What vision do you have for bitcoin's blockchain

[addy boy]

my device does not support blockchain wallet but then also when I downloaded it from google I mean the apk and installed it then it does its work but just a little bit hanging sometimes maybe due to my device requirements anyways I am using the latest version in the googleplay

[johnyj]

It is not perfect, but it would be more efficient, and secure than current ID system with public info.

Same can be done with credit/debit cards, it's not like the card number is confidential, even if its says it is, how the fuck is it confidential if it's printed on the front of your debit card, that anybody can see or take a photo of when you use it?

I guess thats why Mastercard uses the 3D-Secure system, but thats still a very amateur addition to security.

The key is to prove the relationship between a blockchain object and a real world object

Bitcoin has no direct relationship to real world objects, but there are exchanges and payment processors who establish such relationship so that you can easily exchange bitcoin with real world objects. Or to say, exchanges guaranteed that your bitcoin will be able to exchange for similar value of any currencies any time

It is different to have a relationship between a string on blockchain and a real world objects like property. There is no one that can guarantee the owner of that string can claim that land without going through a lengthy process of ownership change. Unlike bitcoin, where the change of ownership of money is almost instant, you need some formal and legal process to claim the ownership of a land

[RealBitcoin]

It is not perfect, but it would be more efficient, and secure than current ID system with public info.

Same can be done with credit/debit cards, it's not like the card number is confidential, even if its says it is, how the fuck is it confidential if it's printed on the front of your debit card, that anybody can see or take a photo of when you use it?

I guess thats why Mastercard uses the 3D-Secure system, but thats still a very amateur addition to security.

The key is to prove the relationship between a blockchain object and a real world object

Bitcoin has no direct relationship to real world objects, but there are exchanges and payment processors who establish such relationship so that you can easily exchange bitcoin with real world objects. Or to say, exchanges guaranteed that your bitcoin will be able to exchange for similar value of any currencies any time

It is different to have a relationship between a string on blockchain and a real world objects like property. There is no one that can guarantee the owner of that string can claim that land without going through a lengthy process of ownership change. Unlike bitcoin, where the change of ownership of money is almost instant, you need some formal and legal process to claim the ownership of a land

So then how is your bank account tied to your work at your job? Isnt it the same framework.

Or your paypal account to e-bay goods & services.

The framework to tie objects to digital systems is simple, and it only requires verificability, and transparency, and trust.

I voted for super market shopping but I wanted to add savings and international remittance too with my vote.I think these polls should be multi-answered to cover all the aspects and features those someone can adds to his answer to describe more accurately his point of view about the vision of blockchain.

Good point, it seems it is only possible to do a single vote on this forum

Its also easy to create 1000's of newbies accounts to destroy the voting system.

Either you filter out the newbie accounts, or you make it a money based voting system, just like in a stock corporation.

[johnyj]

It is different to have a relationship between a string on blockchain and a real world objects like property. There is no one that can guarantee the owner of that string can claim that land without going through a lengthy process of ownership change. Unlike bitcoin, where the change of ownership of money is almost instant, you need some formal and legal process to claim the ownership of a land

So then how is your bank account tied to your work at your job? Isnt it the same framework.

Or your paypal account to e-bay goods & services.

The framework to tie objects to digital systems is simple, and it only requires verificability, and transparency, and trust.

I can tie the solar system to my bitcoin address, but that does not mean that I own the solar system  

The key is to enforce this tie, bitcoin's tie with fiat money is enforced by the market force on exchanges, you put bitcoin on exchange and you will receive fiat money as return. But where should I put a string from the blockchain and receive the solar system as return?

[knight22]

I did not voted because my answer would be all of the above plus others like fully automated finance, online payments, new investment schemes, etc.

[RealBitcoin]

I can tie the solar system to my bitcoin address, but that does not mean that I own the solar system  

The key is to enforce this tie, bitcoin's tie with fiat money is enforced by the market force on exchanges, you put bitcoin on exchange and you will receive fiat money as return. But where should I put a string from the blockchain and receive the solar system as return?

No because there is no exchange that lists or enforces the solar system as a sellable good.

But if you put a pair of shoes or a lamp for sale in bitcoin, the exchange can enforce that by providing a civilized dispute resolution system, a trust system, escrows and even private detectives (maybe in the future, to track down scammers more effectively that the police).

So you know exactly that you get a pair of shoes if you give bitcoins. The risk is only of scammers, but that can be resolved with the earlier written suggestions.

Of course there is no physical tie between these, but they are done via contracts, agreements, both verbal and written.

Contracts are the only civilized and efficient way to govern society. And the technical side can be handled by blockchain (perhaps smart-contracts)!

[johnyj]

I can tie the solar system to my bitcoin address, but that does not mean that I own the solar system  

The key is to enforce this tie, bitcoin's tie with fiat money is enforced by the market force on exchanges, you put bitcoin on exchange and you will receive fiat money as return. But where should I put a string from the blockchain and receive the solar system as return?

No because there is no exchange that lists or enforces the solar system as a sellable good.

But if you put a pair of shoes or a lamp for sale in bitcoin, the exchange can enforce that by providing a civilized dispute resolution system, a trust system, escrows and even private detectives (maybe in the future, to track down scammers more effectively that the police).

So you know exactly that you get a pair of shoes if you give bitcoins. The risk is only of scammers, but that can be resolved with the earlier written suggestions.

Of course there is no physical tie between these, but they are done via contracts, agreements, both verbal and written.

Contracts are the only civilized and efficient way to govern society. And the technical side can be handled by blockchain (perhaps smart-contracts)!

That's trading things with bitcoin, not using blockchain to register property ownership

[Kakmakr]

My vision will be to incorporate Bitcoin into every service on the internet, where micro payment is received or given.
I want every person on this planet to have the opportunity to receive micro payments at zero fees for their online
contributions. We need to distribute wealth to everyone, not just a few individual super wealthy people.

Why in this modern day, do we still need to have people dying of hunger? If Bitcoin can enable micro payment options
for everyone, we will see much less poverty.

[brg444]

This recent passage from the bitcoin-wizards channel is worthy of mention here:

CodeShark the blockchain is there to protect you in the event of an uncooperative counterparty

gmaxwell A more useful mental model for the system is that the network is a trustworthy AI Judge that makes sure you complied with the contracts specified in your contracts. Now, it's possible to transact by taking every contract to the judge, but this is inefficient.

CodeShark right, the blockchain is like a court

CodeShark you don't go to court over every contract you enter

CodeShark only the ones where there's a breach

[johnyj]

This recent passage from the bitcoin-wizards channel is worthy of mention here:

CodeShark the blockchain is there to protect you in the event of an uncooperative counterparty

gmaxwell A more useful mental model for the system is that the network is a trustworthy AI Judge that makes sure you complied with the contracts specified in your contracts. Now, it's possible to transact by taking every contract to the judge, but this is inefficient.

CodeShark right, the blockchain is like a court

CodeShark you don't go to court over every contract you enter

CodeShark only the ones where there's a breach

When there is a breach of the contract, the Judge must be able to enforce the court ruling. A court without violence power backing have no authority.

The blockchain is trustworthy, but that's only part of the picture, law enforcement must follow the judgement given by the blockchain, that's the difficult part. In stead of reading the contract written by hand, police must first acquire computer science degree to understand what is the precise meaning of a blockchain contract  

[teukon]

First, bitcoin is deflative by design, its value will always rise against fiat money long term wise, thus people will always spend fiat money and save bitcoin if possible, resulting very little amount of bitcoin transactions being done for daily consumption

This speculation is factored into bitcoin's exchange rate.  If, at a given exchange rate, both customers and merchants prefer holding bitcoin to holding fiat money then the rate will move.

Second, besides Visa/Mastercard, some of the latest mobile payment network can already do instant transaction with almost zero fee. They use fiat money, thus have 100% domestic merchant support. Bitcoin does not have any fee/speed advantage against them, and the volatile exchange rate also makes it a bad currency for daily spending

Were bitcoin more widely accepted, it could compete very well with these networks for being more efficient.  Merchants do not have to pay a fee to accept bitcoin transactions.

[RealBitcoin]

My vision will be to incorporate Bitcoin into every service on the internet, where micro payment is received or given.
I want every person on this planet to have the opportunity to receive micro payments at zero fees for their online
contributions. We need to distribute wealth to everyone, not just a few individual super wealthy people.

Why in this modern day, do we still need to have people dying of hunger? If Bitcoin can enable micro payment options
for everyone, we will see much less poverty.

Sort of like a "Bitcoin of things" ?

It would be a nice acomplishment and its totally doable in the next 5-15 years.


Imagine paying for all online services (tv, games, movies, adult, shopping etc) with only bitcoin.

No more waiting for credit card confirmations, no more card theft, just bitcoin to be more secure and easy to spend money!

[Pursuer]

what I think would happen is that bitcoin will still be used as an investment option and the market is still volatile with same ups and downs.
what I wish could happen is that bitcoin becomes more like a currency so that I can (not replace) but use bitcoin as an alternative for fiat and credit cards for my purchases anywhere I want.