(NOOOOOOOO!) JPMorgan files patent for Bitcoin-style payment system


These guys never stop. I respect that about JP (in the way that I respect the Empire in Star Wars) and there is something to be said for an idea so disruptive that it attracts the sharks at JP.

But given this, if one doesn’t trust Bitcoin, don’t even consider trusting JPMorgan’s version of it.

(From The FT)

JPMorgan’s proposed system involves creating “virtual cash” that would sit in an online wallet, reminiscent of the computer files that hold Bitcoins on behalf of their users.

The JPMorgan system would also create a public record of transactions made using the technology – a feature that would appear to mirror Bitcoin’s use of “blockchain”, a massive block of code stored across a peer-to-peer network of computers that acts as a public ledger of all Bitcoin transactions.

Click here for the article.