[2017-10-26] ‘Bubblish’ Bitcoin ‘Just an Application’ of Blockchain

[aysha9872]

‘Bubblish’ Bitcoin ‘Just an Application’ of Blockchain, Says China Renaissance CEO

The head of a major Chinese investment bank has claimed bitcoin isn’t as significant as its underlying blockchain technology.

Fan Bao, chief executive of investment bank China Renaissance, believes bitcoin is “getting a little bit bubblish” following its recent all-time highs above $6,200, up from $1,000 at the turn of the year.

“Obviously, right now it’s [bitcoin price] getting a little bit hot, like the weather outside,” Bao said an interview with CNBC recorded in Saudi Arabia. “[It’s] getting a little bit bubblish.”

Instead, the investment banker is more bullish about blockchain, the underlying technology powering cryptocurrencides like bitcoin.

Referencing blockchain technology separately from bitcoin, Bao went on to state:

I think blockchain is a very exciting technology, probably the most disruptive technology in our industry, the financial services industry. Bitcoin is just one application of [blockchain technology].

Bao’s comments come at a time when bitcoin is firmly in the mainstream with everyone from heads of states like Putin to Wall Street banks’ chiefs offering an opinion on decentralized cryptocurrencies that function independently from state controls. Bitcoin hit an all-time high of $6,200 a week ago.

Meanwhile, multiple governments around the world are either researching or already developing blockchain-based applications for multiple industries including trade finance, logistics,  land registry, pensions and more.

Source: https://www.cryptocoinsnews.com/bubblish-bitcoin-just-an-application-of-blockchain-says-china-renaissance-ceo/

[1713496114]

1713496114

[1713496114]

1713496114

[1713496114]

1713496114

[hatshepsut93]

Governments and banksters can no longer deny that Bitcoin works, so they picked up a new tactic - praising blockchain. But from technical point of view, blockchain was created to solve the problem of double spending in decentralized environment, so when someone tries to use it in their centralized, permissioned environments, blockchain loses a lot of its core features that make it valuable. Essentially, centralized blockchains are just applications of the same cryptography that has been around for years, and they don't fully solve problems of trust. Decentralized blockchain-based services are what's actually going to disrupt the entire economy, but they might still be far away from us.

[iamTom123]

Bitcoin together with its underlying technology (the blockchain as we know it) is designed to be a great disruption of the way we do things and there would be many industries that can be partly or fully disrupted once there can be mainstream adoption. Right now, it can never be denied that Bitcoin is now on the radar of the leaders of the finance sector that is why they are now coming up with their own analysis, opinions and ideas about it.  In other words, Bitcoin is really getting hot and could not anymore be buried and ignored.

Right now, we can see that there are those who are just criticizing Bitcoin even calling it as 'fraud' or as just a big 'ponzi' and yes also 'bubble' that can soon be going out of flavor and can gone like a vapor leaving many investors holding nothing but empty bags, empty promises of riches and discouraged faces. On the other side of the fence, there are also finance leaders and even CEOs who are convinced that Bitcoin is really representing something and can be the way to the future.

Now, which projection would really come true can be find out by just waiting for tomorrow as we don't have a crystal ball to have peek of what can be.