Illuminati JPM Chase makes move to kill BTC

[flyguy]

"JPMorgan files patent application on ‘Bitcoin killer’"

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

This could be difficult to overcome.  I have had to defend myself against patent holders as well as defend my own patents against infringers.  Normally the legal battles are settled fairly albeit at great cost to both sides.

BUT.... when an empire like JPM steps in and charges infringement against their claims it doesn't matter if they have zero legal standing.  Prior art be damned.  it won;t matter one bit.  it may only take a strongly worded cease and desist letter from the JPM legal force to businesses like Coinbase, Bitstamp, MTgox, et al, to bring this BTC to a concrete stop.  JPM does not play fair.  They play to kill.  Laws are meaningless to the lawmakers.

Watch this one fellas.  The sky ain't falling yet but the safety net is about to be pulled.

[Dragonkiller]

I don't understand how you can patent something that already exists and then sue. Seems ridiculous to me. Plus why would it affect the exchanges? They wouldn't be infringing on anything. And if you're going to sue bitcoin itself, then good luck.

[defaced]

I don't understand how you can patent something that already exists and then sue. Seems ridiculous to me. Plus why would it affect the exchanges? They wouldn't be infringing on anything. And if you're going to sue bitcoin itself, then good luck.

You said exactly what I was going to say. Collective consciousness lol.

[flyguy]

I don't understand how you can patent something that already exists and then sue. Seems ridiculous to me. Plus why would it affect the exchanges? They wouldn't be infringing on anything. And if you're going to sue bitcoin itself, then good luck.

You are correct.  You can not patent something that already exists.  If something already exists it's called 'prior art'.  But that will not matter with the JPM empire.  They dictate what is legal or not.  As for the exchanges... they will be able to shut them down by claiming they are facilitating bitcoin which they will say reads on their patent claims.  I can see the writing on the wall already.

[tutkarz]

I don't understand how you can patent something that already exists and then sue. Seems ridiculous to me. Plus why would it affect the exchanges? They wouldn't be infringing on anything. And if you're going to sue bitcoin itself, then good luck.

You are correct.  You can not patent something that already exists.  If something already exists it's called 'prior art'.  But that will not matter with the JPM empire.  They dictate what is legal or not.  As for the exchanges... they will be able to shut them down by claiming they are facilitating bitcoin which they will say reads on their patent claims.  I can see the writing on the wall already.

before you will start running around and screaming we have to make sure that they are doing they own currency or just mere payment system for US dollar. Because if it is only payment system then it's something else than bitcoin which is a separate currency.

[Dafar]

So is this basically another crypto-currency w/ the same accounting capabilities as bitcoin, except centralized by the bank?

 

[TheJacob]

So is this basically another crypto-currency w/ the same accounting capabilities as bitcoin, except centralized by the bank?

 

Not sure how this is going to work. It can't do anything bitcoin can do because the company who owns it will have reporting requirements.

[knight22]

I highly doubt it will be internationally accepted AND limited in supply. Won't be open source and all...
It will be the greatest scamcoin of all  
Failure guaranteed.

[gekkomk]

Crypto-currency is the near future and at that time bitcoin will be more mature.

Kill bitcoin? Even at this moment isn't so easy as it sounds.

[franky1]

its simply going to be like a JPMcoin.

a altcoin that is pre-mined by closed pools all owned by the bank, and then the coins are exchanged at a fixed rate set by jpmorgan. where all the full nodes are on bank servers and users just use apps or websites (online bank) to connect to the bank server

doomed to fail.

JPMorgan truly do not understand bitcoin and why its a success..
the success comes from no authority, no central ownership and no bureaucracy

no one cared what type of network the banks ran on before, never cared how the bank system was coded. so JPMorgan changing their base code for storing wealth is just as meaningless as any other new tech that that have implemented over the decades to secure wealth.

jpmcoin wont be a threat to bitcoin because bitcoin cannot be threatened.. it is not a person, or a corporation they can sue.

if jpmorgan however decided that they should try suing bitcoin foundation. then the foundation can just dissolve itself and then come back as the bitcoin consortium, or another name. within 10 minutes.

that is the brilliance of it

[zimmah]

he sees his own end coming

[Siegfried]

JPMCoin - hilarious. One thing that is guaranteed, the U.S. government will not take efforts to regulate it.

[BlackShadowX1]

This makes Quark coin, look like bitcoin, even the Quarkers would call this a scam.

JPMScamcoin 

[Anon136]

This is awesome! bitcoin has opened the flood gates for a competitive market in privately issued currency. as evil as we all know JPM is i for one welcome additional competition! may the best crypto win.

[franky1]

if jpmcoin does come to existance, no one will want it due to the pre-mined and value controlled ethos of jpmcoin. but it will lend more credibility that blockchains are to be trusted as secure store of wealth, which will give more promise and free advertising to the truly freemarket of bitcoin

[LostDutchman]

I don't understand how you can patent something that already exists and then sue. Seems ridiculous to me. Plus why would it affect the exchanges? They wouldn't be infringing on anything. And if you're going to sue bitcoin itself, then good luck.

You are correct.  You can not patent something that already exists.  If something already exists it's called 'prior art'.  But that will not matter with the JPM empire.  They dictate what is legal or not.  As for the exchanges... they will be able to shut them down by claiming they are facilitating bitcoin which they will say reads on their patent claims.  I can see the writing on the wall already.

Start mining altcoins now, convert to BTC and cash out.

If you cannot mine for yourself, hook up with someone who can mine for you.

My $.02.

[bitfreak!]

A brief glance at the patent indicates it has pretty much nothing to do with bitcoin. It still relies on a central server and does not appear to be a new type of currency or "coin". What it really seems to be doing is enabling a method of "anonymous" transactions using the existing banking infrastructure. The way it achieves increased anonymity is not impressive:

storing payer information and instructions in a computer memory at a host server; publishing directory of receive only addresses

[empoweoqwj]

JPMorgan are irrelevant outside the States - think globally people - that's what bitcoin is for - the world's first global currency. No US financial institute, however large, can compete.

[luv2drnkbr]

If only there was some kind of uncounterfeitable distributed ledger that could prove that bitcoin came first...

[beetcoin]

maybe JPM is looking into funding terrorists and drug cartels. it obviously wouldn't surprise anyone at this point. it's not like they have much of a reputation to protect