Qualcomm funds startup to use Bitcoin for Internet of Things

[Raystonn]

Holly $#!+ Could it be... maybe...

What if they are looking at producing chips to conduct BTC transfers that could go into ANYTHING?
<snip>

Yes, that is exactly what is meant by "internet of things".  There is a cost to running every machine in the world, and there is a cost to allocating resources.  Objects are managed by their owners.  It can take a great deal of time to allocate your resources efficiently.  With an internet of things, your objects compete to provide services within your guidelines, but without your explicit micromanagement.  This frees humanity to focus on the bigger picture: their goals in life.

This can also be extended to the relationships between managers and employees.  A decentralized corporation will be owned by shareholders.  They will provide the currency that ultimately goes to the only employees in the corporation: individual contributors.  Management is eliminated completely, and replaced by a hierarchy of management software objects that work toward the goals defined by shareholders.  Anything that cannot be done by a machine is offered to human employees by the management software objects, probably all on a contract basis.  That includes design, implementation, verification, and support of new products.  Elimination of human managers is Dilbert's dream come true.  Shareholders set out goals and provide money.  Their corporation's IoT manages those resources toward the goals.

[jimbobway]

Qualcomm makes chips for phones.  One innovation of the Bitcoin blockchain is identity via private key.  This would make SIM cards for phones obsolete.

http://cointelegraph.com/news/113181/what-if-bitcoin-could-replace-sim-cards

[billyjoeallen]

Perhaps they are going to develop a more consumer-friendly Trezor

[freedomno1]

http://blogs.wsj.com/digits/2015/03/10/secretive-bitcoin-startup-21-reveals-record-funds-hints-at-mass-consumer-play/

Qualcomm's chips represent a large portion of the cell phone market.  They intend to bring their cellular chip technology to all manner of interconnected things, and use the Bitcoin blockchain to do so.

Source is WSJ so gave it a read

21’s lead investors include U.S. venture-capital heavyweights Andreessen Horowitz and RRE Ventures, along with Chinese private-equity firm Yuan Capital, with a strategic stake going to chipmaker Qualcomm Inc.QCOM -1.13% through its venture-capital unit.

Additionally, Khosla Ventures and Data Collective have invested in 21, as well as chief executives and founders from various tech companies, including PayPal co-founders Peter Thiel and Max Levchin, eBay Inc. co-founder Jeff Skoll, Dropbox Inc. CEO Drew Houston, Expedia Inc. CEO Dara Khosrowshahi and Zynga Inc. co-founder Mark Pincus

This is an interesting set of backer companies and will be something I will keep track of as well.

[Bit_Happy]

Holly $#!+ Could it be... maybe...

What if they are looking at producing chips to conduct BTC transfers that could go into ANYTHING?
Want to rent that car? Send from your phone to start your 100 mile rental. You could meter about anything, you could put such chips in everything from soda machines to hotel room doors (these have to be replaced anyway since they are now 100% hackable).
One could envision a world of devices ready to serve you as soon as payment is received. These devices could be anywhere. You could design a new shifter knob for your car then send your file along with payment to a 3D printer. There is no end to the ideas.  

Imagination combined with new "toys"  ==  A great time to be in the right place. 

[ElectricMucus]

21’s lead investors include U.S. venture-capital heavyweights Andreessen Horowitz and RRE Ventures, along with Chinese private-equity firm Yuan Capital, with a strategic stake going to chipmaker Qualcomm Inc.QCOM -1.13% through its venture-capital unit.

https://www.cbinsights.com/investor/qualcomm-ventures

2015-03-10   21 Inc   Series A - II   $111M   Andreessen Horowitz, Dara Khosrowshahi, Data Collective, Drew Houston, Jeff Skoll, Khosla Ventures, Mark Pincus, Max Levchin, Peter Thiel, RRE Ventures, and Yuan Capital

They are funding it (21 Inc, whatever the will be doing), not taking an active part in it, so no (insert buzzword salad) inside qualcomm chips.

Also that (insert buzzword salad) 21 inc would be doing looks to be probably mining:
https://www.cbinsights.com/company/21e6

21 Inc, formerly 21e6, is a stealth company that aims to manufacture Bitcoin ASIC. Company (Alive / Active)

[tarmi]

100 mil for a new asic chip?

 

 

with that kind of money they can own 50 % of the network right now.

[ElectricMucus]

100 mil for a new asic chip?

 

 

Yeah pretty much this. Already checked it out? They're hiring.

[ElectricMucus]

with that kind of money they can own 50 % of the network right now.

They just want to sell devices probably.

[Kipsy89]

They really should embed a secret element in the phone that enables the device to store BTC safely, man. This could work without any risk of the keys/seeds being exposed, even if the phone is rooted.

[Grafzep]

Also that (insert buzzword salad) 21 inc would be doing looks to be probably mining:
https://www.cbinsights.com/company/21e6

21 Inc, formerly 21e6, is a stealth company that aims to manufacture Bitcoin ASIC. Company (Alive / Active)

A Bitcoin ASIC doesn't need to be a mining ASIC

[L0uis]

I wonder if this 116M is counted as investment in the 'Bitcoin ecosystem', like the 75M for Coinbase was. That will make 2015 going with a sick start, on paper.

[Kipsy89]

I wonder if this 116M is counted as investment in the 'Bitcoin ecosystem', like the 75M for Coinbase was. That will make 2015 going with a sick start, on paper.

Just imagine what's still to come! It's only March and we're up quite a bit. If this year goes well - also price-wise - we may be in for an even better 2016 (with reward halving, man!!!)

[HarmonLi]

They really should embed a secret element in the phone that enables the device to store BTC safely, man. This could work without any risk of the keys/seeds being exposed, even if the phone is rooted.

That's actually not a bad idea. I also believe that the key (no pun intended) to security in the Bitcoin ecosystem lies in hardware-secured wallets. Trezors are the prototype, but it would be really interesting if this secret element (right now used to store fingerprints, etc.) is integrated into a phones' SoC or something.

[Hunyadi]

with that kind of money they can own 50 % of the network right now.

They just want to sell devices probably.

I don't think this is about bitcoin miners...at least, I hope so. It would be pretty anti-climatic.

[ssmc2]

Whatever they plan on doing, the fact that this guy is near the helm is pretty damn exciting.

http://www.wired.com/2013/11/software-is-reorganizing-the-world-and-cloud-formations-could-lead-to-physical-nations

[RodeoX]

Wired and monetized everything, blockchain identity for cell phones; my mind is blown also. There are so many directions this could go that I don't know which way to look.

[ErisDiscordia]

Whatever they plan on doing, the fact that this guy is near the helm is pretty damn exciting.

http://www.wired.com/2013/11/software-is-reorganizing-the-world-and-cloud-formations-could-lead-to-physical-nations

Exciting visions of the future right there!

[Shiver]

Now some people imagine this as heaven for the rich, like if for example a rich driver could flip all the red lights green. How sucky would that be if you had to wait at extra-long reds? But no. You had already preset the amount you were willing to pay in bidding for the traffic light to change, and it was far less...but more importantly you get paid for your waiting time. If it's not worth your while to wait and get paid today, just set your asking price higher (a dial just for this purpose is on your dashboard). You only wait if the other driver is offering enough to make you interested in waiting.

...so long as the guy in front of you isn't blocking your paid for fast lane.  Maybe in a generation or so, but it's going to take a while.  Look at toll booths in London.  It will take a lot of time to implement that around the world.  Great concept though for wealth distribution (and being an intentional sunday driver).

[ElectricMucus]

Now some people imagine this as heaven for the rich, like if for example a rich driver could flip all the red lights green. How sucky would that be if you had to wait at extra-long reds? But no. You had already preset the amount you were willing to pay in bidding for the traffic light to change, and it was far less...but more importantly you get paid for your waiting time. If it's not worth your while to wait and get paid today, just set your asking price higher (a dial just for this purpose is on your dashboard). You only wait if the other driver is offering enough to make you interested in waiting.

...so long as the guy in front of you isn't blocking your paid for fast lane.  Maybe in a generation or so, but it's going to take a while.  Look at toll booths in London.  It will take a lot of time to implement that around the world.  Great concept though for wealth distribution (and being an intentional sunday driver).

Wow I almost missed that nugget.

Hard to come up with a better argument against randian fantasy babble than simply displaying it.