[Crypto] JP Morgan files patent similar to BTC protocol

Interesting to see how this will pan out. They definitely have the funding necessary to disrupt the BTC market and create their own version of "virtual cash" as they call it.

http://letstalkbitcoin.com/jpmorgan-chase-building-bitcoin-killer/#.UrBZGvRDvO3

Patent Application: 20130317984
http://appft.uspto.gov/netacgi/nph-...&s1=20130317984&OS=20130317984&RS=20130317984

 

There's no way it can compete with Bitcoin. There is a reason bitcoin is so popular, because of anonymity, security, the way the currency is produced. Banks can't copy these aspects and still make it profitable, because it will lack one or more of these crucial properties that make bitcoin so desirable.

 

Don't get me wrong. I've been a firm believer in cryptocurrencies for a couple years, and watched what started as a hobby become something truly revolutionary and life changing. But if you see Chase paying out $13 Billion dollar settlements to the government, and still have billions set aside for litigation costs (EACH year), I would assume they could throw around a few billion to try and derail BTC. Wall Street already manipulates every other commodity on this planet (aluminum, electricity, oil, etc.) and cryptos would just be another portfolio for them. Rich men have wild dreams and all the money in the world to try and achieve them.

And I stand firm that BTC (cryptocurrency in general) has a lot of growth potential in years to come.