetter version, that fixes the mistakes.  But will it be able to catch up to bitcoin is the real question. Has bitcoin got too big of a lead?  only time will tell.

[DeathAndTaxes]

I liked the article.  What I found most interesting is that it echoes my personal view as well.  IT's true, everyone will be trying to make a bitcoin 2.0, abetter version, that fixes the mistakes.  But will it be able to catch up to bitcoin is the real question. Has bitcoin got too big of a lead?  only time will tell.

This isn't a Bitcoin 2.0 it is more like a PayPal 2.0 or Dwolla 2.0.  You don't actually think a bank is going to create a decentralized open network do you?

[Interized]

I liked the article.  What I found most interesting is that it echoes my personal view as well.  IT's true, everyone will be trying to make a bitcoin 2.0, abetter version, that fixes the mistakes.  But will it be able to catch up to bitcoin is the real question. Has bitcoin got too big of a lead?  only time will tell.

This isn't a Bitcoin 2.0 it is more like a PayPal 2.0 or Dwolla 2.0.  You don't actually think a bank is going to create a decentralized open network do you?

If they patent it they own it.

The government is too stupid to understand what is going on, it will get accepted and everyone will believe Bitcoin is illegal.

Maybe they will claim all the pools as well LOL.

[DeathAndTaxes]

The patent isn't for Bitcoin.  Did you actually read the patent application?

[tysat]

The patent isn't for Bitcoin.  Did you actually read the patent application?

It doesn't appear that way, he just wants to freak out about news he doesn't understand.

[empoweoqwj]

Closing accounts with JP Morgan is a good idea regardless of whether they are trying to usurp bitcoin. Bunch of ***** morons.

[beetcoin]

i still have to keep my money with them until mid next year to get my $200 cash. but yeah, i don't plan on using them for any payments. i need to sign up for a credit card with my credit union.

it will be a pain in the ass to my credit score when i close my credit card though.

[deepceleron]

Done...two years ago.

[bitcoinanon]

That is just like a bank to attempt to control a market with a ambiguous patent.

[luv2drnkbr]

So?  We can prove bitcoin was first.

[empoweoqwj]

They are probably just patent trolling i.e. get the patent, say bitcoin is infringing, and hope to collect a % of all transactions.

Good luck with that JP Moron

[sergio]

The patent JP Morgan has is a weapon, it is clearly not valid since Bitcoin was first, and the protocol was published in 2008.
The patent while it will not be valid in most of the world, it will be used to attack companies that use Bitcoin.
They will first attack small companies that do not have the resources to defend themselves, and then once a precedent is establish they will go after the bigger ones asking for extortion.
This is very similar to what SCO tried to do with Linux many years ago, and it backfired since IBM got involved.

Big banks have no intent in having their own virtual currencies they are dying dinosaurs, but this is an attack directly on Bitcoin.

A lot of things can be done, for one avoid using any Bank that is waging a war against Bitcoin, it is different to be opposed to Bitcoin, than to close peoples accounts, and to use extortion as a means to make Bitcoin die.

If everyone does this world wide it will hurt them financially and it could stop the war against Bitcoin.

The reason they have to resort to being a patent troll, is that they are loosing the war against Bitcoin, a while ago I read about another scam against Bitcoin called coin validation, and now this patent scam.

We can win the war that they have declared peaceful things that can be done.
1. avoid any banks and business waging an illegal ware against Bitcoin, having a negative opinion is something healthy and should not be considered bad, however shutting down accounts, having fake patents, that is not acceptable.
2. There will we bad new by mayor media and Bitcoin prices will drop, do not panic sell, Bitcoin will always recover.
3. Be careful with Bitcoins it is money, do not advertize that you have many of them, only a few.
4. The IRS is going to be going like a hound dog goes after an steak for Bitcoins now since they are very valuable be careful.
5. The less regulation the better, and example of that is the US tax code for Bitcoin is a nightmare that no one understands since it is full of contradictions.
6. Weather Bitcoin is considered a currency or a commodity it does not really matter, it servers the same purpose, it is the same Bitcoin, so that is politics that is best left for the lawyers.
7. Coin validation is an scam, do not support coin validation.
8. Alt currencies are good to have to some degree, a huge number of them serves no purpose but it is not a problem the market takes care of that.
9. Paypal is not your fried when it comes to Bitcoins.

I make this prediction, in less than 2 years Bitcoin will have won the war that is being waged by Banks/Goverments, by then Banks, Wall street will all be using Bitcoin it will no longer be volatile, it will keep growing in value but at a much slower pace than now, it will be have a large purchasing power, and great acceptance, its value could easily go over 30000 USD, in the mean time it will be volatile but always over a long period of time gaining value.

[BittBurger]

Did you guys actually read the patent?

It doesn't read like Bitcoin at all .

So that entire post above doesn't really apply.

Even the article, quoting things, sounds nothing like Bitcoin.

No idea why the author said it was like Bitcoin.

[medUSA]

Their patent seems very vague, and could point directly to all cryptos.
Can they actually file a patent on something already in existence?
Or may be they are making a JP Coin?
100% pre-mined, host their own "miners" for transactions, and own their own exchange?

Have to wait and see... 

[DeathAndTaxes]

Their patent seems very vague, and could point directly to all cryptos.
Can they actually file a patent on something already in existence?
Or may be they are making a JP Coin?
100% pre-mined, host their own "miners" for transactions, and own their own exchange?

Have to wait and see... 

Why would you need miners?  Hint you wouldn't.
Why would you need full nodes?  Hint you wouldn't.
Why would you need a needlessly complex and costly peer to peer network?  Hint you wouldn't.

The blockchain, mining, peer validation, and all the complexity and cost that comes with it is the COST of having a decentralized network.  There is no point to a centralized, decentralized network.

If you want a centralized network a single computer w/ no mining could process 100x the transaction volume of the entire Bitcoin network.   Submit your txs to the ledger, get a confirmation.  Tada.  Nothing more is needed.

[RaTTuS]

also it was first filed in 1999

[coins101]

This is their first 'claim' which forms the main basis upon which they would seek to rely upon any granted patent. All other claims are subsets of the first claim:

"155. A computer-implemented method of providing an anonymous payment from a mobile device to a payee device to enable an electronic payment between a payer and a payee without provision of an account number or name from the payer, the method comprising: storing, in a computer memory at a host server, payer information and instructions; and accessing the computer memory using a computer processor to retrieve the payer information and instructions and executing the instructions to perform steps including: receiving at the host server, a bill payment message from the payee, the bill payment message including a transaction ID; transmitting the transaction ID to the payer, the transaction ID permitting the payer to initiate transmission of a payment amount; generating a payment authorization message from the payer, the payment authorization message including a payment amount to be tendered to the payee and the transaction ID, the transaction ID allowing identification of the payment, thereby enabling redemption of the payment amount after the payee receives the transaction ID; and transferring the payment amount from an account associated with the payer to an account associated with the payee."

The 'mobile' bit looks to me like protection against Apple who are looking for payments directly through an iPhone, which is already backed by the users credit card / debit card details, plus the new finger security features makes it safer and quicker to pay. Retailers would potentially love this, but they would not like to have Apple telling them what the fee structure is without any say, which is what happened to the telecoms operators.

Secondly, any phone that had a bitcoin wallet, could be at threat. The wallet has to get on the phone somehow, and that somehow is through a centralised market place / app store. If the wallet could be downloaded any other way, the patent holder (if granted) might want to try and seek compensation or royalties from phone manufacturers (possibly a bit of a stretch), or the networks / ISPs.

Thoughts?

[BitchicksHusband]

i still have to keep my money with them until mid next year to get my $200 cash. but yeah, i don't plan on using them for any payments. i need to sign up for a credit card with my credit union.

it will be a pain in the ass to my credit score when i close my credit card though.

Actually, closing a credit line is only about 7-8 points and recovers in 30 days.  The problem is when you have the other cards with high balances.  Then your "available credit" percentage will tank and THAT will cost you a lot of points.  But if the rest of your cards are clean, the hit will be short-lived and minor.

(Source: wrote and debugged credit software for years)