Bitcoin Forum

"IT’S ALL ABOUT THE BLOCKCHAIN"

http://moneyandstate.com/its-all-about-the-blockchain/

oh the good old, bitcoin is bad blockchain is good, yet they think about a centralized blockchain, which has nothing to do with the real blockchain

and...a road is useless without vehicles crossing it

"Centralized blockchain" sounds like an oxymoron.

A centralized blockchain primarily helps the bank or other institutions that plan on using one. The benefit for the consumer is going to be minimum. Bitcoin is a revolution, and no wonder that they're trying to divert attention away from it. If Bitcoin does succeed, a lot of people have a lot to lose. Those are the ones that are fighting Bitcoin.

There's also an article in the economist about the technology behind Bitcoin. It starts off about Bitcoin, then goes on to explain all about Ethereum and what you can do with it. To be fair there is another economist Bitcoin article on the front page, and the Ethereum one is less prominent, but I'm tired of author's attempting to separate blockchain technology from Bitcoin.

http://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable

it is the beginning of a new buzzword

What I love about Bitcoin is that it's basically regular people working for regular people.

A centralised blockchain is nothing more than a database running on modified bitcoin technology.

There will be major benefits for the banks in terms of costs and time savings even when using a centralised blockchain and consumers might see some of this especially on the time savings side, doubt whether actual cost savings will filter all the way down to consumers.

The problem however is that essentially nothing has changed. The bank is still in charge of your money and can do with it what it wants to. You still need to trust the bank whereas with bitcoin you do not need to trust anyone and you remain in control of your own money, you are the bank.

No it's not. Although you are right to point out that the core to everything lies on the blockchain, more or less the technology and bitcoin itself is almost inseparable. I know attempts have been made by banks to utilize the blockchain technology but the idea behind its use still goes back to the decentralized function. That is something what bitcoin is about.

haha i know how you feel, yes, the next step is to create a new coin based on the blockchain technology, yes? oh w8, we already have it and its called BITCOIN!!! :)

nah, like always, they will never win this game trying to distract people ;)

I wonder how a block chain would be possible without bitcoin running/flowing in it? It's like saying a waterfall exists without water flowing in it. ::)

Actually its not, its something like waterfall of alcohol or petrol or any liquid, blockchain is just a record of transactions , Altcoins have blockchain too. In a way I'd consider bank's blockchain similar to an altcoin's .

Yes I know that, but the ledger itself is made up of continuous transaction to be recorded in a single chain. Idk how the banks would actually do it with only bank tx. Altcoins on the other hand, are just variations of bitcoin's original code, so the idea of bitcoin and blockchain are still there but with just another 'flavor'.

But..  Bitcoin IS the blockchain. The blockchain is just a register of bitcoin transactions. Nothing that special.

This guy is somekinda right in his points. He warns that banks may borrow blockchain technology while living btc money behind.
He still favors btc's freedom and I agree.

But the logic behind the blockchain could have much more applications beyond bitcoin. Virtually every single thing that currently relies on a centralized system to work could use the blockchain.

The poor people don't know how to fight us and the,  don't really want to join us since this would mean surrendering some of their control to the people so they decided to play this kind of game, Bitcoin is bad blockchain is good.

Really screw them. Let them do and say whatever they want. We need to keep working hard and improving our product and we will see who the people will choose in the end.

Blokchain tech is a flavor of the month buzzword for the banks, and I think their chairmen don't understand it but pay teams to research it because it's the flavor of the month. By next year they will probably stop funding research, drop it, and pounce on the next flavor of the month tech. Bitcoin was invented to take power from banks, not help them.

There is no problem that banks or other organization use blockchain. Bitcoin is money, it will not be outdated.

Did you guys the read the article? He is actually making fun of the banking industry and pretty much every other idiot that is claiming that Bitcoin is irrelevant and that the technology will get used by these banksters for their own benefits (without the necessary token that makes an actual blockchain work). Erik does an excellent job in pointing out this idiocy on his article. When people wake up from this, we'll see the biggest bull rally mankind has ever seen. When it "clicks" inside a person's brain why Bitcoin is important, there's no turning back.

Yes I wanna see these people losing!! I don't care about them.Because these are the ones who brought all these desasters.
Let them eat shit!

I agree with him.They had to find a way to speak about it without using the word Bitcoin, because they bashed it before.And now taking it seriously in the open would be quiet embarrassing and showing they were wrong.
And they know they are wrong!

https://s-media-cache-ak0.pinimg.com/236x/0b/24/48/0b2448bfca44fa8fc98b93bd79ceabb5.jpg
"Bro, do you even blockchain?"

I love that line from Eric V.  ;D

I think even with a centralized blockchain, if a big banks create a bitcoin clone, then you can be sure that people will buy. They will trust the banks cryptocurrencie more than bitcoin. And i'm sure many bitcoiners will buy too.

Centralized blockchains will have its uses for existing institutions. I think Bitcoin or other decentralized cryptocurrencies will always exist.

the point is that bitcoin.. (the 21million token currency) needs some defining 'buzzword' to separate the currency from the technology.. separating and explaining the differences between paper money, sql database accounts. other digital payment systems and 'blockchain..

EG
blockchain is the technology
bitcoin is the currency (using blockchain technology)
litecoin is a currency (using blockchain technology)

if banks want to use the blockchain technology, without bitcoin as the currency. then its simply an altcoin currency.

i think banks prefer the buzzword blockchain, as oppose to 'crypto' and also as oppose to 'digital' .. as digital can also mean visa, paypal, applepay, facebook credits.
and 'crypto' is just weird to them, and average non geek people.. thus the technology name seems to be highlighted recently has being the umbrella term blockchain.. to separate digital fiat from blockchain based currencies

this should help show why generalizing bitcoin as 'digital' will make people still think its like applepay
https://i.imgur.com/F6FdiXL.jpg

Banks will use block chain technology to compliment or replace their current ledger system to cut cost. They will not create another currency. Otherwise there will be hundreds of alt bank coins.

If you were a bank guy you may have spent the last two years laughing at bitcoin and talking about how dead it is. The idea that you were totally wrong and now must admit it is just too much. So... let's just call it the blockchain and maybe no one will notice.  :D

In reality, bitcoin is the blockchain. Obviously there aren't even any "coins", just the blockchain.

I want to see how they provide incentive for confirming transactions. The beauty of bitcoin was the method of getting people to do the work of confirming and providing security while not having to pay anything. It is solely created by the award of tokens from mining. What do I know though.

What if banks didn't have a central processor, but used each branch as a node for their own distributed processing? Of course that would be an alt currency, but it could get government support. If the gov. was one of the nodes, they could oversee everybody's accounts. Wouldn't they love that. :)

Blockchain is an excellent technology that bitcoin has introduced to the world. but by all means bitcoin is not outdated no matter how media tried to kill it.

additionally hundreds and hundreds of Altcoins have proven that blockchain technology alone is not going to lead to their success, just check out all the dead altcoins over the years and the rest is dying too.

If you happy with a centralized Blockchain where the owner can change parameters in the code, in any way they want, then these private ledgers are for you. Let's say their protocol are configured to release 20 000 000 BankCoins and they decide in a year from now, that should be increased to 100 000 000 coins, they could do it without consensus.

This is what they are doing with fiat currencies now. Bitcoin have a decentralized decision based on consensus and this will never be done without the majority agreeing to it.

Decentralized Public Blockchains like Bitcoin, have the strongest network too and this increase security. ^smile^

Very true. The number of altcoins that had died will prove how Blockchain alone can't sustain the market. Bitcoin has always been there for years, and yes, some Altcoin might claim that they have an edge over Bitcoin. Bitcoin still is the most renowned cryptocurrency ever there is.