There is a decent block chain called XEM whose currency is currently worth $0.41. Why is BTC worth so much more? It will all collapse in the end. General block chains like BTC will have their flaws found out sooner or later. You can transfer funds using other block chains for fractions of pennies, and faster than BTC, and BTC costs thousands of times more to transfer funds, BTC is still way cheaper than standard bank transfers.
Transferring money is only the tip of the ice berg to what block chains can do. The currency in a block chain is only the fuel to make it function.
It could be that the sheer scale of the hash power can protect BTC from attacks and so make it a store of value, but who knows.
BTC is currently paying for renovations to my house. Thank you Mr. Satoshi, I will drink to you one night when all this comes to it's glorious conclusion.
^ for sure it isn't a ladyboy who can stick its dick up your arse, so why do you care?
can you "keep" more than one type of crypto currency on those hardware wallets?
Its the specialist block chains that will be the winners in the end imo. Its why I am buying into IOTA, XRP, CAT, BAT, STORJ, SC, MAID etc while they are cheap, most are still in alpha testing stage, so its not yet known whether they will have a viable product in the end.
Also worth hunting out good general block chains that are selling for pennies.
In the end its probably as much luck as judgement if you hit a winner, but this is the time to try your hand and HODL.
^^
"Ledger Nano S is a Bitcoin, Ethereum and Altcoins hardware wallet,"
"Ledger Nano S includes Bitcoin, Litecoin, Ethereum and Ethereum Classic companion apps, and other blockchain-based cryptocurrencies. "
There absolutely no point to a private block chain, anyone developing it is wasting their time. Their whole reason for existence is they are decentralised. Otherwise its just a slow DB.
They are a solution to the Byzantine Generals problem.
To be worth anything a BC has to be fully transparent, immutable, and permissionless; private BCs are none of those.
They are the ladyboys of the crypto world.
Centralised ledgers have thus far been necessary, but now the game is up, this going to spread money far and wide; the age of the middle man is coming to an end.
Last edited by longway; 11-12-2017 at 09:12 PM.
^ a nod to our resident degenerate.
I would buy Bitcoins if Smooci our TD sponsor would accept them for booking their ladyboys
Can imagine so, but best to send them an email with a list of all the currencies you want to hold on it, to be 100% certain.
from what i've read over the last few years, crypto currencies will be just a small part of block chain's use in the future.
google search comes up with this:
https://www.forbes.com/sites/bernard.../#353cc3ef725b
How Blockchain Technology Could Change The World
The key here is that as well as something as basic as an indicator of value (as with Bitcoin), blockchains can be used to store any kind of digital information, including computer code. This code can be programmed to execute when two or more parties enter their keys – meaning that everyone agrees that a contract has been filled. It can also read from external data feeds – stock prices, weather reports, news headlines, or anything else that can be parsed by computer code – to create contracts which automatically “sign off” when stated conditions are filled. These are known as “smart contracts”.
Obviously the potential here is limitless. Applications could be developed which allow businesses to validate transfers based on delivery of service – for example a certain number of buying orders would signal to the blockchain-based smart contract that conditions had been filled for an invoice to be paid. The payment could then be made automatically through a blockchain based payment system. App ecosystems are already evolving, based around platforms such as Ethereum which aim to give businesses the toolsets necessary to get involved.
One theory even suggests that blockchain tech will provide the value “fuel” for the Internet of Things. Devices in the home and across industry could automatically pay for the energy they use by writing to the relevant blockchain, creating a transfer of value based on the precise usage of the device.
One project involves the creation of “smart” local power grids based on distributed blockchain technology. Of particular use in remote communities, such systems would allow the distribution, metering and billing of electricity to be administered within the community itself, rather than being reliant on external multinational power and finance institutions.
Another, ascribe, aims to use blockchain tech to solve intellectual property issues in the digital age. Blockchains can be used to create a permanent or transferable link between the owner and a piece of IP, handle licensing issues, and even create “limited editions” of digital information, securely limiting the amount of times a piece of information (for example an artwork) can be displayed, shared or copied.
There are, as I previously said, an almost limitless number of applications for the technology. Fraud-resistant voting systems to be put in place, where the owner of one private key is assigned one vote, and no third party referee is necessary. Censorship-resistant distribution of information. Decentralized reputation and recommendation engines, provably free of interference from intermediaries such as moderators or advertisers.
In my opinion, blockchain technology looks set to be one of the most impactful developments on the horizon. I often find myself writing about “buzzwords” – Big Data, machine learning, predictive analytic - and now undoubtedly “blockchain” will join that list. But remember that the word “internet” was a buzzword, too, not so long ago in objective terms (although it seems like another lifetime!). The fact is that with all these concepts, while there may be a lot of hype around them, the potential they offer for change is just too big to overlook
^ whether they live up to their potential remains to be seen. ethereum is making grand claims, but so far they are falling short on delivery. BC tech has inherent limitations to scaling.
IOTA uses a different type of DL and supposed to be able to scale infinitely if required, but again it is still in its developmental stage.
but if they shoot for the stars they might make it to the moon at least
as i said before think of the currency of the BC or DL as the fuel to make it work by way of rewarding those who verify the DL with fees; the currency is fundamental to the tech.
Last edited by longway; 11-12-2017 at 09:52 PM.
longway, while looking up etheruem (from your post), came across this quote (which is quite good, IMO):
“[Blockchain] is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one.”
Sally Davies, FT Technology Reporter
^ its like asking why water is wet.
a blockchain needs to be verified as there is no central authority running it to guarantee its validity. the work of verification is rewarded by fees to the verifiers, which is the currency of the BC.
a BC cant be run without its currency, the value of the currency depends on the immutability and transparency of the BC, and its utilities. eg apps running off it or if it has a specialised application.
if more than 50% of the verifiers are united, the BC validity can no longer guaranteed, as they have the power to change the transactions that have already taken place, and so the currency becomes worthless.
a BC has to be decentralised and permissionless, otherwise it is useless. if it is centralised and controlled it is nothing more than a slow DB.
Last edited by longway; 11-12-2017 at 10:21 PM.
Blind leading the Blind.
Why even bother WelshFly ?
well, i'm just a novice, longway; but, i think you're confusing block chain's use in bitcoin/crypto curriences and its wider use:
https://www.cio.com/article/3194586/...nsactions.html
Cryptography secures the records in a blockchain transaction, and each transaction is tied (in the chain) to previous transactions or records. In addition, the transaction records are distributed among and viewable by all participants of a blockchain distributed ledger. An attempt to tamper with the data would require that the hacker also change all the previous records in the blockchain.
Moreover, blockchain transactions are validated by algorithms on the nodes (computers in the network of participants in the distributed ledger). A single entity cannot create a transaction. Finally, blockchains provide transparency, giving each participant the ability to monitor the transactions at any time.
Participants can opt to set up a private or public blockchain.
A private blockchain limits the number of participants that are verified and trusted.
Quite frankly, aside from someone cracking the cryptology, blockchain is one of the most secure digital capabilities available.
https://www.cio.com/article/3194586/...nsactions.html
Here are some of the most notable entities that have examined blockchain and are now moving to adopt it.
think of it as some kind of digital DNA or some type of digital fingerprint, for transactions
So I can see and understand the attraction of Bitcoin and its acceptance but all these other cryptos surely they are just a scam or can you spend them too?
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