Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 3580. (Read 26723411 times)

I think the most straightforward way for this to happen in a trust minimized, or trust distributed fashion is for it to be built on a Bitcoin sidechain.  Something like Liquid would be perfect.  It could be tweaked for more or less decentralization.  But I think one sort of new "bank" idea would be companies that develop and maintain BTC sidechains where tokens can be issued etc.

The tradeoffs are worth considering.  Do we need to most highly secure immutable chain for this?  No. 

For example, if a company wanted to issue some sort of expiring coupon for good or services, or promotion, then once the promotion is done then all of that info could even be trashed.  If it was a fedarated sidechain that kind of database (blockchain) management would be handled by the fedaration, which would then collect a fee for the handling.  All this nonsense never touches the BTC chain, or at most puts a hash opf a transaction in an OP_RETURN.

An example where one may do that...  Title registration.  Want to record ownership of physical property on a blockchain?  Again a distributed layer two could be used  It would inherit the BTC security.  This could also be a fedarated chain.  Pehaps a group of title companies, banks and even governments.  We don'ty all need a copy of this, but it is good if it is distributed in a fashion that creates enough redundancy for it to be resilient to all sorts of problems.  And APIs could exist that query it from a WEB interface or the like.  You could even have free/paid tiers of access as well as a way for the owner to prove ownership for free.

Honestly, we have two camps out there right now:

1.  Throw everything on ETH or Chainline, or BSV(omit) or whatever train wreck layer one people are dreaming up!   Tokenize all the things!! File storage on the blockchain!!! 

2.  All of that is stupid!  The ONLY reason for a blockchain is bitcoin. Decentralization HAS to be a wide as possible!  Blocks should be smaller!  Etc.

Both camps miss the point.  BITCOIN will back all of this.  But we can shovel all the garbage we do not need to have on the base layer onto these sorts of things.  Also centralization to differing extents in different uses has tradeoffs that we likely WANT.  For example the companies and governments involved can spend the money and resources to spin up these giant databases that we do not need everyone to have a copy of etc.

This is the reason why, when I played with Liquid I saw so much potential.  Back gets nuanced tradeoffs.  And he understands how to build a PRODUCT on top of Bitcoin while doing the least amount of footprint on the main chain, but gaining a lot of advantages.  Don't like their service?  Too expensive?  Too centralized?  Well find one that fits your needs better... Or build your own!

Anyway.  I think this is part of the "suddenly" we end up in sooner or later.  People will eventually stop playing stupid games on fat layer one chains, and start to realize the field is wide open for all kinds of layer 2 build.  When the product is understood it will become very compelling for the customers.

A scam or something that could be worse?
I had my doubts before, but his recent talk about "soul" tokens was Orwellian.

Explanation

I think he's more of a scammer than an idiot.

Never attribute to stupidity what can adequately be explained by malice.

OT

God: You can't combine flamenco and bossa nova with club and funk bass beats. It will never work.

Polyphia: Hold my beer

https://www.youtube.com/watch?v=Z5NoQg8LdDk

yea, those SPY calls are working really well, already more than doubled, so I took 50% off, now playing with the "house" money until July 15.
@jojo69 heck, maybe Coinbase (COIN) is not a bad bet either if you slide in slowly (between today's $74 and $50 low, which was 89% down from the top).

Coinbase as the Amazon of Crypto

Explanation

Not arguing about base layer etc , I just see that "tokens" will replace things like shares. Does this tick the box of what is considered a "cryptocurrency" no and in most cases won't.


Yep. It is not just tokenisation that will need to happen, but also all the infrastructure to facilitate it.

Will there be massive regulatory hurdles along the way, no doubt.

Again, it is not the same as BTC, not even trying to be.

Will there be tokens with utility, maybe....  things change.

Yes, "Everything is going to become tokenised"..

And yes, some shitcoins can indeed serve as a kind of testnet in the beginning.
 
But in the end these shitcoins won't be needed for most applications.

Why?
Because with BTC we have the strongest base layer that ever existed. It can and will be the security backbone of all kind of 2nd and 3rd layer chains providing the services needed.

Heard about FTX adding stock to their platform anytime soon.
This is actually the begining of fourth industrial revolution where Bitcoin will be used to pay Robots.
Finally Bitcoin will be the father of all when this is done.

https://www.nasdaq.com/articles/the-tokenization-of-the-world-starts-now

Everything is going to become tokenised imo...


I am personally here for it.


Would be nice if they could dismantle the stockmarket/shares as we know it today, remove all the middlemen and democratise access ....


It might be just a dream, but it would be a good imo.


....is this the same thing as BTC ? NO ! , I do not believe anyone thinks so, and I do not think anyone should be confused by the two. Only BTC is BTC, and only BTC can be taken seriously for doing what it does out of ALL of the cryptocurrencies... it has won the race, and likely that will never change, least not for a long long long time.


.... will this "tokenisation of everything" look like "shitcoins" today ? I hope not.


..... a man can dream.


.... things do not stay the same...... just think, once upon a time, BTC did not even exist.....now look at it.


.... I personally hope to see , what we now call "shitcoins" to flourish, to innovate, and to fix problems that exists in the world... completely different problems that BTC solves, and has no intention of solving. (like replacing the stock market, this is not something that "BTC solves" it does not want to solve, and it has nothing to do with BTC)



.....Rome was not built in a day.






 

Explanation

✨ Hal arguing for #Bitcoin over gold, 22 years ago

- RIZZO

Source: https://twitter.com/pete_rizzo_/status/1529826429940252672

Bitcoin Market News

Source : https://twitter.com/BTCTN/status/1530187318841298945?t=w78aSnvYQf6tlYy-5DFWuQ&s=19

Yeah very few coins other than btc have real structure behind them.

Maybe a dozen. Since there are more than 2000 of them it means over 99 % of coins are garbage scams.


At homerx I like the quote.

back to shit coins. mr v is heading towards a major crash 💥 it will stagger the market bigly. and btc will go over 55% market by august or not.

 That's a bastardized version of what Henry David Thoreau wrote in "Walden".

 A few years back I had planned to visit Walden pond where he sequestered himself for a couple of years on Emerson's property but I found out that the cabin he built for himself had been dismantled and while a replica had been built by local artisans, it wasn't in the original location... well, that and the fact that nobody else who was with me was interested in going half an hour out of our way to see it.  I was trying to simplify, simplify, simplify and instead I found myself at yet another fancy mall browsing overpriced stuff and dining at the Cheesecake factory.  Oh well, at least I found Bitcoin.

 I may have mentioned this before but my favourite Thoreau quote is:

 Live your life, do your work, then take your hat.  

Explanation

And this is going to keep happening over and over again every Bitcoin bull run.

Every cycle, there will always be new scams. There will always be new shitcoins. There will always be a new "crypto narrative". There will always be new prominent "Crypto saviors and evangelists".

I guess they'll keep running this game over and over if it works...until it doesn't work anymore.

Because greed, and suckers are born every minute.

And just like magic, the S&P 500 levitated away from 3837.

Stonks bear market postponed.

You can thank the Fed put.