mymenace
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October 24, 2016, 10:56:04 AM |
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with competition building its gonna make it tough
big banks make their first trade on their new blockchain That isn't "competition". All they've done is build a conveyor belt for fiat. "Blockchain tech" isn't worth nothin - any man and his dog can build a network using "blockchain tech" to carry stuff around the place. What they can't do is attract 2 Million Terrahashes of decentralised computing power to the point that that blockchain's tokens become a monetary unit in their own right, independent of any trusted third party backer or sovereign currency denomination. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FDtjPxtx.png&t=665&c=Gws0go095vF10A) you are exactly right, but everyone will be using it, as all fiat will go across this blockchain making it probably the biggest blockchain on the planet by the time it is operational does not compete with bitcoin I know for trust, but mum and dad may not..
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toknormal
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October 24, 2016, 11:05:28 AM |
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you are exactly right, but everyone will be using it, as all fiat will go across this blockchain I doubt it. If you operate a backed currency you're far more efficient using a secure SQL server as the banks will soon find out to their cost once the "we're blockchain friendly" bandwagon gimmickery has worn off. The whole point of a blockchain is that it's designed to support peer-to-peer, unbacked tokens. Ergo, it's not much use for transporting non peer-to-peer, backed ones. Even if it does shave something off their clearing expenses it isn't going to change the nature of their money which will still require willing debtors to queue up and underwrite it with their future labour. (And those are in increasingly short supply).
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Karartma1
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October 24, 2016, 12:00:25 PM |
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you are exactly right, but everyone will be using it, as all fiat will go across this blockchain I doubt it. If you operate a backed currency you're far more efficient using a secure SQL server as the banks will soon find out to their cost once the "we're blockchain friendly" bandwagon gimmickery has worn off. The whole point of a blockchain is that it's designed to support peer-to-peer, unbacked tokens. Ergo, it's not much use for transporting non peer-to-peer, backed ones. Even if it does shave something off their clearing expenses it isn't going to change the nature of their money which will still require willing debtors to queue up and underwrite it with their future labour. (And those are in increasingly short supply). You would be surprised by how many different attempts are in the making in "the blockchain world". These people are trying to use a blockchain nearly everywhere and for anything. I mean I agree with you when you say that the whole point of a blockchain is that it's designed to support peer-to-peer, unbacked tokens but this does not prevent them to find other possible use cases.
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Elwar
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October 24, 2016, 12:13:44 PM |
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you are exactly right, but everyone will be using it, as all fiat will go across this blockchain I doubt it. If you operate a backed currency you're far more efficient using a secure SQL server as the banks will soon find out to their cost once the "we're blockchain friendly" bandwagon gimmickery has worn off. The whole point of a blockchain is that it's designed to support peer-to-peer, unbacked tokens. Ergo, it's not much use for transporting non peer-to-peer, backed ones. Even if it does shave something off their clearing expenses it isn't going to change the nature of their money which will still require willing debtors to queue up and underwrite it with their future labour. (And those are in increasingly short supply). If they have only a few private bankchain "nodes" doing the "mining" then you only need to hack one and use an ASIC miner to 51% attack the network and increase the difficulty to the point that when you pull your ASIC off of the network they either have to upgrade to ASICs to keep going or the difficulty will not allow any further blocks. Or use your 51% to doublespend.
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Paashaas
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October 24, 2016, 12:20:11 PM |
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with competition building its gonna make it tough
big banks make their first trade on their new blockchain That isn't "competition". All they've done is build a conveyor belt for fiat. "Blockchain tech" isn't worth nothin - any man and his dog can build a network using "blockchain tech" to carry stuff around the place. What they can't do is attract 2 Million Terrahashes of decentralised computing power to the point that that blockchain's tokens become a monetary unit in their own right, independent of any trusted third party backer or sovereign currency denomination. It's not only them but the ''R3'' project from all those bankers starting to crumble atm. http://www.bankingtech.com/612342/trouble-in-the-r3-paradise/#.WA3iKO5JGgI.twitterOre what happend with Goldman Sachs coin? It flopped... ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Now they admit that Bitcoins Blockchain is ideal. https://news.bitcoin.com/goldman-sachs-bitcoin-ideal-public/
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vlight
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October 24, 2016, 12:24:05 PM |
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Or this is just an excuse to buy more Bitcoins while price is still low. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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kurious
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October 24, 2016, 12:40:13 PM |
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Page 16000...? I guess congrats are in order - if this post manages to stay here ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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Dafar
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dafar consulting
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October 24, 2016, 04:02:18 PM |
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Where is Adam??
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JimboToronto
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You're never too old to think young.
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October 24, 2016, 04:11:30 PM |
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Good morning Bitcoinland. Still holding in the $650s... $655 to be exact (Bitcoinaverage). Page 16000...? I guess congrats are in order - if this post manages to stay here ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) I don't think it's a big thing any more. Remember page 10000? People were jockeying for days, posting and deleting to try to get on the landmark page. How long has page 16000 been up? Over 16 hours and still going? Ho hum.
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JimboToronto
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You're never too old to think young.
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October 24, 2016, 04:20:25 PM |
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Where is Adam??
JJG says he talked to him a while back and Adam said he was hacked and locked out. Hasn't bothered to reclaim his account. I wish he'd do something about it. I miss his absurd humor and drunken shenanigans. Also, the poll desperately needs changing.
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bitebits
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Flippin' burgers since 1163.
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October 24, 2016, 04:48:53 PM |
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[...] If you operate a backed currency you're far more efficient using a secure SQL server as the banks will soon find out to their cost once the "we're blockchain friendly" bandwagon gimmickery has worn off.
The whole point of a blockchain is that it's designed to support peer-to-peer, unbacked tokens. [...]
Andreas summarizes it quite well in his recent talk in San Francisco: " The first instinct is to fix them".
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toknormal
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October 24, 2016, 05:02:27 PM Last edit: October 24, 2016, 07:00:36 PM by toknormal |
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I see a possibility but I'm afraid I can't guarantee anything Wink
Factors that would make the outcome more favourable include:
• Major Segwit/Lightning news followed by some big mainstream monetary adopter • Wintlygross ETF lift-off • Worldwide economic collapse and implosion of the debt bubble • Further massive Chinese devaluation of offshore Yuan followed by a FED response of renewed QE to offset a stock-market slump on growth fears • The penny finally dropping with major gold bugs like SD Metals and Mike Baloney that Gold has a problem with travelling through wires and has therefore lost its tenet monetary property
Take your pick !
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Karartma1
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October 24, 2016, 05:37:24 PM |
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[...] If you operate a backed currency you're far more efficient using a secure SQL server as the banks will soon find out to their cost once the "we're blockchain friendly" bandwagon gimmickery has worn off.
The whole point of a blockchain is that it's designed to support peer-to-peer, unbacked tokens. [...]
Andreas summarizes it quite well in his recent talk in San Francisco: " The first instinct is to fix them". Excellent! I was looking for it but I was always forgetting about it. Yes, that's our Andreas. About R3CEV... It seems that after a lot of efforts they are going "open-source" R3CEV=Supernova https://r3cev.com/press/2016/10/20/exclusive-blockchain-platform-developed-by-banks-to-be-open-sourceIs someone able to decrypt it?
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hv_
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Clean Code and Scale
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October 24, 2016, 05:37:56 PM |
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+1. hahahaha. Thats a good one!
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marcus1986
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October 24, 2016, 06:15:32 PM |
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Toknormal, do you see a possibility in passing the ATH or even $1K mark before the new year's eve ? I see a possibility but I'm afraid I can't guarantee anything ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Factors that would make the outcome more favourable include: • Major Segwit/Lightning news followed by some big mainstream monetary adopter • Wintlygross ETF lift-off • Worldwide economic collapse and implosion of the debt bubble • Further massive Chinese devaluation of offshore Yuan followed by a FED response of renewed QE to offset a stock-market slump on growth fears • The penny finally dropping with major gold bugs like SD Metals and Mike Baloney that Gold has a problem with travelling through wires and has therefore lost its tenet monetary property Take your pick ! An amazing future expecting us! Hold your BTC and buying more! ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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toknormal
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October 24, 2016, 07:00:56 PM Last edit: October 24, 2016, 07:16:26 PM by toknormal |
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The penny finally dropping with major gold bugs like SD Metals and Mike Baloney that Gold has a problem with travelling through wires and has therefore lost its tenet monetary property Just to clarify what "tenet" of Gold's properties I was referring to there... ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FM13sytU.png&t=665&c=Znu9oAJdGGyUbg) (Sorry Mike. Loved your videos. The theory's perfect, you just identified the wrong asset. EVIDENCE: Physical Gold is over-levered >300:1 by its electronic counterpart and will remain so due to problems with "portability". Imagine if it was still a bearer instrument like Bitcoin. You'd be looking at > $quarter of a million per ounce by now).
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becoin
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October 24, 2016, 08:34:14 PM |
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(Sorry Mike. Loved your videos. The theory's perfect, you just identified the wrong asset.
Sorry guys but you don't get it. Bitcoin will not be used the way you imagine. Bitcoin will not be used directly as money between merchants and consumers. Different tokens based on bitcoin and backed by bitcoin will be used in competing payment systems where moving bitcoin on the blockchain will be the settlement layer. Gold will always be the ultimate money. The only but very important advantage of bitcoin compared to gold is that bitcoin is cheaper to audit and provide proof of reserves.
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toknormal
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October 24, 2016, 08:50:26 PM |
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Bitcoin will not be used directly as money between merchants and consumers. Different tokens based on bitcoin and backed by bitcoin will be used in competing payment systems where moving bitcoin on the blockchain will be the settlement layer. I actually agree with this. I see 2 types of "money". One with price stability and goods denomination as its priority which (it necessarily follows) must be inflationary. One for long term store of value which (it necessarily follows) must be deflationary. Bitcoin therefore falls in the latter category due to its limited supply and, as you say, may be used as a capital base to back other monetary exchange media. The only but very important advantage of bitcoin compared to gold is that bitcoin is cheaper to audit and provide proof of reserves. What about "bearer token" status ? Isn't that kind of the elephant in the room here ? Why do you think gold has lost the ability to anchor its value to its restricted supply ? This is something many people seem to take for granted - because they say that gold has "worked for thousands of years" so it must work now. The only problem with that is that we had physical markets for thousands of years and we don't anymore, so there's no longer the same basis for gold's monetary value - at least as far as it's derived from its monetary properties. Gold is not the ultimate money. It has failed miserably, for example, to signal the massive amounts of fiat monetary expansion that's gone on in recent years which is one of its primary roles as a monetary asset. It has also suffered massively from the decoupling of ownership transfer and possession transfer in its significant markets. I think people say that "Gold is the ultimate money" simply because thats just something that everybody says. But when you actually analyse it, it isn't. I'd say that it will still be good for sovereigns - because they do actually take possession when it matters, like China is doing. But apart from backing national currencies, its role is now limited as is it's upside compared to an asset like Bitcoin IMO.
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Dafar
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October 24, 2016, 08:54:43 PM |
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Where is Adam??
JJG says he talked to him a while back and Adam said he was hacked and locked out. Hasn't bothered to reclaim his account. I wish he'd do something about it. I miss his absurd humor and drunken shenanigans. Also, the poll desperately needs changing. He needs to fix his account and come back. Adam... if you're reading this, COME BACK
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