US Senate Hearing on Virtual Currencies
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So I just got finished watching CSPAN for the second day in a row, for the first time in my life. Fascinating things were said that has grand implications for the future of crypto-currencies.
Mostly I was incredibly impressed with BitPay CEO Anthony Gallippi who had some REALLY great answers to their questions, most of which were surrounding anonymity.
When I heard about this I was really scared that this would go poorly, that the important opinions wouldn’t be represented properly, but I can say now that this went down beautifully. Some great questions were asked, and it’s perhaps most surprising how well the committee got it. The other thing that’s notable is NO ONE was asking for more regulation. Everyone said, “No, we’re good, we just need to continue to enforce the laws we have, and stifling this innovation with more regulation is a BAD idea.”
At the end the question I wanted them to understand got asked too: Is there anything stopping a bank from starting their own cryptocurrency? The answer was “Nope, nothing stopping them.” and that’s going to be the spark that lights the next fire for alt-currencies; Commercial venues are going to start making alt-coins, and use their marketing power to push them into the market. When that happens, smaller currencies (which I won’t mention by name, but I’m sure you can figure out which one impacts you the most) are going to face some REALLY serious competition.
That should scare anyone still holding alt-currencies in hopes of cashing out later, because when competition hits in earnest, only the strong with equal or more resources and ability to innovate will survive. Place your bets now, because this is the beginning of the end of the first phase of alt-crypto-currencies, and the second phase is going to be huge.
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When McDonald’s coin comes out, I’m going to use them put a hit out on Ronald McDonald.
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Thanks for the CSPAN update for those of us without cable :)
However, what basis do you really have for these outlandish predictions? You really seem to have a chip on your shoulder when it comes to Feathercoin. Your post starts out great but then falls back into baseless fear-mongering. Why do you do this? Are you certain feathercoin will fail, if so, why even post? Are you doing this out of the goodness of your heart? Or are you just another troll?
Cheers :) -
[quote name=“Vidicus” post=“35044” timestamp=“1384900414”]
Thanks for the CSPAN update for those of us without cable :)
However, what basis do you really have for these outlandish predictions? You really seem to have a chip on your shoulder when it comes to Feathercoin. Your post starts out great but then falls back into baseless fear-mongering. Why do you do this? Are you certain feathercoin will fail, if so, why even post? Are you doing this out of the goodness of your heart? Or are you just another troll?
Cheers :)
[/quote]Outlandish predictions? No of course I don’t have a chip on my shoulder when it comes to Feathercoins. I like them just the same as any other blockchain.
I find it hard to fathom how anything I’m saying is outlandish. Do you REALLY think companies WON’T start their own chains? Canada already did. That’s not outlandish, that’s fact.
The blockchain is a technology that is useful for any situation where a transfer of ownership needs to be publicly recorded, events need to be time-stamped, or consensus needs to be reached in a trust-less environment.
What’s outlandish is the idea that companies will ignore this technology and not seek to use it to bolster their product loyalty.
I never said Feathercoin will fail. Ever. Not once. I’ve not even eluded to that possibility. What I am saying is that commercial interests are about to enter the market, and they will use their considerable resources to drive marketing and innovation, and this will present a new level of competition that we’ve not seen in this space. Why on earth is that outlandish? It seems not just reasonable, but in fact inevitable.
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[quote name=“zerodrama” post=“35043” timestamp=“1384900349”]
When McDonald’s coin comes out, I’m going to use them put a hit out on Ronald McDonald.
[/quote]Why wait? You can do that now with Bitcoin: [url=http://www.forbes.com/sites/andygreenberg/2013/11/18/meet-the-assassination-market-creator-whos-crowdfunding-murder-with-bitcoins/]http://www.forbes.com/sites/andygreenberg/2013/11/18/meet-the-assassination-market-creator-whos-crowdfunding-murder-with-bitcoins/[/url]
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[quote name=“Kirjokansi” post=“35055” timestamp=“1384903362”]
I’ve heard Open Source just copies innovation, never does it, because there’s no innovation without money.
[/quote]Nope. The Linux Kernel is the source of a lot of innovation, especially when it comes to schedulers. It’s open source. Hibernate set the stage for many commercial Object-Relational-Mapping tools for relational DB’s in terms of innovation. It’s open source. Java changed the way we use VM’s so drastically that the page I’m typing this on uses an open source VM to pull off half it’s tricks. V8 is open source. So is Java.
The INTERNET is a source of constant innovation. It’s built on open source protocols, and frequently powered by open source hardware running open source software. The protocols came first, and the money came much later.
Bitcoin is revolutionizing currencies, value stores, payment systems, and entrepreneurship. It’s open source.
Innovation comes from open source all the time, and it’s frequently adopted by commercial ventures as their foundation technology. Sites like BitPay are good examples of this.
[quote author=Kirjokansi link=topic=4534.msg35055#msg35055 date=1384903362]
But my mind just starts tripping when I think how a crypto could be “gamefied” so that you make it in a game and use it outside of it (to some extend), not just turn it to an “outside currency”. In a MMO like EVE online fe. the materials are mined and the economy is player driven. Wonder how hard would it be to make so that you mine some sort of raw form of crypto that you refine to something different. :P
[/quote]It’s already being done. Take just-dice.com, or any of the other off-blockchain gambling sites. I take it you don’t remember the promise of Craftcoin? Or the PhenixCoin poker site fiasco?
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I’ve been mining Xbox points with Bing searches for years. ;)
Now it pays straight cash homie! But only for use with Microsoft sites/offers.
Yeah Kevlar, I just sent the same type message as yours above to my friends. I’m looking forward to Matthew G.'s updates. Nothing’s changed from this Summer; whoever implements zc will dominate as the peoples coin. These hearings, the regulation … all of it was expected and zc appears to have been solved in the nick o time.
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[quote name=“Tuck Fheman” post=“35064” timestamp=“1384904450”]
I’ve been mining Xbox points with Bing searches for years. ;)Now it pays straight cash homie! But only for use with Microsoft sites/offers.
Yeah Kevlar, I just sent the same type message as yours above to my friends. I’m looking forward to Matthew G.'s updates. Nothing’s changed from this Summer; whoever implements zc will dominate as the peoples coin. These hearings, the regulation … all of it was expected and zc appears to have been solved in the nick o time.
[/quote]Watch out Tuck, you’ve clearly got a chip on your shoulder. Claiming that an untraceable version of Bitcoin will have additional utility over a version which can be tracked using trivial forensic analysis? That’s outlandish. You must be a troll.
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[quote name=“Kevlar” post=“35066” timestamp=“1384904785”]
Watch out Tuck, you’ve clearly got a chip on your shoulder. Claiming that an untraceable version of Bitcoin will have additional utility over a version which can be tracked using trivial forensic analysis? That’s outlandish. You must be a troll.[/quote]
I’m trying to achieve “[i]zerodrama level[/i]” to avoid all such responses … .I’m not there yet … but I have managed a 30% reduction compared to your results (results are INEC certified).
I try to be more vague, allowing the reader time to think for themselves, while you choose to pull the tree out of their eye then point the forest out to them, the leaves on the ground, dead animals and any resulting stench. ;D
I’ll go ahead and poke the elephant in the room though …
[list type=decimal]
[*]Zerocoin protocol is essential (even more so today) and the coin that implements it first will dominate a large market.
[*]Bushstar cannot implement zerocoin protocol on his own (my assumption).
[*]This leaves zerodrama. zerodrama, are you able to implement the new zerocoin version into Feathercoin and if so, in what time frame?
[*]If the zerocoin protocol is being added to an altcoin by the zerocoin developer team in a matter of weeks (6-10?), would crypto users use another coin that implemented zc? Probably, but definitely diminished returns.
[*]The hype surrounding such a coin will be huge as it comes to market and it WILL be backed by big players in crypto. Who will survive and why?
[*]There is a huge advantage to mining the instant the coin goes live, this will hurt all altcoins. Who will survive and why?
[*]Is Community enough? I don’t think so. All altcoins will lose a lot of their participants.[*]Any coin planning on surviving outside Bitcoin, Litecoin, TBDcoinw/zerocoinprotocol … better get a good plan going now.
[*]This was expected. What was unexpected (by me) was for Matthew and the others to decide to create a new coin. This changes things.
[*]I’m sorry if my opinions/interpretations do not agree with anyone elses. By all means, express yours but don’t attack mine. Thanks!
[/list] -
Wait, what? Canada has its own crypto-coin?
I’ve been spending too much time on movie sets…
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[quote name=“mnstrcck” post=“35077” timestamp=“1384907413”]
I’ve been spending too much time on movie sets…
[/quote]Wait, you’re a pr0n star?
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[quote name=“Tuck Fheman” post=“35084” timestamp=“1384908086”]
[quote author=mnstrcck link=topic=4534.msg35077#msg35077 date=1384907413]
I’ve been spending too much time on movie sets…
[/quote]Wait, you’re a pr0n star?
[/quote]Kind of… like doing gay porn. I get paid OK money to get railed by producers on a daily basis.
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[quote name=“Kevlar” post=“35049” timestamp=“1384901418”]
Why wait? You can do that now with Bitcoin: [url=http://www.forbes.com/sites/andygreenberg/2013/11/18/meet-the-assassination-market-creator-whos-crowdfunding-murder-with-bitcoins/]http://www.forbes.com/sites/andygreenberg/2013/11/18/meet-the-assassination-market-creator-whos-crowdfunding-murder-with-bitcoins/[/url]
[/quote]thanks for teh link!
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[quote name=“mnstrcck” post=“35088” timestamp=“1384908281”]
Kind of… like doing gay porn. I get paid OK money to get railed by producers on a daily basis.
[/quote]You’re wearing goggles though, right? Or are you not in Cali?
;)
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[quote name=“Tuck Fheman” post=“35090” timestamp=“1384908356”]
[quote author=mnstrcck link=topic=4534.msg35088#msg35088 date=1384908281]
Kind of… like doing gay porn. I get paid OK money to get railed by producers on a daily basis.
[/quote]You’re wearing goggles though, right? Or are you not in Cali?
;)
[/quote]Work Safety Rules haven’t gotten there yet here in Canada. Soon, though… soon.
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We are meeting Cody Wilson on 30th at the Expo in London from https://darkwallet.unsystem.net/ in case that’s interesting.
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[quote name=“chrisj” post=“35135” timestamp=“1384946055”]
We are meeting Cody Wilson on 30th at the Expo in London from https://darkwallet.unsystem.net/ in case that’s interesting.
[/quote]Cool! Just saw him on Max Keiser.
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Surprisingly I’ve been reading some backlash about zerocoin protocol (didn’t expect that). There are a lot that have no interest in it at all and call it laundrycoin and such. Others have issues with it being script, with it not being part of bitcoin or with it’s core principles altogether.
I disagree with all of those thoughts, but it was more opposition than I expected to see. It’s interesting. We’ll see what happens in December-January.
