200 lines = You're a bank now. | Bitcointalksearch.org

Reid

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Quote from: d5000 on April 11, 2017, 09:35:44 PM

What cryptocurrencies replace is mostly the mathematical and technical bases of banks - their "apps" that they sell to businesses and general public. For example, bank accounts, saving plans, payment solutions, etc.

But banks have other functions in which they most likely will prevail and lead even in a blockchain-ruled world. The most important are related to risk assessment. For example, they decide who can get a loan and who not, in which asset they invest, etc.

By running a blockchain application like Bitcoin, you won't get that "feature" of banks that easy (you must actually obtain the necessary knowledge yourself). There are concepts like Ripple (and the upcoming Wetrust) that try to do a very basic variant of this kind of risk assessment, but it's currently not known if really all functions of banks can be replaced by blockchain apps.

I agree with this.
They will be more powerful with something else and that includes average people who cant afford to have this things or wont have time to think about that.
With their jobs keeping them busy they wont care about this things. It will be another work for them so they want someone to run it even if they need to pay. That is one thing that is good about a bank.
Someone is managing it for you.
So I think this will just work for us who have knowledge about it.

ImHash

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Quote from: gredisgold88 on April 12, 2017, 02:06:20 AM

Is that true ? , Some news portal also reported that in December 2017 the Russian banks will be hacked by some famous hacker, this threat has been well publicized. the possibility of what would happen if this were true?. Just 200 bytes banking system of the world was destroyed? , Like a domino effect falling. now, I fear war. whether these threats have political elements?

You are way out of this world dude, it's 200 lines of codes not bytes, doesn't have anything to do with war and hacking, it's about the fact that the entire summary of bitcoin base code which blockchain needs to function is nothing but 200 lines of codes give or take.
And amazing part is where all of them depend on each other and been wrote exactly in a complicated way to be a system as a whole.

Now imagine bitcoin been improved over the past 7-8 years developed a lot and even more and more code added to the original base code, it's not like the same as before when Satoshi released the source code.

mackenzied

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We can not fight the future, we can only contribute to its development. People are always looking for ways to develop and innovate things in a better direction, bitcoin technology is a good example. We can not fight it; on the contrary, we support it and use it more commonly.

TKeenan

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Quote from: Meuh6879 on April 11, 2017, 05:35:43 PM

Source : http://www.zerohedge.com/news/2017-04-10/200-lines-code-will-disrupt-multi-trillion-dollar-industry

Sorry my friend, you are not only late, but these guys did it in 5 lines of code:
https://www.railsbank.com/

gredisgold88

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Is that true ? , Some news portal also reported that in December 2017 the Russian banks will be hacked by some famous hacker, this threat has been well publicized. the possibility of what would happen if this were true?. Just 200 bytes banking system of the world was destroyed? , Like a domino effect falling. now, I fear war. whether these threats have political elements?

Zadicar

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Cashback 15%

Quote from: Sadlife on April 11, 2017, 10:26:54 PM

That's why the evil corporate overlords are trembling that bitcoin is gaining more value and more countries is starting to support it.
The future of money is Digital currency!

The only obstacle bitcoin is facing right is the chinese miner mafia and the scaling problem will solved.

You have a point but thats not only the problem of bitcoin that it facing right now since not all government do really support bitcoin but there are some who does it but comparing to the number who supports it i dont think it would be enough to be considered.Theres no need to tremble for those corporate overlords infact they would make use of it when adoption would still continue.

pooya87

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haha, as an end user i don't even need the code. all i need is a freaking physical dice to roll and generate "my 100% secure bank account" and put 1 cent to 1000 million dollar in it without anyone even knowing i have that much held on a random number.

you save
115792089237316195423570985008687907852837564279074904382605163141518161494337
for example and have all your money in it

OROBTC

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...

Meuh6879

Why it was at Zero Hedge where I first saw the expression "Be your own Central Bank. Buy gold!"

OK, now we certainly now extend that to:

"Be your own Central Bank. Buy gold and Bitcoin!"

Gold and BTC are a powerful and complementary combination of HODLing wealth. Throw some FIAT$ in as well, and you really are a bank.

Sadlife

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That's why the evil corporate overlords are trembling that bitcoin is gaining more value and more countries is starting to support it.
The future of money is Digital currency!

The only obstacle bitcoin is facing right is the chinese miner mafia and the scaling problem will solved.

digaran

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🖤😏

Fun fact about those 200 lines, most of them are to stop thieves, scammers, hackers, spammers, double spenders, all you need is just the protocol and command codes to execute those protocols. blockchain is more about the safety, keeping everything secure, keep it a fair system equally for everyone, so if you wanted to have a blockchain for yourself without the fear of theft and hack or any third party involvement all you'd need are less than 100 lines.

Questat

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Quote from: Meuh6879 on April 11, 2017, 05:35:43 PM

Source : http://www.zerohedge.com/news/2017-04-10/200-lines-code-will-disrupt-multi-trillion-dollar-industry

Quote

...consider Blockchain, the financial technology that virtually eliminates the need for consumers to hold their savings in the banking system.

The simplest Blockchain is a mere 200 lines of code. That’s it.

So in other words, the centuries-old, multi-trillion dollar banking industry is at risk of being disrupted by just 200 lines of code.

It’s extraordinary.

You can't fight the future ... so, the revolution is here, now.
Like the Matrix.

I have not doubt bitcoin can be a success in the future but I doubt if it will beat the banking system. The government would simply
not allow that, they can make their own blockchain to satisfy the needs of the people.

d5000

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Decentralization Maximalist

What cryptocurrencies replace is mostly the mathematical and technical bases of banks - their "apps" that they sell to businesses and general public. For example, bank accounts, saving plans, payment solutions, etc.

But banks have other functions in which they most likely will prevail and lead even in a blockchain-ruled world. The most important are related to risk assessment. For example, they decide who can get a loan and who not, in which asset they invest, etc.

By running a blockchain application like Bitcoin, you won't get that "feature" of banks that easy (you must actually obtain the necessary knowledge yourself). There are concepts like Ripple (and the upcoming Wetrust) that try to do a very basic variant of this kind of risk assessment, but it's currently not known if really all functions of banks can be replaced by blockchain apps.

Ayiranorea

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Quote from: naivecoin on April 11, 2017, 07:59:48 PM

I will build it

If it's built by everyone it gives a security level higher than the present. Bitcoin services making everything a realistic one in terms of growth along with technology as well the forward move in the ease of access along with enriched security level.

aardvark15

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Bitcoin creates some financial independence. If you know what you are doing and keep your keys safe, you can store you Bitcoins safely and for free indefinitely.

bartolo

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Surely banks will be worried about the possibility that users don´t need their services no more but they will find a way to keep being necessary for people. They will offer deposits with interests and with the promise of greater security and many people will keep their money in banks, for the security, for the interests or becuase they are not familiar with the new technology and prefer to stay conservatives.

Qartada

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Actually, to phrase it better: "200 lines = everyone can be their own bank now". Important distinction since the blockchain allows everyone to have real control over their digital money.

naivecoin

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I will build it

Yakamoto

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Quote from: mrcash02 on April 11, 2017, 07:23:57 PM

Quote from: Yakamoto on April 11, 2017, 07:17:26 PM

Yeah, it's not something that banks would have expected even just 10 years ago, but now it is definitely becoming a reality and there is going to be a serious change in thinking from banks if Bitcoin becomes a large competitor to the traditional system. I wouldn't be surprised if banks decide to start becoming a bit more specialized or desperate for investors in the event of a scenario like this.

As for just needing 200 lines of code, I'm actually pretty impressed. I thought it was a bit more than that, but the efficiency surprises me.

Yes, but it's not sufficient yet to handle all transactions and customers that banks deal everyday. A mass adoption is far to happen, and for now it's good for us as Bitcoin doesn't get inconvenient attention from sectors which belong the banks.

To achieve the goal, Bitcoin must improve its technology and features a bit yet, to let us continue having fast-average speed transaction + low fees. That is the most important for me. Surely, most important after the hegemony Bitcoin built as main currency, without splits.

Never said that the rest of the network is efficient, just the 200 lines of code to become a bank.

Mass adoption will likely come in the form of value preservation rather than daily spending, and the only way that you can really change that is shortening block times, and that's even less likely than just increasing the amount of transactions that can be kept within a single block.

The only way that Bitcoin can become a significant player in the daily lives of people is through requiring only one confirmation for each transaction, and even that can take between 5 and 10 minutes.

mrcash02

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Quote from: Yakamoto on April 11, 2017, 07:17:26 PM

Yeah, it's not something that banks would have expected even just 10 years ago, but now it is definitely becoming a reality and there is going to be a serious change in thinking from banks if Bitcoin becomes a large competitor to the traditional system. I wouldn't be surprised if banks decide to start becoming a bit more specialized or desperate for investors in the event of a scenario like this.

As for just needing 200 lines of code, I'm actually pretty impressed. I thought it was a bit more than that, but the efficiency surprises me.

Yes, but it's not sufficient yet to handle all transactions and customers that banks deal everyday. A mass adoption is far to happen, and for now it's good for us as Bitcoin doesn't get inconvenient attention from sectors which belong the banks.

To achieve the goal, Bitcoin must improve its technology and features a bit yet, to let us continue having fast-average speed transaction + low fees. That is the most important for me. Surely, most important after the hegemony Bitcoin built as main currency, without splits.

Yakamoto

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Activity: 1218

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Yeah, it's not something that banks would have expected even just 10 years ago, but now it is definitely becoming a reality and there is going to be a serious change in thinking from banks if Bitcoin becomes a large competitor to the traditional system. I wouldn't be surprised if banks decide to start becoming a bit more specialized or desperate for investors in the event of a scenario like this.

As for just needing 200 lines of code, I'm actually pretty impressed. I thought it was a bit more than that, but the efficiency surprises me.

Topic: 200 lines = You're a bank now. (Read 1328 times)