bitcoin, Monero, Ripple

[scooterscot]

If your bank said ' no charges' and kept printing money, you'd find this odd.

How is this different from the BOE going on a QE splurge? Something that effects us all and we're paying for it by not being able to afford a house.

[darmstadt]

It's a hype train that many boarded, tomorrow it will be something different.

Blockchain based "coins" got no chance of replacing "money" other that in niche criminal matters, and that would be the undoing of the whole thing - thry shut down Napster, what do you think, they'll let bitcoin to continue forever?

Weren't search engines once a 'hype'? Everything is a 'hype' until it takes off but anyway, the stuff I was using blockchain for has nothing to do with 'coins' nor finance...

[scooterscot]

Santander bank UK are already using altcoins to transfer cash across the world in seconds between clients.

It'll never catch on...

[TheGreenBastard]

All transactions will be public, period.

Deanon is trivial - money come in and out of this criminal system in a handful of exchanges, thats where wallet IDs can be mapped to real names/addresses, one hack and Daily Mail will have plenty to write about

This is just bollocks.

[TheGreenBastard]

The other dodgy thing about Bitcoin is there is a cost of transacting. This is because non-trivial computing power is required to run the blockchain. As a result you find bitcoin outfits next to power stations so they can nick the leccy to run their banks of computers a bit like marijuana growers short circuiting your buy-to-let meter. However instead of charging for the transaction costs the bitcoin outfits are allowed to print money (if they are the fastest in any round of updating/currency issuing). If your bank said ' no charges' and kept printing money, you'd find this odd.

If if you don't mind this, there is however some inevitable limit to the amount of bitcoins that can be printed so one wonders what happens when that fateful day arrives - who's going to run the whole system when they can no longer print money?

The mining aspect is to create scarcity (there's a finite amount of bitcoin).

No one is able to steal leccy and mine coins anymore, the work required is just too much. It's all about bitcoin specific FPGA deployments.

Cost of transacting is realated to speed of being commited to the ledger, which seems logical.

[Cirrus]

Santander bank UK are already using altcoins to transfer cash across the world in seconds between clients.

It'll never catch on...

Do you know why they're doing that? Firstly :

Payments of between £10 and £10,000 can be made, around the clock at any time of the day
The long wait for international payments to be processed is over, funds will appear in the recipients account the next working day

You can do that anyway with current technology eg PSD2

Is this all to do with non-repudiation? I could imagine they might want to use this if it was £10m to £10,000m but the amount of fraud on Faster Payments suggests they're not that bothered about small losses.

[scooterscot]

Do you know why they're doing that? Firstly :


You can do that anyway with current technology eg PSD2

Is this all to do with non-repudiation? I could imagine they might want to use this if it was £10m to £10,000m but the amount of fraud on Faster Payments suggests they're not that bothered about small losses.

My understanding is it is all to do with 1) Avoiding intermediaries 2) Speed.

Fraud is too easily with current bank accounts, debit cards -

[AtW]

My understanding is it is all to do with 1) Avoiding intermediaries 2) Speed.

Fraud is too easily with current bank accounts, debit cards -

And it's very hard with bitcoins

[jimjamuk]

I mined myself 3.5 Bitcoins back in the GPU mining days - down to 1 now as I sold them for holidays etc - will probably sell the last one soon whilst the price is high

[AtW]

Don't forget to pay CGT on those sales....