But if Bitcoin is a giant scam, why are the banks secretly scoring patents on them. LOL, they just want to scare the Know-nothings out of bitcoin so they can buy it up on the cheap. I am telling, bankers are covertly buying up bitcoin on the exchanges right now. I seen the average purchase size dramatically increase in the last couple of weeks. It is not joe schmoe, buying 35 bitcoins at a time.

banks are independently controlled. I do not remember BOA calling bitcoin a "giant scam".

See for yourself: https://www.coindesk.com/pa...

We are leading the financial revolution lets stick together one of the best projects is SmartCash soon everyone will rush in !

SmartCash definitely is the future! They are launching their SmartNodes soon which will enable InstantPayment and Merchants will love that!

Big companies like BoA, IBM etc.. all their employees can do is copy ideas from other startups and companies and write patents for getting some rewards. The whole patenting system should be outright abolished or people like them will go after every crypto exchange out there who have been the first time inventors and implementers and seek royalties. There is a big black hole in the patent granting system. Again run by some bureaucrats who may not know all the ins and outs of the trade or the state of the art.

good point there. these big institutions are very late to the party but these patents will have them on even playing field in no time. they want to eventually control it before it takes them out of the game.

Agree...
https://youtu.be/VobSpIwavPs

This shows the influence that cryptocurrencies are having in our modern finance world. When giants like these guys are paying attention, you know that that the crypto-world is doing something right--- or something that scares them.

It hasn't even started. Muhahaha

Unfortunately the big players in finance basically have more money than God. If they ever really need to, they can probably buy up all the patents, all the resources and digital currency etc. and control it themselves regardless of how late to the party they are.

Lol yeah, BTC itself isn't even 10 years old yet.

Really? You think bank patents over top of the bitcoin protocol is a good thing?
They are interested because they see the opportunity of control through the use of patents.

And you can patent that?!

SO they got a patent on the IDEA that shapeshift and the exchanges actually do already... good work ?

Read the parent.

I don't read patents, but this article describes Shapeshift existing business exactly. I think the patent office needs to higher some bitcoin experience.

The only difference I see described is that they will limit based on some arbitrary fraud and money laundering indicators. How is that patentable? Shapeshift has limits too... I assume it has to do with protection against fraud, but maybe they check for money laundering too.

This patent is garbage and should not be issued as described in this article.

This sure is a good sign for cryptocurrency investor. Whether we like it or not cryptocurrency is here to stay.Decentralization is something which people look forward to and bank certainly doesn't provide one with all the hefty procedure for its functioning. Easy transaction and store of value is what people can look forward to. Deeponion though a couple of months old is a new promising addition to the cryptocurrecy for the investor.

Patents on usage of crypto is opposite what the Bitcoin Whitepaper describes.
Do you think bitcoin should be based on something other than its design specification.
Remember, bitcoin is designed to protect individuals from the fraud, manipulation and theft caused by the intermediary (banks).

“Transactions which look illegal would not be allowed to process, the patent says.” - in other words, you are a criminal If you try to convert any more than $5k worth of anything. LMAO, still stuck in the dark ages, but pretending to be “advanced”, and STILL sucking on big daddy’s govt ballsack.

Or thinking the other way... anybody who imposes limits on how much they trade between 2 coins is now in violation of their patent.
Dumb patent office!

BOA is convinced. How about JP Morgan? LOL! you know cryptocurrency is here to stay if institution as big as BOA spent their time researching and even analyzing for it

How to centralize decentralization 101

The scary thing is 90% of the coin are in 2% of the community hands

The 'Net started off as this thing that nobody thought much about. It wasn't all that long ago that it was viewed as an unnecessary extravagance to the "world order." Ummm....more or less. And now it's become ubiquitous to the global economic system; it underpins dam near everything doesn't it?

As a consequence a digital currency sitting on top of the 'Net seems inevitable. It's a logical thing to do, to have a currency shorn of nation-state value systems and such. A truly global currency. My only concern is that people, right now, are viewing such as Bit-coin more as a storehouse of value and not really using it as a currency. Not yet. Part of the reason it has kited to the sky in valuation is that people are buying it and holding it, expecting to profit on its rise, and not really use it as a medium of value exchange.

In effect it's a game of currency speculation. Market history teaches that speculations like this always end badly before the underlying thing finds its footing as a functional part of the system of which it is a part. For instance tulip bulbs still have value, but have long since gotten past its speculative frenzy period. I suspect the same will occur with digital currencies.

I guess what I'm saying is don't be the last one joining the party at the time it has reached a crescendo and is starting to wind down.. Disclosure, I hold bitcoins from the 2013 period, and Ethereum and Litecoin's from middle of last year, so I'm just a guilty at the "buy and hold" as other speculators. But even so I do think digital currencies have a place in our technological economic world.

Highlow
American Net'Zen

Will B of A go up like Square, Overstock, etc.

random question here. what exchange offers the most popular cryptos all in one? so far ive seen coin base offer only 3

soon government need to bailout BOA..

It is good to know information that even if Banks and National Securities Exchanges are taking interest in crypto-currencies, but at the same time none of them are open to list or support decentralized public cryptos such as Bitcoin, SmartCash etc. They want to control it which I hope they should never be able to.

well they slowly are. these exchanges ask for id verification before you can even buy/sell on a regular basis.

The financial system is changing, but so far it contains the same old fish. Real changes are only ahead, when many will give up inefficient permanent teams.
We all need other forms of organization - more efficient and dynamically changing.
At the moment I know only one cryptocurrency, which is developing along this path, where, eventually, the whole world will come sooner or later .
Yes, I'm talking about SmartCash now. The old things always leaves, making room for a new one. Large corporations are created to generate inequality. In the world of the future there will be much less space for them. In any case, I hope.

Speaking of BofA, it would be nice if sometime soon...my online brokerage, MerrillEdge (which is owned by BofA) would allow - if any are created - some new exchange or index fund(s) for crypto to trade there. Right now, I've got a little GBTC in my Roth, but I'd love to have other options within my existing MerrillEdge Roth.

Why did US Patent awarded that to BA. They did not invented the crypto exchange system. Bitcoin does.
Here's the US Patent Scam
https://youtu.be/VobSpIwavPs

looks similar to what plexcoin want to offer with plexbanks but plex idea is way better ahah

If you are interested in taking a closer look, the patent number is 9,836,790. Here is a link:

http://patft.uspto.gov/neta...

Looks like Shapeshift and many other services out there... they will patent water next.

This depends on the wording of the patent. If the patent office was asleep at the wheel because they did not fully understand cryptocurrency exchanges, then BofA might end up being the only place in the US to make a crypto to crypto trade. This will basically shut down Bittrex, Poloniex, etc, or just limit those exchanges to USD-crypto conversions only. I am not sure this a good thing long-term once BofA starts a skeleton version of their platform and fires up their legal team to pick off the competition one by one. This could be one huge, corporate "patent troll" event.

right on the money....let the shit show begin

Here's some step by step guides to setting up wallets and buying cryptocurrencies: https://getcrypto .info/

Bank of America, thief of Ideas. Cryptocurrency is a open source proyect. We need to limit the extend of the patent to close source code. When the code is open, no patent applies.

It is a natural movement... Banks can't defeat cryptos so they will join them.

And the best way to take profit of this new paradigma is to stablish bank-exchanges that could be directly connected into customers accounts to facilitate trading.

Also I think that the next step will be to launch bank wallets for the main cryptos such as Bitcoin, Litecoin, ETH... to store and also to perform payments directly on cryptos.

This is potentially a good thing, as the exchange is backed by a bank. If Kraken was to go under now, there would be no recourse for anyone as per Mt Gox. With a regulated banks exchange, there forms some protection.

because you think currently banks would withstand a normal bank run? keep dreaming about that "security" banks give you

Umm.. tell me another industry that gets bailed out by the gov? When was the last time a first world country saw a bank close and lose money? GFC? that was nearly ten years ago. Think id prefer a bank exchange than one based in Bolivia. I'll keep dreaming Ta

ask the greeks if they were bailed out? i think it was 30% lost over night. WOW nice good security!

Whatever reason, trust a bank is in part go against crypto-blockchain philosophy raising it from the idea of decentralisation. I think cryptocurrencies focus must be decentralised and both private and secure for their users, some similar to DeepOnion cryptocurrency (currently growing) which runs over Tor network and is entirely focused on privacy, anonimity and security; also with incoming interesting features and active development.

Banks do not need patents to use bitcoin or to allow their users to trade between coins.

BOA getting involved in this way will not change Bitcoin' s structure. Bitcoin will still be decentralized. In fact, BOAs system is only being offered to business customers, so, it posses no great change for the average bitcoiner.

I respect your thoughts, but i think we are past the whole blockchain religion thing. Might be time for the asperger's kiddies to find something else to go crazy on.