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JPMorgan files patent application on ‘Bitcoin killer’


Last week, Bank of America released a surprisingly upbeat report on Bitcoin, essentially proclaiming it the next big thing. Yet most Americans know little about the new electronic currency, which has experience especially volatile trading in the past month.

The e-currency soared to a new high of $1,242 on Nov. 29, according to With over 12 million coins in “circulation,” that meant nearly $15 billion in bitcoins were being traded on the Internet -- an amount that exceeds the value of the entire currency stock of countries like Ethiopia, Iceland, Nepal and 90 other countries, according to 2012 estimates by the CIA’s World Fact Book.


2 Comments in Response to

Comment by Ed Price
Entered on:

When you try to decompile a computer program that someone else has made, it is difficult. Often a programmer has trouble with his own programs that he made some time ago, but hasn't thought about for a long time. If the program is a complicated program, it is even more difficult.

The current Bitcoin program is something over 22 megabytes big as it sits on the average computer owner's computer. Has anyone decompiled it completely? I mean, it seems that 22 megs is awfully large just to encrypt some Bitcoin addresses with their passphrases and stuff.

What if, hidden inside the Bitcoin program, in difficulty that hasn't been decompiled by any programmer that understands the programming code, or at least hasn't been recognized by anyone that has decompiled it, is something else? What if there is hidden an extremely strong computer virus, one that is designed to activate when enough computers worldwide have downloaded the Bitcoin client, and one that is simply awaiting the time when we pass, say, the 15,000,000 bitcoin creation mark. Then, when the time is right, the virus is going to use all those computers worldwide - a tremencous amount of computer strength - to bring the whole Internet banking system down, leaving only Bitcoin as an international currency? Maybe it will even bring the whole Internet down.

Is this possible? You programmers better start thinking about all that extra "baggage" that's coded into the Bitcoin client... because we certainly don't need 22 megs worth of programming to make something like the Bitcoin program work! And thousands upon thousands of computers working together worldwide is an EXTREMELY huge amount of computing power.

Are you getting scared yet?

Comment by Ed Price
Entered on:

Well, why not. If Bitcoin and Litecoin, and PPcoin fail, JPMorgan rules the world.

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