Topic: Visa, Capital One Back $30 Million Round for Blockchain Startup Chain (Read 1179 times)

I hope this will have the Compuserve and AOL effect. Because if not our goal to bring out Bitcoin to the whole world might fail. And the bastards who are in power will stay in power and all dreams and imaginations of more personal choice and financial freedom will vanish.

More and more companies are investing and researching blockchain technologies and that's a great news and very impressive. It is interesting that they don't give a damn about Bitcoin and they act like it doesn't exist, I guess they are just copying our technology.

It will be interesting where will this bring us. Will this hinder our adoption and our use cases throughout the world. Or will people still choose decentralized over these centralized systems? I think that these competing centralized blockchain systems will give us competition, but in the long run, they are doomed, as they are centralized.

Stop waiting for the price to 'explode' and do fucking build something.  DO NOT HODL!!!

Hodling is stupid.  It produces nothing.  

In my opinion, bad news. They are not interested in bitcoin itself. They are interested in the technology i.e. the blockchain.

As another poster already mentioned, the banks will never adopt bitcoin as there is no way for them to create bitcoin out of thin air as they are doing with fiat currencies. Without that ability they will not be able to function as they do now.

What they are interested in is the way in which bitcoin works, the trustless nature of it. Currently most banking transactions go through various stages and at each stage their is checks and balances and sometimes third parties involved and all of this adds to the overhead cost of processing such transactions. So what the banks are looking at is how they can do all of that on a blockhain similar to bitcoins in order to cutout the middlemen and by doing so to speed up transactions and reduce cost.

So its not bitcoins they are after, they are after the technology on which its based.

So is this good or bad news? I'm really not sure. On chain's website it is written: "Our solutions are based on the open bitcoin protocol to ensure interoperability across systems and networks." But in how far this will be realized is the big question.

here is the article http://www.coindesk.com/visa-capital-one-back-30-million-round-for-blockchain-startup-chain/

Blockchain technology startup Chain has raised $30 million in new venture funding, drawing funds from financial services companies including Capital One, Fiserv and Visa.

French telecom giant Orange SA contributed to the round, months after disclosing that it was looking to invest in bitcoin startups, as did Nasdaq, which has been working with Chain, and Citi Ventures.

RRE Ventures, Khosla Ventures, Thrive Capital and SV Angel – existing investors of the firm – also took part, as well as former Bank of America CEO David Coulter, X Prize Foundation CEO Peter Diamandis and MongoDB co-founder Kevin Ryan.

In statements, Chain CEO Adam Ludwin spoke in broad strokes about the larger efficiencies major financial services providers could potential unlock as the technology matures.

Ludwin said:

    "Applied intelligently, blockchain networks fundamentally improve how assets move between parties, and we are thrilled to be partnering with the organizations we believe are best positioned to capitalize on the inevitable changes in market structure that are on the horizon."

Those backing Chain also pledged to put together a “Blockchain Working Group” to promote continued and regular discussion about blockchain applications. The group is expected to meet twice a year.

As part of the deal, RRE Ventures founder Jim Robinson will join the startup’s board of directors. Ludwin also notably serves as an RRE principal.

Yeah, but bitcoin provides transparency, ideally, they should use blockchain technology, and enable government or even the public to check the books accounts.

Banks do not need to use blockchain tech.
Blockchain tech is only useful in a non-trusted system.
Banks are considered a trusted system and insured by governments.

Banks are just doing this to attempt to mitigate Bitcoin/bitcoin.

Their efforts are entirely worthless in the long run.

This is the end for bitcoin.

Once these financial companies launch their own blockchain, blockchains will become so heavily regulated, monitored and enforced, bitcoin will not legally be able to exist.

Sell your bitcoins before they drop further in price.   

Stop waiting for the price to 'explode' and do fucking build something.  DO NOT HODL!!!

Hodling is stupid.  It produces nothing. 

Well, that's impressive, I guess, it's just, seems every week we hear some big announcement like this, for a few years even, but btc doesn't really seem to be any more used or even valuated than before. Are all these startups failures? Most startups do fail, about 10% succeed, in any industry.

I don't really get it. Hopefully in a few months time we might see all this VC money bear fruit. A btc explosion would be nice