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idoadler
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July 19, 2018, 09:28:45 AM
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In order to retire credit cards and cash, remove banks from the equation and  move completely to cryptocurrency we need to address several key topics.

1. Centralized cryptocoin management, not this >50% crap
2. Allow blockchain to not only be secured and provide disaster recovery and high availability but also be scalable, fast and allow for selected load balancing
3. to stop volatility to attached the currency at least until common and distribution to billion users to common "rea and stablel" currency value
4. remove the concept of exchanges from crypto currency completely and maintain transaction cost to 0 or very close to it (fixed 1 cent for any transaction size sounds good)
5. Issue annual fixed number of currencies per period, depending on macro economics analysis and expected market share
6. retire switt, ACH and any other legacy system rather than find ways to connect to them
7. abolish bank fees and banks overall, we can use central banks to reduce interest rate and change the risk evaluation process, allow integration to accelerate loan decisions to seconds rather than weeks, including home loans,
8. go after insurance next, machine learning and AI will make more informed decisions, based on AI and Machine Learning, centralized management will provide KYC and other critical data to the appropriate governing or compliance bodies

who is with me?

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SwayStar123
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July 19, 2018, 11:08:49 AM
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this sounds like a horrible idea, whats the point of cryptocurrency if you are gonna make it centralized

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July 19, 2018, 11:31:27 AM
 #3

In order to retire credit cards and cash, remove banks from the equation and  move completely to cryptocurrency we need to address several key topics.

1. Centralized cryptocoin management, not this >50% crap
2. Allow blockchain to not only be secured and provide disaster recovery and high availability but also be scalable, fast and allow for selected load balancing
3. to stop volatility to attached the currency at least until common and distribution to billion users to common "rea and stablel" currency value
4. remove the concept of exchanges from crypto currency completely and maintain transaction cost to 0 or very close to it (fixed 1 cent for any transaction size sounds good)
5. Issue annual fixed number of currencies per period, depending on macro economics analysis and expected market share
6. retire switt, ACH and any other legacy system rather than find ways to connect to them
7. abolish bank fees and banks overall, we can use central banks to reduce interest rate and change the risk evaluation process, allow integration to accelerate loan decisions to seconds rather than weeks, including home loans,
8. go after insurance next, machine learning and AI will make more informed decisions, based on AI and Machine Learning, centralized management will provide KYC and other critical data to the appropriate governing or compliance bodies

who is with me?


Fuck yourself with your centralized shit
get educated first

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andyosh
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July 19, 2018, 01:42:56 PM
 #4

In order to retire credit cards and cash, remove banks from the equation and  move completely to cryptocurrency we need to address several key topics.

1. Centralized cryptocoin management, not this >50% crap
2. Allow blockchain to not only be secured and provide disaster recovery and high availability but also be scalable, fast and allow for selected load balancing
3. to stop volatility to attached the currency at least until common and distribution to billion users to common "rea and stablel" currency value
4. remove the concept of exchanges from crypto currency completely and maintain transaction cost to 0 or very close to it (fixed 1 cent for any transaction size sounds good)
5. Issue annual fixed number of currencies per period, depending on macro economics analysis and expected market share
6. retire switt, ACH and any other legacy system rather than find ways to connect to them
7. abolish bank fees and banks overall, we can use central banks to reduce interest rate and change the risk evaluation process, allow integration to accelerate loan decisions to seconds rather than weeks, including home loans,
8. go after insurance next, machine learning and AI will make more informed decisions, based on AI and Machine Learning, centralized management will provide KYC and other critical data to the appropriate governing or compliance bodies

who is with me?




1. The whole point of decentralisation is that it's decentralised
2. With a decentralised system you have to be very careful with your private keys. I'm assuming this is what you mean by disaster recovery and losing access to your funds. Also, scalability is being working on by most projects, speed too.
3. Any new currency will be unstable and the volatility is a product of market forces you have no control of
4. I see a few issues here. Exchanges facilitate entry for newbies (myself included). The emission curves of certain currencies means that the more BTC there is for example, the fewer miner rewards that are received. If you were to lower fees you would lessen the incentive for miners. Also - kinda related,  an NFT collectible site called opensea has just introduced feeless transaction for sellers when they add things to auction. Essentially, they pay no gas via smart contract interaction for adding an item onto an auction website. I think we're getting somewhere here..
5. Not sure i understand this - could you clarify. A fixed number of BTC for example is issued each year every time a block is found
6. Don't know what they are Smiley
7. You can't get rid of fees sorry. BTC transactions go through miners who take a cut. These are fees.
8. I think there are some projects like this but i'm unsure.
idoadler
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July 19, 2018, 02:11:53 PM
 #5

I see a lot of response here, couple of clarifications are mandatory.

when I say centralized, I do not mean a single node, I mean the management is centralized, similar to private chain, I do not mean we have a single node.
in regards to the point of block chain, we will continue having people who mine or we will have multiple private chain owned by different companies, the point here that the management of the cryptocoin is centralized and managed by a single person or a small group who issued it.

you can attached a coin value to existing currency or commodity, there are countries who did that for many years, and some of these countries are doing very well now, one I believe is the world largest economy

I do not require any mining to discover currencies, the purpose of the miners is to loan computing power to the processing of transactions, they will be paid for their processing, however, the miners work distribution will be controlled and optimized by the centralized management, it will decide how many nodes will handle how many transactions to ensure fault tolerance, and also include high availability, to illustrate,  with a scenario which has 1000 nodes and 1000000 transactions a day, I will find  way to distribute the load to that subset of transactions which is based on some load balancing logic will be handled by each of the nodes, this will optimize resources and still maintain the benefits of blockchain

What I mean about fixed number of block, is that since it is distributed private chain, there is no mining, its like all the coins are premined and distributed based on real work, the total number of coins is determined at the beginning of each period and issued in advance, as I said, miners are paid for their work, not to discover coins but rather to process transactions based on the rules above

Swift and ACH are some of the technologies currently used by banks to send and receive electronic payments between themselves

I can and will get rid of fees, this is because if the coin is attached to a real currency or commodity, I do not require exchange to determine the price, since I am paying the "miners" I do not need to have additional fees built into the currency
andyosh
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July 19, 2018, 02:32:15 PM
 #6

I see a lot of response here, couple of clarifications are mandatory.

when I say centralized, I do not mean a single node, I mean the management is centralized, similar to private chain, I do not mean we have a single node.
in regards to the point of block chain, we will continue having people who mine or we will have multiple private chain owned by different companies, the point here that the management of the cryptocoin is centralized and managed by a single person or a small group who issued it.

you can attached a coin value to existing currency or commodity, there are countries who did that for many years, and some of these countries are doing very well now, one I believe is the world largest economy

I do not require any mining to discover currencies, the purpose of the miners is to loan computing power to the processing of transactions, they will be paid for their processing, however, the miners work distribution will be controlled and optimized by the centralized management, it will decide how many nodes will handle how many transactions to ensure fault tolerance, and also include high availability, to illustrate,  with a scenario which has 1000 nodes and 1000000 transactions a day, I will find  way to distribute the load to that subset of transactions which is based on some load balancing logic will be handled by each of the nodes, this will optimize resources and still maintain the benefits of blockchain

What I mean about fixed number of block, is that since it is distributed private chain, there is no mining, its like all the coins are premined and distributed based on real work, the total number of coins is determined at the beginning of each period and issued in advance, as I said, miners are paid for their work, not to discover coins but rather to process transactions based on the rules above

Swift and ACH are some of the technologies currently used by banks to send and receive electronic payments between themselves

I can and will get rid of fees, this is because if the coin is attached to a real currency or commodity, I do not require exchange to determine the price, since I am paying the "miners" I do not need to have additional fees built into the currency

I think the main issue here is the centralization that people don't like.
idoadler
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July 19, 2018, 03:21:06 PM
 #7

yes, I think democracy is the least horrible form of government, but it is not optimized for everything
andyosh
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August 01, 2018, 03:22:16 PM
 #8

I would agree with that sentiment. I know that many people don't like the word centralization and some projects are centralized like Ripple, some other coins too. It is a mistake to judge a project as bad as soon as you say that it's centralized though I agree...
reachtrp
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August 01, 2018, 04:54:28 PM
 #9

Remove banks from the equation to centralize it again? With a new establishment that may not be called banks but sure has the same tasks? Lol. Trash
hdheiiwo123
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August 02, 2018, 08:24:33 AM
 #10

In order to retire credit cards and cash, remove banks from the equation and  move completely to cryptocurrency we need to address several key topics.

1. Centralized cryptocoin management, not this >50% crap
2. Allow blockchain to not only be secured and provide disaster recovery and high availability but also be scalable, fast and allow for selected load balancing
3. to stop volatility to attached the currency at least until common and distribution to billion users to common "rea and stablel" currency value
4. remove the concept of exchanges from crypto currency completely and maintain transaction cost to 0 or very close to it (fixed 1 cent for any transaction size sounds good)
5. Issue annual fixed number of currencies per period, depending on macro economics analysis and expected market share
6. retire switt, ACH and any other legacy system rather than find ways to connect to them
7. abolish bank fees and banks overall, we can use central banks to reduce interest rate and change the risk evaluation process, allow integration to accelerate loan decisions to seconds rather than weeks, including home loans,
8. go after insurance next, machine learning and AI will make more informed decisions, based on AI and Machine Learning, centralized management will provide KYC and other critical data to the appropriate governing or compliance bodies

who is with me?



Give me some reliable citations or where do you get this information???
Sethrey
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August 02, 2018, 11:47:23 AM
 #11

So how do you plan to achieve all these points from your list?

I mean some programs that provide free and well encrypted space for crypto owners already exist.
They provide private messengers, mining and shopping abilities there. And as they say they work a lot on it.

Do you want to produce something similar? Then it should be decentralized network and you have to invent some new interesting features to become the best one.
cokroalif
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August 02, 2018, 12:39:54 PM
 #12

Basically blockchain is a data structure that cannot be changed only can be added. Each data from this blockchain is connected where if there is a change in one of the data block it will affect the next data.

Dean Collins
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August 06, 2018, 03:50:53 PM
 #13

what led you to write all these points? I see that you are trying to penetrate the entire system, but it's bad for you. Most of all I am amazed with the first point about centralization. in my opinion, one of the most important advantages of the crypto currency is its decentralization, and you want to get rid of it. awful.
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