Topic: ETH gets roasted and ETC gets support in Max Keiser's show (Read 2689 times)

If that is released, that will make the Ethereum to be very useful. So the Etheruem price could rise a lot.

Can't wait for akasha to be released tho.

Santander Vies to Become First Bank to Issue Cash on Blockchain

Spanish banking giant Santander is working on a project that explores how it could digitize customer cash using the public ethereum blockchain.

Revealed today during a panel talk at Devcon2 by Ether.camp founder and ethereum Java client developer Roman Mandeleil, the news was confirmed by representatives of Santander. In statements, Santander said its goal is to open up its bank-issued funds to a community of innovators as a way of tapping additional efficiencies.

Given the recent deluge of proofs-of-concepts and consortium announcements, Santander's move to potentially issue digital cash on a live public blockchain emerges as one of the more unique projects globally. Running for more than a year, the ethereum network has a market cap of more than $1bn and nearly 40,000 in daily transactions.

In interview, Mandeleil explained that the Santander project envisions how the bank’s customers could convert money from their real bank accounts into a 'tokenized' online currency called 'Cash ETH' that would be redeemable for paper currency.

Mandeleil told CoinDesk:

"These tokens are backed by real money in Santander. At any moment you can get them back and get the dollars."

In a demonstration, Mandeleil showed how a fictional customer could use the prototype to create digital money for use at online merchants and accessible with a mnemonic passcode called a brain wallet. (Despite past issues with the concept, he called this version "statistically hard to break").

Santander representatives indicated that the bank is now seeking to work with Ether.camp on engaging other banking partners in the project. The two partners are also looking to run hackathons that would focus on developing use cases around micropayments.

In essence, the project aims to envision a way for banks to open up their basic bank account offerings to new ideas and transactional services. Further, Mandeleil said the project is part of his 10-person startup's vision that focuses more on using blockchain technologies to achieve incremental benefits for banks and consumers.

"It's more like evolution, not revolution," he said. Still, he emphasized that the trial, should it go live, would mark a "huge leap" by establishing a connection between a publicly traded financial firm and and a public blockchain.

"You can start to build more and more stuff and say to the regulators 'It's not so scary,'" he continued.

Elsewhere, in his talk, Mandeleil discussed Ether.camp'sk with blockchain startup firms including Gemini and Rootstock.

Mass media

Mandeleil showcased a system whereby a Santander customer would have three new options to coincide with their traditional bank account – tokenize, transfer or refund.

Should the user elect to 'tokenize' their funds, the system is set up to allow for payments of as low as $0.01, though small charges may add to Santander’s earnings depending on how the user chooses to allocate the funds. In the example, $350 in funds were withdraw to a test version of the ethereum blockchain, with $1 going toward gas payments, which are needed as payment to execute transactions on the network.

By paying the gas upfront, the user is allotted a certain pre-set number of transactions they can execute, though this figure can be increased with additional payment. Mandeleil sees the digital Santander dollars as a viable alternative to PayPal.

"It's not something that users will not do to have the agility of money. You click on the payment, then you put in the private key and you have the balance and the reliable transactions," he said.

To offer a better view on the project, Mandeleil walked CoinDesk through a version of the prototype in which a user tokenized funds for use as payment for an article on a demo version of The New York Times website.

Users could then exchange the digital money with other users, though Mandeleil said these funds would be redeemable with Santander.

In this light, the partnership also offers the bank a new avenue by which to add to its accountholder base.

Questions ahead

According to Mandeleil, the project first began seven months ago, when Santander approached the Ether.camp team with the idea for the effort, but more work remains.

Should Santander succeed in receiving regulatory approval to ultimately move forward, it will need to contend with the challenges of potential growth.

For example, Mandeleil said he is speaking with Santander about the issues that could arise from a broad number of banks all issuing their own versions of digital cash, which might lead to interoperability and settlement issues.

Mandeleil, though, sees the current blockchain market as already providing relevant examples for how workarounds to this could be achieved. For instance, he mentioned the available cryptocurrency conversion tools as one service that could offer a potential solution should the project progress.

Going forward, Mandeleil and Santander said the partners are seeking to engage more banks in the project, which they compared to the Universal Settlement Coin project spearheaded by UBS and also involving Santander.

Representatives of Santander said that additional legal work needs to be done before moving forward, and that it is currently exploring whether it needs additional licensure.

Run away when you see Keiser is hyping shit 

Today there are many people who support for ETC are like jaxx.io who support for ETC's wallet on their service, and i think will there are more support for ETC. It is good for ETC and will become impact to ETC's price.

That is right. I watched his program before the Maxcoin scandel. After the Maxcoin scam, I do not trust him any more.

Maxcoin, lol, the nortorious scam 2 years ago, shame on him, he dare say something in the furum? It is time to sell etc now, damn max

He can borrow ETC in the exchanges and sell short, then he can say he wants to dump ETC, the ETC price will drop, he can buy back the shorted ETC at lower prices.

How can he dump if he really wants to? The address where all the ETC is stored is public right? It would be easy to track his movements. If those coins go to an exchange the attacker is risking to get them frozen.

Yeah, I doubt he is stupid enough to not pump the coin before dumping. For 2 reasons:

1) The obvious one, you get more money if you pump it.
2) Selling all at once is a stupid idea and will get you tracked by feds

I don't think this is the end for ETC. The DAO hacker can't dump his ETC without much volume and I don't think he wants to dump all his ETC so cheaply.
He should have lots of btc by now so it would not difficult for him to pump ETC before slowly distributing his ETC to people at a high price.

The volume is healthy and it looks like we bottomed at 21. Uptrend will eventually consolidate and people that missed all this cheap ETC will miss the next pump and cry on their sleep.

I agree with that. The ETC is just for quick pump and dump. You have to find the exit point very quickly. Otherwise you will be the bag holder.

Im also in , I think Max is going to pump this a bit.
So only in for profit taking, after the small pump this is going into oblivion I think

In this particular case when most of you want to get out I'm going in.

Most companies fail but I think the rate is even higher when it comes to coins.

Max Keisers opinions matter and I remember following him in the earlier years of Bitcoin. A lunatic like many other cryptocurrency enthusiasts and like every other investor serves his self interests and you shouldn't listen to analysts, creators or biased investors when it comes to investments unless you are knowledgeable enough to form your own opinion based on what they say. If you take investment advice from anyone else it is always your mistake if it is a losing one.

And if you don't agree with that then ask yourself who's taking the loss.

The ETC criminal coin and enterprise is dead. Especially after September 2nd. You were all warned to empty your bags.

Only a moron would call ETC criminal coin 'honest'. It's an oxymoron.

I speculate the answer is yes. There is no other reason why he would promote and hype ETC. He is maybe desperate that the price will go down even lower making him lose more bitcoins. Wasn't he a journalist once? Is he a trustworthy one? Because most journalists today are corrupt.

Which will be ETC.