PayPal Grovels To Patent Office In Desperate Bid To Keep Up With Cryptocurrency

in paypal •  7 years ago  (edited)

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PayPal has just filed a patent with the U.S. Patent and Trademark Office (USPTO) for an “Expedited Virtual Currency Transactions System.”

The irony of using the state to create a legal monopoly for a crypto-innovation is not lost on me, but it’s no surprise given all we know about PayPal.

After all, it was PayPal that once hoped to accomplish what bitcoin already has.

As the company’s first COO, David Sacks, recently said in an interview with CNBC:

"[Bitcoin] is fulfilling PayPal’s original vision to create ‘the new world currency.’ We actually had T-shirts printed in 1999 with that mission statement…

We believed that, if we could get enough people to participate, money would never need to leave the system. PayPal could become the database of money. … When we got acquired by eBay, that project kind of stopped. But cryptocurrencies like Bitcoin are now fulfilling that original vision."

It's now evident PayPal is desperately trying to keep up with the crypto-world—and seems perfectly content with using the violent power of government force to create a patent around their new “innovation.”

Statists gonna state.

The official patent filing describes the company’s ambitions to remedy the issue of slow transaction speeds which they believe have caused some cryptocurrency users to “instead choose to perform the transaction using traditional payment methods rather than virtual currency.”

Alternatively, by using “secondary wallets…that each include a respective….wallet private key”, the electronic payments giant hopes to “practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction.”

The move by PayPal is ultimately a positive sign of crypto’s rising success, and bringing cryptocurrency usage more to the masses is a very good thing.

Back in 2017, Bitcoin's total market capitalization reached that of PayPal’s—$72 billon.

Peter Thiel, PayPal's CEO and Founder, has been quoted in a 1999 speech blasting the dangers of government-controlled currencies:

"Many of these countries’ governments play fast and loose with their currencies. … They use inflation and sometimes wholesale currency devaluations … to take wealth away from their citizens."

In many ways, Thiel sounds like a libertarian crypto-advocate, but like most, it seems, he has now sold his soul and attends Bilderberg meetings working on how to enslave and control all of humanity in concert with those who control the governments and central banks.

The ring of power, as symbolized in The Lord Of The Rings, is very powerful indeed. It seems like no one can handle it. Not even pure-hearted Frodo from the Shire.

That’s why we must get rid of the ring of power altogether. And cryptocurrencies offer us one of our best hopes to do so.

To hear more about how many people are finding ways to do so, check out all of the presentations from Anarchapulco, Cryptopulco and the TDV Summit HERE: https://dollarvigilante.com/summit

All three events focused on solutions to freeing humanity, and even profiting from them, including talks from Ron Paul, Cynthia McKinney, G. Edward Griffin, and many more.

In the end, though, get off of Paypal, get out of the banks, stop paying extortion (tax) demands that are used to further enslave you. And, start using precious metals and cryptocurrencies to make central banking obsolete, make governments obsolete and usher in a new era of peace and prosperity for humanity, before it is too late.

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It’s food that PayPal is moving forward in the crypto currency space, but personally I will probably never use anything put out by PayPal. Hopefully others think the same way! Thanks for the post! Resteem

I just don't see how they can patent any part of blockchain or crypto. The idea would clearly belong to Satoshi. So much waste in this world with Patent, trademark, etc.

I hope we start going in the direction toward more freedom soon.

It comes as no surprise that PayPal is trying to enter the space.

Ironically they are sponsoring the UTrust official presentation on 19 April 2018 in Amsterdam at the Zero-In conference.

UTrust is looking to replace services like PayPal.

There have been many rumors about them partnering with other cryptos to start on the journey.

Personally I am not a fan of PayPal, however, they do have a HUGE database and by potentially bringing crypto to many more people is only a good thing in my opinion.

@dollarvigilante Great stuff mate! Definitelly, whatever helps crypto to get mainstream adoption is a great thing... Pretty sad to see how many "smeagols" turned into "gollums" in the way thanks to that shinny-root-of-all-evil "ring"...

Jamie Dimon is a Golem like tapeworm creature who as the ring becomes further and further away from his grasp he becomes more and more desperate and fearful.

Well put! A true Momser as my people like to say.

@dollarvigilante it is time to leave Central Banking behind. If everyone wants to get out of the Open Air Prison you can, but you need to turn your back on the System. We can be as FREE as we want to be but it comes from the change that YOU decide to make TODAY..........

I can't find a landlord to take crypto yet. There are certain things that I can't use crypto for. I'd like (even love) to ditch PayPal and bank accounts, but it's not currently possible. Congrats to those who are already able to do it! I'm half way there.

Hey Drutter.

I have created this, I hope you like it ;)

www.airbnbitcoin.weebly.com

Holiday home owners willing to accept crypto payments at a discount to cash rates.

Very very very very cool!
Wow, there's almost anything out there I could want.

Paypal is legit the worst anymore ever since two years ago they took some seriously bad turns and I dont even use them anymore.

We believed that, if we could get enough people to participate, money would never need to leave the system.

interesting

When is your book coming out where you tell us how to have a tax free lifestyle?

I wonder if Satoshi thought about getting a patent for the technology behind bitcoin, no way he didn't see other companies trying to do so if himself did not apply, he was too smart for that, at least i hope.

LOL.. so not only are they using a patent on something free but it is a bad idea, see the patent itself and this part:

"The system of claim 1, wherein the allocating the subset of the first user secondary wallet private keys to the second user includes: encrypting the subset of the first user secondary wallet private keys to provide an encrypted subset of the first user secondary wallet private keys; and transmitting the encrypted subset of the first user secondary wallet private keys to the second user. "

So what we do is we send the second user the keys from the first user's wallet and call that a transaction.. except the first user still has the KEYS and the wallet is now insecure by design.

LOL.. this is what you get when you have a dinosaur innovating tech.

paypal paypal paypal you cant avoid whats comming!

I feel the idea of ​​krypto money by abolishing the existence of the state (economic determination and limitation) like the beginning of the theory of anarchism ... but I like it! and paypall? seems to be stealing pleasure ...


In the end, though, get off of Paypal, get out of the banks, stop paying extortion (tax) demands that are used to further enslave you.


I really wish you didn't sell some of your Bitcoin recently.

Cryptocurrencies will kill PayPal and similar disfunctional services! :D

I read this on coin telegraph, this would be a way towards adoption though dont you think? I read this here as well:
https://www.ethnews.com/uspto-publishes-paypal-patent-for-expedited-virtual-currency-transaction-system

Hey Jefft let's built a 'Fr3ndsShare'® bitUSD payment system ;)

Great explanation

If this new project goes well, it's goodbye to paypal and airbnb as we ever knew them, and hello to human connection and freedom.

https://airbnbitcoin.weebly.com

Travellers connecting with homeowners via a free platform and paying with crypto at a discount to cash prices!

Bring it on!

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