If maidsafe works then this, and much of blockchain tech, will surely become obsolete?
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[Finance] The cryptocurrency (Bitcoin etc) thread
- Thread starter Sirius76
- Start date
If maidsafe works then this, and much of blockchain tech, will surely become obsolete?
Since when did building a better mouse trap ever guarantee success?
Blue Valkyrie
Not seen such Bravery!
Indeed. We need a "Bitcoins for Dummies" summary/glossary lol.
What is going on out there is a 21st Century build out of the railways.
Lots of people will get very rich, lots of people will lose lots of money.
Some things will be built that make a lot of money for some then disappear.
Some things will lose lots of money, yet still endure.
Some things wiill make money and endure.
So many things will remain as they always have, but there is a huge global bubble of technology and innovation, which will at some level impact all of us.
Not sure that is really going to help you, or even spark your interest, but a lot for speculators and big dreamers to get excited about.
In other words, it may work but might not get adopted?
It's a good question but what they're trying to do is simply incredible. I think if the testnet is launched soon as expected we'll see big things.
durrington gull
Well-known member
Following this - im using Swissborg app which has low fees and recommended to me for a Noob - they offer some Utility currency - Binance Coin, Swissborg - i'll look into this
Blue Valkyrie
Not seen such Bravery!
Lol. I get it. People are just making up words as part of the joke.
"I'm really looking forward to the VermillionGroat passing through the delonified pixmator. Hopefully it will attain tasmix standard lever." etc.
"I'm really looking forward to the VermillionGroat passing through the delonified pixmator. Hopefully it will attain tasmix standard lever." etc.
- Dec 7, 2017
- 224
The basic "why" of cryptocurrencies is relatively easy to understand.
Imagine you want to send someone £100. Unless you can meet them face-to-face and given them £100 in cash it will require sending the money via a third party (a bank, paypal, whatever). This is all well and good, except for two things. First, that third party has ownership of your funds and as such it is susceptible to the controls of that third party (compliance, anti-money laundering, general incompetence) as well as any external entity that has control over that third party (governments, major shareholders, hackers). Secondly, those controls cost money to implement and maintain, and result in there being a significant cost to money movement (often not seen at the low end, but in aggregate and for individual large sums the cost is real). Cryptocurrencies remove the third party from the transaction, allowing parties to transact directly. It can take a while for it to sink in as to quite how remarkable this is, but once understood it explains why there is so much excitement around the basic premise.
The next step is to realise that ownership of funds is just data, and cryptocurrencies allow arbitrary data to be agreed upon by everyone, and not just the two parties that transacted. This also extends cryptocurrencies from simply holding balances to holding general "state". State can be anything, for example an insurance contract or a certificate of authenticity for a physical item such as a painting. There is the potential for huge chunks of the work of existing financial institutions, for example, to move on the a blockchain and become fairer, freer and significantly cheaper. And again, once the premise is understood it is easy to expand it to lots of different areas.
As to the "how": there's a huge amount of work to do to make the vision a reality. It's nowhere near ready yet, and frankly not even close. No doubt some of the current companies out there will succeed, but the vast majority of them won't. Unless you happen to be building a cryptocurrency, or product on top of a cryptocurrency, you're better off sticking to the "why" and watching from afar to see how it's progressing.
Any investment in a cryptocurrency is a massive risk. Most investments are based on hype and hope, but of course some of them pay off. Good luck if you take the plunge.
Imagine you want to send someone £100. Unless you can meet them face-to-face and given them £100 in cash it will require sending the money via a third party (a bank, paypal, whatever). This is all well and good, except for two things. First, that third party has ownership of your funds and as such it is susceptible to the controls of that third party (compliance, anti-money laundering, general incompetence) as well as any external entity that has control over that third party (governments, major shareholders, hackers). Secondly, those controls cost money to implement and maintain, and result in there being a significant cost to money movement (often not seen at the low end, but in aggregate and for individual large sums the cost is real). Cryptocurrencies remove the third party from the transaction, allowing parties to transact directly. It can take a while for it to sink in as to quite how remarkable this is, but once understood it explains why there is so much excitement around the basic premise.
The next step is to realise that ownership of funds is just data, and cryptocurrencies allow arbitrary data to be agreed upon by everyone, and not just the two parties that transacted. This also extends cryptocurrencies from simply holding balances to holding general "state". State can be anything, for example an insurance contract or a certificate of authenticity for a physical item such as a painting. There is the potential for huge chunks of the work of existing financial institutions, for example, to move on the a blockchain and become fairer, freer and significantly cheaper. And again, once the premise is understood it is easy to expand it to lots of different areas.
As to the "how": there's a huge amount of work to do to make the vision a reality. It's nowhere near ready yet, and frankly not even close. No doubt some of the current companies out there will succeed, but the vast majority of them won't. Unless you happen to be building a cryptocurrency, or product on top of a cryptocurrency, you're better off sticking to the "why" and watching from afar to see how it's progressing.
Any investment in a cryptocurrency is a massive risk. Most investments are based on hype and hope, but of course some of them pay off. Good luck if you take the plunge.
Swissborg is OK but the fees are high if you're dealing in small quantities. Usually recommend coinbase otherwise.
[MENTION=6886]Bozza[/MENTION] needs to be getting involved, he could be getting BAT from those of us using brave browser.
Not before he has migrated to the new Message Board surely!
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,329
that kinda missed the point. transferring something to someone else securely is a doddle, also knowing what someone has is easy. the problem is how to ensure you dont re-spend the digital (easily duplicated) funds transferred. banks maintain a record of all our transactions so we can be reasonably confident there isn't any double spending. people dont record anything and if they did how to trust an unknown person? you need a third party to record the transaction, but then we're back to banks. the innovation is to create a ledger online which is immutable and shared, verifying both a transaction has occurred and ensuring it cannot be repeated.
- Dec 7, 2017
- 224
Double spend protection is more of the "how" than the "why", though.
(And blockchain's aren't immutable, that's a common misconception. What they have is a cost to alter history, which in most cases will exceed any costs that can be gained from carrying out the re-write and gives a high confidence that the alteration won't take place).
durrington gull
Well-known member
Yeah I’m using small amounts so maybe I should move across to Coinbase in that case? Cheers
Barnet Seagull
Luxury Player
I'd do your research before deciding. I use Kraken due to the low fees
Feel free to use my referral code https://www.coinbase.com/join/haywar_y0f
Kraken is ok too, and Binance, but they are all quite complex, whereas Coinbase is a bit more user-friendly (as per Swissborg).
All depends what you want to do with it really (i.e. if you're only using it to get other tokens).
A lot of the exciting coins such as MAID and PART are on Bittrex, but they have pretty high fees I think.
I got some swissborg when it first launched. A year ago it was worth about 25 quid and 0.5 cents per token. Last week it reached 1.5 dollars per token. Fortunately I sold quite a bit. I like the ap and the smart yield feature
My alt at the moment is ETN which has made monstrous gains in the last few weeks (but not close to the ridiculous SwissBorg)
Not got stacks but it is just a dabble. It could all collapse but it could also change my life. Not risking much.
Tom Hark Preston Park
Will Post For Cash
- Jul 6, 2003
- 70,338
Come one, come all! Who will buy my pretty tulip bulbs? 
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,329
i find Binance fairly easy once gone though using it, and theres online videos. widest range of sensible coins and has UK bank link. Coinbase i find awkward to use and high fees, while Coinbase Pro has lower fees and better use.
for ERC20 favrorite app is Zerion with portfolio and history displayed nicely.
for ERC20 favrorite app is Zerion with portfolio and history displayed nicely.