pitham1 (OP)
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May 13, 2015, 12:19:31 AM |
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Bitcoin May Never Make It to Wall Street, But Its Tech Willhttp://www.wired.com/2015/05/nasdaq-bringing-bitcoin-closer-stock-market/James Angel compares bitcoin to MySpace, the social network that paved the way for far more influential services like Facebook and Twitter.
Today’s bitcoin digital currency, says Angel, a professor of finance at Georgetown University, is too flawed to replace existing currencies. But the basic ideas underpinning the technology, he believes, can significantly change how the financial world operates. This is already starting to happen.
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RustyNomad
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May 13, 2015, 05:59:06 AM |
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Just two quotes for the professor:
‘The majority of people have no understanding of the things with which they daily meet, nor, when instructed, do they have any right knowledge of them, although to themselves they seem to have.’ — Heraclitus
‘The greater our knowledge increases, the greater our ignorance unfolds.’ — John Fitzgerald Kennedy
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Kprawn
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May 13, 2015, 07:57:00 AM |
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Just two quotes for the professor:
‘The majority of people have no understanding of the things with which they daily meet, nor, when instructed, do they have any right knowledge of them, although to themselves they seem to have.’ — Heraclitus
‘The greater our knowledge increases, the greater our ignorance unfolds.’ — John Fitzgerald Kennedy
The John Fitzgerald Kennedy quote is best applied to him. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) We have to remember that these professors are the same people who are teaching the financial principles to the failed fiat and banking systems out there. These systems brought us close to the worlds biggest financial collapse in the history of mankind. He is a professor in finance, not a crypto expert or a core developer or a system engineer.... I would really not lose sleep over this.
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Whitehouse
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May 13, 2015, 12:16:54 PM |
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Today’s bitcoin digital currency, says Angel, a professor of finance at Georgetown University, is too flawed to replace existing currencies.
And those flaws being...? He doesn't say. I think he could have a point that bitcoin could indeed be replaced by something better eventually and the fundamental technology behind it will go on to be used and influence other things, but people are already taking it to wallstreet like the Winkles and I think its only a matter of time before Wall Street embraces it in some way.
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LiteCoinGuy
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May 13, 2015, 03:16:38 PM |
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The Internet may never go mainstream, but TCP/IP will.
Gasoline may never go mainstream, but Automobiles will.
Electricity may never go mainstream, but lights will.
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SOAD
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May 13, 2015, 04:01:14 PM |
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I don't really listen to these finance or economic experts as they usually don't know what the hell they're talking about. Let's see if they're right in five years time. I bet they'll all be eating their hats. The Internet may never go mainstream, but TCP/IP will.
Gasoline may never go mainstream, but Automobiles will.
Electricity may never go mainstream, but lights will.
I'm not sure I get what you're saying cos all those things - gas, internet and electricity - already seem mainstream to me.
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LiteCoinGuy
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May 13, 2015, 04:16:36 PM |
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The Internet may never go mainstream, but TCP/IP will.
Gasoline may never go mainstream, but Automobiles will.
Electricity may never go mainstream, but lights will.
I'm not sure I get what you're saying cos all those things - gas, internet and electricity - already seem mainstream to me. ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fup.picr.de%2F21897441vq.png&t=665&c=WYVy-sxwTS-EaA)
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bitbouillion
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May 13, 2015, 06:27:05 PM |
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There is little in the text that supports the headline thesis. The only valid argument is insufficient privacy in the blockchain. But there is no real privacy in the stock market anyway. If you are big enough or make friends with powerful people, you can get any information you want - just pay money to make somebody going through the revolving door, which is completely legal. And there are many other ways to retrieve secret information. The blockchain would just make it fair for all - everyone can get on the same level of information. This what the big Wall St players fear.
The other argument, that Wall St is used doing things the old fashioned way, is invalid. They were used to do floor trading between real people, but now high frequency trading took over most of the trading. The next logical step is to do the clearing over the blockchain. I understand that many on Wall St don't like that, because they can make money by playing dirty games on the traditional clearing process (e.g. naked shortselling with deliberate fail to deliver).
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1Referee
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May 13, 2015, 09:56:42 PM |
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Bitcoin May Never Make It to Wall Street, But Its Tech Willhttp://www.wired.com/2015/05/nasdaq-bringing-bitcoin-closer-stock-market/James Angel compares bitcoin to MySpace, the social network that paved the way for far more influential services like Facebook and Twitter.
Today’s bitcoin digital currency, says Angel, a professor of finance at Georgetown University, is too flawed to replace existing currencies. But the basic ideas underpinning the technology, he believes, can significantly change how the financial world operates. This is already starting to happen. If you just read it without getting pissed off already, then you will see the professor doesn't say much nonsense if you ask me. Indeed, Bitcoin MAY never reach Wall Street. But with the right people behind Bitcoin it MAY definitely be a matter of time before we see it listed there. The only thing I don't think is right is the comparison between Myspace and Bitcoin. I would find it more appropriate if he compared Bitcoin with Facebook.
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Bitware
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May 13, 2015, 10:13:55 PM |
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The Internet may never go mainstream, but TCP/IP will.
Gasoline may never go mainstream, but Automobiles will.
Electricity may never go mainstream, but lights will.
But Bitcoin is a use of the blockchain... not the other way around.
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LiteCoinGuy
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May 14, 2015, 02:53:39 AM |
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Bitcoin May Never Make It to Wall Street, But Its Tech Willhttp://www.wired.com/2015/05/nasdaq-bringing-bitcoin-closer-stock-market/James Angel compares bitcoin to MySpace, the social network that paved the way for far more influential services like Facebook and Twitter.
Today’s bitcoin digital currency, says Angel, a professor of finance at Georgetown University, is too flawed to replace existing currencies. But the basic ideas underpinning the technology, he believes, can significantly change how the financial world operates. This is already starting to happen. If you just read it without getting pissed off already, then you will see the professor doesn't say much nonsense if you ask me. Indeed, Bitcoin MAY never reach Wall Street. But with the right people behind Bitcoin it MAY definitely be a matter of time before we see it listed there. The only thing I don't think is right is the comparison between Myspace and Bitcoin. I would find it more appropriate if he compared Bitcoin with Facebook. Bitcoin already reached Wall Street several times. just read the news. even nasdaq is using BITCOINS (!) now.
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bornil267645
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May 14, 2015, 07:47:00 AM |
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Bitcoin has already made it's way to the colorful world of Wall street. In the recent times, the steady price have slowed down the process a bit. But as soon as it shows some activity, wall street might finally reveal it's influence.
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1Referee
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May 14, 2015, 12:50:34 PM |
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Bitcoin May Never Make It to Wall Street, But Its Tech Willhttp://www.wired.com/2015/05/nasdaq-bringing-bitcoin-closer-stock-market/James Angel compares bitcoin to MySpace, the social network that paved the way for far more influential services like Facebook and Twitter.
Today’s bitcoin digital currency, says Angel, a professor of finance at Georgetown University, is too flawed to replace existing currencies. But the basic ideas underpinning the technology, he believes, can significantly change how the financial world operates. This is already starting to happen. If you just read it without getting pissed off already, then you will see the professor doesn't say much nonsense if you ask me. Indeed, Bitcoin MAY never reach Wall Street. But with the right people behind Bitcoin it MAY definitely be a matter of time before we see it listed there. The only thing I don't think is right is the comparison between Myspace and Bitcoin. I would find it more appropriate if he compared Bitcoin with Facebook. Bitcoin already reached Wall Street several times. just read the news. even nasdaq is using BITCOINS (!) now. I have read the article, it doesn't say Bitcoin is available to trade on Wall Street. They are just testing behind the scenes to see what the impact and benefits are.
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pitham1 (OP)
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May 14, 2015, 02:59:49 PM |
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Bitcoin has already made it's way to the colorful world of Wall street. In the recent times, the steady price have slowed down the process a bit. But as soon as it shows some activity, wall street might finally reveal it's influence.
If the price is steady, you can trust Wall Street to make it volatile by introducing derivatives and leveraged trades. Wall Street will find a way to make money, come what may.
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cbeast
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Let's talk governance, lipstick, and pigs.
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May 14, 2015, 03:17:55 PM |
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The Internet may never go mainstream, but TCP/IP will.
Gasoline may never go mainstream, but Automobiles will.
Electricity may never go mainstream, but lights will.
But Bitcoin is a use of the blockchain... not the other way around. They're actually two sides of the same coin. <ahem>
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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Bitware
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May 16, 2015, 02:32:27 PM |
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The Internet may never go mainstream, but TCP/IP will.
Gasoline may never go mainstream, but Automobiles will.
Electricity may never go mainstream, but lights will.
But Bitcoin is a use of the blockchain... not the other way around. They're actually two sides of the same coin. <ahem> No. They are two very different things. The Blockchain is the underlying technology. Bitcoin is simply an app using Blockchain technology. The blockchain can drive unlimited applications without Bitcoin, but what can Bitcoin drive (or do) without the blockchain?
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cbeast
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Let's talk governance, lipstick, and pigs.
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May 16, 2015, 03:29:20 PM |
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The blockchain can drive unlimited applications without Bitcoin
Name one.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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Bitware
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May 16, 2015, 03:52:08 PM |
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The blockchain can drive unlimited applications without Bitcoin
Name one. Stock ownership and market transactions. Corporate ledgers for everything from resource extraction, to processing to manufacturing, to distribution, to retail sales, to inventory, to contracts, to employment. Intellectual property ownership and transactions. Domain name system. Identity verification. Private equities Public equities Bonds Derivatives (futures, forwards, swaps, options and more complex variations) Commodities General record keeping Spending records Trading records Mortgage / loan records Servicing records Land titles Vehicle registries Business license Business incorporation / dissolution records Business ownership records Regulatory records Criminal records Passports Birth certificates Death certificates Voter IDs Voting (political, private, public, corporate and stockholder) Health / Safety Inspections Building permits Gun permits Forensic evidence Court records Voting records Non-profit records Government/non-profit accounting/transparency Contracts Signatures Wills Trusts Escrows GPS trails Degree Certifications Learning Outcomes Grades Medical records Accounting records Business transaction records Genome data Delivery records Arbitration Home / apartment keys Vacation home / timeshare keys Hotel room keys Car keys Rental car keys Leased cars keys Locker keys Safety deposit box keys Package delivery (split key between delivery firm and receiver) Betting records Fantasy sports records Coupons Vouchers Reservations Movie tickets Patents Copyrights Trademarks Software licenses Videogame licenses Music/movie/book licenses Domain names Online identities Proof of authorship / Proof of prior art Documentary records (photos, audio, video) Data records (sports scores, temperature, etc) Sim Cards GPS network identity Gun unlock codes Weapons unlock codes Nuclear launch codes Spam control Many more... I gave you the courtesy of answering your question, but you've yet to answer mine... What can Bitcoin drive (or do) without the Blockchain?
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cbeast
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Let's talk governance, lipstick, and pigs.
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May 17, 2015, 05:24:08 AM |
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The blockchain can drive unlimited applications without Bitcoin
Name one. Stock ownership and market transactions. Corporate ledgers for everything from resource extraction, to processing to manufacturing, to distribution, to retail sales, to inventory, to contracts, to employment. Intellectual property ownership and transactions. Domain name system. Identity verification. Private equities Public equities Bonds Derivatives (futures, forwards, swaps, options and more complex variations) Commodities General record keeping Spending records Trading records Mortgage / loan records Servicing records Land titles Vehicle registries Business license Business incorporation / dissolution records Business ownership records Regulatory records Criminal records Passports Birth certificates Death certificates Voter IDs Voting (political, private, public, corporate and stockholder) Health / Safety Inspections Building permits Gun permits Forensic evidence Court records Voting records Non-profit records Government/non-profit accounting/transparency Contracts Signatures Wills Trusts Escrows GPS trails Degree Certifications Learning Outcomes Grades Medical records Accounting records Business transaction records Genome data Delivery records Arbitration Home / apartment keys Vacation home / timeshare keys Hotel room keys Car keys Rental car keys Leased cars keys Locker keys Safety deposit box keys Package delivery (split key between delivery firm and receiver) Betting records Fantasy sports records Coupons Vouchers Reservations Movie tickets Patents Copyrights Trademarks Software licenses Videogame licenses Music/movie/book licenses Domain names Online identities Proof of authorship / Proof of prior art Documentary records (photos, audio, video) Data records (sports scores, temperature, etc) Sim Cards GPS network identity Gun unlock codes Weapons unlock codes Nuclear launch codes Spam control Many more... I gave you the courtesy of answering your question, but you've yet to answer mine... What can Bitcoin drive (or do) without the Blockchain? NOPE you failed to answer mine. without using bitcoinsbitcoins, none of those things can be secured by the Blockchain. Your question shows that I fell for your troll bait.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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LiteCoinGuy
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May 17, 2015, 11:14:23 AM |
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mortified has won. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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