when a power house like these gets onboard how can coins such as peercoin and primecoin and all the others compete?
From comment section:
I've edited your post to reflect reality:
"The largest bank in the US, JPMorgan *which has just settled with the US authorities for $13 BIllion, in relation to charges of fraud which lead to the mortgage and financial crisis of 2008, has filed a patent for an electronic currency… "
Ain’t that the truth? This stuff won’t fly. This banking system had it’s chance, it’s legacy is doomed to oblivion.
Forgive me , but IMHO i dont thats actually a realistic point of view. They have money and people to make something happen.
if they put 0.1% of their resources they have at their disposal into designed and distributing a bitcoin killer its going to blow a low of other things that are following bitcoin, peercoin and primecoin included.
Aside from their almost seemingly limitless resources, no amount of money can cover up their marred reputation.
Plus, i’m sure Matt Taibbi is waiting on stand-by to destroy it upon release.
Why would anyone want to buy a currency created by one of the large banks? I don’t see how it would take off with any of the people that believe in Bitcoin. I certainly wouldn’t buy any. Just what we need, more centralized control of money. The same goes with a government issued crypto. They’d need the people on board in order for it to work. I don’t see that happening with trust in banking at such lows.
All it is is PR.
Kim Kardashian came into public prominence for what reason exactly? Now she is a brand. Hell if anyone came out with a “hollywood” coin and had the sense to tie in with prominent public figures with the combined followers of these people they could gain a huge amount of money to add to their wealth. Monster was just another headphone company until it tied with Dr Dre who started pushing out those headphones in videos until it came to the forefront of public consciousness.
What makes you think Jp or any other big company could dump a bit of money on a top secret project, spin it off and have no ties to its parent company, or employ a charismatic developer and in the background have it “backed by JP Morgan”
if there’s potential billions to be made do you really think they are not going to try and take a piece of that by any means in thier playbook?
We can only speculate right now as to what their “Bitcoin killer” is going to actually be set up to do. While it’s worthwhile to keep in mind as the community develops Peercoin, until we see what JPM has up their sleeves, I’m not terribly concerned that it will be a threat to Peercoin.
Branded or not, I’ll trust the motives of an open-source project that I can contribute to, over the motives of JPM.
Don’t think it will matter very much. This was the very reason why Bitcoin was designed as a decentralized system. Peercoin soon to follow in 0.5
Peer-to-Peer cryptocurrency software works irregardless of patents.
Unless of course, they try to sue the fictional person named Satoshi Nakamoto for violating the patent? Or maybe if they sue everyone who uses Bitcoin individually?
Hi, probably they want to be seen on the market with new activities, in order to make people forget the past. As a currency, I won’t buy it, nor trusting a single bank issuing it…
My 2 cents !
I wish I was a cartoonist.
I would draw Mr. JP fresh out of trial after getting wrist slapped. “Bad JP Morgan!” >:(
Then it would show him with the trollface hiring crackers to crush the bitcoin network. It really isn’t too hard to take down BTC anyway. It’s users/developers/evangelists are so self-righteous and shortsighted.
JP et all just don’t matter, CC’s just out maneuver state sanctioned monopolies that FI’s enjoy, to adopt a CC, would force them to play by CC rule, thus helping the CC community, otherwise they would just be issuing another typical financial instrument
Read the article up until it said that the currency would be centralized on a JPM server. Zero chance ordinary people would trust JPM to not counterfeit money, steal, or manipulate the system.
Criminal action expected for JPMorgan in Madoff case: NYT
There’s no way under the name of JP Morgan. Personally, I think they shot themselves in the foot… with a 12 gauge.
Oh wow. That’s an instant fail then in my opinion.
Oh wow. That’s an instant fail then in my opinion.[/quote]
I have been joking on linkedin discussion about there being a JPMorcoin released… and waiting to see how long and how many 51% attacks it gets
or I would be also interested to see their estimation on the size of a mining farm they needed to secure their network from attack
so not surprising they centralized it but yeah no interest to invest personally other than sentimental amusement of owning 1 coin… but i’m more tempted to quickly launch JPMorcoin a clone alt clone pump and dump just to see the amusement