Blockchains, cryptocurrencies and the future...

[DB008]

Most of that doesnt require blockchain. In fact blockchain is a stupid way to do much of that.

Really?

Why don't you go back to using a horse and cart then? Internal combustion engines are stupid. Electric, never...

Contracts, transactions, and the records of them are among the defining structures in our economic, legal, and political systems. They protect assets and set organizational boundaries. They establish and verify identities and chronicle events. They govern interactions among nations, organizations, communities, and individuals. They guide managerial and social action. And yet these critical tools and the bureaucracies formed to manage them have not kept up with the economy’s digital transformation. They’re like a rush-hour gridlock trapping a Formula 1 race car. In a digital world, the way we regulate and maintain administrative control has to change.

Blockchain promises to solve this problem. The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically.

With blockchain, we can imagine a world in which contracts are embedded in digital code and stored in transparent, shared databases, where they are protected from deletion, tampering, and revision. In this world every agreement, every process, every task, and every payment would have a digital record and signature that could be identified, validated, stored, and shared. Intermediaries like lawyers, brokers, and bankers might no longer be necessary. Individuals, organizations, machines, and algorithms would freely transact and interact with one another with little friction. This is the immense potential of blockchain.​

https://hbr.org/2017/01/the-truth-about-blockchain​

 

[galumay]

Why don't you go back to using a horse and cart then? Internal combustion engines are stupid. Electric, never...

Thats a ridiculous analogy, clearly cars are more useful than horses and carts. In the case of blockchain there is no compelling evidence that there is any need or advantage in using a publicly distributed, decentralised, ledger in most possible use cases. There is plenty of evidence that trying to use blockchain in many cases will just lead to a more expensive outcome that doesnt do the task as well as a centralised, private ledger.

Basically blockchain is creating a solution for a problem that doesnt exist, with a horrendous energy cost. The uber-libertarian fantasy of a world without lawyers, brokers and bankers just shows what a slim grip on reality they have.

Obviously you have bought the hype from those promoting this massive ponzi, be prepared to be disappointed when the future is not quite as they wish it to be.

I don't want to bog the thread down by continuing what looks to be a fairly pointless discussion, but I would at least entreat you to research some of the information that explains why many believe there is a very limited future for blockchain or cryptos, its very easy to get blinded by confirmation bias, especially with these sort of hyped new tech concepts.

 

[DB008]

Ok.

I guess that is your opinion.

 

[CanOz]

I agree, block chain is wonderful technology. It is here to stay. But the concept of the coins having any kind of value will be completely clear once this new generation tech wreck is finished.

 

[moXJO]

Blockchain is here to stay. Banks are already spending big on trials and partnerships. The bank systems are outdated with massive lag times. Blockchain will help with being more secure, cost efficient, and faster.

The coins are just the "MySpace" of the crypto world. But I wouldn't underestimate the passion in the community to keep building tech to propel it forward. There are massive sums of money in the game, with some big names backing it.

It's just too early to tell what will happen in this space.
But the whole of society is changing. The way people think, the way they consume, and how they feel about archaic systems (govt, banks), even on employment. It's moving very fast. More then I have noticed before.

In saying that, most of these coins are useless. I like ripple and its fast easy transactions. But I don't feel like any are "the one" just yet. But you just don't know.

 

[SuperGlue]

IBM is really into blockchain tech in a big way.

IBM And The Blockchain: What Big Blue Did in 2017
http://www.nasdaq.com/article/ibm-and-the-blockchain-what-big-blue-did-in-2017-cm897297

Will blockchain create less employment?
All signs are it will & only time will tell.

 

[notting]

Suprise, suprise -


South Korean government officials have reportedly been caught insider trading. They sold their cryptocurrency holdings and profited just before the regulators announced crypto regulatory measures. The country’s Financial Supervisory Service is investigating the case.
The Korean Public Service Ethics Act “strictly restricts the stock trading of public officials in order to prevent misuse of internal information,” Chosun pointed out. However, since cryptocurrency is currently not defined as a financial asset or currency, “there is no code of ethics and no code of conduct for virtual money investment in the FSS regulations.” However, “the misuse of internal information could lead to punishment,” the publication added.

 

[mjim]

DB8008 and other keeping aside the hype can anybody in simple term explain this:
as Omega said "...where is the value in the coin itself? (not the technology)?
For pure speculative trading it might be a great thing becasue of volatility , ok but what about reality
Unless everybody in supply chain uses crypto currency I can't see how the loop is completed this works?
I fear at some point somebody would be left with these coins and everybody who has soled then with $
If I am a coffee shop and start accepting Crypto currency unless ALL my expenses both for the coffee shop and for my personal life are met with Crypto I can't survive! Please explain

 

[mjim]

Chadstone, Melbourne, VIC

View attachment 85792​

Name on machine AusCON... hahhhahha

 

[DB008]

​

 

[moXJO]

Tethers....

 

[greggles]

Bitcoin is making messy divorces even worse

Is it any surprise that people are using Bitcoin to hide assets, especially from estranged spouses. Just goes to show how cryptocurrencies are incrementally creeping further and further into everyday life.

How is the government going to get their piece of the pie?

 

[Wysiwyg]

Any capital gains must be declared. Broker records for evidence. There is no escaping death and taxes.

 

[SuperGlue]

There is no escaping death and taxes.

You can run but you can't hide.

"Coinbase Tells 13,000 Users It's Sending Their Data to the IRS"
https://www.coindesk.com/coinbase-tells-13000-users-its-sending-their-data-to-the-irs/

 

[DB008]

​

 

[greggles]

The U.S. Justice Department has opened a criminal probe into Bitcoin price manipulation.

https://www.bloomberg.com/news/arti...ion-is-said-to-be-focus-of-u-s-criminal-probe

It is unsurprising that an unregulated market would be subject to price manipulation when even regulated markets are. However, I think it is inevitable that the government will seek to control and regulate cryptocurrencies. This probe is just another step along that path.

 

[cynic]

Backdoored cryptocurrencies!!

My, my, what a surprise!

Who could have guessed that such a thing was even possible?

The inventors of soarcoins - perhaps!

The directors of Byte Power Party - perhaps not!

https://www.itwire.com/security/83112-qld-firm-lost-us$6-6m-in-cryptocurrency-after-deal-soured.html

 

[greggles]

Apple Bans Cryptocurrency Mining on All Devices

http://www.kitco.com/news/2018-06-11/Apple-Bans-Cryptocurrency-Mining-On-All-Devices.html

 

[greggles]

Cryptocurrencies becoming more mainstream? Online retailer Overstock.com is launching its own ICO, the tZero token, through its subsidiary Tzero which has recently raised US$134 million. Overstock is cooperating with the SEC in relation to the ICO.

https://www.forbes.com/sites/sarahh...tzero-raises-134-million-in-ico/#4e0cf85262cf

 

[HelloU]

Backdoored cryptocurrencies!!

My, my, what a surprise!

Who could have guessed that such a thing was even possible?

The inventors of soarcoins - perhaps!

The directors of Byte Power Party - perhaps not!

https://www.itwire.com/security/83112-qld-firm-lost-us$6-6m-in-cryptocurrency-after-deal-soured.html

LOL........did you read the last paragraph.....
"Under a settlement reached by the two companies, Soar Labs will transfer its 49% stake in Byte Power Party to Byte Power Group, pay US$1.7 million and also give Byte Power Group five million soarcoins."

I reckon Soar Labs would be a fantastic place to work....clearly full of jokers.

Any capital gains must be declared. Broker records for evidence. There is no escaping death and taxes.

I get the point, but in the same way that door locks keep honest people out.......remember back when the ATO did not even know that you had done a trade in a tax year...unless you told them...or they had reason to go looking......(different now of course with triggers attached to ur TFN).....crypto is still sorta in the realms of the honesty box at the moment imo....if the ATO wants to go looking then maybe they can do the traces if they had the desire, time and resources........at a simplistic level even routing your traffic thru a VPN based in a non-data retention country allows you to access an awful lot of wallet and trade opportunities that are less than 'obviously' visible, a Tor network certainly adds much less traceability........if that is what u want. Which is why I avoid the whole thing.