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JPMorgan Files Patent For Bitcoin-Style Currency

Linked at www.drudgereport.com on the right hand side.

JPMorgan Chase has filed a US patent application for a computerised payment system that resembles some aspects of Bitcoin, the controversial virtual currency.

....snip

JPMorgan’s proposed system involves creating “virtual cash” that would sit in an online wallet, reminiscent of the computer files that hold Bitcoins on behalf of their users.



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Well, here it goes...There's no saying how many different...

...digital currencies will come onto the scene.

Maybe that's not a bad thing at all, but if there are unlimited currencies, won't that be inflationary in itself?

Even tho Bitcoin tops out at 21 million, what if others don't top out at all? Isn't that like endless printing of monsy?

These are just questions which come to mind - not statements for or against.

Whatever they do, gold and silver will always still be money.

Unless they find astroid after astroid possessing accessible gold.
Then it becomes worthless.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

this should be fun

as the dollar is slowly destroyed more and more people will move into cryptocurrencies and the market will ultimately decide the winners and losers. what will merchant etc accept as payment, the jp morgan fiatcoin or bitcoin or litecoin etc.
there is a trend towards specialized altcoins for different industries emerging right now. there will be huge cryptocurrency exchanges and software to simplify transaction conversion for all the different currencies a vendor chooses to accept. it will be old fashion free-market competition at it's best.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

A cashless society should not be embraced

Whether it's bitcon or JP organs currency

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mark of the beast

you should start your own form of money and stop using that fiat fed blood money you love so much. glad to hear you're against using credit cards and bank debit cards and all that kind stuff.it's pretty cool to look back at the bill and see everywhere you spent your money though.
maybe amazon will start accepting payment in gold bars soon. until then start your own currency and have some self respect.
Exciting new alternative currency - Summit County Mountain Hours

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

Reminds me of Netscape vs Microsoft

Netscape was the leader. MSFT was old school and hated.
Yet MSFT eventually disposed of Netscape handily by using every advantage and dollar they had.
People won't fall in love with a currency.
The feature that the average joe will probably like is transfering money easier and cheaper. He doesn't want to have to pay $1200 for a bitcoin to do that.

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you love them fed backed dollars don't you

you don't have to buy a whole bitcoin silly rabbit. you can just go buy a $100 dollars worth at localbitcoins. i suggest you do it soon since they are on sale for about $900 right now. they could go on sale again but that's a risk you'll have to take.
it's easy to buy even if you're an establishment shill like Bloomberg's Matt Miller...

12 Days of Bitcoin: It's a Social Movement

12 Days of Bitcoin: How Hard Is it to Buy One?

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

You understand that

you don't have to buy whole bitcions at a time, right?

...

It reminds me of the New World Order and a secret plan to destroy the dollar and replace it with digital money.

All rights reserved and no rights waived.

DUN-DUN-DUUUUN!!!

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

...

Don't let a good crisis go to waste.

All rights reserved and no rights waived.

"JPMorgan said in its patent

"JPMorgan said in its patent application – which dates back to 1999 but was recently updated – that the new payment system would compete with debit and credit cards as the predominant way of making online transactions."

http://www.ft.com/intl/cms/s/0/e230307a-61c4-11e3-aa02-00144...

------------ full article linked above, but you'll have to go to Drudge to view it.

1999! The patent application is 14 years old.

Would anyone here be surprised if JPMorgan Chase was behind Bitcoin?

Isn't it in their best interests to push digital fiat currencies?

Isn't that the only way they can funnel the entire derivatives market into an imaginary world of zeros and ones, backed by nothing?

Sound familiar? The digital currencies of the world have been born.

What backs them?

Dollars.

Nothing backed by nothing!

It's the greatest magick trick ever performed.

But people like it.

Never be afraid to ask simple questions.

it depends on the cruptocurrency as to what it's backed by

bitcoin can do alot more than it does now too but it's busy doing what it's doing with transaction processing.
something like namecoin is backed by the fact that it can provide censorship free internet into china/worldwide through the use of their cryptocurrency.
protoshares and things like mastercoin will allow the mining power to be used for other computing purposes and rent/lease out the otherwise wasted power. primecoin uses the computer mining power to search for prime numbers to benefit science.

Beyond Bitcoin: A Guide to the Most Promising Cryptocurrencies
http://www.dailypaul.com/306558/beyond-bitcoin-a-guide-to-th...

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

I don't believe but here's some more...

Most of the concepts were written in the 90s, including detailed in the NSA's Cryptologic Quarterly. Which is not that surprising.

And guess who the largest holders that are publicly known? White hat government hackers. :)

Check out http://ronpaulforums.com for activism and news.

LittleWing's picture

Atlanta startup plans Bitcoin ATMs

Hey BT, What are your thoughts on this?

http://www.bizjournals.com/atlanta/print-edition/2013/12/06/...

If Wars Can Be Started by Lies, They Can Be Stopped By Truth.

I think it's a great idea,

I think it's a great idea, and it's quite exciting. It's almost 2014 and we are finally starting to see some kind of major advancement in terms of how people view the idea of money itself.

Competition is good, but what makes Bitcoin and any spinoff of Bitcoin so attractive is the idea of a hot new product that has the potential to increase in value overnight.

It's a freaking casino of digital cash....

When will the Bitcoin industry start making loans?

The first Bitcoin Bank?

How will JPMorgan Chase brand their new currency?

What can challenge Bitcoin?

I-Coin?

Never be afraid to ask simple questions.

Always remember: What goes up, also comes down

Freakin' Casino is right. A week or so ago BTC was over $1200, today its around $950. Price varies according to supply and demand (organic), as it should, as opposed to printing vs. shredding (manipulated and synthetic). Another commenter disparaged the $1200 for one bitcoin, as if you can only spend whole coins... but the Bitcoin protocol allows for a great amount of divisibility.

3861A529-1A7C-4953-9D9C-211F9A9E442B

Haha

Of course it'll be a "wallet" that's controlled by the banking criminals, eyed by the NSA and pillaged by the banks and IRS but hey - it's a digital currency!

And the fact that they filed for a patent really tells you ALL you need to know. They want to control and own it.

Bitcoin is still pushing up after this announcement

Assuming that Bitcoin traders have access to instant news it seems that JPM getting involved may add to Bitcoin's credibility and the concept in general.
Just thinkin' out loud.

China pushes the bitcoin market

I doubt very much if the powers that be just sit back and let bitcoin corner the market. Is the general public intelligent enough to know the difference between bitcoin and jpmcoin? Probably not. JPM today BoA, Wells Fargo tomorrow. Bitcoin is beautiful though.

And as far as bitcoin pushing up as you say, after viewing http://fiatleak.com/ if you can believe that, it looks like 99.99% of fiat world currencies that flow into BTC comes from one country, China, anyway. It could be the people of China are buying even more bitcoin then they have in the past, before their government cracks down on bitcoin even more than they recently did.

No thanks. I would rather not

No thanks. I would rather not follow the Faux news link and give them a higher ranking, after the way they censored pro Ron Paul comments during the election.

This is

hilarious. This shows the banks are worried about Bitcoin. I say let them try it! The free market applies to everyone. Let's see how many people use their payment system. The problem with bankers is if they're not robbing people blind, making tons of money, they don't feel anything is working.

They had their chance for low fee global frictionless transfer. Bitcoin is showing everyone how it's done.

if bitcoin is legitamate,

if bitcoin is legitamate, from the people to the people, completely independant of large banks and organisations, what do you think their gonna do to a succesful attempt to bypass their control?

Use patents to claim any succesfull features as patented, and either shut that feature down or demand payment, whether that be a lump sump, or a % of every transaction, essentially forcing themselves into something like bitcoin, like a technology racket

The current patent system is a monopolies wet dream

And you think that the

And you think that the American public are smart enough that they won't use their payment system, or for that matter all the other big banks that might jump on the bitcoin bandwagon? Those banks already have the customer base and plenty of money.

Had to pay

to view.

Not very nice.

If you don't know your rights, you don't have any.

I didn't have to pay to view

I didn't have to pay to view this article? Go to Drudge Report, right hand column...click link, should work.

Never be afraid to ask simple questions.

direct link to article via

direct link to article via drudge report:
http://www.ft.com/intl/cms/s/0/e230307a-61c4-11e3-aa02-00144...

ty

THat worked.

If you don't know your rights, you don't have any.