think stellar is off again.
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Cryptocurrency
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Originally posted by Fred Bloggs View PostThe next "big thing" in crypto's, apparently. Though I know less than nothing about them.See You Next TuesdayComment
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Originally posted by VirtualMonkey View Postthink stellar is off again.Comment
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Originally posted by Lance View PostYou fail to understand the fundamentals.
A run on a bank is when everyone tries to get their money out as they fear the bank doesn't have enough to pay everyone.
With a cryptocurrency the amount of coins is the amount. There cannot be a 'run' on them as there are no more than there are. If everyone tried to sell that would be a price 'crash'.
(Unless I've misrepresented their view.)
Just googled, here's an article from yesterday saying more or less the same thing I originally read elsewhere:-
Bank of England could issue crypto-currency within a year | Daily Mail Online
In December, bank governor Mark Carney told politicians that using blockchain technology which underpins crypto-currencies could improve the way banks carry out transactions.
But he warned there could be financial stability risks if such an approach were rolled out across the whole economy.
Central banks already use electronic money but this is exchanged in a centralised fashion, across accounts at the central bank.
Cryptocurrencies allow parties to transact payments directly without a central intermediary, by means of technology that uses a shared ledger that verifies, records and settles transactions in a matter of minutes.
With no need for a central intermediary to facilitate and track transactions, consumers holding central bank-issued cryptocurrency could open accounts at any bank, including the central bank.
'You (could) create a situation where you can have an instantaneous (bank) run.
'So as soon as there were any concern, people can switch in their account at the Bank of England,' Carney said.Comment
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Originally posted by IR35 Avoider View PostI'm just repeating Bank of England views. You'd better write to them and tell them they don't understand.
(Unless I've misrepresented their view.)
Just googled, here's an article from yesterday saying more or less the same thing I originally read elsewhere:-
Bank of England could issue crypto-currency within a year | Daily Mail Online
It seems the scenario suggested by Carney is that customers could move all their money from one bank to the BoE, if all GBP was using a blockchain. That's the run he describes.
It's interesting that he sees blockchain being used simply as a transaction ledger for the current banking system. And that the risk is simply down to the transaction speed causing the high street banks an issue.
It's oddly a very limited view of the potential uses of blockchain. And certainly a long way removed from the current usage by Bitcoin et al.
I'm not sure of the point of using blockchain to keep the money in the same banks. Kinda defeats the point of the technology.
I presume that as part of the banking institution he's not going to suggest anything more revolutionary.
Personally I'm not sure that it will happen in the way described as it would simply be replacing the current transaction methods that already work. SO would be an awful lot of money spent for no real gain (like HS2......... oh hang on..... )
I'll stop rambling nowSee You Next TuesdayComment
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Originally posted by scooterscot View Postno. It's going to be like gold. Gold is never used as a means of payment but in so doing it does provide anonymity for those that must use it. After the 'great crypto bubble crash' of 2019 the price will stabilise and become a recognised value. There's only ever going to be around 19 million of them, the supply will always keep the value high for those that want to say I own a bitcoin.
I've been assuming bitcoin had credibility because it was the (a) the first and largest cryptocurrency and (b) it would (one day) be useful as a currency. If it doesn't have usefulness as a currency to prop it up, why would a bitcoin have any value?
A "currency" (ignoring that it now isn't) can have value just because people believe in it, but why would people believe in bitcoin if there were better alternatives?
If the Bank of England (or Federal Reserve or Barclays or whoever) were to issue a crypto that could be exchanged for gold, or pounds/dollars/euros, or shares in the FTSE 100, why would anyone prefer bitcoin to those?
If everyone prefers one of those, surely bitcoin goes to zero?
Speaking as a consumer, I guess I would probably only ever use a crypto whose value was directly linked to the pound, guaranteed by the Bank of England. (Guess because I may not be understanding the future: I'm thinking crypto will have no direct effect other than being a replacement for Paypal. Though if there's a way to hold shares in a crypto so I don't have to trust that my broker really holds the shares they claim to hold for me when they print my pension statement, that might be an example of where it has a bigger role than I'm able to foresee at the moment.)Comment
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Originally posted by IR35 Avoider View PostIf everyone prefers one of those, surely bitcoin goes to zero?
It would still be a FIAT currency and the most unique part of Bitcoin is the lack of a central bank.See You Next TuesdayComment
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Originally posted by deebeegee View PostScooter a few moons ago, you were dolling out a few stellar to anyone who had a wallet. I'm sure you won't miss it but out of interest what would they have been worth now? You must be owed a few beers at least!
https://forums.contractoruk.com/gene...xperiment.html
I see I sent 100 lumens to a few takers, which are now worth $52"Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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Originally posted by scooterscot View PostIt was this thread here:
https://forums.contractoruk.com/gene...xperiment.html
I see I sent 100 lumens to a few takers, which are now worth $52
Stellar has given me a great lesson in just hodling."Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon MuskComment
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Originally posted by Jog On View PostMy Lumens are up 850% - I think they have quite a way more to go.
Stellar has given me a great lesson in just hodling.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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