That is an interesting headline and certainly caught my attention. In my opinion, what the author proposed is far from being a viable solution even if the bank is interested in Bitcoin. A full-reserve banking scenario for a single bank is hard enough to pull off; for the entire banking system is but a dream. It is always easier to write about a concept than to actually make it happened. “ Bitcoin could be an interesting option to tackle full-reserve banking in the financial industry. The way this could work is by using Bitcoin as a hedge against banks, and assets could be accounted for on the blockchain. Transparency in full-reserve banking is of the essence, yet it is also one trait most banks are lacking right now.
Achieving this goal will be difficult, though, as banks have no apparent interest in Bitcoin.” The Viability of Bitcoin In A Full-Reserve Banking ScenarioPosted on7:00 pm March 27, 2016 AuthorJP BuntinxCategoriesBitcoin, News, Opinion Bitcoin could be an interesting option to tackle full-reserve banking in the financial industry. The way this could work is by using Bitcoin as a hedge against banks, and assets could be accounted for on the blockchain. Transparency in full-reserve banking is of the essence, yet it is also one trait most banks are lacking right now. Bitcoin is often referred to as being many things, ranging from a commodity to currency, and even a solution to solving all of the financial trouble in unbanked and underbanked regions. But very few people believe Bitcoin has the potential to change reserve banking altogether, allowing consumers to be no longer enslaved to the banking ecosystem. While there is serious doubt central bank-issued currency will ever disappear completely, Bitcoin could end up becoming a full-reserve banking solution. Bitcoin is Financial Freedom At its core, the Bitcoin protocol is designed to give consumers and business owners complete control over their finances at any given time. Although there is a lot of focus on the financial side of using Bitcoin technology, this point needs to be hammered until people understand Bitcoin is not just the technology, but it is a viable currency as well. When getting involved in Bitcoin, the sole user is responsible for keeping their funds safe. There are no banks or governments involved, and this thought scares a lot of people. Up until this point, there has been a fair amount of handholding by these established financial players. However, everyone needs to remember banks and governments are the root cause of the financial trouble the entire world is in right now. That being said, it is unlikely to see government-issued currencies going away anytime soon. Replacing the legacy systemand financial infrastructure all at once will be quite the challenge, even though a good amount of Bitcoin community members would like nothing more than for that to become a reality. However, there is a chance for both fiat currency and Bitcoin to complement each other, in a rather straightforward way. Reforming Full-Reserve Banking Reserve banking is an integral part of the fiat currency ecosystem and comes in two different forms. The version one Reddit user was interested in, is full-reserve banking. The way this principle works is by forcing banks to keep a portion of each depositor’s funds in cash, which can be withdrawn on demand. Some people may have noticed that depending on the amount of money they want to withdraw from an account, there is a waiting period involved. Moreover, the funds deposited in these on-demand accounts would not be loaned by the bank to anyone else, as doing otherwise would be a violation of the legal requirements. It comes as no surprise to find out no country in the world requires full-reserve banking at this stage, despite monetary reforms advocating this change since back in 1935. Bitcoin could be an interesting option to tackle full-reserve banking in the financial industry. The way this could work is by using Bitcoin as a hedge against banks, and assets could be accounted for on the blockchain. Transparency in full-reserve banking is of the essence, yet it is also one trait most banks are lacking right now. Achieving this goal will be difficult, though, as banks have no apparent interest in Bitcoin. While they are exploring the boundaries of issuing their digital currencies in the future, they will not be suitable candidates for full-reserve banking. Bitcoin has many advantages, but it will take quite some time – if ever – until banks embrace this concept as part of the financial ecosystem. Source: http://www.newsbtc.com/2016/03/27/viability-bitcoin-full-reserve-banking-scenario/The author is putting the cart before the horse like so many others are doing these days. If something like that ever happens, it will be way in the future. Some folks forget Bitcoin is not the fix all, do all, "manna from heaven" invention. Lets keep working on getting people to use it or, even know what it is before we expect it to solve all the world's problems.... You are right on RJF, there is a lot of work left to do to make digital currency mainstream. Perhaps we should work on getting spell checkers to recognize "bitcoin" before we declare it's ready for the world banking system...  |
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Intriguing article on Coindesk, Forget How Blockchain Works, Talk About What It DoesThe author basically made word clouds based on articles on Coindesk. I have noticed the shift in their content to blockchain over bitcoin, but this was a great visual to exactly how much. So here is what the author had to say. A look at the numbers
To underscore this point, here's a word cloud generated by analyzing CoinDesk's articles published over the past month.
As an experiment, I decided to drill down and analyzed all the articles where blockchain was part of the title this March and repeated this process for March 2015.
Then, I found my first setback. No single article published on CoinDesk in March 2015 had blockchain in the title. The hottest FinTech technology of 2016 wasn't mentioned in a single headline a year ago.
To move forward, I analyzed the articles where blockchain was mentioned in the text.
Here are my results:
2015
2016
Quite stunning. Evolution or, metamorphosis? Or just the media showing their need to put the cart before the horse? We really need to complete the first task before we change the landscape and start on the next one... |
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That is an interesting headline and certainly caught my attention. In my opinion, what the author proposed is far from being a viable solution even if the bank is interested in Bitcoin. A full-reserve banking scenario for a single bank is hard enough to pull off; for the entire banking system is but a dream. It is always easier to write about a concept than to actually make it happened. “ Bitcoin could be an interesting option to tackle full-reserve banking in the financial industry. The way this could work is by using Bitcoin as a hedge against banks, and assets could be accounted for on the blockchain. Transparency in full-reserve banking is of the essence, yet it is also one trait most banks are lacking right now.
Achieving this goal will be difficult, though, as banks have no apparent interest in Bitcoin.” The Viability of Bitcoin In A Full-Reserve Banking ScenarioPosted on7:00 pm March 27, 2016 AuthorJP BuntinxCategoriesBitcoin, News, Opinion Bitcoin could be an interesting option to tackle full-reserve banking in the financial industry. The way this could work is by using Bitcoin as a hedge against banks, and assets could be accounted for on the blockchain. Transparency in full-reserve banking is of the essence, yet it is also one trait most banks are lacking right now. Bitcoin is often referred to as being many things, ranging from a commodity to currency, and even a solution to solving all of the financial trouble in unbanked and underbanked regions. But very few people believe Bitcoin has the potential to change reserve banking altogether, allowing consumers to be no longer enslaved to the banking ecosystem. While there is serious doubt central bank-issued currency will ever disappear completely, Bitcoin could end up becoming a full-reserve banking solution. Bitcoin is Financial Freedom At its core, the Bitcoin protocol is designed to give consumers and business owners complete control over their finances at any given time. Although there is a lot of focus on the financial side of using Bitcoin technology, this point needs to be hammered until people understand Bitcoin is not just the technology, but it is a viable currency as well. When getting involved in Bitcoin, the sole user is responsible for keeping their funds safe. There are no banks or governments involved, and this thought scares a lot of people. Up until this point, there has been a fair amount of handholding by these established financial players. However, everyone needs to remember banks and governments are the root cause of the financial trouble the entire world is in right now. That being said, it is unlikely to see government-issued currencies going away anytime soon. Replacing the legacy systemand financial infrastructure all at once will be quite the challenge, even though a good amount of Bitcoin community members would like nothing more than for that to become a reality. However, there is a chance for both fiat currency and Bitcoin to complement each other, in a rather straightforward way. Reforming Full-Reserve Banking Reserve banking is an integral part of the fiat currency ecosystem and comes in two different forms. The version one Reddit user was interested in, is full-reserve banking. The way this principle works is by forcing banks to keep a portion of each depositor’s funds in cash, which can be withdrawn on demand. Some people may have noticed that depending on the amount of money they want to withdraw from an account, there is a waiting period involved. Moreover, the funds deposited in these on-demand accounts would not be loaned by the bank to anyone else, as doing otherwise would be a violation of the legal requirements. It comes as no surprise to find out no country in the world requires full-reserve banking at this stage, despite monetary reforms advocating this change since back in 1935. Bitcoin could be an interesting option to tackle full-reserve banking in the financial industry. The way this could work is by using Bitcoin as a hedge against banks, and assets could be accounted for on the blockchain. Transparency in full-reserve banking is of the essence, yet it is also one trait most banks are lacking right now. Achieving this goal will be difficult, though, as banks have no apparent interest in Bitcoin. While they are exploring the boundaries of issuing their digital currencies in the future, they will not be suitable candidates for full-reserve banking. Bitcoin has many advantages, but it will take quite some time – if ever – until banks embrace this concept as part of the financial ecosystem. Source: http://www.newsbtc.com/2016/03/27/viability-bitcoin-full-reserve-banking-scenario/The author is putting the cart before the horse like so many others are doing these days. If something like that ever happens, it will be way in the future. Some folks forget Bitcoin is not the fix all, do all, "manna from heaven" invention. Lets keep working on getting people to use it or, even know what it is before we expect it to solve all the world's problems.... |
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I lost a lot of money from TIPS, a lot of people do. I don't think it can work out again ever.
At today's price, and at the recent high, I would have MADE money if I sold but chose to hold for now. Sometimes we just need to go the extra mile. Glad I did. Sorry you lost out, I'm sure you had a good reason at the time, things looked pretty bleak for a long time there... |
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Hello, as you can see on the original thread https://bitcointalk.org/index.php?topic=552233.0 we are going for a community friendly takeover of Fedoracoin. We are not connected to the sha256 group. If you have any questions feel free to ask us here on the new ANN, we will reply and answer all your answers. Nice job, glad to see the new page and new start... |
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Pretty interesting article, valuing Bitcoin at $655. I don't know if this is an accurate measurement, but may be worth looking into. Investment bank and asset management firm Needham & Company has released a report that concludes that bitcoin is currently undervalued by 58% based on today's price.
The report values bitcoin at $655, compared to about $412 today and advises that investors buy shares in the Bitcoin Investment Trust (GBTC), a vehicle for speculators to invest in bitcoin without actually buying and holding the asset.Currently, there is $74bn worth of gold held in exchange-traded funds (ETFs) around the world, according to the numbers used in the report. Of bitcoin’s market cap of $6.3bn, Bogart estimates roughly 75%, or $4.8bn consists of money being treated as an investment.
That’s 6% of the value of gold ETFs, the report said, a number which the investment bank predicts could increase 25% by 2020.
Bogart used the percentage of bitcoins currently being held as an investment and compared it to investment in gold ETFs to calculate the estimated value of $655.http://www.coindesk.com/bitcoin-undervalued-200-needham-report/I've read this a few times (because it wasn't sinking in - lol), and it still doesn't add up to me. Just because bitcoin is 6% of the value of gold ETFs now, doesn't mean it will be 6% in 2020 when "the investment bank" predicts gold ETFs to increase in value by 25%. If there was a long history with a direct correlation, maybe, but for now it seems like a strange (and presumptuous) method to estimate value. Same here. I think they are "grasping at straws" and, I don't think you can directly apply old methods of valuation to crypto. Over the years we have heard everything from 2000 USD to 0 USD per Bitcoin always backed up with some analysis borrowed from the Fiat world. Honestly, I don't think crypto has been "in the wild" long enough to really do any kind of definitive analysis on its future value. For example, look at any chart someone's throwing out there to back up their analysis of the future of any coin. All borrowed from the stock or commodities markets. Ever seen one that was even close to being correct after the fact? Smoke and mirrors my Grandfather used to say, smoke and mirrors. In the words of the ever eloquent Popeye, "I am what I am" and that's all we know for sure, for now... PS: When was the last time an "investment bank" predicted anything that actually happened! |
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The market is waiting for proof in the form of x20 pump as long as the market is waiting it'll never happen .... Then dump x10 “Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”  +1 People need to wake up and see this for it's real value and that takes time. This is no longer a P & D project like when Bob was involved. Relax, sit on your coins and use your energy marketing CLOAK everywhere you can. That's how it works in the real world and, it will work here as well. |
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Done "Poloniex Coin Request Your coin request has been recorded and will be reviewed by Poloniex staff. Thank you. Please only submit this form once per user per coin." |
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The new site looks fantastic!! The membership fee for the entire first year is only $1 - awesome! All that hard work is about to pay off.  Thanks Chase. Yep, the first year we will be building content and creating value. It's getting really close now! This will help launch DNotes into the next phase of it's progression. Nice work Joe, REALLY nice work! |
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I can't wait to see reactions of others communities. Probably we will have many smart heads here not to mention trolls and fuders..But alse we will have POSA3! So they only can hate us..Or maybe join us.  Be ready for it, it's a rare opportunity for the "fudders" and haters.... |
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Wow, Myriad really hates Jared Tate and DGB. Wonder what happened to him to bring so much hate?
Myriad doesn't hate Jared or DigiByte, just a few isolated users.... |
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Idiot, No official word/press release from Riot. now stop this bs you ignorant cunt.
What do ya think, BobSurplus or Barrabas? |
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Hi guys. I know I said I wouldn't come back, but I can't resist...
So, you are also a liar, thanks for confirming that... |
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This is a pretty good article, worth the read, from Marcus Swanepoel is the CEO of BitX, Why Bitcoin’s Bad Reputation is in the Eye of the BeholderAs an industry insider, it is sometimes very hard to admit that bitcoin suffers from serious negative perception issues: that in the minds of many people bitcoin is still automatically linked to thoughts of drugs, terrorist financing and money laundering.
Needless to say, this has massive implications for all potential stakeholders: It slows down consumer adoption, it has regulators set the bar unreasonably high for bitcoin companies to operate and many banks still refuse to provide bitcoin companies with simple operating accounts.
All of this results in the stifling of innovation, the creation of an unfair competitive environment, and ultimately, a negative connotation for the consumer who is meant to reap the benefits of this new and useful technology.
We’ve spent enough time with all these stakeholders to reasonably assert that most of these concerns are driven by perception and emotion, rather than facts and data. Are there risks around bitcoin? Yes, of course – they exist in all financial systems.[...] Loved the article, he made some great points. Because of mt gox, perception is that is not secure, or because of silk road, perception is that is used for illegal activities. When in reality those are just individual cases. "A couple of 'real-life' metaphors are also helpful to put these events in perspective: just like the Lehman Brothers bankruptcy that didn’t signal that 'USD is a scam, or USD is insecure', or that a recent $1bn drug bust in San Diego didn’t mean 'USD is only used by drug dealers', it’s important to realize that Silk Road and Mt Gox were also outlier events, and predominantly a function of the people involved rather than the ‘currency’ being used." Yes indeed, totally correct but, people tend to only hear and see what catches their attention in this over busy world of ours. The news that makes the most noise is still the sensational/loud/in your face stuff. The stuff that sells commercial and ad space, that keeps inferior information outlets in business. We need to come up with a way for the good stuff to generate the same kind of interest. Not an easy task by any means but, I believe, doable in the long run. |
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 Oh noozzz competition is like "we gotta stop this before DGB goes mainstream and we are left behind in the dark"  haterz gonna hate Too late I'm thinking... |
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All the big companies like IBM will get to know DGB and it's huge potential in 2 days at the FinDEVr New York 2016, that will be awesome!! Look at all those big players in the audience, that will attend the conference: http://newyork2016.findevr.com/#audienceI will personally email every single conference attendee I am aware of and let them know about DGB's premine, instamine, and dishonest marketing. Thanks. You have to be the funniest guy who ever posted here, keep 'em coming! You're a riot!  |
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Some perspective here, lets do a basic code comparison between digibyte and the coin it forked. A simple script that anyone can run to verify this. #clone the 2 for comparison
git clone https://github.com/digibyte/digibyte.git
git clone https://github.com/myriadcoin/myriadcoin.git
cp -rf ../myriadcoin myr
cp -rf ../digibyte dgb
#normalise name changes for comparison
find myr -type f -exec sed -i 's/bitcoin/shitcoin/gI' {} +
find myr -type f -exec sed -i 's/digibyte/shitcoin/gI' {} +
find myr -type f -exec sed -i 's/myriadcoin/shitcoin/gI' {} +
find myr -type f -exec sed -i 's/myriad/shitcoin/gI' {} +
find dgb -type f -exec sed -i 's/bitcoin/shitcoin/gI' {} +
find dgb -type f -exec sed -i 's/digibyte/shitcoin/gI' {} +
find dgb -type f -exec sed -i 's/myriadcoin/shitcoin/gI' {} +
find dgb -type f -exec sed -i 's/myriad/shitcoin/gI' {} +
#delete images and localisation files as these are not code and create a lot of noise
rm -rf dgb/src/qt/res
rm -rf myr/src/qt/res
rm -rf dgb/src/qt/locale
rm -rf myr/src/qt/locale
#compare the src directories to get an idea of how much code has been added
diff -rubd myr/src/ dgb/src/ | grep -E "^[+][^+]" | wc -l
Result? Only 1118 lines as an upper bound and this is still being extremely generous. This still includes a bunch of generic junk that cant be considered code checkpoints seeds and stuff, name changes that have sitll crept in, code that actually changed on the myr side of things and so on. Realistically digibyte has added about 500 lines of code at most, this is utterly tiny, and then we have the android wallet which has even less changes and doesn't even work and they want the community to deal with that. What are the developers in hong kong doing, sitting around circle jerking all day long? It is quite simple people - 250k investment is a lie, hong kong developers are a lie, digibyte is a lie, jared is a con artist and is taking you all for fools which apparently you are as you keep singing his praises while he continues to steal from you. Actually, it is quite simple, YOU ARE AN IDIOT or worse. Go back to your own coin and cry about it there, no one here has any interest in anything you have to say. |
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Was the $250 000 investment ever revealed to the community and was it direct dollar investment or bitcoin ?
The initial private investment was announced here: http://www.coindesk.com/digibyte-raises-250k-altcoin-retail-payments/In the last year it has been used to develop DigiByteGaming, DigiByteTip, DigiByte Market, DiguSign, DigiHash, DigiByte Gaming Wallet, DigiExplorer, Tofugear Omnitech integration, Easy Miner as well as to maintain several servers, all wallets, and seed nodes that keep the network healthy, alive and relevant. We are also maintaining an office in Hong Kong with several developers. Combined with marketing, travel, video production and other expenses we have done well with very limited resources compared to others in this space. We have never have attempted to raise funds, or ask the community to crowd fund development. For those still in doubt there are videos online showing our HK office: https://www.youtube.com/watch?v=r4JFALjythEThrough the DigiShield, MultiAlgo, MultiShield and DigiSpeed hard-forks we have added several unique things to the DigiByte codebase that has now been copied by many other coins in different ways. As we have mentioned many, many times in the past our hat is off to the pioneering effort of Myriadcoin with multialgo. However our current protocol implementation & codebase is very different than Myriads. After the recent DigiSpeed hardfork we have decided the network is in a stable enough position for the time being and that we should focus on increasing user adoption with real world use cases. You can have the most innovative, high tech, cutting edge crypto advancement in the world but if no one knows about it how useful is it? More importantly, how can they use it in a simple, easy manner? We are already well ahead of other cryptos from a technical perspective. Now we just need to scale everything for mass adoption in the video gaming industry worldwide. There is still la lot of work to be done on many fronts, and no single person or handful of people can do it all alone. It is a worldwide, community effort that will take DigiByte to the top. As stated many, many times we are in this for the long haul. We are not here for a pump and dump. We are here for sustained, committed growth with real world commerce to back our growth. As we approach the NYC event it is important to note it will almost be two years to the day that DigiByte was first presented to the world on a stage in New York City: https://www.youtube.com/watch?v=JkWVD8MJlS0Since that day a lot has changed in this industry. 95% of the coins presented that day are no longer around or relevant. Over the past few days we have approached around $4 Million USD in trading volume which is about the same as our entire Marketcap and we are the #3 traded crypto in the world yet we are only ranked in the 20's on coinmarketcap. You ask how this can be possible? The simple answer is we are one of the only cryptos with a truly fair distribution (I personally only own 5M which I earned from mining over past two years) as we are not sitting on a giant premine/instamine or crypto IPO as most of the top 20 are. This is very powerful and people are beginning to realize it. Thank you to everyone for your continued support! - Jared And thank you for your continued innovation and hard work. |
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When the haters are pouring in it's a clear sign you are heading towards succes   $250k and they asking for a community bounty? You don't see anything wrong with this? Actually, no and if you were a business you wouldn't either... |
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When the haters are pouring in it's a clear sign you are heading towards succes That's the truth! I see the price is up.... |
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