Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[makeacake]

Circle, Bitreserve, and BitPay are turning their backs on bitcoin

They say they are interested in the blockchain technology, but it doesn't work without tokens.

We've heard this one so many times before

>> 'It's kind of like the tech equity bubble in the run up to 2001' <<

its all here, these suckers are irrelevant to bitcoin and its blockchain.

they just burned tons of cash to mimic commercial banks.

their failure is inevitable and a blessing for the holy ledger.

The fewer people/businesses use bitcoin, the more valuable it is.

[ssmc2]

Chris Odom really nailed it in his presentation at the Bitcoin Investors Conference.

"Everyone is still building 20th century financial institutions with the words "bit" and "chain" and "coin" in their name. And they are going to get disrupted by the very technology they were supposed to be spearheading."

[Richy_T]

Circle, Bitreserve, and BitPay are turning their backs on bitcoin

The future, according to CEO Jeremy Allaire, lies in using the technology that underpins technology, called the blockchain, to make sending any form of money as easy as sending an email. He didn't want to talk about bitcoin.

Uphold CEO Anthony Watson told me at the time of the relaunch: "When we say bit, we don’t mean bitcoin, we never did. We meant bit as is bits and bytes and reserve is obviously holding the value. But people are confused, they think we’re just a bitcoin company and it makes sense as our first use case was bitcoin."

Parasites.

Meh, with blockchain being the big buzzword at the moment, if you have the expertise, it would be silly to cut off potential revenue streams which would also lead to opportunities when it turns out that your client's shitty altcoin was a stupid idea.

[brg444]

Circle, Bitreserve, and BitPay are turning their backs on bitcoin

Bitcoin works just fine without them.

Even better.

+1

Bitcoin doesn't need its name attached with fiat failures hanging onto VC life support.

[ChartBuddy]

Coin



Explanation

[brg444]

Chris Odom really nailed it in his presentation at the Bitcoin Investors Conference.

"Everyone is still building 20th century financial institutions with the words "bit" and "chain" and "coin" in their name. And they are going to get disrupted by the very technology they were supposed to be spearheading."

Yep, fiat parasites masquerading as Bitcoin businesses.

[brg444]

Bitcoin doesn't need its name attached with fiat failures hanging onto VC life support.

Businesses abandoning BTC is actually good for Bitcoin.
More Bitcoin businesses only lead to more bitcoin spending, -- the exact opposite of Bitcoin hodling, which is what gives Bitcoin value and  what everyone should do.

BINGO 

[brg444]

Woud you have sold shares of the Federal Reserve early on?

"But, butttt Satoshi told me I can send it all over the world!"

"Not tonight, dear"

[brg444]

Bitcoin doesn't need its name attached with fiat failures hanging onto VC life support.

Businesses abandoning BTC is actually good for Bitcoin.
More Bitcoin businesses only lead to more bitcoin spending, -- the exact opposite of Bitcoin hodling, which is what gives Bitcoin value and  what everyone should do.

BINGO  

Not all business is bad for bitcoin. I just thought of a great one:
1. Buy an old vending machine. Any kind will do, 'long as it accepts foldin' money.
2. Print up paper wallets with $5 - $50 worth of BTC.
3. Stick them into whatever packaging your used vending machine was designed for -- empty soda cans if Coke machine (throw a handful of sand into empty cans along with BTC. Weight is important for flawless operation), wrap wallet (along with small twig) in tissue paper if candy bar/general purpose machine, etc., etc.
4. ? ? ?
5. PROFIT!

6. HODL!!

[ChartBuddy]

Coin



Explanation

[sanandreas]

I bet for 400$ by the end of November.

[Hyperjacked]

Getting ready for a move...

Up

Bollinger band getting squeezed...cant be long now imo!

[JorgeStolfi]

Circle, Bitreserve, and BitPay are turning their backs on bitcoin

They say they are interested in the blockchain technology, but it doesn't work without tokens.

Permissioned blockchains. They'll have tokens of their own.

They don't need tokens.  The bitcoin network needs tokens in order to pay the miners, who are anonymous and scattered all over the world.  In a "permissioned ledger" (i.e., a distributed mirrored decentralized tamper-resistant database for a closed set of non-anonymous, legally bound entities), transaction processing would be done by the member entities, for whom the service would be compensation enough; and/or by external contractors, who would get paid in dollars through banks, the old-fashioned way.

Thus a "permissioned ledger" does not need tokens or proof-of-work.  It remaisn to be seen whether it will have a use for any of the other distinctive features of the Bitcoin protocol.

[ChartBuddy]

Coin



Explanation

[BitUsher]

They don't need tokens.  The bitcoin network needs tokens in order to pay the miners, who are anonymous and scattered all over the world.  In a "permissioned ledger" (i.e., a distributed mirrored decentralized tamper-resistant database for a closed set of non-anonymous, legally bound entities), transaction processing would be done by the member entities, for whom the service would be compensation enough; and/or by external contractors, who would get paid in dollars through banks, the old-fashioned way.

Thus a "permissioned ledger" does not need tokens or proof-of-work.  It remaisn to be seen whether it will have a use for any of the other distinctive features of the Bitcoin protocol.

There is no doubt that private permission blockchain ledgers will provide a some efficiency gains with their accounting vs other RDBMS merely by forcing the hand of financial institutions to compete and re-evaluate fintech and their processes. I am glad Satoshi could invigorate this evolution in fintech where those that prefer fiat will indirectly benefit.

This doesn't concern me much as to competition with bitcoin as this isn't a zero sum game and there likley will be many competing payment rails networks and currencies.

Ignoring the economic advantages of disinflationary currencies as keynsians would disagree, one thing these permissioned ledgers will never be able to compete with bitcoin on is with bitcoins advantages of being open, KYC free (within the protocol), decentralized, and offering regulatory arbitrage.  The costs of PoW are a fraction compared to the cost of regulation and fraud which would need to be managed within permissioned ledgers.

[becoin]

In a "permissioned ledger" (i.e., a distributed mirrored decentralized tamper-resistant database for a closed set of non-anonymous, legally bound entities), transaction processing would be done by the member entities, for whom the service would be compensation enough; and/or by external contractors, who would get paid in dollars through banks, the old-fashioned way.

They already have what you've described. It is called SWIFT.

[hdbuck]

Circle, Bitreserve, and BitPay are turning their backs on bitcoin

They say they are interested in the blockchain technology, but it doesn't work without tokens.

Permissioned blockchains. They'll have tokens of their own.

They don't need tokens.  The bitcoin network needs tokens in order to pay the miners, who are anonymous and scattered all over the world.  In a "permissioned ledger" (i.e., a distributed mirrored decentralized tamper-resistant database for a closed set of non-anonymous, legally bound entities), transaction processing would be done by the member entities, for whom the service would be compensation enough; and/or by external contractors, who would get paid in dollars through banks, the old-fashioned way.

Thus a "permissioned ledger" does not need tokens or proof-of-work.  It remaisn to be seen whether it will have a use for any of the other distinctive features of the Bitcoin protocol.

yea, mySQL databases don't need tokens.

[BitUsher]

yea, mySQL databases does not need tokens.

Their digital tokens will be represented in USD and Euros primarily. For the time being these provide relatively stable forms of currency with low volatility(although the euro was more volatile than bitcoin week to week for the first 2.5 months 15' when it radically dropped in value) but just make sure you spend those currencies quickly as they aren't stable long term stores of value.

I'm absolutely positive Fiat will remain dominant for certain tasks like paying taxes and bitcoin has very little chance of ever replacing that role so these currencies are not at risk of being discontinued.... although some would argue the USD has failed and been replaced 2-3 times already so it is likely to continue failing like most forms of fiat historically.

[criptix]

You people all forget that banks already have centralized databases that are superior.
They do not need permissioned ledgers ( cetralized blockchain). Wtf?

[BitUsher]

You people all forget that banks already have centralized databases that are superior.
They do not need permissioned ledgers ( cetralized blockchain). Wtf?

While this is true, the fact that they are investing in new fintech and re-evaluating processes due to bitcoin will likely lead to both some short term losses from investing in their infrastructure and long term improvements in efficiency.

Even if detractors despise bitcoin like JorgeStolfi, they should be grateful that competition has led to banks re-evaluating their inefficiencies.