Blockchain Revolution: from the internet of information to the internet of value

[Heelster]

20 minutes ago, meganiwish said:

Well, I know you do.

Ding!!

[Shyheels]

1 hour ago, meganiwish said:

Well, I know you do.

Know the meaning of crypto, or have a tapeworm?

[meganiwish]

Both.  The latter rather implies the former, and you couldn't look so thin otherwise with your friands.

[Shyheels]

I get by with a little help from my friands...

[meganiwish]

A saturnalian response, given that Herschel wanted to call Uranus George.   I salute you for it.

[kneehighs]

It's been awhile since I've had time to sit and contribute here.  Here's a good article on Venture Beat that gives a simple summary of the benefits of blockchain.  The article steers away from the usual Bitcoin talk.  https://venturebeat.com/2017/10/15/how-blockchain-promises-to-speed-up-tech-evolution/

[Shyheels]

An interesting read, but one that rather confirmed me in my views. Lots of jargon, very much a sales pitch in terms of tone, and we still get to the bubble/frenzy part - which the author mentions, then dismisses in the third par. I remain totally unconvinced. 

[meganiwish]

If I'd taken you at your word, Shyheels, it would have saved me looking.  I think you're unduly generous.  It's gibberish.

[Shyheels]

If people - especially salesmen -  cannot, or will not, explain something in plain English without a lot of made up jargon and ludicrous gobbledygook verbs which have been snatched out of thin air, I know I am being bamboozled. 

Edited October 18, 2017 by Shyheels

[Heelster]

21 minutes ago, Shyheels said:

If people - especially salesmen -  cannot, or will not, explain something in plain English without a lot of made up jargon and ludicrous gobbledygook verbs which have been snatched out of thin air, I know I am being bamboozled. 

Unfortunately, that kinda was plain English - - a bit on the tech side, but plain enough for some of us that are familiar with the open source software concepts and protocols.

My issue with some of these concept is that they seem to create a fiscal value out of thin air.

My best example would be Pokemon Go - it creates value within itself, but is useless beyond itself.

[Shyheels]

That kind of “plain English” is never going to win over the vast bulk of the population that would necessary for this to become the new financial settlement system. If the descriptions of this brave new world cannot be made without the use of language familiar only to those who involve themselves in open source software concepts and protocols, it will never go far.

Nor really would that be considered plain English by those of us garlic-and-onion proles who do not live in the cloistered world of software protocols. And I speak as one who makes his living with words and the English language.

The Pokemon currency analogy seems to be a good one. Value snatched out of thin air; castles in the clouds.

Edited October 18, 2017 by Shyheels

[kneehighs]

21 hours ago, Shyheels said:

That kind of “plain English” is never going to win over the vast bulk of the population that would necessary for this to become the new financial settlement system. If the descriptions of this brave new world cannot be made without the use of language familiar only to those who involve themselves in open source software concepts and protocols, it will never go far.

Nor really would that be considered plain English by those of us garlic-and-onion proles who do not live in the cloistered world of software protocols. And I speak as one who makes his living with words and the English language.

The Pokemon currency analogy seems to be a good one. Value snatched out of thin air; castles in the clouds.

Remember the Rogers Diffusion of Innovations Graph I shared a few pages back?  The path to critical mass is NOT to win over the masses right now.  The path to critical mass is to first hit the Innovators and Early Adaptors.  We're still years away from blockchain hitting critical mass.   

So people with a more averse stance towards new technology's in general can wait.  

[Shyheels]

I remember the chart. Again, I think “sales pitch”, I remember too that there will also always be hobbyists and dilettantes who like to dabble in new fringe technologies for the sake of it. Unless these new technologies offer substantive and meaningful improvements that will benefit/appeal to the world at large, these innovations will simply become evolutionary dead ends.

Or, in the case of something like this, based on all I’ve Seen or read thus far, a 21st century tulip craze

 

Edited October 19, 2017 by Shyheels

[meganiwish]

2 hours ago, kneehighs said:

Remember the Rogers Diffusion of Innovations Graph I shared a few pages back?  The path to critical mass is NOT to win over the masses right now.  The path to critical mass is to first hit the Innovators and Early Adaptors.  We're still years away from blockchain hitting critical mass.   

So people with a more averse stance towards new technology's in general can wait.  

And you think this is plain English?

[Heelster]

1 hour ago, meganiwish said:

And you think this is plain English?

Oh Megan - - - - Ummmmm - - Yes

[meganiwish]

I see.  Would you mind parsing it for me, because I can't understand it, and I'm quite good at English.

[Heelster]

On 19/10/2017 at 9:09 PM, meganiwish said:

I see.  Would you mind parsing it for me, because I can't understand it, and I'm quite good at English.

I would gladly sit down over a nice bottle of wine and go over the finer details of this. and if I were in England I would make a special trip to do so - - alas I'm not.

I have no intentions of writing a thesis or annotated bibliography today.

A good concept start would be to understand the concept of open source software.

[Shyheels]

What a charming prospect - a nice bottle of Cabernet Sauvignon, a copy of Fowler’s Guide to the English Language open before you, and a whole evening of parsing sentences...

Edited October 21, 2017 by Shyheels

[Heelster]

5 minutes ago, Shyheels said:

What a charming prospect - a nice bottle of Cabernet Sauvignon, a copy of Fowler’s Guide to the English Language open before you, and a whole evening of parsing sentences...

Parsing sentences - No

Parsing concepts - Yes

Cabernet Sauvignon - But of course!!

[Shyheels]

22 minutes ago, Heelster said:

Parsing sentences - No

Parsing concepts - Yes

Cabernet Sauvignon - But of course!!

I’ll forgo the parsing altogether and stick with the cab sav

[kneehighs]

Any belief that promotes Bitcoin as  another tulip craze will be proven patently wrong.  The Chicago Mercantile Exchange (CME) will offer Bitcoin Futures trading by year end 2017.  Bloomberg has more news with the CEO of the CME:

https://www.bloomberg.com/news/videos/2017-10-31/cme-ceo-duffy-on-bitcoin-futures-introduction-video

Market demand for risk managed Bitcoin trading lead to this development.

1. The CME is a highly regulated platform. 
2. Instant audit trail to government regulator, so people can't circumvent government accountability
3. manage risk under an effective platform
4. overseen by The Futures Trading Commission
5. margin rules
6. functionality with electronic systems in place
7. index that is credible that will reflect true price value
8. completely different from ways Crypto is traded today

 

[Shyheels]

The Chicago Mercantile Exchange will happily offer futures trading in anything so long as it generates income, and for the time being Bitcoin will undoubtedly do that. 

As for transparency, the ransom money that was paid in Bitcoin into those accounts  after the Wannacry hacking scandal has been cleaned out, and nobody seems to be able to trace any of it. Certainly nobody is in cuffs. Or even named. The most anybody can do is say they think it was probably North Koreans - but even that vague trace doesn't owe anything to Bitcoin, but to forensic analysis of the coding.

 

 

[Shyheels]

See that he is talking about a completely different method of trading - point number 8 in your list. But one of the present selling points of Bitcoin and the Blockchain has been transparency. It doesn't exist now - how could anyone say with authority that that will change? If the capability for transparency exists now, why hasn't it been employed?

[Tacchi Alti]

On 20/10/2017 at 2:09 AM, meganiwish said:

I see.  Would you mind parsing it for me, because I can't understand it, and I'm quite good at English.

He IS American. They use a whole bunch of words they invented themselves! We use pumps for inflating the tyres (tires) or moving water around - they wear them... Sneakers tell tales - they wear them...

[Shyheels]

Two peoples separated by a common language...

[Heelster]

3 hours ago, Shyheels said:

Two peoples separated by a common language...

Yep - - Bloody bloke - - !!

 

[Shyheels]

You say tomato and I say....ah, no thanks, just lettuce and pickle.

[Heelster]

1 hour ago, Shyheels said:

You say tomato and I say....ah, no thanks, just lettuce and pickle.

Ding - - !!

 

[kneehighs]

For what it's worth, this thread was started on August 4th, when bitcoin was trading between 2.7-2.9K.  It's now at 7.2K US. 

As well, on November 16th, Bitcoin Segwit 2x will create a 2d blockchain.  If you own 5 Bitcoin on 11/16, you will automatically own 5 Bitcoin2x.  It's about as close to free money as one can get.

[Shyheels]

You are absolutely correct.

There was also a time when the same could be said of tulip bulbs.