I'm still waiting to see a game that fully uses the potential of cryptos
Good call. I've been wondering what the killer app that "forces" Average Joe to buy BTC will be. Maybe a game. |
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As far as what I think Zynga's plans are, I'm suspecting that Zynga is going to be building a poker application where pot/hand settlement occurs on the VIA blockchain. Unless my understanding of crypto is flawed, Viacoin is actually the only vehicle where I can see this happening. On average online poker hands take about 1 min to play out. Having hand/pot settlement on the Bitcoin blockchain just wouldn't be feasible given Bitcoin has 10 min confirmations (which is consistent with what was said in the screenshot about "the most key aspect being speed"). VIA on the otherhand has 24 second confirmations, which could work. So a player would play out a poker hand within a Zynga client, and upon completion of the hand it is recorded on the blockchain and settlement occurs in about 24 seconds (likely before the completion of the next hand).
Ok... but every time people commit money to the pot, i.e. they limp in preflop, someone raises, they call.. same thing on flop turn and river, that's an awful lot of transactions you need to confirm within one hand that's gonna last maybe 1 minute. If the confirmations were 2 seconds then I could see it working. Or am I missing something, maybe they don't worry about double spends? Why can't poker players transfer BTC to Zynga ahead of time (with a 10 minute delay) and Zynga then keeps its own ledger in real time as the games progress. Players could then cash out of Zynga whenever they want (with a 10 minute delay). Just like poker chips really. Maybe we're talking about massive bets here and people don't want Zynga holding that kind of money? Does Zynga take massive bets? |
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The foresight exhibited by this team is astonishing.
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I think CounterWallet is compliant as far as gambling goes (abides by some relevant national/regional anti-gambling laws by enforcing geo-ip restrictions)
Can anyone confirm this? If so, I'd consider it more great news as we wade into regulation. |
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I tend to agree more with the philosophical viewpoint of Andreas which is that due to the fact that as far as western nations are concerned, purchasing ability is not exactly super enhanced by switching from say a credit card transaction to bitcoin transaction (relatively speaking). Thus, the true wide adoption waiting for crypto currency technology will most likely come from the various developing nations who do "NEED" something like bitcoin because in comparison their local currency or economic system is just trash. If we're talking about crypto-as-a-currency (not to be confused with crypto), then I agree. You mention having boots on the ground doing the dirty work and I agree completely, but it's not about engaging regulation, it's going to be about Down-Teching the bitcoin technology itself. As in making it SOOO easy and simple to use and understand crypto currencies that even some guy in a remote part of the world can simply use a Nokia cell phone and basically become the bank of his village... This is the sort of thing Andreas Antonopoulos talks about and I have to agree that making this technology simpler will increase real adoption WAYYY quicker than trying to get in bed with regulators.
Why not both? Crypto has nothing to lose and everything to gain. |
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It's a steep learning curve trying to really grasp what these new protocols like Counterparty and Ethereum are actually bringing to the table but once you start to see it and it becomes this clear picture I can assure you that you won't say that "we've been providing gambling services" because counterparty doesn't provide any service at all. It's an open source code which anyone can use. Trying to say we provide gambling services is like saying the internet provides recruiting services for ISIS or other terrorist organization thus perhaps we should shut down or criminalize the internet or facebook? Negative, we shut down the perpetrators of illegal or counter productive activity not the protocol itself because the protocol is innocent.
As you know, that is an extremely common point of view amongst cryptofolk. It is, in my opinion, naive at best and detrimental at worst. Crypto works but in order for it to work better, practical factors like regulation must be engaged. Thinking big is great but in order to get there from here, we need boots on the ground doing the dirty work of connecting the dots. Fortunately, people like Patrick Byrne seem to be doing exactly that. |
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This means that when Medici becomes a reality, it will be the first and only crypto currency stock market that the SEC will have officially approved.
What could be bigger than that? Still, I'm very curious about the role the XCP coin will play in Medici, if any. I'm also a bit concerned that we've been providing betting/gambling services. |
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What about Cryptsy? I hear they're actually SEC-compliant. Are they going to add XMR?
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You're asking for trouble by storing coins at a centralized exchange, SEC or not.
No argument here. the only usa crypto exchange in compliance is cryptsy.
Is that right? That could be a nice spot to stash some coins. Are they going to add XMR? |
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If many of you really comprehended what was going on here you'd be buying up as much XCP as you humanly could lol.
I think it's obvious really, but why try to convince people? +1 |
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Is there another exchange that is presumed safer?
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So I'm concerned about keeping my XMR in Poloniex after these SEC letters. I'd really rather not deal with the wallet software. Is there a safer option than Poloniex besides the wallet?
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Damn. I have like 10 different coins in there and the last thing I want to do is install a bunch of mysto software on my computer.
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How will Poloniex react to their SEC letter? Should we withdraw our coins?
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I guess this is the beginning of Peter Byrne vs the SEC. Let's hope they can work it out.
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OpenBazaar
Oh I like that a whole lot. Does it operate via the BTC blockchain? |
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Do we know how much will be emitted (sold or not) over the next year (or another period of time)?
Over the next 365 days about 1,314,000 bitcoins. 25 coins every 10 minutes until the next halving... So we're looking at an inflation rate of about 10% over the next year. With all the infrastructure sprouting up around BTC, I think it can absorb that and more. How about years 2 and 3? |
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So interesting that everyone's answer to my question about a killer app is something that makes them money. Or maybe that's just the kind of folks that hang out on this forum (myself included). But if you were using an app like that, wouldn't you just trade the BTC for fiat? I'm wondering what might come up that causes people to want to buy BTC in small batches, transact with it, and then top up. Like a prepaid cell phone. Remember when everyone opened a Facebook account (eventually even the holdouts) because they couldn't do what they wanted to do without it?
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Do we know how much will be emitted (sold or not) over the next year (or another period of time)?
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