Wednesday, December 11, 2013 12:50:52 PM
JPMorgan to Enter the Virtual Currency Race
Posted on December 11, 2013 by The Silver Bug
Sprottmoneyblog
JPM bitcoin patent
The crypto-currency arena just got a little more crowded. Enter JPMorgan. Well known in the precious metals community for their manipulation in the silver market, JPMorgan is now entertaining the idea of releasing their own form of a digital currency. The rise in digital currencies, most notably Bitcoin, has been fueled by the demand of the free market for a decentralized currency. A currency that is not subject to the extreme manipulations our current fiat system faces.
On November 28th, JPMorgan submitted a patent for their own form of a digital currency. They are calling this “Web-Cash”. The intentions of this new digital currency is to allow customers and merchants the ability to avoid costly third-party payment processors, such as Paypal, Visa and MasterCard to name a few. Exactly what Bitcoin now does. The following is from eCreditDaily, which reported on this story earlier today:
If this “web cash” system — as JPMorgan Chase calls it — seems familiar, it should. It smacks of the peer-to-peer transactions of bitcoins and other cryptocurrencies that increasingly are making the world’s biggest banks uneasy about the future of e-commerce.
The patent, first revealed by LetsTalkBitcoin.com, is a fascinating look into JPMorgan’s veiled outlook on the evolving but growing bitcoin universe, and other more widely-accepted payment systems.
JPMorgan’s proposed system offers another eerily familiar component, which seemingly mimics “blockchain,” a publicly available, permanent ledger of bitcoin transactions.
Although I am a huge advocate of free competing currencies, I am very skeptical that JPMorgan is going to offer the solution the free market is looking for. As stated at the beginning of this post, JPMorgan is known best in the precious metals community for their manipulation in the silver market. Let us also not forget the infamous “London Whale“. To say the least, they are not very trustworthy.
Regardless of whether the free market adopts JPMorgan’s ”Web-Cash”, or whether the founder of e-gold is able to introduce his “gold backed bitcoin“, the trend is clear. People are getting sick and tired of the dog and pony show that is our current fiat system. A trend that both gold and silver are sure to benefit from. Until then, enjoy these artificially depressed prices and keep stacking. I know I am.
http://sprottmoneyblog.com/jpmorgan-to-enter-the-virtual-currency-race/#
Posted on December 11, 2013 by The Silver Bug
Sprottmoneyblog
JPM bitcoin patent
The crypto-currency arena just got a little more crowded. Enter JPMorgan. Well known in the precious metals community for their manipulation in the silver market, JPMorgan is now entertaining the idea of releasing their own form of a digital currency. The rise in digital currencies, most notably Bitcoin, has been fueled by the demand of the free market for a decentralized currency. A currency that is not subject to the extreme manipulations our current fiat system faces.
On November 28th, JPMorgan submitted a patent for their own form of a digital currency. They are calling this “Web-Cash”. The intentions of this new digital currency is to allow customers and merchants the ability to avoid costly third-party payment processors, such as Paypal, Visa and MasterCard to name a few. Exactly what Bitcoin now does. The following is from eCreditDaily, which reported on this story earlier today:
If this “web cash” system — as JPMorgan Chase calls it — seems familiar, it should. It smacks of the peer-to-peer transactions of bitcoins and other cryptocurrencies that increasingly are making the world’s biggest banks uneasy about the future of e-commerce.
The patent, first revealed by LetsTalkBitcoin.com, is a fascinating look into JPMorgan’s veiled outlook on the evolving but growing bitcoin universe, and other more widely-accepted payment systems.
JPMorgan’s proposed system offers another eerily familiar component, which seemingly mimics “blockchain,” a publicly available, permanent ledger of bitcoin transactions.
Although I am a huge advocate of free competing currencies, I am very skeptical that JPMorgan is going to offer the solution the free market is looking for. As stated at the beginning of this post, JPMorgan is known best in the precious metals community for their manipulation in the silver market. Let us also not forget the infamous “London Whale“. To say the least, they are not very trustworthy.
Regardless of whether the free market adopts JPMorgan’s ”Web-Cash”, or whether the founder of e-gold is able to introduce his “gold backed bitcoin“, the trend is clear. People are getting sick and tired of the dog and pony show that is our current fiat system. A trend that both gold and silver are sure to benefit from. Until then, enjoy these artificially depressed prices and keep stacking. I know I am.
http://sprottmoneyblog.com/jpmorgan-to-enter-the-virtual-currency-race/#
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