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Author Topic: Wow! This is kind-of an exciting way to look at bitcoin  (Read 1969 times)
RawDog
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March 29, 2014, 04:47:52 PM
 #1

Bloomberg is talking about bitcoin being more than just a currency.  That bitcoin is rather more like 'The Internet of Money'.  

I think this quote is attributed to Bitcoin business angels group BitAngels - David Johnston.  

It is actually a very interesting notion.  While the conventional Internet is a mechanism for doing many cool things with information (content), i.e. facebook, videos, email, Skype, MMOG, et cetera, bitcoin actually supports an infrastructure which will permit one to do so many cool things with value (money).  The "Internet of Money".  I like that.  

Obviously bitcoin is going to be insanely powerful in this regard.  I just hope it doesn't take 20 years the way it took the internet that long to get to where it is now.  (i.e. from 1994 / Netscape - Thanks Marc)
http://www.bloomberg.com/news/2014-03-28/bitcoin-2-0-shows-technology-evolving-beyond-use-as-money.html


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March 29, 2014, 05:36:38 PM
 #2

I just hope it doesn't take 20 years the way it took the internet that long to get to where it is now.  (i.e. from 1994 / Netscape - Thanks Mark)
Expect widespread global mainstream adoption within 2-5 years. The Bitcoin protocol will continue evolving forever, just as the internet and its related technologies are still evolving today.

Think of the blockchain like the foundation, just like HTML is the foundation for all the internet that was built on top of it. Any software engineer will tell you, no software is ever "complete".

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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March 29, 2014, 05:39:03 PM
 #3

Bloomberg is talking about bitcoin being more than just a currency.  That bitcoin is rather more like 'The Internet of Money'. 

I think this quote is attributed to Bitcoin business angels group BitAngels - David Johnston. 

It is actually a very interesting notion.  While the conventional Internet is a mechanism for doing many cool things with information (content), i.e. facebook, videos, email, Skype, MMOG, et cetera, bitcoin actually supports an infrastructure which will permit one to do so many cool things with value (money).  The "Internet of Money".  I like that. 

Obviously bitcoin is going to be insanely powerful in this regard.  I just hope it doesn't take 20 years the way it took the internet that long to get to where it is now.  (i.e. from 1994 / Netscape - Thanks Marc)
http://www.bloomberg.com/news/2014-03-28/bitcoin-2-0-shows-technology-evolving-beyond-use-as-money.html


Any development of things have a process,
this may take a long time can be very short,
can only say that we hope BTC can rapid growth.

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March 29, 2014, 06:11:34 PM
 #4

Bloomberg is talking about bitcoin being more than just a currency.  That bitcoin is rather more like 'The Internet of Money'.  

I think this quote is attributed to Bitcoin business angels group BitAngels - David Johnston.  

It is actually a very interesting notion.  While the conventional Internet is a mechanism for doing many cool things with information (content), i.e. facebook, videos, email, Skype, MMOG, et cetera, bitcoin actually supports an infrastructure which will permit one to do so many cool things with value (money).  The "Internet of Money".  I like that.  

Obviously bitcoin is going to be insanely powerful in this regard.  I just hope it doesn't take 20 years the way it took the internet that long to get to where it is now.  (i.e. from 1994 / Netscape - Thanks Mark)
http://www.bloomberg.com/news/2014-03-28/bitcoin-2-0-shows-technology-evolving-beyond-use-as-money.html



You need to read a little between the lines with this article:

Quote
Invictus Innovations Inc., Ripple Labs Inc. and other startups are harnessing Bitcoin’s underlying code for such tasks as authentication, which means making sure that a buyer isn’t posing as someone else, and verification of payments to ensure that a transaction is valid. If successful, the new tools could reduce the fees shouldered by buyers and sellers in the $1.22 trillion global electronic-commerce market, as well in financial services, cloud computing and other areas.

They use the word underlying several times in the article for a reason, some of these companies are taking Bitcoin's open source code and essentially replicating it for their own use.  Nothing wrong with that, but they're not all using Bitcoin itself, they're using the fundamental code and adapting it to their business model (i.e. Ripple). 

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March 30, 2014, 04:10:59 AM
 #5

TCP-IP for financial transactions - I love it.  But the protocol is presently very weak and disorganized with a bunch of loonies running the foundation.  I don't think the foundation in the present state is strong enough to protect and advance a protocol for something so important as money.  I think the foundation - rather than a technical defect will be the ultimate demise of bitcoin.  Now let's try to imagine what the second embodiment of 'the foundation' could be?  UN, US government?, Private company?, a new replacement foundation of better quality? Whatever it is, it will be forming itself pretty soon.  

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March 30, 2014, 04:12:08 AM
 #6

The internet of money has a ring to it.

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March 30, 2014, 04:12:39 AM
 #7

TCP-IP for financial transactions - I love it.  But the protocol is presently very weak and disorganized with a bunch of loonies running the foundation.  I don't think the foundation in the present state is strong enough to protect and advance a protocol for something so important as money.  I think the foundation - rather than a technical defect will be the ultimate demise of bitcoin.  Now let's try to imagine what the second embodiment of 'the foundation' could be?  UN, US government?, Private company?, a new replacement foundation of better quality? Whatever it is, it will be forming itself pretty soon.  

I agree with the article and the points above Bitcoin is definitely like the internet in many regards and the same with money
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March 30, 2014, 10:12:39 AM
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Quote
Think of the blockchain like the foundation, just like HTML is the foundation for all the internet that was built on top of it. Any software engineer will tell you, no software is ever "complete".

Thats a very good point. I believe we are at the very tip of what will become a huge ice berg. There are so many underlying aspects that bitcoin can carry and evolve too. Whether they like it or not it is already out of their control, unless this was all part of their plan  Wink

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March 30, 2014, 10:13:18 AM
 #9

Interesting article, thanks for the Share Cheesy
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March 30, 2014, 03:04:32 PM
 #10

'The Internet of Money'.  I really like this description

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March 30, 2014, 04:25:39 PM
 #11

'The Internet of Money'.  I really like this description
Wink  me too

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March 30, 2014, 06:35:43 PM
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Is this the first time everyone's heard that phrase? Don't mean to stifle the love for it, but its been around since I joined the community (>5$ a coin)
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March 30, 2014, 06:41:22 PM
 #13

No doubt that companies, especially banks will look at the technology behind Bitcoin and try to replicate it into something governments can regulate easier.

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March 30, 2014, 06:42:04 PM
 #14

TCP-IP for financial transactions - I love it.  But the protocol is presently very weak and disorganized with a bunch of loonies running the foundation.  I don't think the foundation in the present state is strong enough to protect and advance a protocol for something so important as money.  I think the foundation - rather than a technical defect will be the ultimate demise of bitcoin.  Now let's try to imagine what the second embodiment of 'the foundation' could be?  UN, US government?, Private company?, a new replacement foundation of better quality? Whatever it is, it will be forming itself pretty soon.  

I agree with the article and the points above Bitcoin is definitely like the internet in many regards and the same with money
I agree with you

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March 31, 2014, 05:34:50 AM
 #15

'The Internet of Money'.  I really like this description
Wink  me too
me 3

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March 31, 2014, 11:09:22 AM
 #16

Internet money, = New Money  Great way to express it, forget the old and join the new.

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March 31, 2014, 12:00:57 PM
 #17

iMoney
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March 31, 2014, 12:57:13 PM
 #18

Bump for the future of money.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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March 31, 2014, 01:13:37 PM
 #19

Obviously bitcoin is going to be insanely powerful in this regard.  I just hope it doesn't take 20 years the way it took the internet that long to get to where it is now.  (i.e. from 1994 / Netscape - Thanks Marc)
http://www.bloomberg.com/news/2014-03-28/bitcoin-2-0-shows-technology-evolving-beyond-use-as-money.html



Technology moves faster today than it did 20 years ago and it gets faster all the time. I do think Bitcoin has the potential to be 'The Internet of Money' though.

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March 31, 2014, 01:16:00 PM
 #20

Please don't let Ripple gain traction.

They will advertise Bitcoin being really important, and a great foundation for our superior system that is designed to replace it.

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