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bitpump (OP)
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July 06, 2015, 09:35:36 AM |
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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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jbreher
Legendary
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Activity: 3038
Merit: 1660
lose: unfind ... loose: untight
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July 06, 2015, 07:17:47 PM |
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Reads bullish. They understand the implications of Bitcoin and cryptos in general. The report is wide-ranging, and cryptos are merely one of 11 items of discussion. For their taxonomy, they grouped cryptocurrencies with mobile single-centralized payments such as M-Pesa, under the banner of 'Decentralized and Non-Traditional Payment Schemes'. Summary slide:  My interpretation of their summary: Bitcoin gonna bring the hurt to staid incumbent financial biz. |
Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.
I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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melody82
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July 06, 2015, 09:27:34 PM |
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I just want to add something about market caps. Bit coin has a cap of ~3 billion. This might sound like a lot, but it isn't in the grand scheme of things. For example Exxon Mobile is just one of many stocks, and its market cap is ~346 billion. The point is that bitcoin has quite a lot of upward potential. When the asset bubble bursts (again), there is a really good chance that new money will flood in to the market. All of these recent positive news articles are priming the pump for such action. Even though I only have a small BTC holding, it is really exciting for me to think of what would happen if the market cap went up as far as it could.
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neurotypical
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July 06, 2015, 10:28:16 PM |
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I just want to add something about market caps. Bit coin has a cap of ~3 billion. This might sound like a lot, but it isn't in the grand scheme of things. For example Exxon Mobile is just one of many stocks, and its market cap is ~346 billion. The point is that bitcoin has quite a lot of upward potential. When the asset bubble bursts (again), there is a really good chance that new money will flood in to the market. All of these recent positive news articles are priming the pump for such action. Even though I only have a small BTC holding, it is really exciting for me to think of what would happen if the market cap went up as far as it could.
Bitcoin hasn't even begun. Something like Uber has a bigger marketcap and all it does is basically decentralizing the taxi industry. Imagine all of the stuff that Bitcoin decentralizes beyond money alone. Anyone with a long term vision can see the potential trillion+ marketcap. |
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Hollingsworth
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July 07, 2015, 03:40:00 AM |
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Would seem to me that Ripple is more poised to fill this niche than bitcoin, from a technological standpoint.
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Kprawn
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Activity: 1904
Merit: 1073
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July 07, 2015, 06:19:55 AM |
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What I would not give to have been a fly on that wall.  ... The market leaders vs Crypto currency innovators. There are some big names there from both sides. The most prominent players from Coinbase / Circle / Ripple nipple. I am glad to see the traditional financial systems are sitting up and taking notice. They can see a situation where they may lose control over their customers transaction experience as payments become more integrated. This is very true --> " The greatest potential for cryptocurrencies may be to radically streamline the transfer of value, rather than as store of value " Electronic payments have grown in popularity, and a cashless economy is just the next step in the evolution of the financial system. |
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Gervais
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July 07, 2015, 12:48:46 PM |
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My interpretation of their summary: Bitcoin gonna bring the hurt to staid incumbent financial biz.
Well I certainly hope so, but my fear is once the banks realize how much bitcoin is hurting them or how much money they can save they will just implement bitcoin tech into their own businesses rather than actual bitcoin which many banks are already looking into now. It's obvious that bitcoin tech can save them money as their systems are old and antiquated but they'll probably just create their own blockchain or one set up solely for the major banks to use so wont do us much good as bitcoin users. |
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Harry Hood
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July 07, 2015, 06:41:47 PM |
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There's a lot of disruption going on in the financial service sector. Think about how investing in stocks, bonds and mutual funds has changed in the last 15 years. It's significantly easier and requires a lot less money to get into the investment markets. It's great to see Bitcoin doing the same thing.
The best part is that traditional financial services firms are so diverse in their offerings that their business and bitcoin's business can coexist. I know some of you may look down on that but it's better to not be seen as a threat to these existing, stodgy organizations that have an ear to the politicians choosing what we can and can't do. If bitcoin remains a friend of financial services we'll have less risk of becoming a target for destruction.
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jbreher
Legendary
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Activity: 3038
Merit: 1660
lose: unfind ... loose: untight
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July 07, 2015, 07:29:39 PM |
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My interpretation of their summary: Bitcoin gonna bring the hurt to staid incumbent financial biz.
Well I certainly hope so, but my fear is once the banks realize how much bitcoin is hurting them or how much money they can save they will just implement bitcoin tech into their own businesses rather than actual bitcoin which many banks are already looking into now. It's obvious that bitcoin tech can save them money as their systems are old and antiquated but they'll probably just create their own blockchain or one set up solely for the major banks to use so wont do us much good as bitcoin users. It's certainly within the realm of possibility. But they have a bootstrapping problem. The industry is rife with hundreds of competing players. While they doubtless bury their differences while lobbying for special favors from national governments, I don't think they actively collaborate on tech things (if they did, would they be using the same clearing systems they developed a half-century ago or longer?). The Bitcoin blockchain is already the largest single application of computing power that humanity has ever known. If they are to use a true crypto, any such new system they create will need to be even more secured by hashing power. Lest the upstart little people divert their hashing power to the banks' new blockchain, and subvert it to more egalitarian ends. Could the banksters pull this off? From a theoretical financial and organizational standpoint, maybe. But socially, across company borders? I'm hoping no. |
Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.
I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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jbreher
Legendary
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Activity: 3038
Merit: 1660
lose: unfind ... loose: untight
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July 07, 2015, 07:31:54 PM |
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If bitcoin remains a friend of financial services ...
Bitcoin is neither friend nor foe to entrenched banking interests. Bitcoin is the new disinterested reality to which they must adapt or perish. |
Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.
I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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GreenCoin22
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July 08, 2015, 06:09:00 AM |
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bullish is coming!!
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chennan
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Activity: 1316
Merit: 1004
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July 08, 2015, 09:16:17 AM |
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My interpretation of their summary: Bitcoin gonna bring the hurt to staid incumbent financial biz.
Well I certainly hope so, but my fear is once the banks realize how much bitcoin is hurting them or how much money they can save they will just implement bitcoin tech into their own businesses rather than actual bitcoin which many banks are already looking into now. It's obvious that bitcoin tech can save them money as their systems are old and antiquated but they'll probably just create their own blockchain or one set up solely for the major banks to use so wont do us much good as bitcoin users. Absolutely! Some major banks are exporing the bitcoin technology and seeking the potential intergration with bitcoin. They may intergrate the blockchain of bitcoin. It seems blockchains is more useful than just bitcoin token itself. |
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