Bank of America Wins Patent for Crypto Exchange System

DooKey

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On Tuesday, the USPTO awarded a patent to Bank of America that provides for a cryptocurrency exchange system and it allows simple exchange of one digital currency to another. The system is fully automated and it keeps up with the latest pricing from external feeds. Further, if this makes it out there I know a lot of cryptocurrency holders are going to be pleased. Having a big player like BoA getting involved in crypto transactions brings a lot to the table. However, no word on when this service will be made available to businesses. You can check out the patent here.

The proposed system could also evaluate transactions for potential illicit trades, calculating a risk score based on the amount of cryptocurrency being transferred and any other information available, according to the patent. Transactions which look illegal would not be allowed to process, the patent says.
 
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These days, considering any money transfers at all regardless of amount are literally considered money laundering or potentially funding terrorism, well there goes that fucking idea of "looks illegal" since every god damned transaction fits that role.

The entire concept of a cryptocurrency is no regulation, none whatsoever, and owners can do whatever they want with it so, I suppose there goes that idea too.

Sometimes I just get tired of reading about how fucking stupid Humanity is and just how fucking stupid things just continue to spiral into shit. :(
 

Retronym

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These days, considering any money transfers at all regardless of amount are literally considered money laundering or potentially funding terrorism, well there goes that fucking idea of "looks illegal" since every god damned transaction fits that role.

The entire concept of a cryptocurrency is no regulation, none whatsoever, and owners can do whatever they want with it so, I suppose there goes that idea too.

Sometimes I just get tired of reading about how fucking stupid Humanity is and just how fucking stupid things just continue to spiral into shit. :(

Just because some rent-seeking bankers want to tag along, doesn't mean the people who never bother asking if they can move their own money are going to give a shit.
 

HeadRusch

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If there is a future legitimacy to Cryptos this is how it starts, as Banks step in and provide an established conversion platform with major backing, not "some shit called Mt. Gox run by a couple of longhairs with backing from North Korea" or whoever the fuck actually does run that stuff.......
 

King of Heroes

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If there is a future legitimacy to Cryptos this is how it starts, as Banks step in and provide an established conversion platform with major backing, not "some shit called Mt. Gox run by a couple of longhairs with backing from North Korea" or whoever the fuck actually does run that stuff.......

The major driving force behind the development of cryptocurrency is de-centralization. The "future legitimacy" of cryptocurrency cannot be its embrace by massive centralized authorities, because that completely negates the reason for its existence.
 

Airbrushkid

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Fuck Bank of America. Watch the costly bank fees! It's already known the the banks don't like cryptocurrency.
 
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well.. isnt that like the majority off these kind of transactions?

Myth from a long time ago when the Silk Road first started. When it was taken down there was a super small dip in BC and then it just kept climbing. Lots of places accept BC, even Steam until just recently. NE, MS, etc hundreds of other major companies accept BC.
 

BloodyIron

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How exactly can they win a patent on something that's already been happening with other digital exchanges? This is garbage, awarded to a garbage financial institution.
 

Retronym

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If there is a future legitimacy to Cryptos this is how it starts, as Banks step in and provide an established conversion platform with major backing, not "some shit called Mt. Gox run by a couple of longhairs with backing from North Korea" or whoever the fuck actually does run that stuff.......

What established conversion platform?

Bitcoin is 10 years older than their platform.

Bankers are noobs.
 

HeadRusch

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Those digital exchanges didn't file patents for their process, so that's how that happens. Also, as another user states above, why would an underground crypto currency try to legitimize it's operations (aka: have to explain them in documentation) by filing for a patent........muh anarchy! You guys who want Bitcoin to remain firmly in the domain of the nerds will be looking to new coins soon if this sort of shit bothers you, because if there is one universal truth to human history, its that people crave power, wealth and stimuli....and stimuli usually require wealth and or power to obtain (sex, drugs, etc). When you see imaginary currency doubling in value in an afternoon, and people buying real-world shit with this stuff, you bet your ass people are going to take notice.

Banks are probably already invested in the process privately, BoA just filed a patent.
 

cyclone3d

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I won't do business with BoA.... trying to close an account with them when you are nowhere near a branch office is like trying to pull the teeth of a honey badger without getting bitten.

All I can say not negative is at least it isn't Wells Fargo.
 

TwistedAegis

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These days, considering any money transfers at all regardless of amount are literally considered money laundering or potentially funding terrorism, well there goes that fucking idea of "looks illegal" since every god damned transaction fits that role.

Except they're not, somehow trillions of dollars move around every day, hell nearly every hour, and they're not considered either.
 
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Except they're not, somehow trillions of dollars move around every day, hell nearly every hour, and they're not considered either.

When every service you can use has some clause in their Terms of Service nowadays that points out they monitor all transactions for potential money laundering and terrorism funding, then yes they are and yes they do. Even someone sending their Grandma $10 for Christmas or whatever is analyzed these days, every last cent of it start to finish.
 

Kdawg

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haha bank of america sees gold in transaction fees.
BofA wants a piece of the action. bastards.
 

Domingow

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So how is this different than what shapeshift does? Further, how would this be different than what the Crypterium project is attempting to accomplish? I guess this "patent" lends further credence to how fucked-up the USPTO is.

If BOA want to truly make a difference, they would have backed one of the current projects folks are working on to solve this exact FIAT to crypto to crypto and or back to FIAT projects in development. BOA needs to be forcefully dissolved, what a bunch of ass clowns.
 

odditory

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haha bank of america sees gold in transaction fees.
BofA wants a piece of the action. bastards.

Yep. The heads of the big banks all get up and proclaim how Bitcoin is "a fraud" and a failure, and meanwhile behind closed doors they're all angling to try to find where they can fit into this big "fraud". It stands to reason after all - they wrote the book on fraud.

Despite their public denouncements, they know the transition to digital money is happening now, they know they can either find a place to fit in quickly or die eventually. Except there is no place for them, since IMO that's the whole point of cryptocurrency - to remove the banking and payments industry from the equation entirely through abandonment and obsolescence.

1 Bitcoin = 0 USD. That's the goal. F them.
 
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_l_

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All the US Government needs to do is make all the mining currency illegal and then what? Where will you exchange it? Businesses will have to stop accepting it, etc and others like China (who has already begun cracking down on it) will follow suite ... then all coin will be worthless for anything except to use as play money same as those non-existent 'points' we get while playing Candy Crush
 

Domingow

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All the US Government needs to do is make all the mining currency illegal and then what? Where will you exchange it? Businesses will have to stop accepting it, etc and others like China (who has already begun cracking down on it) will follow suite ... then all coin will be worthless for anything except to use as play money same as those non-existent 'points' we get while playing Candy Crush

There is too much momentum behind crypto for this to happen. Further, there are VERY wealthy folks behind some of the crypto out there for this to happen. (money talks and all that). It is an interesting thought, but one that I feel will not happen. I believe that very soon crypto will be regulated and at that point the volatility in the crypto-market will be much less. As I see it, block-chain technology is here to stay, and it is solving several real-world problems; cheaply, efficiently, openly, and best of all in a global mindset.
 
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