Will Patents Even Matter?

The Bank of America seems to have the idea, that they can defend themselves with patents.
http://www.coindesk.com/bank-of-america-patents/

I don’t think things like patent will be relevant anymore, especially when you think about smart contracts. For instance their “real-time conversion system”. Who says that I can’t write a smart contract to go from bitcoin to SAFEcoin with the optimal conversion? The funny thing is they wouldn’t even know that I did that. IMHO the more patents they write, the more ideas they give to people to put ino smart contracts and just totally ignore them, which sounds like a lot of fun.

:stuck_out_tongue:

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Have patents ever mattered? Much progress has been stifled by them. Many experts believe we have broken even and may as well have saved the complexity and agro.

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They don’t care about you. It’s like saying what could Maidsafe do if someone implemented SAFE network under a BSD license.

What BofA cares about is:
a) Being able to offer this service without paying royalties to others
b) Collecting royalties from regulated businesses (mostly, their competitors) who license patents

They don’t care and that’s clear from how successful (or terrible) the patent system has been.
Ever since the first patent was published people could copy its invention. Smart contracts don’t change that.

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