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Bitcoin and Ether

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  • Oct 23rd, 2017 12:44 pm
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Deal Guru
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Dec 7, 2009
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The first step for widespread cryptocurrency adoption is to use Mastercard and Visa to broker the transactions. While it does somewhat defeat the purpose to use a centralized company to broker your decentralized transaction, it's a stopgap solution until people become comfortable with electronic wallets. Companies like Monero and Tokencard are a couple of the first to forge partnerships.

Once that's accomplished, MC and Visa have essentially written their own epitaph, as there's a dozen companies developing direct p2p transaction platforms to instantly swap currency.

But the most exciting part of blockchain isn't its ability to add and subtract balances. It's in its ability to provide transparency, or 'trustless' transactions. And in case you think that these ICOs are scams milking people for money, consider the following.

Bitcoin - BIP148 UASF activated, Segwit imminent. Transaction times will be cut into a fraction. Still not fast enough perhaps, but improvements in the flagship are proof that blockchain is coming along.
Ethereum - Has successfully crowdfunded dozens of ICOs
Steem - Reddit for the blockchain. Is becoming widely used in the crypto community
Humaniq - Simple smartphones preinstalled with crypto software for countries that have no access to banking. Instant transactions anywhere in the world.
Patientory - Patient data that can be accessed by (wait for it..) the patient! No more going to 15 different places to get your list of allergies, prescription history, family history, and other records.
Firstblood - Just released a beta where you can play Dota2 betting tokens. I just finished a match (won 100).
LBRY - Just released a beta media hosting service where people can directly access or buy content directly and stream it
Bitshares - Direct p2p exchange with no fees that actually works
Tierion - blockchain auditing tool (Think Crystal Reports for the blockchain) but is still in ICO phase
Civic - Identity verification on the blockchain. Will be used like Facebook login is currently being used on different sites. Partnerships are unfolding.
OmiseGo/EOS/Status/TenX - These will be operating systems that come preinstalled with built in user login, database and permissions so every startup doesn't have to recreate the wheel. These are Windows/Mac OS for the blockchain.

Lots and lots more coming down the pipe. These are just some I'm following. Crypto has a bright future. Banks do not. Fiat does not.
In a perfect system, corporations would fear the government and the government would fear the people. - David Wong

Check out caRpetbomBer's picks in this thread.
Deal Addict
Nov 9, 2013
1852 posts
640 upvotes
Edmonton, AB
Syne wrote:
Aug 8th, 2017 3:38 am
The first step for widespread cryptocurrency adoption is to use Mastercard and Visa to broker the transactions. While it does somewhat defeat the purpose to use a centralized company to broker your decentralized transaction, it's a stopgap solution until people become comfortable with electronic wallets. Companies like Monero and Tokencard are a couple of the first to forge partnerships.

Once that's accomplished, MC and Visa have essentially written their own epitaph, as there's a dozen companies developing direct p2p transaction platforms to instantly swap currency.

But the most exciting part of blockchain isn't its ability to add and subtract balances. It's in its ability to provide transparency, or 'trustless' transactions. And in case you think that these ICOs are scams milking people for money, consider the following.

Bitcoin - BIP148 UASF activated, Segwit imminent. Transaction times will be cut into a fraction. Still not fast enough perhaps, but improvements in the flagship are proof that blockchain is coming along.
Ethereum - Has successfully crowdfunded dozens of ICOs
Steem - Reddit for the blockchain. Is becoming widely used in the crypto community
Humaniq - Simple smartphones preinstalled with crypto software for countries that have no access to banking. Instant transactions anywhere in the world.
Patientory - Patient data that can be accessed by (wait for it..) the patient! No more going to 15 different places to get your list of allergies, prescription history, family history, and other records.
Firstblood - Just released a beta where you can play Dota2 betting tokens. I just finished a match (won 100).
LBRY - Just released a beta media hosting service where people can directly access or buy content directly and stream it
Bitshares - Direct p2p exchange with no fees that actually works
Tierion - blockchain auditing tool (Think Crystal Reports for the blockchain) but is still in ICO phase
Civic - Identity verification on the blockchain. Will be used like Facebook login is currently being used on different sites. Partnerships are unfolding.
OmiseGo/EOS/Status/TenX - These will be operating systems that come preinstalled with built in user login, database and permissions so every startup doesn't have to recreate the wheel. These are Windows/Mac OS for the blockchain.

Lots and lots more coming down the pipe. These are just some I'm following. Crypto has a bright future. Banks do not. Fiat does not.
What is to stop banks from implementing their own block chain process?
Deal Fanatic
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Oct 23, 2003
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treva84 wrote:
Aug 8th, 2017 7:21 am
What is to stop banks from implementing their own block chain process?
Nothing, except its a centralized system and people have to pay banks to do anything. Blockchains are so cheap its less than pennies on the dollar. Banks cannot afford that.
Deal Addict
Mar 10, 2005
4352 posts
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treva84 wrote:
Aug 8th, 2017 7:21 am
What is to stop banks from implementing their own block chain process?
Ripple
I don't do downvotes but feel free to downvote me.👎

"Talent gets you in the door. Character keeps you in the room."
Deal Addict
Mar 10, 2005
4352 posts
429 upvotes
treva84 wrote:
Aug 8th, 2017 7:21 am
What is to stop banks from implementing their own block chain process?
Ripple
I don't do downvotes but feel free to downvote me.👎

"Talent gets you in the door. Character keeps you in the room."
Deal Guru
User avatar
Dec 7, 2009
13370 posts
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treva84 wrote:
Aug 8th, 2017 7:21 am
What is to stop banks from implementing their own block chain process?
Same thing that prevented the major recording labels from creating iTunes, or Blockbuster from creating Netflix, or Exxon Mobil from creating batteries. Shareholders. You can't ask them to sink resources into a scheme that is going to systematically destroy their revenue models, even if it's the logical successor. Investors will plug their ears, then they will stomp their feet and cry for regulation. Eventually they will simply perish.

Of course the consequences will reach far beyond simply day-to-day banking. The entire way money is created will change, and there are far more dangerous powers with a stake in how that is done. This is why Russia and China are so bullish on blockchain. They have found themselves with an opportunity to become equal players instead of playing second fiddle to the US.
Last edited by Syne on Aug 8th, 2017 6:27 pm, edited 1 time in total.
In a perfect system, corporations would fear the government and the government would fear the people. - David Wong

Check out caRpetbomBer's picks in this thread.
Deal Addict
Nov 9, 2013
1852 posts
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Edmonton, AB
Buggy166 wrote:
Aug 8th, 2017 3:50 pm
Nothing, except its a centralized system and people have to pay banks to do anything. Blockchains are so cheap its less than pennies on the dollar. Banks cannot afford that.
Forgive me, but I do not understand - why can't a big bank implement a technology that is so cheap it costs pennies on the dollar?
Deal Addict
Nov 9, 2013
1852 posts
640 upvotes
Edmonton, AB
Syne wrote:
Aug 8th, 2017 6:27 pm
Same thing that prevented the major recording labels from creating iTunes, or Blockbuster from creating Netflix, or Exxon Mobil from creating batteries. Shareholders. You can't ask them to sink resources into a scheme that is going to systematically destroy their revenue models, even if it's the logical successor. Investors will plug their ears, then they will stomp their feet and cry for regulation. Eventually they will simply perish.
So what you're suggesting is that investors are a block to a company pivoting it's business model?
Deal Guru
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treva84 wrote:
Aug 8th, 2017 6:28 pm
So what you're suggesting is that investors are a block to a company pivoting it's business model?
Yes. It's the reason government intervention was required in order for Bell/Rogers to eliminate 3yr wireless contracts. Even though those contracts were terrible PR and pissed customers off to no end, they were securing shareholders money in a closed market. They were powerless to fix it. This rigidity (short term and/or record profits) has killed many businesses. They are powerless to do anything, even when salvation is staring them in the face.
In a perfect system, corporations would fear the government and the government would fear the people. - David Wong

Check out caRpetbomBer's picks in this thread.
Penalty Box
Aug 26, 2001
15733 posts
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Oak Ridges, ON
Actually @Syne, ExxonMobil IS involved in battery technology... And Scotiabank is both a member of the Enterprise Ethereum Alliance as well as hiring Blockchain-skilled developers at the moment....
Deal Guru
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Dec 7, 2009
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treva84 wrote:
Aug 8th, 2017 6:27 pm
Forgive me, but I do not understand - why can't a big bank implement a technology that is so cheap it costs pennies on the dollar?
They can. They just won't.
In a perfect system, corporations would fear the government and the government would fear the people. - David Wong

Check out caRpetbomBer's picks in this thread.
Deal Guru
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konfusion666 wrote:
Aug 8th, 2017 6:35 pm
Actually @Syne, ExxonMobil IS involved in battery technology... And Scotiabank is both a member of the Enterprise Ethereum Alliance as well as hiring Blockchain-skilled developers at the moment....
You're right that the EAA includes banks, as I'm sure they are keeping a close eye on this, and would monetize it if it were possible. The problem is that even if Scotia could offer a private blockchain solution to its customers, why would the public take it over an open source solution with no fee structure attached to it? Banks have always been a middle entity for commerce and trade.
In a perfect system, corporations would fear the government and the government would fear the people. - David Wong

Check out caRpetbomBer's picks in this thread.
Deal Fanatic
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Oct 23, 2003
6558 posts
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treva84 wrote:
Aug 8th, 2017 6:27 pm
Forgive me, but I do not understand - why can't a big bank implement a technology that is so cheap it costs pennies on the dollar?
It costs pennies to the dollar to USE, not implement. Implementation costs 10s of millions of dollars for a solid blockchain network to be developed.

Imagine VISA charging $0.001 per transaction. They'd go bankrupt, never mind post profits. Current corporate structure does not allow for overnight blockchain implementation.

There are corporations already investing in the tech, but 1 thing that makes coins viable is the lack of restrictions or regulation.

As soon as banks and governments start grabbing at crypto currency trying to control it, the current user base will disperse like cockaroaches when you turn on the light.

Crypto currency is the anti-fee, anti-banking system. A bank running their own chain is a joke for anyone who's invested in crypto in the first place.
Newbie
Oct 9, 2015
41 posts
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Toronto, ON
Buggy166 wrote:
Aug 8th, 2017 7:35 pm
As soon as banks and governments start grabbing at crypto currency trying to control it, the current user base will disperse like cockaroaches when you turn on the light.
AXA, which deals in derivatives, which has much more on the line than banks and governments HAS been trying to control it through Blockstream. Hence the recent bitcoin split. For a couple years (maybe just a year and a half according to this), AXA has been slowly working its way to control bitcoin (BTC) in a way that won't have the current user base disperse through the use of censorships, propaganda, etc I may sound like a paranoid conspiracist - but I'd think a decentralized currency will freak the hell out of these people and it is worth a small investment to try and exert some influence over bitcoin.
Deal Fanatic
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Oct 23, 2003
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ackshin wrote:
Aug 8th, 2017 10:00 pm
AXA, which deals in derivatives, which has much more on the line than banks and governments HAS been trying to control it through Blockstream. Hence the recent bitcoin split. For a couple years (maybe just a year and a half according to this), AXA has been slowly working its way to control bitcoin (BTC) in a way that won't have the current user base disperse through the use of censorships, propaganda, etc I may sound like a paranoid conspiracist - but I'd think a decentralized currency will freak the hell out of these people and it is worth a small investment to try and exert some influence over bitcoin.
Yes, theres infighting from people that own lots of bitcoin, mostly chinese, and bitcoin developers.

The split was just the 1st try. It got less than 2% support from the network apparently. We'll see how it plays out.

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