You can't just say something is an antiquated institution, and reference a wikipedia article just because a very similar system, successful or not, has existed for a very long time. By that logic:

Democracy is an antiquated institution [1] that makes about as much sense in today's context as ...

[1] http://en.wikipedia.org/wiki/Athenian_democracy

I'm not a huge fan of patents either, but let's try to pretend to be a bit more objective and sane about the arguments we are proposing and use some relevant references when making a claim like that.