Originally posted by GJABS
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Cryptocurrency
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Originally posted by europetractor View PostHow blind do you have to be to want few private companies to print coins. Only uneducated people would back that.Comment
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Originally posted by GJABS View PostA government-backed cyber currency would be the same as bitcoin, except that there would be a fixed number of coins in circulation, with mining only possible by government computer scientists (who would hold a highly encrypted private key that would be necessary to mine new coins). As it would be impossible (due to mathematics) to create new coins, these coins would be able to be used alongside existing paper money (which also cannot be created) and bank of England base money (electronic accounts with the Bank of England) by the banks and large financial institutions.Will work inside IR35. Or for food.Comment
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Originally posted by VectraMan View PostInteresting, but I'm not sure what the practical benefit of any of it is. It almost sounds like another "E-cash" solution that will surely fail like all the others. I can pay for most things with a bonk of my debit card so why bother with some other cyber currency?
The most obvious difference between previous e-cash's developments and blockchain is that they were centralised. Paypal is controlled. Decentralisation is a necessary step to cutting out the middleman. Although e-cash systems like paypal claim to do this, they are by definition a 'middleman' because they are centralised platform. Furthermore they do not keep a public ledger like blockchain. That means there is opportunity for wrong doing.
Why do you pay a booking fee on your card when booking a cinema ticket? Is it because you're a charitable person?
One of the bottom lines is efficiency. Maintaining a public ledger is way cheaper than what the banks do. That's part of the reason why they're bricking it. Mark me words, banks dependent of SWIFT / CHAPS for transfer abroad because they can't foresee upgrading old infrastructure will become a cropper unless they adopt blockchain, as many others are doing.
Japan bank consortium plan to use blockchain technology from Google-backed Ripple to make payments
"Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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Just to be clear, storing your private keys in an online wallet or an exchange is no different to giving someone access to your debit card and pin number.
You allow yourself to be shafted that way.
Blockchain is the future.
Go cold or go home.
Polishing a turd near you!!Comment
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Originally posted by scooterscot View PostThe most obvious difference between previous e-cash's developments and blockchain is that they were centralised.
If I pay for something by debit card maybe that goes all the way back to Barclays' central computer, but do I care? No, not really. Whether Barclays operates a distributed block chain ledger, or is centralised makes no difference to me the consumer. That was the point I was making.Will work inside IR35. Or for food.Comment
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Every e-cash system that's every existed had a bank behind it. Paypal makes its money by charging vendors a small percentage for the connivence. Customers rarely see this.
Don't get me wrong, I want to flaw blockchain too. Keep it coming. I'm struggling to fail it.Last edited by scooterscot; 11 April 2017, 08:55."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 GJABS View PostI didn't say that that was what I want, I stated what I believed will happen. IMHO.Comment
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Massive investment from tech companies and financial services in Blockchain at the moment for so many different applications - i think it could get very interesting in the next few years.Comment
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Indeed. Those of thee in here looking for the next skill base to charge big bucks should educate themselves. Now's the moment."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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