2013-12-09 JPMorgan Chase Building Bitcoin-Killer

StarfishPrime

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Quote from: row5_seat47 on December 12, 2013, 08:07:39 PM

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://bitcointalksearch.org/topic/jpmorgans-monopoly-money-ip-analysis-of-uspto-app-20130317984-369119

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...

row5_seat47

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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://bitcointalksearch.org/topic/jpmorgans-monopoly-money-ip-analysis-of-uspto-app-20130317984-369119

PenAndPaper

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

empoweoqwj

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Quote from: bryant.coleman on December 11, 2013, 08:05:41 AM

Quote from: elchelito on December 10, 2013, 06:58:42 AM

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.

Rygon

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

blacksails

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

marcus_of_augustus

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Eadem mutata resurgo

Quote from: bryant.coleman on December 11, 2013, 08:05:41 AM

Quote from: elchelito on December 10, 2013, 06:58:42 AM

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.

Cheesy

bryant.coleman

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Quote from: elchelito on December 10, 2013, 06:58:42 AM

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!

weisoq

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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'

empoweoqwj

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Quote from: bryant.coleman on December 10, 2013, 04:34:27 AM

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.

epetroel

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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/

RodeoX

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The revolution will be monetized!

Oh great, a frequent flier miles alt-coin. Roll Eyes

Kluge

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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.

elchelito

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Quote from: Bitware on December 10, 2013, 08:40:00 AM

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!

Bitware

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weaving spiders come not here

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.

HeliKopterBen

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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.

elchelito

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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!

oakpacific

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Quote from: bryant.coleman on December 10, 2013, 06:04:56 AM

Quote from: oakpacific on December 10, 2013, 05:42:52 AM

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.

bryant.coleman

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Quote from: oakpacific on December 10, 2013, 05:42:52 AM

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

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

bryant.coleman

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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.

beetcoin

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more like chase reserves the right to manufacture as many scamcoins as they want, since they need their own QE. that's the only way that banks know how to roll.

knight22

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--------------->¿?

It will probably be the biggest scamcoin around.
Does it have any back door? No? Really? Can we see the code? No? Why not? lol

freedomno1

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Learning the troll avoidance button :)

So all future alt coins will have lawsuits courtesy of JP Morgan And Chase
Good luck with that

beetcoin

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i love it. they cannot use bitcoin as a model for their own business, since the very reason bitcoin is popular is because it's decentralized from assholes like chase itself. i hope they try it and fail miserably.

empoweoqwj

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JPMorgan .... that's all we need. Bunch of cr****s

If there is one thing I trust less than websites that hold people's bitcoins and mysteriously get "hacked" its .... JPMorgan

meanig

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Just thought of a reason why this isn't going to work as fast as they claim.

These digital wallets won't contain digital cash. Instead they'll contain bank credit. Bank credit isn't necessarily fungible because the value of the credit is based on the assets of the bank. Transfer won't be instantaneous because the receiving bank will have to make risk decisions about whether or not the incoming credit is credit worthy.

seriouscoin

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Quote from: Voogru on December 09, 2013, 08:03:41 PM

Anything that the banks create similar to bitcoin, would just end up being excellent ways to buy bitcoins.

All of the banking regulations go out the window if they have a real competitor to bitcoin, so governments won't let them build a real competitor. Seriously, no centralized entity is going to be allowed to build something that will allow people to move millions of dollars around undetected.

Uhhhh what makes you think this will be undetected? LOL if anything i would say they will lobby the government as "highly visible" by authorities, they will say .... imagine cash..... but digitally and you can see EVERYTHING .... we will tell the public otherwise tho....

Voogru

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Anything that the banks create similar to bitcoin, would just end up being excellent ways to buy bitcoins.

All of the banking regulations go out the window if they have a real competitor to bitcoin, so governments won't let them build a real competitor. Seriously, no centralized entity is going to be allowed to build something that will allow people to move millions of dollars around undetected.

BitDreams

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Ghost Busters ref: Choose the form of your destructor.

marcus_of_augustus

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Eadem mutata resurgo

Sounds like Digicash2.0 ... maybe Chaum's patent's expired.

Edit: maybe we will see the source code links posted in the Alt-Coins section one day? ... it will give it some legitimacy.

seriouscoin

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Pffff..... LOL

The Canadian Royal Mint is already ahead. They started last year with the idea and a contest. Now they're gonna launch in 2014 (i was told Spring 2014)

Canada will be a heaven for bitcoin.... trading will be so easy.

PrFen

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Quote from: thehedgemon on December 09, 2013, 07:03:44 PM

Quote from: row5_seat47 on December 09, 2013, 06:39:45 PM

Thanksgiving day, while many of us were eating turkey, The United States Patent and Trademark Office (USPTO) published JPMorgan Chase’s (Chase) patent application 20130317984, “Method and system for processing internet payments using the electronic funds transfer network.”

http://letstalkbitcoin.com/jpmorgan-chase-building-bitcoin-killer/

I feel like if anything, this verifies Bitcoins importance. If one of the worlds largest banks is blatantly trying to compete and improve, then obviously Bitcoin is doing something right....

Exactly!

And I am not afraid for Bitcoin as people are sick of JPMorgan and other terrorists and don't trust them

Carlton Banks

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The credit and debit card companies will be pissed at them, it could be more effective at killing their business in the short term than Bitcoin. Physical terminals would be very easy to improvise even if they weren't made by design, this is basically a huge marketshare grab from the card companies....

Unless of course there is an upper limit on the amount you can store or on how much you can transact in a given time period. In which case, LOL

meanig

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Sounds like it will be a useful for buying bitcoins Cheesy

But seriously I can't see how they'll be able to eliminate chargebacks if consumers get hacked.

thehedgemon

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Quote from: row5_seat47 on December 09, 2013, 06:39:45 PM

Thanksgiving day, while many of us were eating turkey, The United States Patent and Trademark Office (USPTO) published JPMorgan Chase’s (Chase) patent application 20130317984, “Method and system for processing internet payments using the electronic funds transfer network.”

http://letstalkbitcoin.com/jpmorgan-chase-building-bitcoin-killer/

I feel like if anything, this verifies Bitcoins importance. If one of the worlds largest banks is blatantly trying to compete and improve, then obviously Bitcoin is doing something right....

PatMan

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Watch out for the "Neg-Rep-Dogie-Police".....

I lulzed so hard at this article I shat myself....... Cheesy

Carlton Banks

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I'm sensing a future PR fail, they cannot compete features-wise. Not without putting themselves out of business to an even greater extent than Bitcoin has the potential to.

row5_seat47

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Thanksgiving day, while many of us were eating turkey, The United States Patent and Trademark Office (USPTO) published JPMorgan Chase’s (Chase) patent application 20130317984, “Method and system for processing internet payments using the electronic funds transfer network.”

http://letstalkbitcoin.com/jpmorgan-chase-building-bitcoin-killer/

Edit: Please see discussion at Legal Thread
JPMorgan’s Monopoly Money: IP Analysis of USPTO App 20130317984
https://bitcointalksearch.org/topic/jpmorgans-monopoly-money-ip-analysis-of-uspto-app-20130317984-369119

Topic: 2013-12-09 JPMorgan Chase Building Bitcoin-Killer (Read 4653 times)