Topic: Amazon not allowing use of word Bitcoin in apps (Read 3038 times)

Shares of many stocks with close ties to bitcoin and other cryptocurrencies are flying high today. China-based bitcoin mining specialist Bit Digital (NASDAQ: BTBT) rose as much as 23.3%. The bitcoin-focused investment fund Grayscale Bitcoin Trust (OTC: GBTC) posted a maximum gain of 24.9%. Business analytics company MicroStrategy (NASDAQ: MSTR), which recently converted most of its cash reserves into bitcoin, gained as much as 26.2%. Cryptocurrency asset manager Riot Blockchain (NASDAQ: RIOT) topped out at 29.6% and Chinese-American cryptocurrency miner Marathon Patent Group (NASDAQ: MARA) led the pack with a maximum gain of 42.5%.

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These stocks rose in unison as the price of bitcoin tokens reached a new all-time high of $19,850 per token, according to Coindesk data. That was a 9.7% gain in 24 hours, capping a quick return from a 15% decline at the end of last week. Many alternative cryptocurrencies also rose dramatically today, including a 9% surge in Ethereum prices and a 7% increase for Ripple tokens.

A green charting arrow rising upward, backed by a list of popular cryptocurrency names and prices.
Image source: Getty Images.

So what
Bitcoin's big gains in 2020 look like a reminder of the skyrocketing chart in 2017, where the leading cryptocurrency's prices had increased by 1,030% by the end of November. The year-to-date gains are less impressive this time, stopping at 156% at the time of writing, but this year's chart started from $8,000 instead of $1,000. The market cap for the total bitcoin market was approximately $15.4 billion in early 2017 and $131 billion at the start of 2020. It's easier to move the needle on a smaller and less valuable asset.

Whereas suing other board members is customary.

Because they did it early on and the trademark examiner probably had no idea and nobody challenged it.  It is already an issue because the trademark was registered by the ICANN domain name clearinghouse so the owner, Tibanne, is enforcing the TM.  It could probably be challenged at this point but who would put the money up?  You would need TM attorneys in the countries where it is regged which I believe is EU and Japan.  They would want a large deposit because if Tibanne challenges it you are talking litigation expenses which can be expensive.

I know the Foundation has looked into this but I don't know if they did anything or plan to do anything.  Mt. Gox was their Board member at the time so suing a member also has issues. 

i dont even get it; how could mt.gox own part of something that is created to be open to everyone?

maybe its not the word "bitcoin", maybe they own sertain bitcoin logo or something..
anyways, they are bust, so i doubt they can sell it on their own anyways.

Bitcoin should NOT be trademarked, especially by f*cking mt. gox. The government should revoke this trademark, no one should own the word.

Well, Amazon never did answer my questions as to what the exact problem was, but my app update finally ended up getting approved. Weird, because I see all kinds of bitcoin apps in Amazon's app store.

the Crypto Currency Constitution gives ownership to all users

eventually this will  be implemented into Crypto Currency Banking acts

Trademarks can be bought and sold and you can prevent others from using your TM by suing in court.  Writing and talking about TM's is not infringement, it is using the term in commerce for the same "class" that they use it for.  You can talk about "Apples" or talk about Apple Computer all you want  but you can't sell computers under the name of Apple.

You can really only prevent others from using your trademark for commercial or other business purposes. Private citizens are able to write and talk about works that are trademarked however they wish. I would also think that the fact that Gox has publicly stated that they approve of anyone using it for any reason would likely make it more difficult to enforce this trademark even if they wanted to. I may be mistaken on this part but I don't think trademarks are actually able to be sold.

Wild assumption.

Amazon are innovators and the old guard in equal measure
Predictably they seem to taking a passive aggressive stance towards cryptos

Assuming that's a serious question, Amazon has an online store so in that way they are similar to Overstock, but that is only one part of their business. Indeed, you could probably say Amazon is more like Microsoft or Google than it is like Overstock.com.

What is "Amazon". Is that something like Overstock.com?

Mt Gox will almost certainly sell the trademark, but it's highly unlikely anyone will ever be able to enforce it.  Bitcoin as a term is too widely used, almost generic.

Wow it is actually surprising I didn't know it either
so if someone has bought it for commercial purposes,couldn't we use it today?

Bitcoin is trademarked?! What is this a fun fact?

Thanks for that! I have sent it to Amazon along with a link to the word in the Oxford dictionary. I'll let you know what happens.

Mt Gox owns the trademark, but they said you are free to use it.

Here you go: http://web.archive.org/web/20130523004202/https://mtgox.com/press_release_20111014.html

I have a bitcoin-related app for Android in the Amazon app store (see my signature below). I just tried to submit an update, and they rejected it, saying they need legal proof that I have the right to use the word Bitcoin. Has someone trademarked it or something? I'm in the United States, if that matters.