Bitcoin RIP

the_chicco said:
There's not. The only reason there is any vested interest in 'cryptocurrencies' is because of the Blockchain component and how they can leverage that against the current trading and clearing systems.

Source: Currently working for JPMorgan and Goldman Sachs on a Blockchain project (amongst other things)
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https://bitcoin.org/bitcoin.pdf

The whitepaper starts with "Bitcoin: A Peer-to-Peer Electronic Cash System"

Fair to say though Bitcoin does have an identity crisis : https://www.danielstrading.com/2017/12/12/bitcoin-commodity-currency
It has attributes of both a currency and a commodity.
 
Could someone give a quick explanation on how/who gives money/bitcoin as ‘reward’ for mining?
What do they do with the mining data? to be able to have or give back bitcoin in return?
 
Backslick said:
I can't and won't try to gain credibility by namedropping (and ironically GS and JPM are probably two of the worst banks for tech innovation in my experience...) but I also have a vested interest in this area and there are plenty of professional financial institutions trading listed crypto products.
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Eh? I don't understand why you don't just answer/provide clarification.

Backslick said:
The information supporting my view is literally public, go look at it.
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Then surely there isn't any reason why you can't provide it? I was just curious about what you were referring to, I don't see why providing some details/clarification is an issue.

I'm unsure if you've either being rather generous with your description of "major financial institutions" or you've conflated trading and clearing.

I'm genuinely interested in this, I'd rather not have to go around googling for this when it isn't clear what is even being referred to in terms of major financial institutions. It isn't unusual for someone claiming something vague to be asked to clarify what they're referring to and without doing so the claim might as well have not been made in the first place. I'm just looking for some clarification that's all :)

Minusorange said:
Live outside your own little harmonious bubble and realise there's nearly 2billion people on this planet in poorer nations who don't/can't have a bank account
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So what? It doesn't imply that some crypto currency bouncing all over the place makes for a good solution. As your article says - the number is falling fast. Live outside your own little idealistic bubble, they would probably prefer an actual bank account.

Minusorange said:
Opinion aside look at the likes of Alex Jones, Tommy Robinson, the website gab who have been discriminated and denied services by the likes of Paypal purely for their political stance
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That is all people seem to have as examples, dealing drugs and making sure arse holes can receive money... great. In fact those people probably still have bank accounts and can send/receive money the issue is accepting public donations. Just checking his website now and there still appears to be an option to send a cash donation. The solution to this issue is not to have a monopoly on internet payment providers.
 
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There was $8 billion transferred over the bitcoin network two days ago versus $11 billion on Mastercard. Not bad for a dead crypto currency.

While we might not need bitcoin in the UK, or at least not yet, there are certainly places where it is incredibly useful.
 
Bigpops said:
There was $8 billion transferred over the bitcoin network two days ago versus $11 billion on Mastercard. Not bad for a dead crypto currency.
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I don't think that is really a good comparison - Master card is used for purchases, I'm assuming a lot of that 8 billion figure isn't anything to do with purchases but rather relates to trading/speculation.
 
dowie said:
I'm genuinely interested in this, I'd rather not have to go around googling for this when it isn't clear what is even being referred to in terms of major financial institutions. It isn't unusual for someone claiming something vague to be asked to clarify what they're referring to and without doing so the claim might as well have not been made in the first place. I'm just looking for some clarification that's all :)
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Currently regulated entities which offer futures trading are CME and CBOT. Volume is paltry, however it cant be denied those are legitimate entities providing access to BTC.
Multiple entities are trying to launch exchange traded funds : https://hackernoon.com/what-are-bitcoin-etfs-and-why-are-they-controversial-c9509a925594
Bakkt is going to launch in Jan : http://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/ or https://www.bakkt.com


Bitcoin is still sort of a large scale social experiment and for it to be truly useful a lot of infrastructure needs to be built.It has its own sets of issues to overcome (scaling/price manipulation etc)
 
nine_tails said:
Currently regulated entities which offer futures trading are CME and CBOT. Volume is paltry, however it cant be denied those are legitimate entities providing access to BTC.
Multiple entities are trying to launch exchange traded funds : https://hackernoon.com/what-are-bitcoin-etfs-and-why-are-they-controversial-c9509a925594
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Thanks for trying to be helpful here, the existence of bitcoin futures isn’t the question, we know they exist the question is which major financial institutions are trading them?

MS and GS provide clearing, GS was due to open a bitcoin trading desk but then seemingly scrapped the idea.

AFAIK I thought it was some small prop firms involved in liquidity provision and perhaps a few funds and individual clients taking directional punts.
 
dowie said:
That is all people seem to have as examples, dealing drugs and making sure arse holes can receive money... great. In fact those people probably still have bank accounts and can send/receive money the issue is accepting public donations. Just checking his website now and there still appears to be an option to send a cash donation. The solution to this issue is not to have a monopoly on internet payment providers.
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Okay let's take another example

Greece when they had to get bailouts from the IMF, for a long time people couldn't get ANY money from their banks

A decentralised currency where you have access 24/7 forever is far far superior than having to rely on your bank or your government not screwing up the economy or even their systems (TSB) that you can't access the money you had stored away

There's many reasons why Bitcoin or at the least the concept is vastly better to what we currently have
 
nine_tails said:
There is. It is an un-censorable form of currency. No central entity can stop you from transacting on the network , no bank can close your account.
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not when the banks are those who store the value which exchanges hold so to speak, transparency is key as with tether (people don't currently have any idea).
I wonder how much insight banks do have when the money backed by them is stored by them

I am with the movement of anonymous transactions and anonymity in general but do wonder when e.g. XRP join with santander and other banks, and electroneum are now KYC compliant, just how much insight banks do have when the underlying principle i feel of cryptocurrencies is anonymity
 
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Minusorange said:
Okay let's take another example

Greece when they had to get bailouts from the IMF, for a long time people couldn't get ANY money from their banks

A decentralised currency where you have access 24/7 forever is far far superior than having to rely on your bank or your government not screwing up the economy or even their systems (TSB) that you can't access the money you had stored away

There's many reasons why Bitcoin or at the least the concept is vastly better to what we currently have
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bitcoin is nowhere near stable enough for this.
It's hardly safe either how many exchanges have been robbed?
 
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