Posted on 12/10/2013 9:42:46 AM PST by Errant
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."
(Excerpt) Read more at zerohedge.com ...
Oh yeah! JPMorgan making their own money ...no problem with that.
Bwa-ha-ha! Like anyone’s going to put any faith in Chase’s proprietary digital ‘currency’. I think JPM miss the point of BitCoin. It does show they’re scared, though.
BTW: Bitcoin is not really a currency, even though its creator cleverly named it Bit-coin. Bitcoin is a distributed encrypted ledger. Each "coin" is basically just a list of the sequence of its owners.
I’d trust a random unknown internet guy over JPM.
why not? The Fed is doing it at the rate of $85 billion per month with no collateral behind it other than a promise (and a Democrat one at that)They have been doing this going on 4+years now.
At least with the liberty dollar you got silver or gold.
They're a bank, so they already do that (in a round about way).
Bitcoin doesn’t use a “centralized computer network”.
Prior to the Federal Reserve, US banks used to issue their own money. It was in US dollars, however.
Although, mining may become pointless soon when ASIC's hit the scene here in early 2014.
Would people really buy illegal drugs with JPMcoins?
Its ironic how few people in this world trust Wall Street, the FED, or the US Government with respect to maintaining the value of the US Dollar or that they are protecting the best interests of the entire country. Yet gold and silver are tanking.
Either people lie, or gold and silver are being manipulated big time.
Gold and silver are being manipulated. Bitcoins can disappear in a keystroke. This will end badly for everyone who does not posses precious metals.
All of the above, IMO. The amount of fiat currency/debt in circulation in the world is unfathomable, enough so that anything can be manipulated. If TPTB lose control, it will be an instantaneous disaster for those depending solely upon debt based currency, as almost occurred in '08.
Because the folks behind the Liberty Dollar ventured inside what the Treasury considered its envelope of authority. They should have only had the weight of the bullion on the coin. Perhaps petty, but big in the eyes of regulators. Remember only Congress has the power to coin "money" and to set its value.
Bitcoin is virtual, the rules aren't as defined for it, yet, and the value is set by the market like a kind of commodity and etc.
One thing about people to remember, they will do and try anything. lol
ASIC miners are already here. The mining is kind of self regulating, given that mining of Bitcoin is controlled so that only a certain number are allowed to be generated within a given time frame. That leaves miners competing for available coins, so the most efficient (ASCI miners) win out. Another source of "credits" for miners, that will become more and more important and available Bitcoins to be mined fall, is transaction fees.
Yep, and so are Consumers when they use their credit cards. So much so, that it would crash the economy if everyone paid them off and removed that much cash from the system!
Yeah, me too. People like convince though and I can see where this will appeal to many. Especially to merchants who won't have to deal with the card companies or worry about payment pullbacks. It could also greater lower the cost of fraud which is prevalent within the CC system worldwide. JPM provided name credibility within the financial world. Go get a bundle of cash from your local bank and look who's name is on the wrapper; bet its JP Morgan.
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