[SmartCat]

Originally Posted by tsk1979

I sold a bike carrier using doge recently just for the heck of it as it was a tiny amount.

He paid first and after that, you shipped the bike carrier? Since there is no third-party payment provider or escrow service provider, such payments will work only if both parties are honest. Am I right?

Originally Posted by tsk1979

Of course your 1000$ is not going to become a lambo after 10 years. People thinking that are delusional. That small amount is not going to become a lambo, or even a ford.

I don't get the concept of 1 unit of a crypto-currency increasing in value. Because there is no "limited availability" concept (like Gold or any other metal) at all - there are hundreds of crypto-currencies now and any crypto-currency can be used to transfer value.

No successful stock or bond or commodity or real estate investor or hedge fund manager invests in cryptocurrencies or ICOs. These are proper professionals whose only job is to manage and grow money. Yeah, a few random names pop up but they are unknowns in the hedge fund world.

Hint! Hint!

[Samurai]

Originally Posted by tsk1979

Of course people from the crypto world also write shill "lambo" articles. Its all he said she said

I do not make up mind on hearsay. When read any article on this topic, I filter it through what I know about crypto technology and economics/finance. After that it doesn't matter who wrote the article, I will know whether it is right or wrong.

For example, I know that a trusted middleman is always required in a transaction, if the two parties can't trust each other. When cryptocurrencies came along and says it can be trustless thanks to some technology, I sure looked at all the arguments. And I found it to be baseless.

How can a software verify if the seller shipped a brick or a smartphone? I am unable to understand how smart contract can work in real life.

Meanwhile, the secret to the miraculous rise in bitcoin price in 2017 is finally revealed. So much for the currency that can't be manipulated. Forget government, even private players can manipulate it.

https://www.engadget.com/2018/06/13/...ryptocurrency/

[tsk1979]

Originally Posted by Samurai

How can a software verify if the seller shipped a brick or a smartphone? I am unable to understand how smart contract can work in real life.

Cars cannot run under water. 75% of earths surface are oceans. So cars are useless.

Or are they? just because smart contracts cannot work for bricks, does not make them irrelevant.

There has been real word use cases of blockchain tech. Think of it like the dot com bubble. The bubble went bust, but you can still type google.com in your browser.

Coming specifically to smart contracts, think of it as next level enabler for IoT. Companies like slock.it are working on platforms which allow renting much easier. Other examples with hiring services of a company to influence election via social media where goal can be defined.

[Samurai]

Originally Posted by tsk1979

Cars cannot run under water. 75% of earths surface are oceans. So cars are useless.

Or are they? just because smart contracts cannot work for bricks, does not make them irrelevant.

There has been real word use cases of blockchain tech. Think of it like the dot com bubble. The bubble went bust, but you can still type google.com in your browser.

This is why I filter the arguments via the knowledge I already have. Then I won't make such wild assumptions completely devoid of nuance.

Originally Posted by tsk1979

Other examples with hiring services of a company to influence election via social media where goal can be defined.

Please do explain how the smart contract will enforce this contract for influencing elections.

[tsk1979]

Originally Posted by Samurai

Please do explain how the smart contract will enforce this contract for influencing elections.

In Social media, there exist algorithms to detect active engagement and filter from fake engagement. For example, you can buy 1000 likes for your page selling stuff in India, but if those 1000 accounts are Chinese bots, its useless.

Engagement can be measured via API queries and running an algorithm for computation. you can have a smart contract, with a measurable metric for social media engagement, to make payment based on engagement. Similarly, the metric can be outcome of an election.

But that is just one use case. Any "measurable" transaction can be served. Now that does not mean that blockchain is the only way to do it.
https://www.fool.com/investing/2018/...echnology.aspx

IEEE had a nice infographic


One major technology which will be really enabled by Blockchain is IoT
It will solve your "interoperability" problem to quite an extent. Most chipmakers started out very fragmented as they thought they will be market leaders. But market never took off. With block-chain it is possible that the hurdle of fragmentation can be overcome.

This Forbes blog post is interesting
https://www.forbes.com/sites/bernard.../#19bf884743b5

And of course you would have heard about
https://medium.com/@jgm.orinoco/ethd...m-d52dabd904b3


However that said, most of these things can be achieved without blockchain. From Madras to Bangalore you can take the car or take the train, similarly multiple technologies for the same thing. Pick and choose what suits you most.

[Samurai]

Originally Posted by tsk1979

Engagement can be measured via API queries and running an algorithm for computation. you can have a smart contract, with a measurable metric for social media engagement, to make payment based on engagement. Similarly, the metric can be outcome of an election.

But these are open to both type I and type II errors. How does the smart contract address the disputes from both sides, without any trust involved?

[tsk1979]

Originally Posted by Samurai

But these are open to both type I and type II errors. How does the smart contract address the disputes from both sides, without any trust involved?

A lot of very expensive software sold today (500,000$/seat) has type 1 and type 2 errors. Yet it still sells. Just because there is a a finite possiblity of type 1 and type 2, it should not be a problem unless you are having problem in 99% of the transactions.

For the 1% we have lawyers

[Samurai]

Originally Posted by tsk1979

A lot of very expensive software sold today (500,000$/seat) has type 1 and type 2 errors. Yet it still sells.

That's because you trust those vendors not to cheat you.

But we are past that, aren't we? Tell me how we are supposed do the above in a trust-less environment? Who writes the software that enforces the contract? Both sides will have to audit the software to ensure that software is programmed for acceptable extent of type I&II errors. What if one side doesn't have the skill to audit the enforcing software?

Say both side agree for 1% type 1 error. In a trustless environment, both sides have to audit the software. It makes it very expensive. And there could be bugs which are overlooked by either side. Trustless is a very dicey and expensive path, compared to trust path.

All the secure transactions we do now (like SSL/TLS) is based on trust chain. This trust chain is provided by a middleman who is trusted by both. So I am not sure how this trustless feature of smart contract works.

[SmartCat]

Big names at a blockchain conference - Richard Branson & Sergey Brin

Sergey Brin says Google 'failed to be on the bleeding edge' of blockchain
https://www.cnbc.com/2018/07/09/brin...lockchain.html

Speaking from a blockchain conference in Morocco over the weekend, Google co-founder Sergey Brin said the internet giant missed its chance to be at the forefront of blockchain technology.

Brin, who currently serves as president of Google parent company Alphabet, joined blockchain technology leaders and researchers on a panel at Richard Branson's exclusive Blockchain Summit.

[ThatRaptorGuy]

Great to see this thread here on tbhp. I'm currently researching all the aspects on pursuing a full time career in blockchain/dag/cryptocurrency. On one hand, the Indian government is suppressing crypto trading and exchanges, on the other, its researching the use of distributed ledger technology on "state level". Here is a related link which also contains the annual RBI report-

https://www.coindesk.com/india-eyes-...banknote-bill/

Fiat currencies(INR,USD etc) are bound to collapse, its just a matter of time. Just curious as to how the government plans on easing up its adoption.

[alpha1]

Originally Posted by ThatRaptorGuy

Fiat currencies(INR,USD etc) are bound to collapse, its just a matter of time.

https://t.me/teambhpCrypto

Be rest assured it is never going to happen. Govts' wield tremendous influence due to their ability to issue currency to manipulate doing business with the citizenry which helps them politically.

[Samurai]

Originally Posted by ThatRaptorGuy

Great to see this thread here on tbhp.
.
.
Fiat currencies(INR,USD etc) are bound to collapse, its just a matter of time. Just curious as to how the government plans on easing up its adoption.

You haven't read this thread I suppose. Don't worry, nothing of that sort will happen. Just read this thread fully to understand.

[ThatRaptorGuy]

Originally Posted by Samurai

You haven't read this thread I suppose. Don't worry, nothing of that sort will happen. Just read this thread fully to understand.

I'll check out the thread as soon as possible(Its really long, will have to take the time out for it). Im sure there must have been a lot of meaningful conversations in the past, and a lot of info I could gather, but in the intervening period of time, I'd like to share the following video-

https://youtu.be/iFDe5kUUyT0

Above mentioned video is the simplest way to put it, I've read multiple books on the same subject that refer to similar outcomes and point the same issues. And yes ofcourse, the collapse I so casually talked about won't be so casual in any sense. Silver would be the best defense (rather than gold). If and when, any other digital form of wealth replaces our fiat it would ofcourse be state issued.
I got tonnes of opinions and data on such matters that point to similar outcomes as in the video(inter bank loans, national debts etc) just not sure of this would be the right place to talk about it and hence the telegram link(nevermind that).

[Samurai]

Pretty much every possible argument on this topic has been done. Please read the thread, and then make an economic argument from first principles to support your stance.

[SmartCat]

Originally Posted by ThatRaptorGuy

And yes ofcourse, the collapse I so casually talked about won't be so casual in any sense. Silver would be the best defense (rather than gold). If and when, any other digital form of wealth replaces our fiat it would ofcourse be state issued.

Mike Maloney's videos too have been discussed before (in some other thread). He is basically a GOLD BUG.

That man does not understand the real cause of hyperinflation. Printing money is EFFECT, not CAUSE. You can discuss this further in Economics Thread
http://www.team-bhp.com/forum/shifti...economics.html