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JoelDeze
JoelDeze
Joined: Apr 20, 2016
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June 13th, 2017 at 7:39:14 AM permalink
Ethereum’s founder, Vitalik Buterin, recently met with Putin during the St. Petersburg International Economic Forum, a signal that the country may be interested in using digital currency to move its economy beyond gas and oil. “The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand-new business models,” Putin said at the forum. (Russian entities, like the state development bank VEB, have agreed to use Ethereum to help implement blockchain technology in the country). As investors look for a place to put their assets amid mounting geopolitical instability, some are turning to cryptocurrency. Singapore’s government has released a report saying it has carried out a test using ethereum blockchain technology to create a national digital currency. Regulators in Japan are issuing new rules that make cryptocurrencies like Ethereum a valid form of payment. And companies such as Toyota and Microsoft, which are members of an organization called the Enterprise Ethereum Alliance, are throwing their weight behind the cryptocurrency, too.
“Know where to find information and how to use it; that is the secret of success.” – Albert Einstein
socks
socks
Joined: Jul 13, 2011
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June 13th, 2017 at 9:56:08 AM permalink
Quote: Wizard

...As a math wonk, I fully appreciate the mathematical beauty of cryptocurrency and think that the way it works is brilliant. What bothers me is that there is nothing behind it. It is based on nothing. Not even a tulip or a Beanie Baby. ...



I thought this until a few months ago, but there is value in a signal, and/or scorekeeping system, that isn't government controlled. It feels very weird, but I'm thinking that may be enough. In much of the world the government and institutions are even less trusted than they are here, so bootstrapping bitcoin into widespread usage may be even easier there.
Wizard
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Wizard
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June 13th, 2017 at 2:06:18 PM permalink
Quote: JoelDeze

And companies such as Toyota and Microsoft, which are members of an organization called the Enterprise Ethereum Alliance, are throwing their weight behind the cryptocurrency, too.



Why doesn't Microsoft make their own? I said before that day that a strong country or even company backs a Cryptocurrency it will rise above all the rest and gain mainstream acceptance. Microsoft would be perfect.
It's not whether you win or lose; it's whether or not you had a good bet.
AxelWolf
AxelWolf
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June 13th, 2017 at 6:00:17 PM permalink
Quote: Wizard

Why doesn't Microsoft make their own? I said before that day that a strong country or even company backs a Cryptocurrency it will rise above all the rest and gain mainstream acceptance. Microsoft would be perfect.

They do take BC.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
JoelDeze
JoelDeze
Joined: Apr 20, 2016
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June 14th, 2017 at 3:41:47 AM permalink
Quote: Wizard

Why doesn't Microsoft make their own? I said before that day that a strong country or even company backs a Cryptocurrency it will rise above all the rest and gain mainstream acceptance. Microsoft would be perfect.



This will probably help answer part of the question.

Microsoft Announcement

Ethereum is the only smart contract blockchain with a live working environment. The backing and development is already there.
“Know where to find information and how to use it; that is the secret of success.” – Albert Einstein
TumblingBones
TumblingBones
Joined: Dec 25, 2016
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June 14th, 2017 at 6:12:18 AM permalink
Quote: JoelDeze

This will probably help answer part of the question.

Microsoft Announcement

Ethereum is the only smart contract blockchain with a live working environment. The backing and development is already there.



The important thing to note is that Microsoft, Toyota, and other corporations are very interested in the use blockchains, not cryptocurrencies. The blockchain technology is a key component of all cryptocurrencies but it has other very important uses as well.
Wizard
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Wizard
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June 14th, 2017 at 6:23:26 AM permalink
Quote: JoelDeze

This will probably help answer part of the question.

Microsoft Announcement

Ethereum is the only smart contract blockchain with a live working environment. The backing and development is already there.



Thanks. I would be more encouraged if that announcement said Microsoft would accept Ethereum as a method of payment but that they mention for other purposes is a good sign. I still have yet to see anything you can actually buy with Ethereum.
It's not whether you win or lose; it's whether or not you had a good bet.
TumblingBones
TumblingBones
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June 14th, 2017 at 6:25:56 AM permalink
Quote: Wizard

Why doesn't Microsoft make their own? I said before that day that a strong country or even company backs a Cryptocurrency it will rise above all the rest and gain mainstream acceptance. Microsoft would be perfect.


The main motivations for using a cryptocurrency are (a) that it is anonymous and (b) no organization controls it. It's underlying algorithm uses a distributed consensus-based approach to process transactions. Having Microsoft, Russia, or any other big player as the primary backer would violate (b) and probably result in a lot of the early adopters steering clear. On the other hand, it may not be as big a concern as far as mainstream acceptance goes.

Also, since I brought up the "distributed consensus-based approach to process transactions", one problem with cryptocurrencies that I haven't seen mentioned yet is that this approach to transaction processing introduces serious latency and scalability issues. Scaling up to use as a general payment solution that can replace credit cards is a major challenge.
Skeptic
Skeptic
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June 14th, 2017 at 6:29:28 AM permalink
How is it anonymous though? The whole point of the blockchain is that every single transaction is logged and it doesn't take much to trace the flow of funds from one wallet to the next. How do you expect to cash out your bitcoin anonymously? How can you purchase something with bitcoin through any reputable store anonymously?
gamerfreak
gamerfreak
Joined: Dec 28, 2014
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June 14th, 2017 at 6:47:37 AM permalink
Quote: Skeptic

How is it anonymous though? The whole point of the blockchain is that every single transaction is logged and it doesn't take much to trace the flow of funds from one wallet to the next. How do you expect to cash out your bitcoin anonymously? How can you purchase something with bitcoin through any reputable store anonymously?


There's no personal info attached to a bitcoin wallet. So while the transaction technically isn't anonymous, the sending and receiving wallets are.

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