Coinbase Sued For Patent Infringement Over Crypto Transfer Technology (coindesk.com) 17
Coinbase is being sued by Veritaseum Capital LLC, which alleges that the crypto exchange has infringed on a patent awarded to Veritaseum founder Reggie Middleton. CoinDesk reports: According to Veritaseum, Coinbase has used the patent for some of its blockchain infrastructure, and the company is seeking at least $350 million in damages. Middleton and Veritaseum in 2019 settled a case with the U.S. Securities and Exchange Commission (SEC), paying nearly $9.5 million over charges surrounding the initial coin offering (ICO) for the company's VERI token/ "Veritaseum's website says it 'builds blockchain-based, peer-to-peer capital markets as software on a global scale,'" adds Reuters, which first reported the lawsuit. "Thursday's lawsuit accuses Coinbase features including its website, mobile app and Coinbase Cloud, Pay, and Wallet services of infringing a patent covering a secure method for processing digital-currency transactions."
"Veritaseum Capital's attorney Carl Brundidge of Brundidge Stanger said Friday that Coinbase was 'uncooperative' when they tried to settle out of court."
"Veritaseum Capital's attorney Carl Brundidge of Brundidge Stanger said Friday that Coinbase was 'uncooperative' when they tried to settle out of court."
Crypto bubble is over (Score:5, Insightful)
Now the crypto bros will fight over the scraps.
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Like SCOX vs IBM?
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Yes, but more ridiculous.
This will be thrown out of court (Score:4, Interesting)
Satoshi's first app featured crypto transfers. This case will be thrown out of court as transfers is an obvious function.
Outside of that, fiat transfers has been around a long, long time.
Whoever awarded this patent to this patent troll needs to be slapped upside the head.
Re:This will be thrown out of court (Score:5, Interesting)
Whoever awarded this patent to this patent troll needs to be slapped upside the head.
The USPTO gets paid [uspto.gov] when the patent is granted (Patent issue and publication fees, 37 CFR 1.18) and then they get paid 5-10 times as much (!) when a patent is re-examined (Post issuance fees, 37 CFR 1.20; and Patent trial and appeal fees, 37 CFR 41.20 and 42.15) so they not only have no motivation to conduct the patent examination properly, they have more motivation to grant a patent when it is not warranted. There is zero penalty for the office or examiner when they grant a bad patent, and it's quite profitable. The patent system is literally broken by design.
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Normally that's a bad thing but the enemy of my enemy is my friend. And although
What's the patent number? (Score:5, Informative)
This story is complete horseshit without that.
As it turns out, [literally] all of these news outlets got the story from reuters [reuters.com], and in the original story Reuters actually links to the complaint [thomsonreuters.com], good on ya Reuters.
The patent [google.com] number is 11,196,566. I am not going to read the patent, and I am not a cryptocurrency expert anyway, but it's hard to imagine that their invention is actually novel... or more to the point, that it's their invention. But maybe some cryptobro can cryptosplain it to me.
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>But maybe some cryptobro can cryptosplain it to me.
It's a zero knowledge protocol applied to bitcoin.
ZEC does it better.
When the gold mine dries up. (Score:2)
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Like Oracle vs Google?
Hahahaha, now they start killing each other! (Score:2)
Excellent, that is usually the last phase or any demented hype.
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Like SCOX killed Linux?
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Are you mentally challenged somehow? Because your "statement" rather strongly indicates you are...
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You don't think a general ZK patent might be used by a troll?
6 years after Nakamoto paper ... (Score:2)
It's amazing how quickly different technologies (Score:1)