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

[Shyheels]

I am moving my coins into a larger pickle jar....

 

[Cali]

I'm spending the coins.

[Shyheels]

Not from my pickle jar you better not be!

[kneehighs]

11 hours ago, Cali said:

I'm spending the coins.

I spent some of mine too.  If you don't mind me asking, are you a US Resident?  And what exchange do you trade on?

[Cali]

I don't trade. Real Estate on the California coast.

[Shyheels]

Are you buying and selling real estate with Bitcoin?

[Cali]

Are you crazy?

[kneehighs]

Then what does Real Estate have to do with the conversation?

[Cali]

Me thinks you missed the pun.

16 hours ago, Shyheels said:

I am moving my coins into a larger pickle jar....

 

16 hours ago, Cali said:

I'm spending the coins.

 

16 hours ago, Shyheels said:

Not from my pickle jar you better not be!

Sorry, I don't trade in bitcoin, I have no need to at this time.

[Shyheels]

I don't trade either - I was referring to spare change - those moderately useless copper 1 and 2 pence coins, and the rather more useful 5p, 10p, 20p, 50p, pound and two-pound coins which pile up in various glass receptacles around and about. I wouldn't know a Bitcoin if I tripped over it.

[kneehighs]

I nearly doubled my Bitcoin in 2 days, by taking advantage of the recent BitCoin Cash spike.  Entry/Exit required using a trading platform.  It will be interesting to see what happens to BTC volume/price when the Futures start trading on the Chicago Mercantile Exchange (scheduled for December).  

[at9]

Another major problem in using Bitcoin is that its use doesn't scale very well. The blockchain is only updated every 10 minutes which makes it pretty useless for a lot of day to day transactions. There's also the worry that you can spend the same bitcoin twice within that 10 minutes and only one recipient will get paid.

Recently on the Tube (London Underground railways) I've seen advertisments for cryto currency trading. There are strong warnings in small print about it being high risk etc. If it's being advertised like that it feels like something nasty will happen. No doubt a few will win handsomely. Most will lose.

The blockchain may well be a very good basis for a currency. It also has application to conventional banking. But I doubt that Bitcoin, with its energy hungry mining and lack of scalability, will become the main crypto currency of the future.

Edited November 12, 2017 by at9
Typo

[Shyheels]

Yes, the advertisements for Bitcoin positively shriek scam - the ones I see all have obvious cheap stock photography with a cheesy grinning model and text that reads like get-rich-quick ads you see n the personal columns of tabloids and the cheesier sort of men’s magazines. Nothing whatever to inspire confidence in a reasonably intelligent reader.

Add to this the high energy costs, high risk, high volatility , the fact that their is absolutely no underlying value and it is one big turn off, although undoubtedly a few people will get very Rick. But then the people who are early into a Ponzi scheme do well. 

A lot of people did very well out of Bernie Madoff too - those who were in and out early. 

[at9]

Actually fiat currencies also have a problem with underlying value. They are no more than a promise by the state. If that goes wrong, as it has done quite a few times, then you end up with hyperinflation.

I'm not opposed to crypto currencies in principle. They may turn out to be a good thing, or at least some of them might be. I don't think that Bitcoin will be one of the ones that survives, for the reasons I stated in my last post.

[Shyheels]

That is true, regarding fiat currencies - the are promises by the state. But at least there is a state making those promises. And the state exists. It has addresses, a physical presence, real estate, reserves and (more or less) faces: elective, accountable authorities.  

[kneehighs]

Scale for crypto will eventually exist.  How best to achieve it is a huge debate.  I'm vastly under qualified to comment on. 

I do have faith the Lightning Network can resolve this.  https://lightning.network/lightning-network-summary.pdf

On Lightning,  peer-to-peer payments would occur on private channels, separately from the Bitcoin Blockchain.   Only the final outcome of the transaction would be broadcast to the blockchain.  

Video on the internet started slow, now Netflix has around an 83 Billion market cap.  Not to mention Amazon Prime.  Similarly, if Bitcoin doesn't figure it out, a competitor will. 

 

 

[Gudulitooo]

On 09/11/2017 at 11:01 PM, kneehighs said:

"Smart Contracts for Dummies"

 "A Conversation with an Ethereum Smart Contract Developer, Kedar Iyer" 

https://bitcoinforplebs.com/2017/11/09/ethereum-smart-contract-developer-kedar-iyer/

_{"As an example, let’s say I have 10 ether and I want to use it to buy 100 of your COIN token (made up name), but neither of us know each other and it’s the Internet so we definitely don’t trust each other. If I send you my 10 ether, I have no guarantee that you will send me your 100 COIN. But I can create a smart contract that works as follows: I send my ether to the contract, you send your COIN, and the contract only makes the exchange when both of us have sent our portions. If one of us fails to make the payment within a specified time frame, the smart contract returns our funds.}

_{Ordinarily, this sort of escrow service would require a 3rd party. In fact, there’s a whole industry dedicated to providing escrow services. With Ethereum, the smart contract acts as the 3rd party and unlike a normal person or business it is automated and can be trusted to do what it says it will 100% of the time. These are the sort of businesses that are going to be disrupted by blockchains."}

I thought it was a joke: with the words "Escrow" and Kedar "Iyer" in the same text.

Escrow ressembles "escroc" in french (crook)

[kneehighs]

Speaking of running out of energy, here's a new Crypto that addresses this very need: Power Ledger POWR, not PowerCoin (PWR).

It's basically the AIRBNB of excess energy.  Instead of monetizing the extra room in your home/flat, you monetize your extra energy by selling it to your neighbor.  Instead of driving up prices by selling that power through a centralized server, POWR will be a Peer-to-Peer trading model.

https://coinmarketcap.com/currencies/power-ledger/

 

 

 

[meganiwish]

On 11/12/2017 at 6:39 PM, at9 said:

  No doubt a few will win handsomely. Most will lose.

 

It goes without saying.  The idea that everyone can win is very much a modern malaise.

[Shyheels]

It all started with that song by Hot Chocolate back in ‘78...

[kneehighs]

On 11/13/2017 at 9:42 PM, kneehighs said:

Speaking of running out of energy, here's a new Crypto that addresses this very need: Power Ledger POWR, not PowerCoin (PWR).

It's basically the AIRBNB of excess energy.  Instead of monetizing the extra room in your home/flat, you monetize your extra energy by selling it to your neighbor.  Instead of driving up prices by selling that power through a centralized server, POWR will be a Peer-to-Peer trading model.

https://coinmarketcap.com/currencies/power-ledger/

 

 

 

POWR is up around 188% since Monday.  

This is an HODL crypto with massive legit potential.

[Shyheels]

Is that in code?

[kneehighs]

6 hours ago, Shyheels said:

Is that in code?

The ticker on most crypto exchanges is POWR for Power Ledger.

HODL stands for Hold On for Dear Life.

[Shyheels]

Acronyms were never my long suit

[kneehighs]

And since security is something everyone is concerned with, here's a company that went through the Y-Combinator Incubator program.  It's the McAfee Security for blockchain.

https://quantstamp.com/

Available on Binance now.  Not even on Bittrex exchange yet.  Average increase when a company gets listed on Bittrex is 35%.  Strong legit potential.

Edited November 22, 2017 by kneehighs

[Shyheels]

That sailed right over my head...

[kneehighs]

5 minutes ago, Shyheels said:

That sailed right over my head...

As there exists the New York Stock Exchange and NASDAQ, so there also exists dedicated exchanges for crypto currencies.

In the case of Quantstamp, it was just listed on a major exchange, Binance.  It has plans to list on another equally major exchange Bittrex.  Historically, when a crypto company gets listed on Bittrex, the currency valuation rises around 35% within 24 hours.

[meganiwish]

I thought that bitrex was the horrible tasting thing they put in cleaning products to stop children from drinking them.

[Shyheels]

I ordered a soda, lime and Bittrex once...

[kneehighs]

You guys are funny, but you'll be kicking yourself in 5 years for missing out on monetizing the blockchain revolution.   

As Warren Buffet notably said, "Be fearful when others are greedy and greedy when others are fearful."