Is JPM Preparing To Unveil Its Own Electronic Currency?

[selavy59]

If you're hoping that the average merican' is smart enough to recognize a national system failure and take action on that understanding then you're going to be disappointed. If an existing financial power player decided to copy the basic concepts of Bitcoin, even if the new system is centralized, then they would win and Bitcoin would lose. They have enough funding, existing customers and trust of the people to be successful. Advertising against Bitcoin in favor of their system would be the deciding factor. Bitcoin has no advertising budget and must rely on press sound bites for attention (most of those have been negative revolving around thefts). JPM could advertise during the super bowl.

I have written about the dangers of banks taking over the cryptocurrencies but was dismissed. Glad I'm not the only one who senses danger here. The banks could easily centralize a digital currency based on Bitcoin. I'm afraid the Bitcoin protocol lends itself to centralization. The masses will buy into it because it will be backed, their money will be 'safe' in crypto banks. No laws have to be introduced to ban bitcoin it will wither and die in the face of competition from the banksters.

[RealT]

From Reuters:  Criminal action expected against JPMorgan in Madoff case:

http://finance.yahoo.com/news/criminal-action-expected-jpmorgan-madoff-051831326.html

[Lauda]

From Reuters:  Criminal action expected against JPMorgan in Madoff case:

http://finance.yahoo.com/news/criminal-action-expected-jpmorgan-madoff-051831326.html

The currency would have been a scam probably.

[jones31]

If you're hoping that the average merican' is smart enough to recognize a national system failure and take action on that understanding then you're going to be disappointed. If an existing financial power player decided to copy the basic concepts of Bitcoin, even if the new system is centralized, then they would win and Bitcoin would lose. They have enough funding, existing customers and trust of the people to be successful. Advertising against Bitcoin in favor of their system would be the deciding factor. Bitcoin has no advertising budget and must rely on press sound bites for attention (most of those have been negative revolving around thefts). JPM could advertise during the super bowl.

I have written about the dangers of banks taking over the cryptocurrencies but was dismissed. Glad I'm not the only one who senses danger here. The banks could easily centralize a digital currency based on Bitcoin. I'm afraid the Bitcoin protocol lends itself to centralization. The masses will buy into it because it will be backed, their money will be 'safe' in crypto banks. No laws have to be introduced to ban bitcoin it will wither and die in the face of competition from the banksters.

One month after it's first block the BankofAmericacoin will have more users that the entire BTC and LTC coin.
Just like a coin launched by the bank of Cyprus will have more that actual bitcoin Cyprus users.

People don't learn , and some of them don't want to.

[Tomatocage]

One month after it's first block the BankofAmericacoin will have more users that the entire BTC and LTC coin.
Just like a coin launched by the bank of Cyprus will have more that actual bitcoin Cyprus users.

People don't learn , and some of them don't want to.

One week after it's first block, BankofAmericacoin will be forked.

[faizaa123]

There is absolutely nothing JPM can do to trump BTC.
BTC inherently is exactly what JPM isn't.  It's the antithesis.  That is what makes BTC so great.  You think that CORE component of BTC will be ignored?

[pand70]

I think that if JPM creates their own centralized cryptocurrency and on top of that patent it then i guess bitcoin will find some unexpected allies in the face of other banks.

[bitpop]

I'm on board to fork

[beetcoin]

a fork would be pretty interesting.. we'd be able to see what the underpinnings of bitcoin support is about. is it so great because it's a new form of money, or because it's a way to say "fuck you" to fiat?

[Sephera]

How can they patent something that's already existing and being used.

[beetcoin]

How can they patent something that's already existing and being used.

well, because they patented it first apparently. i guess that's how patent rules work.

[Sephera]

How can they patent something that's already existing and being used.

well, because they patented it first apparently. i guess that's how patent rules work.

But a technology that already exists and is out in open used cannot be patented...

[Operatr]

Any bank made "digital currency" would certainly be under their direct control as the "Dollar 2.0", inherently no different than what is already in place. Most Dollars are already electronic. They have zero incentive to create an open currency they can't manipulate to their own ends, as that is how they make obscene (and nigh impossible) amounts of money.

[justusranvier]

I'm confused why this thread isn't in the Altcoin section.

[Cryptolator]

A centralized virtual currency would be completely irrelevant. I think the main advantage of Bitcoin is that it is decentralized.

[MikeyVeez]

A centralized virtual currency would be completely irrelevant. I think the main advantage of Bitcoin is that it is decentralized.

Again, where all the Bitcointards are wrong.  You guys really do need to step out into real life every now and then.  Nobody gives a shit about Bitcoin 99% of the people ridicule it. They will happily accept US government coin because to them it's backed by something "credible" unlike Bitcoin in their minds. 

You need to realize this forum is the minority,  your merrits, your love,  your opinion is the complete opposite in the real world.

[Sephera]

A centralized virtual currency would be completely irrelevant. I think the main advantage of Bitcoin is that it is decentralized.

Again, where all the Bitcointards are wrong.  You guys really do need to step out into real life every now and then.  Nobody gives a shit about Bitcoin 99% of the people ridicule it. They will happily accept US government coin because to them it's backed by something "credible" unlike Bitcoin in their minds. 

You need to realize this forum is the minority,  your merrits, your love,  your opinion is the complete opposite in the real world.

Are you sure that Fed issued crypto coin will be backed? US dollar used to be backed by gold, now it's backed up debt and they keep printing more and more paper. Reducing spending value. That's why bitcoin value is increasing.

[jones31]

How can they patent something that's already existing and being used.

well, because they patented it first apparently. i guess that's how patent rules work.

But a technology that already exists and is out in open used cannot be patented...

Funny as it may sounds , it seems they aren't patenting a new technology , they are extended their patent for some kind of digital currency they researched in 1999

[Gabi]

Who cares? Bitcoin don't give a shit, who will use their "currency"?

[EvilPanda]

Who cares? Bitcoin don't give a shit, who will use their "currency"?

+1
 Anyone excited with such "news" should leave their cave more often.