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Author Topic: Are colored coins the real bank killer?  (Read 1220 times)
notig
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December 16, 2013, 01:05:39 AM
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For a while now I have believed that bitcoin would wildly succeed... but even in that success the banks would still have their place because loans are popular and nobody would want loans in bitcoin. But doesn't colored coins change that? Lending industries could spring up on top of bitcoin and how they would work is exactly like how people predict colored coins would replace the stock market..... people would essentially lend colored coins to someone and in this way the problem of deflation is avoided. 
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empoweoqwj
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December 16, 2013, 02:18:33 AM
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Don't colored coins destroy the fungibility of bitcoins? If so, I'm totally against them.
tskweres
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December 16, 2013, 08:19:40 AM
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I don't think anything - colored coins included - will destroy banks or bitcoin anytime soon

Travis Skweres
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https://www.coinmkt.com/
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December 16, 2013, 08:26:45 AM
Last edit: December 16, 2013, 09:50:03 AM by amincd
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Don't colored coins destroy the fungibility of bitcoins? If so, I'm totally against them.

Colored coins are voluntarily opted into. Someone deliberately makes their coins traceable with colored coins, and anyone who received them can immediately make them cease being traceable. It's in no way comparable to blacklisting, which ignores the fungibility of people's coins without their cooperation.
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December 16, 2013, 10:38:40 AM
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I have my own views on banks and their practices. If bitcoin and other crypto currencies weren't a "threat" to the banks then the banks and financial sector wouldn't make a fuss over crypto currencies. But the fact that their lobby machines, PR tanks( like most financials journals and newspapers) having a bashing contest with everything to do with crypto currencies and Bitcoin in particular, is a sign that banks do feel threatened. This new form will challenge them to change "their business as usual" work ethic and actually create a new set of tools. They, the banks, do not like change because when something isn't broken and brings in heaps of money everyday why fix it? The main reason, in my humble oppinion, is that the banks are cross with the genius or geniuses that made bitcoin. If it was someone at the bank or a bank institution itself that invented Bitcoin the media would blow up with excitement. Now the bank lobby is trying to discredit everything and everybody that uses Bitcoin. Look at recent articles from the financial times, the economist and others to see the subtle and most of the time not so subtle attempts at Bitcoin Bashing.
I have a financial background, that is to say i dabbled a bit with stocks and made a pretty penny Wink. One of the first rules you learn is when someone says BUY THIS OR THAT you do not do that because you will get burned. You do the opposite people, experts say and you will come out on top... well most of the time. Your mum and dad gave you a brain so use it Smiley
So i do not think the banks will ever lose
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December 16, 2013, 12:10:55 PM
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Don't colored coins destroy the fungibility of bitcoins? If so, I'm totally against them.

Colored coins are voluntarily opted into. Someone deliberately makes their coins traceable with colored coins, and anyone who received them can immediately make them cease being traceable. It's in no way comparable to blacklisting, which ignores the fungibility of people's coins without their cooperation.

You lost me there. Still sounds like colored coins destroy the concept of fungibility amongst all 21M bitcoins. We can't have coins having "individual records". Each one would end up with a credit rating, where would it all end .......
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December 16, 2013, 12:20:11 PM
 #7

How do colored coins in any way solve the problem (if you consider it one) of the deflationary nature of bitcoin? How is it different to lend me a colored coin vs a non colored coin?
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