Is JP Morgan Chase Getting Ready to launch its Bitcoin Killer ?

Jamie Dimon has talked about Bitcoin many times, mostly in a negative light. In a recent article on InsideBitcoins.com he was quoted:

What does Jamie Dimon think of bitcoin?

JPMorgan Chase’s Jamie Dimon has actually commented on bitcoin more than once, but he’s never had many positive things to say about the long-term prospects of the financial innovation created by Satoshi Nakamoto. During the Institute of International Finance annual membership meeting in late 2014, Dimon had this to say about bitcoin’s chances of success:

“The issue I have with Bitcoin is that it’s not about the technology, it’s about governments. When people form nations, one of the first things they do is form a currency. Are regulators and governments really going to foster Bitcoin over a long period of time? I think the answer is no.”

Back in 2013 JP Morgan Chase actually filed a patent for processing Internet payments using the electronic funds transfer network.

Let’s Talk Bitcoin reported:

Source: Internet Archive, “Using the Bank” (1947)[/caption] Thanksgiving day, while many of us were eating turkey, The United States Patent and Trademark Office (USPTO) published JPMorgan Chase’s (Chase) patent application 20130317984, “Method and system for processing internet payments using the electronic funds transfer network.”  The application was filed with the USPTO on August 5th, 2013. Without mentioning Bitcoin or cryptocurrencies at all for that matter, Chase appears to be building a competing centralized network to Bitcoin.  The application defines the problems that legacy banking has with online transactions and then provides a detailed explanation how Chase will address these problems with this new technology.  The application states that Chase’s technology is a “new paradigm.”  Moreover that it permits the creation of “virtual cash” (also referred to as “web cash”) with a “real-time digital exchange of value.” I will start with extracting the problems that Chase identified which are strikingly similar to those addressed by the revolutionary Bitcoin payment protocol.   Bitcoin has been singled out as a game changer when it comes to the legacy cost of wire transfers:

On March 23, 2015 JP Morgan Chase registered the domains JPMCoin.com, JPMorganCoin.com and BitcoinChase.com. Is Jamie Dimon getting ready to launch his bank’s answer to Bitcoin ?