JPMorgan files patent for Bitcoin-style payment system
By Tracy Alloway in New York
PMorgan Chase has filed a US patent application for a computerised payment system that resembles some aspects of Bitcoin, the controversial virtual currency.
Like Bitcoin, JPMorgan’s proposed system would allow people to make anonymous, electronic payments over the internet, without having to reveal their name or account numbers or pay a fee, according to the patent application.
The application put a spotlight on the behind-the-scenes battle being waged between the biggest banks, credit card operators and companies such as Google, Apple and PayPal – are all keen to grab a slice of the rapidly expanding business of providing mobile and internet payments as more people shift to online buying.
https://www.ft.com/intl/cms/s/0/e230307a-61c4-11e3-aa02-00144feabdc0.html#axzz2n9mPkWuS
It figures this “currency” is not backed by anything but hype. No regulation, no “full faith and credit”
Perfect product for investment banks since their ponzi schemes and products created to fail are no longer available.
Electronic currency in an age of computer hacking?
or perhaps it signals a lack of faith in the US Dollar
Agree with ponzi schemes. When was the last time you have seen a ceo of a bank that is run like a casino go to jail?
Can you say “Ponzi” ?
The selfie crowd will fully support this currency…