Bitcoin is "outdated", the blockchain is the "new Bitcoin"

gregyoung14

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Quote from: pooya87 on February 19, 2016, 12:14:32 AM

Blockchain is an excellent technology that bitcoin has introduced to the world. but by all means bitcoin is not outdated no matter how media tried to kill it.

additionally hundreds and hundreds of Altcoins have proven that blockchain technology alone is not going to lead to their success, just check out all the dead altcoins over the years and the rest is dying too.

Very true. The number of altcoins that had died will prove how Blockchain alone can't sustain the market. Bitcoin has always been there for years, and yes, some Altcoin might claim that they have an edge over Bitcoin. Bitcoin still is the most renowned cryptocurrency ever there is.

Kakmakr

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If you happy with a centralized Blockchain where the owner can change parameters in the code, in any way they want, then these private ledgers are for you. Let's say their protocol are configured to release 20 000 000 BankCoins and they decide in a year from now, that should be increased to 100 000 000 coins, they could do it without consensus.

This is what they are doing with fiat currencies now. Bitcoin have a decentralized decision based on consensus and this will never be done without the majority agreeing to it.

Decentralized Public Blockchains like Bitcoin, have the strongest network too and this increase security. ^smile^

pooya87

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Blockchain is an excellent technology that bitcoin has introduced to the world. but by all means bitcoin is not outdated no matter how media tried to kill it.

additionally hundreds and hundreds of Altcoins have proven that blockchain technology alone is not going to lead to their success, just check out all the dead altcoins over the years and the rest is dying too.

Jet Cash

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What if banks didn't have a central processor, but used each branch as a node for their own distributed processing? Of course that would be an alt currency, but it could get government support. If the gov. was one of the nodes, they could oversee everybody's accounts. Wouldn't they love that.

jyakulis

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J

I want to see how they provide incentive for confirming transactions. The beauty of bitcoin was the method of getting people to do the work of confirming and providing security while not having to pay anything. It is solely created by the award of tokens from mining. What do I know though.

RodeoX

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If you were a bank guy you may have spent the last two years laughing at bitcoin and talking about how dead it is. The idea that you were totally wrong and now must admit it is just too much. So... let's just call it the blockchain and maybe no one will notice. Cheesy

In reality, bitcoin is the blockchain. Obviously there aren't even any "coins", just the blockchain.

OrientA

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Banks will use block chain technology to compliment or replace their current ledger system to cut cost. They will not create another currency. Otherwise there will be hundreds of alt bank coins.

franky1

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Quote from: dothebeats on October 31, 2015, 07:46:47 AM

I wonder how a block chain would be possible without bitcoin running/flowing in it? It's like saying a waterfall exists without water flowing in it. Roll Eyes

the point is that bitcoin.. (the 21million token currency) needs some defining 'buzzword' to separate the currency from the technology.. separating and explaining the differences between paper money, sql database accounts. other digital payment systems and 'blockchain..

EG
blockchain is the technology
bitcoin is the currency (using blockchain technology)
litecoin is a currency (using blockchain technology)

if banks want to use the blockchain technology, without bitcoin as the currency. then its simply an altcoin currency.

i think banks prefer the buzzword blockchain, as oppose to 'crypto' and also as oppose to 'digital' .. as digital can also mean visa, paypal, applepay, facebook credits.
and 'crypto' is just weird to them, and average non geek people.. thus the technology name seems to be highlighted recently has being the umbrella term blockchain.. to separate digital fiat from blockchain based currencies

this should help show why generalizing bitcoin as 'digital' will make people still think its like applepay

SerenaL

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Centralized blockchains will have its uses for existing institutions. I think Bitcoin or other decentralized cryptocurrencies will always exist.

SebastianJu

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I think even with a centralized blockchain, if a big banks create a bitcoin clone, then you can be sure that people will buy. They will trust the banks cryptocurrencie more than bitcoin. And i'm sure many bitcoiners will buy too.

Gleb Gamow

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Quote from: the_poet on October 31, 2015, 06:15:15 AM

"IT’S ALL ABOUT THE BLOCKCHAIN"

http://moneyandstate.com/its-all-about-the-blockchain/

"Bro, do you even blockchain?"

I love that line from Eric V. Grin

Denker

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Quote from: AtheistAKASaneBrain on October 31, 2015, 01:01:09 PM

Did you guys the read the article? He is actually making fun of the banking industry and pretty much every other idiot that is claiming that Bitcoin is irrelevant and that the technology will get used by these banksters for their own benefits (without the necessary token that makes an actual blockchain work). Erik does an excellent job in pointing out this idiocy on his article. When people wake up from this, we'll see the biggest bull rally mankind has ever seen. When it "clicks" inside a person's brain why Bitcoin is important, there's no turning back.

I agree with him.They had to find a way to speak about it without using the word Bitcoin, because they bashed it before.And now taking it seriously in the open would be quiet embarrassing and showing they were wrong.
And they know they are wrong!

Denker

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Quote from: Lauda on October 31, 2015, 06:59:47 AM

Quote from: the_poet on October 31, 2015, 06:54:43 AM

"Centralized blockchain" sounds like an oxymoron.

A centralized blockchain primarily helps the bank or other institutions that plan on using one. The benefit for the consumer is going to be minimum. Bitcoin is a revolution, and no wonder that they're trying to divert attention away from it. If Bitcoin does succeed, a lot of people have a lot to lose. Those are the ones that are fighting Bitcoin.

Yes I wanna see these people losing!! I don't care about them.Because these are the ones who brought all these desasters.
Let them eat shit!

AtheistAKASaneBrain

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Did you guys the read the article? He is actually making fun of the banking industry and pretty much every other idiot that is claiming that Bitcoin is irrelevant and that the technology will get used by these banksters for their own benefits (without the necessary token that makes an actual blockchain work). Erik does an excellent job in pointing out this idiocy on his article. When people wake up from this, we'll see the biggest bull rally mankind has ever seen. When it "clicks" inside a person's brain why Bitcoin is important, there's no turning back.

OrientA

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There is no problem that banks or other organization use blockchain. Bitcoin is money, it will not be outdated.

bri912678

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Quote from: dothebeats on October 31, 2015, 08:10:38 AM

Yes I know that, but the ledger itself is made up of continuous transaction to be recorded in a single chain. Idk how the banks would actually do it with only bank tx. Altcoins on the other hand, are just variations of bitcoin's original code, so the idea of bitcoin and blockchain are still there but with just another 'flavor'.

Quote from: mexxer-2 on October 31, 2015, 08:04:04 AM

Quote from: dothebeats on October 31, 2015, 07:46:47 AM

I wonder how a block chain would be possible without bitcoin running/flowing in it? It's like saying a waterfall exists without water flowing in it. Roll Eyes

Actually its not, its something like waterfall of alcohol or petrol or any liquid, blockchain is just a record of transactions , Altcoins have blockchain too. In a way I'd consider bank's blockchain similar to an altcoin's .

Blokchain tech is a flavor of the month buzzword for the banks, and I think their chairmen don't understand it but pay teams to research it because it's the flavor of the month. By next year they will probably stop funding research, drop it, and pounce on the next flavor of the month tech. Bitcoin was invented to take power from banks, not help them.

Mickeyb

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Move On !!!!!!

The poor people don't know how to fight us and the, don't really want to join us since this would mean surrendering some of their control to the people so they decided to play this kind of game, Bitcoin is bad blockchain is good.

Really screw them. Let them do and say whatever they want. We need to keep working hard and improving our product and we will see who the people will choose in the end.

the_poet

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Quote from: CoinSkipper on October 31, 2015, 08:14:15 AM

But.. Bitcoin IS the blockchain. The blockchain is just a register of bitcoin transactions. Nothing that special.

But the logic behind the blockchain could have much more applications beyond bitcoin. Virtually every single thing that currently relies on a centralized system to work could use the blockchain.

Pierre 2

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This guy is somekinda right in his points. He warns that banks may borrow blockchain technology while living btc money behind.
He still favors btc's freedom and I agree.

CoinSkipper

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But.. Bitcoin IS the blockchain. The blockchain is just a register of bitcoin transactions. Nothing that special.

Topic: Bitcoin is "outdated", the blockchain is the "new Bitcoin" (Read 2162 times)