Patent Law

Need Money? Patent It

By Les Weinstein, Michael Young, John Leo Wagner, Eric van Ginkel, and Victoria Pynchon

From today's Best Mode Blog, an innovative way to avoid begging the federal government for more money:  patent it!

When you own 30% of a global financial services company, like you and I now do, it's a good idea to take a look under the hood, kick the tires and check-out what's in the trunk.  And look what Citigroup has here, a patent on a 'synthetic currency transaction network', US Patent 7,020,626 Inside Money.

'Synthetic currency is created by pooling and dividing into shares a portfolio of highly liquid assets and frequent evaluation and disbursements of dividends on those assets so as to hold the value of the synthetic currency share at unity with the underlying currency….The IM (Inside Money) transaction agent system in conjunction with the IM synthetic currency act like a 'super' virtual central bank to allow users around the world to make near real-time final transactions.'

'Super Virtual Central Bank?'  I guess my Second Life alter ego will also take a hit in a 'Virtual Recession', grovel before a 'Virtual Senate Committee' and be criticized for traveling by private 'Hyper Shuttle' instead of commercial.

CONTINUE READING HERE

Full post as published by IP ADR Blog on February 27, 2009 (boomark / email).