It's rather sobering to see the degree to which people are dominated by casual misperceptions.
The OP's coin is satirical.
... it's just a tad unfortunate that the satire is somewhat misdirected.
The patent application makes not one single mention of the blockchain.
All BOA seem to be doing is getting in first, asserting a claim to be able to
optionally use their current system to route wire transfers via existing cryptocurrency networks when reliability/time/control factors are an economic factor.
Seems quite a sensible and logical business move. There doesn’t seem anything to satirise, really. Or anything to twist knickers.
I boiled down their graphic, for clarity and imported the key commercial advantages from the text:
's just another app that makes calls on the API of a (dynamically-selected) cryptocurrency in order to effect wire transfers of fiat. In the BOA model, the cryptocurrency simply acts as a carrier for any run-of-the-mill wire transfer, BOA’s system instructs the exchanges on the fiat-to-crypto-and-back conversions and makes the final delivery of fiat to the recipient.
The really valuable take-home is a US retail bank’s sober assessment of the advantages of using cryptocurrency, a useful arrow for the quiver of anyone making a cryptocurrency business pitch.
Cheers
Graham
I am very impressed Graham
but I think you might be wrong on some point
AS hmc note in our irc conversation on tauchain , BoA try to patent a triangular transaction using crypto.
I think that the fact that we all do it using the crypto exchange networks without patenting it can prevent them to claim this as patent. it has been done now for a long time and they should never be allowed to patent something other created and used using opensource code.
I can see the benefit of having them realizing crypto as some useful use-case for them , but taking it all the way to patenting is a crime. it is appropriating effort made by an entire community of early adopters who took the risk and invested in it. if anything, Bank of America should be order by curt to pay dividend for each bitcoin holder if the bank start using crypto at all.
But since this will never happened in our system of governing we can force them to do it by making their coin first.
Potentially if we get into the market of coins using their logo and creating wealth on a cryptocurrancy carrying their name; they will have to buy it eventually. They will not be able to get us off the air any other way.
But for this to happened this crowed have to realize that and buy the coin
(or create better one under the same name)
Also who ever make a coin using BANK of AMERICA name and logo have to know that they are not vurnable for getting sue. I have established myself in that regard. and I am protected to some extent.
