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Jpmorgan Files Patent For 'bitcoin Killer' Currency

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http://www.telegraph.co.uk/technology/news/10510933/JPMorgan-files-patent-for-bitcoin-killer-currency.html

The largest bank in the US, JPMorgan, has filed a patent for an electronic currency with many similarities to bitcoin.

At no point in the lengthy patent application is there any reference to bitcoin or any other existing crypto-currency, but there is a claim that the work would represent a “new paradigm for effectuating electronic payments”.

As with bitcoin, the application suggests that users could make payments to online merchants with the new currency and also transfer money with other users.

Well the bankers weren't going to lie down and take it.

I'm surprised it's taken them this long, so who fancies buying a currency backed by JPMorgan? The bankers are clearly going to move into digital currencies it allows them to generate huge profits.

Looks like we might be moving to competing electronic currencies.

A squidbit next up?

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http://www.telegraph...r-currency.html

Well the bankers weren't going to lie down and take it.

I'm surprised it's taken them this long, so who fancies buying a currency backed by JPMorgan? The bankers are clearly going to move into digital currencies it allows them to generate huge profits.

Looks like we might be moving to competing electronic currencies.

A squidbit next up?

Is it easier to forge an online currency than a paper one?

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It seems to differ on bitcoin – which is a peer-to-peer service that was designed in part to avoid the need for a central controlling institution – in that wallets would be stored on a “host web server”, presumably under the control of JPMorgan.

as its not peer to peer and assuming not open source its hard to see how it will compete with bitcoin, sounds more like a private bank currency rather than a national/central bank currency ?

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What a bunch of gobshites this forum is filled with...

14 Years Ago JP Morgan Patented Bitcoin-Like Payment System

Denis O’Leary, on behalf of JPMorgan Chase Bank, has filed a patent for a Bitcoin-like payment system that will allow customers to use a digital wallet and transfer funds to anyone anonymously.

This patent is a renewal of the original filed in 1999; 14 years ago.

This means that the patent pre-dates the surge in Bitcoin and the inception of cryptocurrencies.

The JPM Internet Pay Anyone Account (IPAA) moves money anonymously “with the recipient of the credit having no way to determine from where the credit originated.”

The transfer of money is done without processing fees and would replace wire transfer corporations such as Western Union.

The application states: “While new Internet payment mechanisms have been rapidly emerging, consumers and merchants have been happily conducting a growing volume of commerce using basic credit card functionality. None of the emerging efforts to date have gotten more than a toehold in the market place and momentum continues to build in favor of credit cards.”

Last November, Ben Bernanke, chairman of the Fed said that virtual currencies “may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.”

Earlier this month, Bank of America (BoA) Merrill Lynch experts stated that “as a medium of exchange, Bitcoin has clear potential for growth.”

Bitcoin has been referred to as a pump and dump scheme by media to deter from its growing popularity.

Three weeks ago, Coin was unveiled carry on the move toward crypto currencies

Coin appears to be a credit/debit card, but this device is a mobile payment system that unites “several different methods of payment into a single device.”

Kanishk Parashar, chief executive officer of Coin explained that “there was no need for a card or wallet, but we didn’t see payments going through the system.”

Coin utilizes a magnetic strip reader (MSR) attached to a smartphone; while allowing users to press a button on the Coin card to access which account they wish to use for payment.

The Coin card can then be swiped.

Parashar said: “This is designed for the lifestyle of today with the technology of tomorrow.”

This black card has a digital screen that can store information from customer loyalty cards, debit cards and work expense cards to replace the current wallet of average Americans.

Users take a picture of their card and swipe the Coin card to allow them to purchase items.

Parashar hopes that the Coin card would soon be able to email the user if it is lost and disable itself should it be stolen.

The developer said: “What we really needed was a single solution that let people interact with what exists and fits with your lifestyle.”

Where do you think the 'mysterious' bitcoin coders got their ideas, and imagine the outcome if ends up in a patent lawsuit...

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The largest bank in the US, JPMorgan, has filed a patent for an electronic currency with many similarities to bitcoin.

So JP Morgan is patenting something that makes them redundant? I think "similarities" is being used in the loosest of senses ! :lol:

The reference to patents sounds like a FUD exercise to me. This is good, it means bitcoin has the big boys worried.

We are witnessing just the first of the train of Bitcoin fore shocks. They're going to get bigger and bigger!

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The system described in the patent is nothing like Bitcoin. Also it's not digital cash that you'll be transferring. It will still be bank credit denominated in dollars and linked to a bank account. All they're proposing is an update to the antiquated clearing system that US banks use.

Bitcoin really has come far when a big bank name drops it to get some publicity.

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So JP Morgan is patenting something that makes them redundant? I think "similarities" is being used in the loosest of senses ! :lol:

We are witnessing just the first of the train of Bitcoin fore shocks. They're going to get bigger and bigger!

I suppose it's a bit like when banks and corporations were issuing their own Scripts in the USA. I like the idea of Bitcoin, but the rate it's gone up by recently strikes me as another outlet for the inflation bubble, like the 'Uk, London Housing market'* it's like an inflation hernia for currency.

* 'Uk, London Housing Market'* (UK,LHM) I think this a term we should start using more often to more accurately describe what's really going on in this small but high profile segment of the Wider Uk Housing Market (WUK,HM). It's basically being used as an international financial investment/currency play, and has little to do with the realities of the Wider Uk Housing Market, which is related to credit availability and average wages. Can anyone think of better acronyms?

Edited by enrieb

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