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Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?

 
Saddletramp
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12/10/2013 12:32 PM

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Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Bitcoin was dead the minute Wall St. hooked an algorithm up to it...

SNIP

If you can't beat 'em, join 'em, copy 'em, and then beat 'em. While everyone's attention has been glued to Bitcoin (and its various smaller and less viable for now alternative digital currencies), JPMorgan has submitted a patent which appears to set the scene for a competing centralized network to Bitcoin. As LetsTalkBitcoin noted first, the "Method and system for processing internet payments using the electronic funds transfer network," states that Chase's technology is a "new paradigm." Moreover that it permits the creation of "virtual cash" (also referred to as "web cash") with a "real-time digital exchange of value..."

[link to www.zerohedge.com]
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
Saddletramp (OP)
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12/10/2013 12:41 PM

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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
No Bittards want to talk about this?
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
Ag47

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12/10/2013 12:42 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
This cannot end well.


bump
"The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations." ~ Thomas Jefferson
Ag47

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12/10/2013 12:45 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
They are already rigging rates in markets they don't have a monopoly on, just imagine the degree of corruption if they were the central exchange for an entire currency. Again, this cannot end well.


JPMorgan Chase, Citigroup first U.S. banks to be fined in rate-rigging scandal
[link to www.washingtonpost.com]
"The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations." ~ Thomas Jefferson
Anonymous Coward
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12/10/2013 12:46 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
I told you all they were using bitcoin as a beta run.. and they have the media to pump this new digital currency up so every housewife will know about it, thusly giving it purchasing power.. and thats all they need to make it valuable.. but controllable, taxable, traceable etc etc..
Anonymous Coward
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12/10/2013 12:59 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
and so it begins....
Anonymous Coward
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12/10/2013 01:03 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
MorCoin
 Quoting: Open Your Eyes


Jay-Pee-Coin
krinkfan

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12/10/2013 03:28 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
I told you all they were using bitcoin as a beta run.. and they have the media to pump this new digital currency up so every housewife will know about it, thusly giving it purchasing power.. and thats all they need to make it valuable.. but controllable, taxable, traceable etc etc..
 Quoting: Anonymous Coward 51037918


thats what i'm starting to think. just a test run to get everyone use to a new world order digital currency when the plug gets pulled on our current system.

Last Edited by krinkfan on 12/10/2013 03:39 PM
Chuck

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12/10/2013 03:51 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Sorry, but no one is going to switch from a decentralized ecurrency to a centralize ecurrency.
Anonymous Coward
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12/10/2013 03:55 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Sorry, but no one is going to switch from a decentralized ecurrency to a centralize ecurrency.
 Quoting: Chuck


Of course not.. But the dumb sheep masses who don't know about bitcoin will be all over it. It will take off just like facebook, everyone will start using it once the media is pumping it in their face on the nightly news 24/7. You think they will tell them about an e-currency they can't control.. no.. So guess which one will win in the end.. Bitcoin will be worthless.
Ogami Itto

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12/10/2013 04:11 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
"thats what i'm starting to think. just a test run to get everyone use to a new world order digital currency when the plug gets pulled on our current system."

Your hunch looks a lot stronger when you drill down into JPM's patent application, which for convenience you can look at here:

[link to pdfaiw.uspto.gov]

If you look at "Related Application Data" (1st page of the imaged application), you can see that the application is a descendant from a long line of other applications and patents dating back to February 2000 (and to what's called a provisional application from May 1999 before that).

From the text version of the application...

[link to appft.uspto.gov]

...you can see that JPM recently cancelled all 154 claims and replaced them with 21 new claims (155-75). The claims of a patent are what define the scope of the invention (much like the metes and bounds in a description of someone's real estate).

I don't own any bitcoins and have only a passing familiarity with how they work. But when I read the new claims, it certainly appears that they describe the method used by 2 people conducting a transaction with bitcoins. If that's correct, and if the patent application were to issue with no further modification to the claims, then JP Morgan could file a patent infringement lawsuit against anyone transacting in bitcoins within the U.S., including exchanges.

Of course, one possible outcome of such a suit is an injunction, which is simply an order from a judge demanding that the defendant(s) stop infringing the patent. In effect, such an injunction would shut down bitcoin exchanges.

All of that said, these TBTF banks get patents on all sorts of nonsense. Bank of America has patents on golf balls.
Ogami Itto
Chuck

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12/10/2013 04:11 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Sorry, but no one is going to switch from a decentralized ecurrency to a centralize ecurrency.
 Quoting: Chuck


Of course not.. But the dumb sheep masses who don't know about bitcoin will be all over it. It will take off just like facebook, everyone will start using it once the media is pumping it in their face on the nightly news 24/7. You think they will tell them about an e-currency they can't control.. no.. So guess which one will win in the end.. Bitcoin will be worthless.
 Quoting: Anonymous Coward 51037918


Bitcoin hasn't even maxed out yet at 21 million BTC. I don't think it will ever be worthless unless they shut down the internet. But, who knows?

I knew I set up a bitcoin wallet a couple of years ago but not sure if I ever bought any coins. I just found my laptop and syncing it now to see if I did or not. 34655 blocks to go. I doubt I am a Bitcoin millionaire but I'm hoping I at least bought some Bitcoins but I could be at 0. I forgot.
GFX guy

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12/10/2013 04:22 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Bitcoin was dead the minute Wall St. hooked an algorithm up to it...

SNIP

If you can't beat 'em, join 'em, copy 'em, and then beat 'em. While everyone's attention has been glued to Bitcoin (and its various smaller and less viable for now alternative digital currencies), JPMorgan has submitted a patent which appears to set the scene for a competing centralized network to Bitcoin. As LetsTalkBitcoin noted first, the "Method and system for processing internet payments using the electronic funds transfer network," states that Chase's technology is a "new paradigm." Moreover that it permits the creation of "virtual cash" (also referred to as "web cash") with a "real-time digital exchange of value..."

[link to www.zerohedge.com]
 Quoting: Saddletramp


The keyword there is centralized... That would analogous to a centralized vault to store your physical - vs - decentralized physical storage by individuals in unknown locations.

Not a perfect analogy but close...

Now Max can chant... "Buy bitcoin, kill JP Morgan" lol

Last Edited by GFX guy on 12/10/2013 04:22 PM
Anonymous Coward
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12/10/2013 04:22 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
not sure if this will make the price of bitcoin rocket or plummet...
Anonymous Coward
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12/10/2013 04:23 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Sorry, but no one is going to switch from a decentralized ecurrency to a centralize ecurrency.
 Quoting: Chuck


um, hey there chief, guess what? bitcoin ain't decentralized...
GFX guy

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12/10/2013 04:28 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Sorry, but no one is going to switch from a decentralized ecurrency to a centralize ecurrency.
 Quoting: Chuck


um, hey there chief, guess what? bitcoin ain't decentralized...
 Quoting: Anonymous Coward 51349836


Enlighten us with your new definition of decentralized.
Anonymous Coward
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12/10/2013 04:54 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Isn't ripple centralized? Bitcoin people hate ripple with a passion.

Also not sure how much higher bitcoin can go. Chinese sites speculate up to $1800 in approx 7 years. People saying 10k, 100k, 1mil a coin. No one knows shit. How can bitcoin touch those figures if it'll never reach a fraction of 1% of the worlds population.

How much does chase make each qtr? More than bitcoin and all it's crypto alts marketcap combined; Certainly more than cryptos current 17 billion value, lol. They could buy it out and bury btc in 60 seconds. they're likely already in it tho
Anonymous Coward
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12/10/2013 04:58 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
No Bittards want to talk about this?
 Quoting: Saddletramp


How would this be anything like bit-coin? It's more akin a new intermediate currency.

The reason bitcoin is popular is because it's pretty much untraceable, JPM will not deliver an untraceable currency.
Anonymous Coward
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12/10/2013 04:59 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
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.

[link to bitcointalk.org (secure)]
calx
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12/10/2013 05:02 PM

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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
I'm still more impressed with tally sticks.
[link to www.youtube.com (secure)]

Watch "The Money Masters" and read "The Creature From Jekyll Island" by G. Edward Griffin to unveil the true enemy.

"Live Free or Die" was not meant to be the motto of the Free Shit Army!
Anonymous Coward
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12/10/2013 05:10 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Saddle what's your argument? JPM is a bank. Banks don't innovate.

Bitcoin is much, much more than a stand alone currency. It is a ledger of title controlled by no one that enables the transmission of value and ownership completely divorced from the state. It is a censorship resistant triple-entry accounting system. What the hell is that? It is the debit and credit validated within the transaction itself! Bankers, lawyers, accountants will have a lot less work to do. Bitcoin will unlock massive wealth locked behind the bars of an inefficient financial system. And it's about fucking time.

The blockchain is an indisputable chain of custody. Real estate can be put on the blockchain, marriage certificates, prisoners, whatever....all this is possible right now. The technology just requires more bandwidth (price) and entrepreneurs. The implications are staggering. Smart contracts, multiple-signature escrows, micropayments (the Holy Grail of payment systems)...we're just getting started. The banks and governments look at bitcoin and they see dollar signs.

One percent of global forex and BTC is at 10k without breaking a sweat.

What are witnessing for the first time in history is what happens when a price is attached to the birth pangs of a new technology.

Bitcoin is here to stay my good man!
Ag47

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12/10/2013 05:11 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Isn't ripple centralized? Bitcoin people hate ripple with a passion.

Also not sure how much higher bitcoin can go. Chinese sites speculate up to $1800 in approx 7 years. People saying 10k, 100k, 1mil a coin. No one knows shit. How can bitcoin touch those figures if it'll never reach a fraction of 1% of the worlds population.

How much does chase make each qtr? More than bitcoin and all it's crypto alts marketcap combined; Certainly more than cryptos current 17 billion value, lol. They could buy it out and bury btc in 60 seconds. they're likely already in it tho
 Quoting: Anonymous Coward 51301918


$1800 in seven years is pretty conservative considering the past month's volatility alone.
"The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations." ~ Thomas Jefferson
Anonymous Coward
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12/10/2013 05:14 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Indeed 18 seems low- that was just a quote by btc38. Other bitcoin alts have gone up 60x too in a very short time too.
Anonymous Coward
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12/10/2013 05:22 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
MorCoin
 Quoting: Open Your Eyes


moarcoin
Anonymous Coward
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12/10/2013 10:43 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
renewing a 15 yr old patent for digital money....
Anonymous Coward
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12/10/2013 10:48 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Sorry, but no one is going to switch from a decentralized ecurrency to a centralize ecurrency.
 Quoting: Chuck


um, hey there chief, guess what? bitcoin ain't decentralized...
 Quoting: Anonymous Coward 51349836


Enlighten us with your new definition of decentralized.
 Quoting: GFX guy


are you retarded or something? bitcoin is run off a few static servers.
GFX guy

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12/10/2013 10:51 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Sorry, but no one is going to switch from a decentralized ecurrency to a centralize ecurrency.
 Quoting: Chuck


um, hey there chief, guess what? bitcoin ain't decentralized...
 Quoting: Anonymous Coward 51349836


Enlighten us with your new definition of decentralized.
 Quoting: GFX guy


are you retarded or something? bitcoin is run off a few static servers.
 Quoting: Anonymous Coward 51349836


I've got an ASIC miner sitting right in front of me. You're drinking the koolaid.

koolaid
Anonymous Coward
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12/11/2013 12:48 AM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
...


um, hey there chief, guess what? bitcoin ain't decentralized...
 Quoting: Anonymous Coward 51349836


Enlighten us with your new definition of decentralized.
 Quoting: GFX guy


are you retarded or something? bitcoin is run off a few static servers.
 Quoting: Anonymous Coward 51349836


I've got an ASIC miner sitting right in front of me. You're drinking the koolaid.

koolaid
 Quoting: GFX guy


where do i find an asic that isnt a billion dollars besides the hundred mining companies that are coming out
thedude2888
Caesar

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12/11/2013 02:13 AM

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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
plz someone turn off the banks
Christ is King
Anonymous Coward
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03/06/2014 05:12 PM
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Re: Chase-ing Bitcoin: Is JPM About To Unveil Their Own Electronic Currency?!?!?
Sorry, but no one is going to switch from a decentralized ecurrency to a centralize ecurrency.
 Quoting: Chuck


Bitcoin is actually centralized, only about 50 people own the majority of bitcoins.

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