200 lines = You're a bank now.

[Meuh6879]

Source : http://www.zerohedge.com/news/2017-04-10/200-lines-code-will-disrupt-multi-trillion-dollar-industry

...consider Blockchain, the financial technology that virtually eliminates the need for consumers to hold their savings in the banking system.

The simplest Blockchain is a mere 200 lines of code. That’s it.

So in other words, the centuries-old, multi-trillion dollar banking industry is at risk of being disrupted by just 200 lines of code.

It’s extraordinary.

You can't fight the future ... so, the revolution is here, now.
Like the Matrix.

[Andre_Goldman]

plus the 'crypto-js' library. (https://code.google.com/archive/p/crypto-js/)

kinda hard is to generate an one-time pad and persuade your peers that you have a proper clock.

ed reason;morphology

 

[Yakamoto]

Yeah, it's not something that banks would have expected even just 10 years ago, but now it is definitely becoming a reality and there is going to be a serious change in thinking from banks if Bitcoin becomes a large competitor to the traditional system. I wouldn't be surprised if banks decide to start becoming a bit more specialized or desperate for investors in the event of a scenario like this.

As for just needing 200 lines of code, I'm actually pretty impressed. I thought it was a bit more than that, but the efficiency surprises me.

[mrcash02]

Yeah, it's not something that banks would have expected even just 10 years ago, but now it is definitely becoming a reality and there is going to be a serious change in thinking from banks if Bitcoin becomes a large competitor to the traditional system. I wouldn't be surprised if banks decide to start becoming a bit more specialized or desperate for investors in the event of a scenario like this.

As for just needing 200 lines of code, I'm actually pretty impressed. I thought it was a bit more than that, but the efficiency surprises me.

Yes, but it's not sufficient yet to handle all transactions and customers that banks deal everyday. A mass adoption is far to happen, and for now it's good for us as Bitcoin doesn't get inconvenient attention from sectors which belong the banks.

To achieve the goal, Bitcoin must improve its technology and features a bit yet, to let us continue having fast-average speed transaction + low fees. That is the most important for me. Surely, most important after the hegemony Bitcoin built as main currency, without splits.

[Yakamoto]

Yeah, it's not something that banks would have expected even just 10 years ago, but now it is definitely becoming a reality and there is going to be a serious change in thinking from banks if Bitcoin becomes a large competitor to the traditional system. I wouldn't be surprised if banks decide to start becoming a bit more specialized or desperate for investors in the event of a scenario like this.

As for just needing 200 lines of code, I'm actually pretty impressed. I thought it was a bit more than that, but the efficiency surprises me.

Yes, but it's not sufficient yet to handle all transactions and customers that banks deal everyday. A mass adoption is far to happen, and for now it's good for us as Bitcoin doesn't get inconvenient attention from sectors which belong the banks.

To achieve the goal, Bitcoin must improve its technology and features a bit yet, to let us continue having fast-average speed transaction + low fees. That is the most important for me. Surely, most important after the hegemony Bitcoin built as main currency, without splits.

Never said that the rest of the network is efficient, just the 200 lines of code to become a bank.

Mass adoption will likely come in the form of value preservation rather than daily spending, and the only way that you can really change that is shortening block times, and that's even less likely than just increasing the amount of transactions that can be kept within a single block.

The only way that Bitcoin can become a significant player in the daily lives of people is through requiring only one confirmation for each transaction, and even that can take between 5 and 10 minutes.

[naivecoin]

I will build it

[Qartada]

Actually, to phrase it better:  "200 lines = everyone can be their own bank now".  Important distinction since the blockchain allows everyone to have real control over their digital money.

[bartolo]

Surely banks will be worried about the possibility that users don´t need their services no more but they will find a way to keep being necessary for people. They will offer deposits with interests and with the promise of greater security and many people will keep their money in banks, for the security, for the interests or becuase they are not familiar with the new technology and prefer to stay conservatives.

[aardvark15]

Bitcoin creates some financial independence. If you know what you are doing and keep your keys safe, you can store you Bitcoins safely and for free indefinitely.

[Ayiranorea]

I will build it

If it's built by everyone it gives a security level higher than the present. Bitcoin services making everything a realistic one in terms of growth along with technology as well the forward move in the ease of access along with enriched security level.

[d5000]

What cryptocurrencies replace is mostly the mathematical and technical bases of banks - their "apps" that they sell to businesses and general public. For example, bank accounts, saving plans, payment solutions, etc.

But banks have other functions in which they most likely will prevail and lead even in a blockchain-ruled world. The most important are related to risk assessment. For example, they decide who can get a loan and who not, in which asset they invest, etc.

By running a blockchain application like Bitcoin, you won't get that "feature" of banks that easy (you must actually obtain the necessary knowledge yourself). There are concepts like Ripple (and the upcoming Wetrust) that try to do a very basic variant of this kind of risk assessment, but it's currently not known if really all functions of banks can be replaced by blockchain apps.

[Questat]

Source : http://www.zerohedge.com/news/2017-04-10/200-lines-code-will-disrupt-multi-trillion-dollar-industry

...consider Blockchain, the financial technology that virtually eliminates the need for consumers to hold their savings in the banking system.

The simplest Blockchain is a mere 200 lines of code. That’s it.

So in other words, the centuries-old, multi-trillion dollar banking industry is at risk of being disrupted by just 200 lines of code.

It’s extraordinary.

You can't fight the future ... so, the revolution is here, now.
Like the Matrix.

I have not doubt bitcoin can be a success in the future but I doubt if it will beat the banking system. The government would simply
not allow that, they can make their own blockchain to satisfy the needs of the people.

[digaran]

Fun fact about those 200 lines, most of them are to stop thieves, scammers, hackers, spammers, double spenders, all you need is  just the protocol and command codes to execute those protocols. blockchain is more about the safety, keeping everything secure, keep it a fair system equally for everyone, so if you wanted to have a blockchain for yourself without the fear of theft and hack or any third party involvement all you'd need are less than 100 lines.

[Sadlife]

That's why the evil corporate overlords are trembling that bitcoin is gaining more value and more countries is starting to support it.
The future of money is Digital currency!

The only obstacle bitcoin is facing right is the chinese miner mafia and the scaling problem will solved.

[OROBTC]

...

Meuh6879

Why it was at Zero Hedge where I first saw the expression "Be your own Central Bank.  Buy gold!"

OK, now we certainly now extend that to:

"Be your own Central Bank.  Buy gold and Bitcoin!"

Gold and BTC are a  powerful and complementary combination of HODLing wealth.  Throw some FIAT$ in as well, and you really are a bank.

[pooya87]

haha, as an end user i don't even need the code. all i need is a freaking physical dice to roll and generate "my 100% secure bank account" and put 1 cent to 1000 million dollar in it without anyone even knowing i have that much held on a random number.

you save
115792089237316195423570985008687907852837564279074904382605163141518161494337
for example and have all your money in it

[Zadicar]

That's why the evil corporate overlords are trembling that bitcoin is gaining more value and more countries is starting to support it.
The future of money is Digital currency!

The only obstacle bitcoin is facing right is the chinese miner mafia and the scaling problem will solved.

You have a point but thats not only the problem of bitcoin that it facing right now since not all government do really support bitcoin but there are some who does it but comparing to the number who supports it i dont think it would be enough to be considered.Theres no need to tremble for those corporate overlords infact they would make use of it when adoption would still continue.

[gredisgold88]

Is that true ? , Some news portal also reported that in December 2017 the Russian banks will be hacked by some famous hacker, this threat has been well publicized. the possibility of what would happen if this were true?. Just 200 bytes banking system of the world was destroyed? , Like a domino effect falling. now, I fear war. whether these threats have political elements?

[TKeenan]

Source : http://www.zerohedge.com/news/2017-04-10/200-lines-code-will-disrupt-multi-trillion-dollar-industry

Sorry my friend, you are not only late, but these guys did it in 5 lines of code:
https://www.railsbank.com/

[mackenzied]

We can not fight the future, we can only contribute to its development. People are always looking for ways to develop and innovate things in a better direction, bitcoin technology is a good example. We can not fight it; on the contrary, we support it and use it more commonly.