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  • (01. January 2010., 10:27:49)









Author Topic: JPMorgan to compete with BITCOIN - Patenting own currency (fyrstikken Youtube)  (Read 3132 times)

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devnullius

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http://youtu.be/DQ6fbA25lSM

But update!! http://www.zerohedge.com/news/2013-12-15/jpmorgans-bitcoin-alternative-patent-rejected-175-times

Quote
JPMorgan's "Bitcoin-Alternative" Patent Rejected (175 Times)

Tyler Durden on 12/15/2013

Bitcoin Broken System JPMorgan Chase
 
Earlier in the week, we detailed JPMorgan's attempt to create their own "web cash" alternative to Bitcoin (and Sberbank's talk of doing the same).

However, as M-Cam details, following the failure of the first 154 'claims', JPMorgan issued a further 20 claims - which were summarily rejected (making JPMorgan 0-175 for approved claims).

As they note, The United States Patent & Trademark Office (USPTO)’s handling of applications like JPMorgan’s ‘984 application ("Bitcoin Alternative") highlights the need to fix a broken system - patent applications of existing inventions need to be finally rejected and not be resurrected as zombies (no matter how powerful the claimant).

and

Quote
“BITCOIN is booming.”...?

On August 5, 2013 JPMorgan Chase & Co (JPMorgan) filed an application for an electronic mobile payment system which has eerie similarities to the popular online currency Bitcoin.

Unfortunately for JPMorgan, all of the claims, totaling 175 claims, as of October 18, 2013, for published US patent application 20130317984 (the ‘984 application) have been either cancelled or rejected.

Analysis

After the initial 154 claims were abruptly cancelled, JPMorgan’s attorney submitted 20 additional claims which the examiner, Jagdish Patel, issued non?final rejections for all 20 of the new claims in October 2013.

This makes JPMorgan 0/175 in terms of approved claims. The last 20 claims were rejected for non?patentability and indefiniteness under Title 35 United States Code (U.S.C.) Sections 101 and 112.

However, Mr. Patel might well have rejected the claims because of the ‘On Sale Bar’ rule under 35 U.S.C. Section 102(b), meaning that if the invention has been on sale for over a year then the invention is no longer patentable. Under the ‘On Sale Bar’ rule, the application could be invalid because it closely mirrors Bitcoin with features such as making free and anonymous electronic payments and Bitcoin has been in circulation since 2009.

Conclusion

The United States Patent & Trademark Office (USPTO)’s handling of applications like JPMorgan’s ‘984 application highlights the need to fix a broken system.

Patent applications of existing inventions need to be finally rejected and not be resurrected as zombies.
 
Part of the problem of a system in which one third of patents are seriously or fatally impaired is that companies are allowed to patent items that their competitors have already invented.
Obviously, large financial institutions want in on the online alternative currency action. But they would be well advised to pursue novel and non-obvious approaches that do not duplicate existing commercial options with respect to a virtual medium of exchange.

http://www.m-cam.com/sites/www.m-cam.com/files/JPMorganMonopolyMoney.pdf


In Dutch: lekker puh! ;p

:) devnullius
More information about bitcoin, altcoin & crypto in general? GO TO  j.gs/7385484/btc

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devnullius

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And from today: https://twitter.com/BitConcierge/status/426521256230666241

(If you can't beat them, can't join them, ignore them! - JPM)

SOURCE: https://twitter.com/BitConcierge/status/426521256230666241

Quote
JPMorgan Chase CEO denounces bitcoin as 'terrible,' predicts its downfall - RT ift.tt/KNckjn

Gives:
Quote
The head of the largest bank in the US said Thursday that bitcoin is a “terrible store of value,” in part because international governments, bankers, and other officials are unsure whether they can trust the digital currency.

Jamie Dimon, the CEO of JP Morgan Chase - which has $2.509 trillion in total assets - told CNBC that the cryptocurrency does not have much staying power because the hurdles it faces are insurmountable.

“It’s a terrible store of value. It could be replicated over and over,” he said. “It doesn’t have the standing of a government.”

Bitcoin proponents say that the currency’s ability to exist without any centralization is what makes it so appealing. It is a peer-to-peer payment system that is formulated when computers compete with each other to “mine,” or solve cryptographic problems, and are assigned bitcoins as a reward.

The use of bitcoin became so prevalent in 2013 that its value surged from $13 to over $1,000 by the end of the year, when it was the subject of Senate hearings that were largely neutral and at times positive towards the digital currency.

Dimon went on to cite media coverage that reported on the use of bitcoin for nefarious purposes - drugs and the solicitation of murder among them.

“And honestly, a lot of it – what I’ve read from you guys – a lot of it is being used for illicit purposes. And people who will get upset with it is governments,” Dimon said. “Governments put a huge amount of pressure on banks: know who your client is, did you do real reviews of that. Obviously it’s almost impossible to do with something like that.”

Despite any flaws bitcoin may have, the digital currency has proven to be an especially popular system worth investigating, and has spawned a growing list of parallel online currencies, including Litecoin, Dogecoin, and Coinye. Chase seems to agree, as the bank filed a patent application back in 2000 claiming a “computer-implemented method of providing an anonymous payment.”

US Treasury secretary Jack Lew, also speaking to CNBC, said that he has spoken to leaders in the financial industry and has decided that the current course of action will consist mostly of a wait-and-see strategy.

“Bitcoin is a phenomenon that we need more time to discuss,” Lew said Thursday. “From the government’s perspective, we have to make sure it does not become an avenue to funding illegal activity or to funding activities that have malign purposes like terrorist activities. You know, it is an anonymous form of transaction, and it offers places for people to hide.”

Dimon speculated that bitcoin will soon become popular enough that the government will intervene, which could spell out the cryptocurrency’s demise.

“They will eventually be made as a payment system to follow the same standards as the other payment systems and that will probably be the end of them,” he said.

What goes around, comes around... So yeah, Karma ;p

Peace!

devnullius
More information about bitcoin, altcoin & crypto in general? GO TO  j.gs/7385484/btc

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Samker

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...

(If you can't beat them, can't join them, ignore them! - JPM)

...

Quote
JPMorgan Chase CEO denounces bitcoin as 'terrible,' predicts its downfall - RT ift.tt/KNckjn

...

You can say whatever you want, but I agree with him.

Save your money on time... :police:



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