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Following is my unsubstantiated theory about recent bank involvement in bitcoin: The banks won't go down without a fight. They're setting up a legal minefield
by Dowwie 11y ago
Following is my unsubstantiated theory about recent bank involvement in bitcoin:
The banks won't go down without a fight. They're setting up a legal minefield for bitcoin entrepreneurs. I doubt they'll use these patents other than to protect the status quo. If the patent minefield doesn't work, they'll capture the market by investing in their own ringfenced version of the blockchain (see "the open ledger project") and PR the hell out of it to ensure that it gets adopted rather than someone else's.
Granted, their strategy won't work if they can't influence adoption or sue the pants off of startup competitors.
Again, this is just a theory. Maybe they really do all of a sudden want to spend millions on something that does basically what their existing services do except they can't control. /sarcasm
- VonGuard 11y agoI think you're heading in the wrong direction. First, I think they are buying these for protection, so they can experiment with blockchain tech and no get sued. Second, I think they want this for inter-bank commerce, not for end users. It makes more sense to implement for banks as a way for them to exchange monies between themselves, at least, at first.
- tobltobs 11y agoProtection against whom, Satoshi Nakamoto? And why should they use it for interbank transactions? Isn't there already a working interbank transactions system?