Cryptocurrency

[Cycsk]

Basically, the miner is providing the labor of creating the coin -- it's performing work. The labor cost of that work is supposed to give the coin value. The process of mining (usually hashing) can be used for different things, both tangible and proprietary. Hashing at its basic level is just doing math and then verifying said math -- it just depends what the purpose of the math is, which I believe can vary among coin types.

Blockchain tech itself can (and is) used outside of the coin realm for other purposes, and it has room to grow into that mold. It'll be a while, but I bet it will catch on largely due to how easily scalable it is. It will show to have uses in research.

You said, "The process of mining (usually hashing) can be used for different things, both tangible and proprietary."

This is what I'm getting at. What is an example of a tangible and proprietary benefit of mining other than the "creating of coins?" For instance, is the "verifying math" related to math that is being done for any purpose other than "mining coins?"

 

[MeowingCows]

You said, "The process of mining (usually hashing) can be used for different things, both tangible and proprietary."

This is what I'm getting at. What is an example of a tangible and proprietary benefit of mining other than the "creating of coins?" For instance, is the "verifying math" related to math that is being done for any purpose other than "mining coins?"

Here is a Forbes article detailing some real-world, non-BTC uses of blockchain. Generally these uses involve transactions of some sort (generally, transferring money in places where traditional means are unreliable). Other uses tend to revolve around ID or other types of verification, as proofing is a core concept of how blockchain operates. This tech is still very much in its infancy... There aren't a whole lot of external uses yet, but they're coming and the potential is there. Multiple large tech companies have already begun gearing their products and services towards expanding and using blockchain tech.

I don't think coins will last forever. They don't have the real-world backing and financial support needed to be trusted as a true form of currency. However, I could maybe see the usage of blockchain as a form of transactional power -- particularly in unstable or less-developed regions, but again, not really a necessity in the developed world.

 

[Kypdurron]

You said, "The process of mining (usually hashing) can be used for different things, both tangible and proprietary."

This is what I'm getting at. What is an example of a tangible and proprietary benefit of mining other than the "creating of coins?" For instance, is the "verifying math" related to math that is being done for any purpose other than "mining coins?"

Mining does more then just mint coins, think of it as way of securing the blockchain. The reason no one has been able to hack BTC is because no one can achieve a 51% attack. The more diversified computer power used to support the chain the more secure it is.

Mining also helps with transactions/speed and updating code(granted this is just on legacy coins). When you get ready to update BTC you release the code to the miners, who begin implementation of the code at an agreed upon block. We could get into forking but that doesn't really apply to this conversation.

Think of it this way Banks "Mine" as well, they devote huge computer resources to transactions, support, defense, websites, employees and so on.

 

[FarminCy]

Here is a Forbes article detailing some real-world, non-BTC uses of blockchain. Generally these uses involve transactions of some sort (generally, transferring money in places where traditional means are unreliable). Other uses tend to revolve around ID or other types of verification, as proofing is a core concept of how blockchain operates. This tech is still very much in its infancy... There aren't a whole lot of external uses yet, but they're coming and the potential is there. Multiple large tech companies have already begun gearing their products and services towards expanding and using blockchain tech.

I don't think coins will last forever. They don't have the real-world backing and financial support needed to be trusted as a true form of currency. However, I could maybe see the usage of blockchain as a form of transactional power -- particularly in unstable or less-developed regions, but again, not really a necessity in the developed world.

There are an insane amount of use cases in many industries for block chain. It can solve many problems that were seen as almost impossible not long ago. I'm working on some conceptual uses of it right now that will eventually get handed off to the people much smarter than me to make it happen.

 

[DeftOne]

https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/

A Vietnamese cryptocurrency company Modern Tech launched an ICO for its Pincoin token, raising $660 million from approximately 32,000 people. The company first ran the Pincoin ICO, promising constant returns to investors, and then launched another token, iFan (a social network token for celebrities). Picoin investors first received cash from their investment and then the team began paying out rewards to Pincoin investors in iFan tokens.

Then the team disappeared.

 

[Kypdurron]

https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/

This is a classic case of why it pays to do you research. If you blindly throw your money at ICO's then you are going to get burned.

 

[Kypdurron]

Hey guys,

I finally have time to be back on the forum.

I've got a couple quick updates that are worth paying attention too:

Market Cap is up close to 200 billion in 23 days - This can be attributed to tax season finally being over in the US and people getting money back and investing again. Also there is a challenge in the India Supreme court to their Cryptoban, India was adopting crypto's quickly as their banking system is an absolute mess. If the ban gets reserved I would expect another uptick in the market. Ref:
https://www.coindesk.com/indian-high-court-to-hear-case-against-central-bank-crypto-ban/

One of the largest ICO's from 2017, Tezos, is going live in Q2, with a full net release expected in Q3 following code audit. Disclosure, this is a coin I'm vested in. This project has the backing of Tim Draper and Mark Cuban. Ref:
https://www.coindesk.com/not-revived-tezos-team-predicts-mega-ico-will-launch-2018/

Eth and Ripple are most likely securities... except they aren't. This is pretty interesting, to quote the article on Coindesk "Gary Gensler, an old lion of financial services regulation, confirmed for the crowd that in his view, bitcoin's two largest rivals may fit the description of securities in U.S. law." However the SEC has gone on to discuss that applying the frame work of the Howey test to Crypto's doesn't work. Essentially they are recognizing that the system can't be black and white, it needs to be a spectrum. This fits what most of the crypto community has been saying for a while, instead of using old regulations on a new asset class, why not do what most countries are doing and come out with a new evaluation, tax frame work, and regulation. (I know why they don't, that would cost money and Trump is cutting gov, not growing it) Ref:
https://www.coindesk.com/fear-hodling-mit-blockchain-experts-weigh-impact-sec-crackdown/

Keep on Hodling and don't take the advise of strangers on the internet.

 

[VeloClone]

Keep on Hodling and don't take the advise of strangers on the internet.

Let this sink in for a minute.

 

[Kypdurron]

Let this sink in for a minute.

AKA Do your own research

 

[Rabbuk]

https://finance.yahoo.com/news/warren-buffett-buying-bitcoin-not-investing-110702015.html

 

[besserheimerphat]

Blockchain helps verify what people said. How does it verify what they said was true, which is the real crux of the trust issue? Just because that South American mango farmer documents his mangos as organic in the blockchain doesn't mean he didn't really soak them in Roundup. And since blockchain is permanent and unalterable, there's no way to correct his original claim were anyone to find out.

 

[Kypdurron]

Blockchain helps verify what people said. How does it verify what they said was true, which is the real crux of the trust issue? Just because that South American mango farmer documents his mangos as organic in the blockchain doesn't mean he didn't really soak them in Roundup. And since blockchain is permanent and unalterable, there's no way to correct his original claim were anyone to find out.

One of the strengths of the blockchain is verification, normally this is a mathematical process however you are referencing goods. Keeping with the fruit theme, what a blockchain would show is:

Farmer X produced this mango, it was planted xx/xx/xxxx and picked xx/xx/xxxx during that time Farmer X scanned these products he used in growing this mango
Mango was transported using Company x and arrived at Store X
Farmer X's mango's are tested every 2 months for harmful chemicals the results are the results from the FDA
or if Farmer X isn't allowing them to be tested then that would show
Potentially the store could add to the block for that farmer with how trusted the producer is.

Essentially it would give you a snapshot of the inventory and allow you to make a more informed decision about the product. I would assume once blockchain was implemented for tracking of the mango's there would be a certification process.

Hope this helps!

 

[Kypdurron]

https://www.ibm.com/blogs/blockchai...onfidence-in-food-safety-with-ibm-blockchain/

Here is how IBM is already tackling this issue

 

[isufbcurt]

One of the strengths of the blockchain is verification, normally this is a mathematical process however you are referencing goods. Keeping with the fruit theme, what a blockchain would show is:

Farmer X produced this mango, it was planted xx/xx/xxxx and picked xx/xx/xxxx during that time Farmer X scanned these products he used in growing this mango
Mango was transported using Company x and arrived at Store X
Farmer X's mango's are tested every 2 months for harmful chemicals the results are the results from the FDA
or if Farmer X isn't allowing them to be tested then that would show
Potentially the store could add to the block for that farmer with how trusted the producer is.

Essentially it would give you a snapshot of the inventory and allow you to make a more informed decision about the product. I would assume once blockchain was implemented for tracking of the mango's there would be a certification process.

Hope this helps!

IMO that is more information that people don't need.

All that I care about is mango tastes good.

 

[dmclone]

I'm going on Saturday to hear Buffett speak, I'm guessing cryptocurrency will be brought up a lot.

 

[besserheimerphat]

One of the strengths of the blockchain is verification, normally this is a mathematical process however you are referencing goods. Keeping with the fruit theme, what a blockchain would show is:

Farmer X produced this mango, it was planted xx/xx/xxxx and picked xx/xx/xxxx during that time Farmer X scanned these products he used in growing this mango
Mango was transported using Company x and arrived at Store X
Farmer X's mango's are tested every 2 months for harmful chemicals the results are the results from the FDA
or if Farmer X isn't allowing them to be tested then that would show
Potentially the store could add to the block for that farmer with how trusted the producer is.

Essentially it would give you a snapshot of the inventory and allow you to make a more informed decision about the product. I would assume once blockchain was implemented for tracking of the mango's there would be a certification process.

Hope this helps!

The verification in this case is a third party (the FDA) testing the fruit. And you don't need blockchain for that. Yes you could put the result in the blockchain but that's no different than however they certify food now. And for many of the crypto-liber-anarchists, they wouldn't trust the FDA's result anyway.

 

[besserheimerphat]

https://www.ibm.com/blogs/blockchai...onfidence-in-food-safety-with-ibm-blockchain/

Here is how IBM is already tackling this issue

I get the idea here, but in this spinach example you'd also have to somehow verify that there was no undocumented cross contamination, than employees in the chain also washed hands or changes gloves/hairnets, etc.

 

[Kypdurron]

I get the idea here, but in this spinach example you'd also have to somehow verify that there was no undocumented cross contamination, than employees in the chain also washed hands or changes gloves/hairnets, etc.

Agreed, I think the process will become more refined as they implement it. I think inventory tracking will have some consumer advantages but most of upside will be on the producer, transport, seller side. I look forward to seeing more use cases as blockchain matures.

 

[SpokaneCY]

One of the strengths of the blockchain is verification, normally this is a mathematical process however you are referencing goods. Keeping with the fruit theme, what a blockchain would show is:

Farmer X produced this mango, it was planted xx/xx/xxxx and picked xx/xx/xxxx during that time Farmer X scanned these products he used in growing this mango
Mango was transported using Company x and arrived at Store X
Farmer X's mango's are tested every 2 months for harmful chemicals the results are the results from the FDA
or if Farmer X isn't allowing them to be tested then that would show
Potentially the store could add to the block for that farmer with how trusted the producer is.

Essentially it would give you a snapshot of the inventory and allow you to make a more informed decision about the product. I would assume once blockchain was implemented for tracking of the mango's there would be a certification process.

Hope this helps!

They should have used blockchain for the recent lettuce ecoli outbreak. I'd like to now who's been shitting on my salads.

 

[Kypdurron]

They should have used blockchain for the recent lettuce ecoli outbreak. I'd like to now who's been shitting on my salads.

Pretty sure it was Lake Bison...