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ExtraTorrent.cc > Articles > Bitcoin Is Patent Trolled

Bitcoin Is Patent Trolled

Bitcoin Is Patent Trolled

Added: Friday, December 13th, 2013
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
JPMorgan Chase bank has filed a patent application for an electronic commerce system which reminds Bitcoin very much.The patent in question is very broad and describes a technology and system to process online payments via the electronic funds transfer network.

In case this patent is enforced, each Bitcoin transaction automatically becomes a breach of the American patent laws, with a percentage going to the bankers for inventing it. In other words, JPMorgan is trying to do the same as Scottish inventor Graeme Bell who patented an idea for the telephone before Elisha Gray who really invented it.

The patented system would allow people to pay bills anonymously online via an electronic transfer of funds – just like Bitcoin does now. The system would allow for micropayments without processing fees, again just like Bitcoin. Finally, the system could kill off wire transfers via such services as Western Union – and this Bitcoin also can do.

The problem is that the patent application doesn’t mention “Bitcoin” at all – in other words, JP Morgan Chase simply pretends that the service doesn’t exist yet. Actually, the patent says that while new online payment mechanisms have been rapidly emerging, “none of them have got more than a toehold in the market place”.

As you might have heard, Bitcoin soared to a new high of $1,242 a couple weeks ago and there are over 12 million coins in circulation at the moment. Advocates describe Bitcoin as the foundation stone of a Utopian economy – indeed, this system has no borders, no change fees, operates 24/7, and nobody can tell you what you can and can’t do with your money. We’ll see what JPMorgan Chase can get out of its application.

December 13th,2013

Posted by: 

Date:  Friday, December 13th, 2013

Comments (16) (please add your comment »)

posted by (2013-12-14 03:35:56)
dovahkin avatarThis obvious patent trolled attempt surely if get enforce then it means there's some behind the table transaction between JPMorgan Chase and the authority for this matter. I hope it will get expose

posted by (2013-12-14 08:16:15)
No avatarI bet there will be a government body behind this one.
We all know how governments don't like things they cant control or make money off.
Such as bitcoins as a global currency.

posted by (2013-12-14 13:25:31)
edddy avatarI'm sure that JPMorgan Chase bank lobbyist are all over washington D.C for this one.

posted by (2013-12-14 15:53:45)
LeDrewxcore avatar"JPMorgan is trying to do the same as Scottish inventor Graeme Bell who patented an idea for the telephone before Elisha Gray who really invented it."

People should challenge the authenticity of these posts, don't believe everything you read just because it reflects your views.

Alexander Graham Bell (note the correct spelling) invented the telephone as we know it. Elisha Gray was fooling around with something that can send musical tones over a line, not voice. When Bell took his device to be patented it was full functional, while Gray was still making prototypes.

Bell had fire while Gray was still knocking stones together.

Alexander Graham Bell was a Scottish born Canadian.

If there is so much wrong with one sentence, just imagine how many other errors there are.

posted by ET junkie (2013-12-14 16:20:03)
No avatar@LeDrewxcore

you really need to work on your reading comprehension.

invented as we know it is a hell of a lot different than invented it, but you conflate the two nonetheless. no one can say for sure who invented the telephone and experts on the subject (ie. people not you) have resigned to this.

You haven't even understood what the piece was even attempting to say, which is that bell took what was already in existence and patented it as his own (ie. like JP Morgan taking the bitcoin network and pretending like it is their invention).

There are many ways to spell words and names, and a someone who is not english will not spell words in english. that is not an error.

Next time you want to bore us with your high school expertise of Bell, do it where it actually makes sense.

posted by ET junkieET loverSupermanmen (2013-12-14 19:38:26)
sn3h1t87 avatarYea, the reason they don't mention bitcoin is because this is nothing like bitcoin. This isn't a cryptocurrency. This assumes that behind the scenes a bank is tied to your account to push/pull funds from. This incorporates some of the things bitcoin is good at, but it does it all in a completely different manner. If you'd take a look at the patent application, you'd know this is in no way close to bitcoin

posted by ET junkieET loverSupermanmen (2013-12-14 19:39:48)
sn3h1t87 avatarBitCoin is not the first electronic payment system. No reason for patent to metion BitCoin unless it JPMorgan is going to have people mining for Morgon bucks.

posted by ET junkie (2013-12-15 09:37:02)
No avatar@sn3h1t87

again, wrong. what is with the reading comprehension in this place? you're either commenting in the wrong story or you have no idea what you're talking about. it very clearly explained the absence a mention to bitcoin. this is a patent on the bitcoin system, not bitcoin. what does bitcoin not being the first electronic payment system have to do with anything? it's an anonymous p2p payment system patent application. what about how that relates to bitcoin do you not understand?

posted by (2013-12-16 02:31:36)
LeDrewxcore avatar@FellAway

I suggest you work on your reading comprehension and English grammar skills.

Nothing you've said, in reflection of my post, is correct.

posted by ET junkieET loverSupermanmen (2013-12-16 07:33:56)
sn3h1t87 avatar@FellAway yes same asnwer to u ....given by LeDrewxcore... agreee with him....

posted by ET junkie (2013-12-16 10:00:15)
No avatarof course you two idiots agree with one another.

best to keep your response short and pointless rather than attempting to piece together another erroneous retort.

posted by ET junkieET loverSupermanmen (2013-12-16 15:19:44)
sn3h1t87 avatarn yes by u r indecent argue ...u prove that u r one of idiot lolz ... try to learn some manners first... i never use any vulgar word for u mate !!

posted by Blocked (2013-12-16 19:24:45)
Ap3x avataroh yeah?.....well Isaac newton invented gravity!!!!

posted by (2013-12-16 21:05:40)
No avatar

posted by ET lovermen (2013-12-17 09:10:46)
brods73 avatarlol sn3h1t87 you say try to learn some manners dont use vulgar words lol, you have been warned by ET yourself lad(you tried to be vulgar and failed admit)

posted by ET junkieET loverSupermanmen (2013-12-17 11:08:31)
sn3h1t87 avatar@ brods73 lol u also warned back for same event lolz .... n i used that for in personal level interaction ... n warning i get ( which most of time admin also get by Et bot which is normal) ....lolz even after vulgar language neveracceptable as in personal level... Argue should happen in Intellectual level

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