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Chase-ing Bitcoin: Is JPM Preparing To Unveil Its Own Electronic Currency?
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."
Imagine paying for some product in a transaction directly with the seller that doesn’t include a costly third-party fee or the revelation of a personal account number — the current components that comprise credit card and debit card purchases. Imagine this system with a “real-time digital exchange of value.” And imagine that you can archive all the transactions in a personal digital wallet, with its own “Internet Pay Anyone (IPA)” account and inherent safeguards built-in, something that you could call “Virtual Private Lockbox (VPL),” according to JPMorgan’s patent.
If this “web cash” system — as JPMorgan Chase calls it — seems familiar, it should. It smacks of the peer-to-peer transactions of bitcoins and other cryptocurrencies that increasingly are making the world’s biggest banks uneasy about the future of e-commerce.
The patent, first revealed by LetsTalkBitcoin.com, is a fascinating look into JPMorgan’s veiled outlook on the evolving but growing bitcoin universe, and other more widely-accepted payment systems.
JPMorgan’s proposed system offers another eerily familiar component, which seemingly mimics “blockchain,” a publicly available, permanent ledger of bitcoin transactions.
...
Without naming the virtual currency or any competing payments system by name, the bank takes a swipe at the crytocurrency model.
“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,” according to Chase’s patent application published by The United States Patent and Trademark Office (USPTO). It was filed August 5th, 2013.
...
JPMorgan Chase sees “a new marketplace” emerging for “low dollar, high volume, real-time payments with payment surety for both consumers and producers.”
As LetsTalkBitcoin.com points out, “Bitcoin has also been ballyhooed for it use with micro-payments and payments under ten dollars due to its zero to negligible fee structure.”
JPMorgan Chase: “The present invention further enables small dollar financial transactions, allows for the creation of ‘web cash’ as well as provides facilities for customer service and record-keeping.”
While naming protocols for these vitual currencies is uncertain, we can't help but think "Dimons" would be appropriate as the web cash becomes increasingly more trusted.
LetsTalkBitcoin discusses how JPMorgan's proposed system works:
Under The Hood: Internet Pay Anyone
“…The structural components to the system of the present invention include:
a Payment Portal Processor; a digital Wallet;
an Internet Pay Anyone (IPA) Account;
a Virtual Private Lockbox (VPL);
an Account Reporter;
the existing EFT networks;
and a cash card.
“…The Payment Portal Processor (PPP) is a software application that augments any Internet browser with e-commerce capability. The PPP software sits in front of and provides a secure portal for accessing (finking to) the user’s. Demand Deposit Accounts (DDA) and IPA accounts. The PPP enables the user to push electronic credits from its DDA and IPA accounts to any other accounts through the EFT network…”
“…The {technology} …includes freely publishing the payment address and making it available to users of an internet portal or search engine…”
“…Currently, all Internet transactions use “pull” technology in which a merchant must receive the consumer’s account number (and in some cases PIN number) in order to complete a payment. The payment methods of the present invention conversely use “push” technology in which users (consumers or businesses) push an EFT credit from their IPA or DDA accounts to a merchant’s account, without having to provide their own sensitive account information…”
A New Paradigm
“…The present invention represents a new paradigm for effectuating electronic payments that leverages existing platforms, conventional payment infrastructures and currently available web-based technology to enable e-commerce in both the virtual and physical marketplace. The concept provides a safe, sound, and secure method that allows users (consumers) to shop on the Internet, pay bills, and pay anyone virtually anywhere, all without the consumer having to share account number information with the payee. Merchants receive immediate payment confirmation through the Electronic Funds Transfer (EFT) network so they can ship their product with confidence that the payment has already been received. The present invention further enables small dollar financial transactions, allows for the creation of “web cash” as well as provides facilities for customer service and record-keeping…”
and the implications:
I view this technology and patent application as an overwhelming good thing. Bitcoin is driving Innovation. It has been said that credit cards and the legacy banking system in use today was never meant for use over the internet. Chase’s updated Internet Pay Anyone technology appears to come head to head with Bitcoin.
...
While it remains to be seen if this technology is a “Bitcoin Killer,” other players such as eBay/PayPal (which have been riding under Bitcoin’s coattails through marketing gimmicks) ought to pay close attention to this emerging technology. If Bitcoin does get a “toehold” in the marketplace, we just might see this technology activated. The Chase is on.
Finally, the patent application itself (source USPTO):
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You have a good point there. As economy's collapse and currency controls are put in place, you are locked in. Cyprus and Argentina are two examples. In Argentina, and I believe France you can not buy Gold or export it. Look at the daily withdrawal limits in the EU.
You won't get the rule of law functional until the people can demand and obtain enforcement.
"Enforcement" is the problem, amigo. Centralized violence is your ENEMY.
Seems they want to litigate Virtual Currencies out of existence, if they get a patent they can "claim" a "patent fee" on all "Virtual Transactions"
JPM the new Patent Troll!
Agreed. Assholes.
But yet people and ZHedger's want to see them obliterated. The banks are responding out of fear and yet there's negativity from the peasants. I don't get it. Reminder: gold is not money people and IF it gets monetized again it will NOT be for the people.
You will NOT be able to pay taxes with it and they will most likely find a way to penalize you if you pay off any debt with metal sales should they explode in price.
or u stoned or just stoopid?
Gold is money. Everything else is a money substitute (including credit).
And how will they collect that fee? They can't.
First, you can't prove a negative. Second, who cares if they have?
If they are in fact buying, then there is no negative is there douchebag? If they are, then bitcoin is about as trustworthy as the paper gold "market".
Anything that a bank buys is no longer trustworthy? Bad news about your gold . . .
If you want less snark: Banks and companies have to play by the Bitcoin rules just like any individual buyer or seller; the Bitcoin protocol doesn't play favorites. This is in contrast to Wall Street, where someone people are more equal than others and rules are only enforced upon the unconnected.
If JPM wants to buy Bitcoins, why does that concern me?
Jeezus Christ DUMB ASS... you've been on ZH 2+ years and never heard of pump and dump?
Your tiny pea brain never reasoned that JPM could buy and jack up the price, just to dump them and send the price down to nothing? That kind of instability might just convince people to stay away from BTC and use "safe" bank products instead.
That can be done with anything, even gold. If the market has priced the commodity in question correctly with respect to supply and demand, the price of the commodity will end up exactly where it started and there is no net gain to the "pumper" except what they extract from panic buyers and sellers.
I am not a panic buyer or seller, therefore whether JPM chooses to purchase BTC or not does not effect me. When items are priced foremost in BTC, the dollar price of BTC will be meaningless anyway.
I actually would hope some bankers are involved in BTC otherwise we should just allow World of Warcraft to takeover Central Banking.
Jeebuz guys, this is BAD for all sides. The push for a cashless society controlled by the same numb nuts that crashed the global economy is not a good thing. TPTB throughout history have always had a pesky cash black market to counter any crackdowns and fight back. Now if you don't have have your Starfleet credits you ain't doing nuttin. No ammo. Storing food -- Nope. Using your PM to store value - NO WAY. They will have full control as to how goods and services are converted to wealth -- not that they don't now but there still is a cash economy as a buffer.Couple this with the "Bailin" garbage and they are going to sop up any excessive account cash storage and put it in the TPTB's "wallet".
It's time the BTC and PM crowd stop bickering and join forces. BTC may be the only "cash alternative" for people to exist on. Like it or not 'Ya got to dance with who ya brung'.
Thankfully, Bitcoin provides us with a new way to establish possession and adding to one's possession, one which does not rely on a functioning legal system! Only a single passphrase that one can memorize and not give away to anyone can be enough to claim one's property right (and one can keep the mere fact of owning the money a secret). This is akin to burying precious metals in a secret location as was practiced in the past, but this is more secure. Also, you can mine this stuff and add to your stash with the same security and (if desired) anonymity.
I thought most of thier money was already digital...
The FRNs the morgue is peddling aren't money....they are currency, and it's becoming worth less every day.
yes, bitcoin is proving that since gold is for slackers/stackers ... you know, those fools that haven't done anything to better themselves
Yup. Which is why people buy (a) income-generating real assets, and/or (b) more "promising" hedge-currencies (BTC).
If you bought a shit-load of BTC a year ago, this would be a good time to monetize some of it at 10x, in a mix of income-generating real assets and PM.
It's the PAYMENT MECHANISM that's in question here. That's what BTC is all about. A new payment mechanism but many thick heads don't get it.
Isn't there still a 10% tax on private bank notes?
I called it!!
I called it too. This was plain as day to see coming.
That's the way the cookie crumbles...
Next: IMF (or BIS) to issue SDRcoin.
Like I would trust JPM with my daughter, much less my money!
Define "money". JPM is a primary dealer and Fed owner. In that sense they print/own the FRN/dollar. Is that your "money"?
"First they ignore you, then they laugh at you, then they fight you, then you win." - Mahatma Gandh
Isn't that the same as a synthetic derivitive????
"... we can't help but think "Dimons" would be appropriate as the web cash becomes increasingly more trusted."
Funny, putting the words trusted and Dimon in the same sentence doesn't really seem appropriate, given the reasons that he's rich and I'm not.
# My Dimons run in the backround , you shell watching fools !
nobody will trust them.
But...but...it's a bank!
I thought the banks bitcoins were their credit cards.
Best Argument for Gold & Silver ownership so far: Bitcoins!
A 'new paradigm'.... Stupid marketing jargon.
You know the world economy is on the verge of collapse when you see virtual wealth being conjured into existence to take the place of the real.
youve been corzined
What if I said Money powers already have an interest in a crypto coin, IMHO? Hint: Who was discussed(what "coin") not as important as who(what coin generating company) was represented at the Senate crypto meetings in Nov?
Do your DD.
They are already in bitcoin. They will ramp it up, collapse it and usher in it's "trustworthy" replacement.
Papasmurf, you're on the path, keep going, forward think it.
So much financial innovation, so little criminal prosecutions..... tsk, tsk, tsk.
How does this differ from prepaid debit cards?
(crickets chirp)
prepaid debit cards? yeah, I have a few UNUSED ones in the drawer. If you dont use them, the issuer starts charging FEES and then they EXPIRE.
4% to put money on the card, $4 a month until it's empty.
This shit is straight out of the Onion.
All it needs is Jon Corzine on the oversight committee to prevent misuse of funds.
and #askJPM went so well
http://letstalkbitcoin.com/jpmorgan-chase-building-bitcoin-killer/
Bitcoin forcing the banks and credit cards to comepete in favor of the consumer.
Bitcoin still has a most-important advantage: it's not demoninated in the doomed US Dollar.
+1 ding!ding!ding! "We have a winna!" smartest thing anybody has ever said about BTC in 7 words or less - "its not denominated in the doomed $USD."
Pretty sure that is more than 7 words. But definitely less than 140 characters
it's not demoninated in the doomed US Dollar.
So, you don't need any dollars (or some other fiat) to acquire bitcoins then? Please do tell...
u can exchange btc in any fiat you like. the point is, if i hold USD they depreciate in real exchange value (purchasing power erodes). BTC will rise in exchange against the USD erosion/debasement.
You can exchange your labor directly for BTC like I do. Sidenote: my employers are often BTC miners who secure the network against attacks from JPM and their ilk.
duh'o
Bitshares, ripple and nextcoin are also doing the same thing.
Competition is good let the big boys jump in it only legitimizes the technology and basic ideas.
The major problem with bitcoin right now is transaction speed and volume. The credit card processors can still do it faster and at higher volumes.
That is being worked on with the various alt coins, some of which are pump and dumps while others are proof of concept and some bring new functionality and utility to the table.
It is a fluid and evolving ecosystem. I'd be long crypto-currency in general. The systems are distribution based and crypto-currency is a distribution based solution while traditional digital money is designed to solve a communication based network problem only a network that no longer defines what it is being used as anymore. It has to evolve and as such so do the methods.
JPM ain't stupid they are positioning themselves to grab a share of the transaction market. Smart businesses don't sit on their hands and let the world pass them by.
JPM arent innovators. They can only copy the ideas of others and bully their way into a market position.
If the world was more rational, JPM would be a dinosaur
The big boys never blaze the path that is for the innovators and risk takers. They just jump in after things been established and use their weight to buy up the competition and create/absorb existing stuff to grab market share.
If the world was more rational, Jamie would be in jail or dead.
VIX (Volatility) is the other issue with BTC that few talk about.
As I indicated in another post, PM dealers refuse to use it now -- for this EXACT reason. If/when it becomes "stable", then they'd take it in a heartbeat.
Ergo, "acceptability" = "stability". Pay attention accordingly.
p.s. The trick I haven't seen yet, is PM dealers willing to accept Gold (from you) for BTC paid (by them). This one should also be interesting... especially for people like LoP, whose Avg. PM price is ~ $300, and who might be willing to sell some AU for BTC.
Wow! This shit's getting insane.
People don't seem to understand that the power of the bitcoin network gives bitcoin it's speed and security. Who the fuck would want a JPMorgan knockoff of bitcoin. The idea behind bitcoin is no central authority, JPMorgan already owns part of the Fed which centrally manages the shit dollar. Bitcoin is so easy and cheap to use BECAUSE banks are separated from the transaction process.
Bitcoin is so easy and cheap to use BECAUSE banks are separated from the transaction process.
Precisely!
BTC is important because it bypasses the cartel. The rising exchange price is merely a pleasant side-effect.
This is just them getting into the transaction end of the business. They still have to compete with the other transaction companies out there though they do have some advantages also being a bank. People fixate on the coin part. It is more than coins but whole system. The major advantage they have is getting the payment processing system in brick and mortar stores like supermarkets faster than smaller startups lacking capital and pull to make it happen. If it is not JPM some other big company will try you can bet on that.
People seem to not see that crypto-currency brings a new way of looking at money in general to the table which is now it provides utility as a service.
Here is a really wonky implementation of that idea in something called protoshares.
http://invictus-innovations.com/protoshares/
Investment capital? You mean a cell phone? That's all you need to begin accepting bitcoin.
You mean the little thing that all app developers want complete access to all the info on the device? with GPS tracking?
You try to get your local supermarket to accept bitcoin and integrating that into their systems. It is not that simple all the time. That is where the banks and credit card processing companies have the advantage at the moment they can fork a bitcoin knockoff into the closed loop after upgrading it and freeze out competing coins then squeeze the vendors to use their system exclusively for online transactions.
You try to get your local supermarket to accept bitcoin and integrating that into their systems.
Ummm.... there are services doing that already - have been for a while. They convert and pay the store in dollars daily. (A pretty stupid thing to do, but so it goes.)
Yeah I can MacGuyver something together also but they are businesses a big chain like Stop and Shop is not going to MacGuyver just to accept bitcoins or any crypto-currency in general. Remember rigid thinkers and rigid rules don't flex easily. You are also selling a product here aka a service and as such you need to tailor solutions to sell it. The underlying technology can be flexible.
Thanks for the link to the Protoshares concept. It looks really interesting, but it also looks like it would run afoul of US securities laws, since those protoshares sure look like they would be considered to be "securities." They may also have other problems because, for example, in many jurisdictions you are not allowed to pay employees in "scrip." Nevertheless, it's a cool idea and there might be a way to surmount these legal concerns.
You're a wanker.. same crap was said about internet.
Ummm... those still stuck in the consumerist status quo mentality glued to their advertising machine telling them what they need and who they need to get it from because they are nothing without it.
Not really. Those kind of people would just continue using JPMbux, like so many anti-bitcoiners seem to want.
A few years down the road... JPC : BTC : Oz. Gold ... ratio 100,000 : 1000 : 1
price, value, or quantity?
Reintermediation, exactly what everyone wants!
Well if anything will completely destroy Satoshi Nakamoto's dream of ever higher BTC' it will come in the form of a 'like copy' with Jamie Dimon's contemptible shit faced eating grin on "'it".
I don't think this is much of a game changer. E wallets have been around since the start of the internet. The transactions are still in US dollars through the same old system.
bitcoins have taken the model of Gold without the Gold.
In limited supply
hard to mine
Now a Gold backed crypto currency issued by a state... say if China used all the Gold they are importing for a gold backed crypto currency.
That would be a game changer.
Will happen eventually as this thing evolves.
But nobody would trust China to manage that honestly.
Blockchain and the underlying technology is a trust no one system without verifying first.
Yes but you still have to trust China to convert those BTC into the gold backing, don't you?
Yes but it is also a verify process and that conversion you run into the same issue since the convertor is the convertor from analog to digital and vice versa. It is like paying amazon in digital cash or paypal and expecting them to deliver the goods you purchased in return. Gold is just a good.
And as far as the SEC goes I don't know but read the forums there are discusions pertaining to just that issue concerning the SEC and securities laws with respect to protoshares.
https://bitsharestalk.org/
Look in the protoshares section
You might to read up on bitshares also which is meant to compliment protoshares as part of the overall eco-system by providing a decentralized banking and trading exchange platform to tie into it.
They aren't the only ones working on this sort of stuff Nextcoin and Ripple are other variations.
The really neat thing about this is money becomes a service, you can't with the way current money is used have a currency that it's value is derived from the company sitting behind it functioning both as as stock share and currency at the same time. You can have xxx-coin with multiple values at the same time based on who issued the particular xxx-coin with that value based on solid fundamentals of the company valuation itself determining that particular coin's purchasing power. That is the beauty of object based currency it can store multiple values based on customized criteria in an overall ecosystem. It adds a whole new dimension to fiat based money because each coin's value is backed by the company's financials and the goods and services it produces. It is not based on faith in government, the value is market driven. But people can't see the potential for the technology itself only see xxx-coin and can't see past the coin word.
is this just the prepping for a one world digital currentcy?
What can possibly go wrong?
This is gonna be one seriously delicious train wreck to watch unfold.
Clearly, BTC holders are going to run to turn in their secure, decentralized bitcoins for another electronic USD wannabe that's centrally controlled by the likes of JPM. Clearly.
"Satoshi Nakamoto" is aka Jamie Dimon.
Fixed it!
What a wonderful idea for WB7's next artwork. Jamie Dimon Bitcoin Master in "You Only Live Twice"...
You obviously I'd not use sheep marketplace.
Dude-
I really need help with making this new wallet real
http://youtu.be/r5_hFHHJhd4
Let's make this happen before THEY do.
Well, knock me over with a Bitfeather.
A USD derivative - big deal. Will Jamie let you keep them if there is a bank bail-in? Are they traceable? Can you send thousands of them across international boarders?
Surely in this nation of laws, there is no way the gov will give JPM a patent for someone else's ideas.
If you can't screw them one way, fuck em another.
Who the fuck is going to use a bank's cryptocurrency?!
Open source crypto or the 'banks behind the FED' crypto?!
Jesus, these people are desperate
So they will simply print up all the virtual currency they want... just great
Exactly!
Which makes one think...
Is Chase preparing for the end of the Fed and forward planning for the time when it has to be honest?
THIS IS CHASE BANK, NOT THE US GOV. By patenting THEIR OWN currency, are they not accepting that they are now in a competitive currency world?
The banks as we know it are fucked either way
"If you want to keep your bitcoins, you can keep your bitcoins."
Obama would never tell people something like that if he understood Bitcoin. Simply no way to betray them about it!
A leopard never changes its spots. And just like that, JP Morgan squashes any hope of human freedom and liberation just like they did back when Nikola Tesla was developing free energy from the vacuum.
http://www.dailycensored.com/jp-morgan-and-electric-power-100-years-of-m...
+1 for mentioning the most brilliant man no one knows!(that is Tesla, NOT Morgan)
Yeah I'm sure the confidence in JPM digital currency will not be a problem.
JP Morgan controlling a patent on digital currency and its transfer? What could possiblly go wrong?
Dimon on a pitchfork please
Well, this answers the question about where "money" evolves from here.
You can bet Uncle Sam would love this. A purely digital currency with transaction details and all. They can tax the fuck out of everything which is what they are after if you guys/gals haven't noticed. This is all about redistribution in order to keep the party going... economic cannabalism and we are what's for dinner. Fed to the FSA and the rich alike.
Bitcoin... lol. Executive order or new law yet to be passed making it illegal. NSA already has everyone looking under their bed. Think the majority of people are going to trust a cryptocurrency that uses the internet to verify transactions? Get real.
Barter system is what is coming next. Real services and goods.
"In centralism we trust" LOL
NEXT: JP crooks will soon sue bitcoins
No need. They just dangle the taxation benefits in front of congress and crypto-currencies wind up as contraband.
edit: Oh, for everyone's best interest of course. All that nasty volatility, hackers, gamblers, etc. A regular snake pit that needs big GOV management (via our trustworthy TBTF banks of course).
For Patent infringment!
Because they applied for a papent based on prior art, LOL.
I realize that imitation is the sincerest form of flattery, but this is just downright cheesy and tacky.
lol,
whats next, the NSA setting up an online dating site?
clowns,
The bi line to this post is Bitcoins 'and the others like' days are numbered.
He'd have to get the DHS to force people to use it. That bank is bankrupt bigtime.
Hey, I figured out how to spend my target gyft ecard without buying a web enabled phone. I printed it out on my hp laserjet and it worked perfectly.
Dimon is proposing old tech as new. Arrest him.
You hear that JPM is going to create their own gold? Oh yeah, they can't. They can only fuck with the price which will work until it doesn't.
I would never trust an electronic payment system run by US federal government - woops, I -ment JPM.
Get in early or you'll be tooo late to the party! s/c
'Toshi got this program penned
to solve the problem of double spends
Proof of work with all that hash
making us some digital cash
Miners stack to save our spends
share their answers with all their friends
Silicon brains write chains of blocks
while Keynes can't refrain from throwing rocks
So all you fools shorting 'toshi,
bugs and statists with your glasses rosey,
when the world finds out we can't inflate
You'll join this party fashionably late
http://www.youtube.com/watch?v=WdrSP0V-KLg
The Bitcoin Channel
Jamie "Blood Dimon" Coins!!!
I love it!!
Someone let me know when they're available for purchase. I'll convert all my BitCoins into them.
......once I get some bitcoins.
Here is a poll
bitcoin is in limited supply
Gold is in limited supply
bitcoin is expensive to mine
Gold is expensive to mine
bitcoin is nothing
Gold is something
If you had a choice between bitcoin and a gold backed crypto currency.
Which would you choose?
A gold back cryptcocurrency is not gold. And for it to be backed it would have to be centralized. Bitcoin, not having a central authority to rob people would thus be the better currency.
E Gold was the first anonymous peer to peer transaction system backed by Gold. It was shut down and people went to jail.
If bitcoin is allowed to operate freely, then so should a Gold backed crypto currency. Fair is fair.
Really? Seriously? E Gold was shut down precisely because it was "backed" and therefore had a central point of failure. People. This stuff isn't that hard to understand. Once again, Zero Head.
Crypto-Currencies Will Destroy The Banksters' Monopoly On Money
The Bitcoin Channel
If you think bitcoin can not be shut down because it's decentralized, think again. All they have to do is shut down the conversion of bitcoins to fiat currencies through the transaction brokers that have opened up and through the banking system itself.
Then they broadcast to the world that Bitcoin is actually a threat to them. Since they've done such a great job shutting down marijuana to fiat conversion, BTC will also go off to a corner someplace and die. Not.
Now you see it, now you don't!
When I got to EFT>existing financial transaction networks, I stopped reading...
Dimon and his douchebag band of thieves needs a new way to fuck people over.
http://www.forexlive.com/blog/2013/12/05/what-does-it-tell-you-that-so-m...
Prior Art is everywhere. Infringement galore.
It is sounding more evil by the day.
Because people are REALLY gonna trust JPM to be free of political coercion and their own conflicts of interest...
HA HA HA HA HA HA HA HA
Here. Take this sharp knife & hold it to my neck.
Srsly.
I wonder if they are going to back it with all that silver they don't have.
There's a demand for 100% reserve, transactional, secure checking accounts using a commonly accepted and quickly clearing function as well. Which a bank filled with what the Fed calls "excess reserves" might want to consider just creating yet another tier of checking account, fee-based banking. But your debit account is a ledger account.
"Imagine paying for some product in a transaction directly with the seller that doesn’t include a costly third-party fee or the revelation of a personal account number..."
Like, for example, a product such as wooden scaffolding, or a large shipment of hydrogen cyanide...
I know this is opening a huge can of worms but I can't resist asking, what is the easiest way an American citizen can convert usd to Bitcoin? Save all your useless flaming. The bitcoin market seems cumbersome and illiquid. Is there an easier way that I'm missing? I'm trying to find a reasonable way of trading it.
Go look it up online. Do your own fucking homework. It's not that difficult, since you can obviously read english and have internet access.
dick
in a world of electronic money by the trillions, the king of fake derivative mega bets nows wants to become the Sheldon Adelson of Electronic cryptocurrency.
Centralisation of the Casino is what every Oligarch dreams about if he wants to inherit Meyer Lansky's crown.
The question is TIMING like in all poker games.
King Dimon is now saying he wants not only to control king fiat reserve but also king crypto surrogate.
Wait n See.
I'm sure the FED is applauding on the side; a thorn that irks needs to be treated before it festers embedded in the interstices.
PS : This announcement, if it becomes a major play of JPM, will make ZH's prediction about Bitcoin dicey, as it gives creditability to Bitcoin phemonemun. It could also just be a fake play to kill crypto in the bud...
White knight of USD to the rescue!
So JPM has taken something free and open source and patented it for profit. It's the American way.
their lawyers are salivating at this moment. everyone that owns a bitcoin is breaking their patent. you do not have the $$ to fight patent suits by JPM
jb
Bitcoin Anti-terrorism Money Laundering Act in 3.. 2.. 1..
I find it strange how the pro-bitcoin folks refuse to acknowledge the risk of being completely outlawed.
Napster was "outlawed". Then along came bit torrent. How are they doing stopping that?
The Bitcoin Channel
CRYPTO for the sheeple.
JP Morgan needs a privatized way to secretly funnel money to drug dealers and terrorists.
Behold, SQUIDCOIN.
Well that would be Goldman's version, and I do like the idea of calling it "S-QUID" since Quid is a word for money over on the other side of the pond.
Behold... The $hitcoin!!
Ok so IT could be...
http://www.jpm.co.uk/images/welcome-home.jpg
From the Patent... Background of the Invention
[0006] The market opportunity will continue to explode as what is currently thought of as the Internet continues to expand. In general, the Internet is thought of as Personal Computer (PC) and telephone based. However, that model is quickly changing to include broadband communication via terrestrial links such as Digital Subscriber Line (DSL), wireless and two-way cable. The end number of devices is also expanding to include cellular phones with video displays as well as interactive television, Personal Digital Assistants (PDAs) and kiosks with Internet access. Both of these changes will only serve to increase the number of end points and consumers who will have a need for high-volume, low dollar payment capabilities.
Gold serves its various purposes, but it won't have anywhere NEAR the impact on commerce or peer-to-peer transactions (whether inside or outside the System of TPTB) that crypto-currencies will have.
Sorry, gold-agents, gold-shills, coin/bullion dealers and gold-portfolio managers (Schiff et al). You can shout LOUDER all you want, but the fact is that you'll have to adapt. The reason you are shouting louder and more frequently is a testament that you are already feeling the effects, but won't/cant admit it publicly. You can shout till you're hoarse, you can pound your head against the walls or reality all you want. Reality and Trends will not change, even for you. If you persist, you will only open yourselves to (more) ridicule from all but the most ardent/rabid followers. The BEST you can hope for... is what I have been saying all along (since April 2013*): Use CC (crypto-currency) in conjunction with Gold, and use both to set up a PARALLEL system outside the official System of TPTB.
* When Simon Black said at his Offshore Workshop in Santiago Chile, that you can use BTC to sell your gold in one country (US) and use BTC to buy it again in another country (X) -- thus getting around the "transport" issue, when dealing with many ounces of gold. Based on this response to an audience question, I realized that this Gold-BTC pairing applies across the board, and is the PERFECT tool to set up a Parallel Economy. That's perfectly legal, for now.
After reading the word 'centralized' I ran screaming from the building.
The market for alternative currencies is exploding. Bitcoin, Lightcoin, Feathercoin, Orbitcoin ... and 1000 up-and-comers i am sure.
I don't see how JPM can ever hope to compete in this space.
This market will eventually be taken over and dominated by big Asian hardware companies who have the most natural advantages over time.