Trump White House Doubles Down on US Commitment to Blockchain

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Private blockchain? Then it's not related with bitcoin and decentralized cryptocurrency. But that means they indirectly acknowledge any technology based on blockchain now including bitcoin Roll Eyes

But, i don't see much advantage of private blockchain compared with regular/centralized database.

Every bank is also developing blockchains and they are also private.

This is the main problem with these blockchains, as explained by Andreas Antonopoulos.

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The administration of Donald Trump's administration, President of the United States, reaffirms its commitment to Blockchain. Margie Graves, a White House representative, said she would meet with Blockchain lawyer Mick Mulvaney to discuss cases where the government could exploit the technology. Specifically, it sees Blockchain as a possibility for reducing cases of fraud, reducing some costs and enhancing cyber security.

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Bahrain's government is keen on adopting Bitcoin

https://www.cryptocoinsnews.com/bahrains-government-keen-adopting-bitcoin/

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All those government officials are indoctrinated by banks. It's difficult to tell if it's merely self-delusion caused by cognitive dissonance (because Bitcoin essentially puts banks and central banks out of business) or genuine stupidity. Maybe both.

Private blockchains are an oxymoron. It's a great way to massively waste resources on functionality that is already available via centralized databases at 1000x times higher efficiency. But who cares - it's taxpayers' money that is wasted here...

ya.ya.yo!

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Quote from: Mpamaegbu on September 28, 2017, 07:57:23 AM

Honestly, the White House needs to open up the space and make public declaration in support of Cryptocurrency. That way China will die daily regretting its action in clamping down on Bitcoin. The earlier the better for the US. A few countries are already adopting the blockchain technology into its financial system and this is where the modern technology lies. These countries may springboard on the cryptosystem to become a force in global economy.

Why do it? The white house most of all not interested in the spread of cryptocurrency. The American economy is not in the best condition and the fact that people keep on hand in dollars as reserves this is a huge investment in the American economy. Bitcoin creates migration and soon all the dollars begin to return back to America. It will be a serious blow.

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Quote from: Mpamaegbu on September 28, 2017, 07:57:23 AM

Honestly, the White House needs to open up the space and make public declaration in support of Cryptocurrency. That way China will die daily regretting its action in clamping down on Bitcoin. The earlier the better for the US. A few countries are already adopting the blockchain technology into its financial system and this is where the modern technology lies. These countries may springboard on the cryptosystem to become a force in global economy.

I think most governments are in a conundrum.

They probably know the following:

Good for them: Cryptocurrency industry will grow. Whichever country embraces it, will grow their economy.
Bad for them: Cryptocurrency will loosen government's control over monetary policy.

They're damned if they do. They're damned if they don't.

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Honestly, the White House needs to open up the space and make public declaration in support of Cryptocurrency. That way China will die daily regretting its action in clamping down on Bitcoin. The earlier the better for the US. A few countries are already adopting the blockchain technology into its financial system and this is where the modern technology lies. These countries may springboard on the cryptosystem to become a force in global economy.

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the thing is that these "private blockchains" are currently in their infancy and it will take years to become real things and ready for the real world. and by that time bitcoin will be too big for them to be able to compete with. it is big enough now too.

and as always there is the decentralized part of bitcoin that none of the rest can ever claim to have.

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https://www.coindesk.com/trump-white-house-doubles-us-commitment-blockchain/

However, don't get too excited.

These will be private blockchains and there is no indication that they won't clamp down on public cryptos.

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