BIG BIG NEWS (always goes unnoticed)!!!

tanstaafl72555

tanstaafl72555

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Kraken, one of the biggest and most popular crypto exchanges, just got a charter as a US bank in Wyoming.

Distributed ledger tech is going to change EVERYTHING, from finance to inventorying, to management data to contracts, to EVERYTHING. It is going to be bigger than the internet in the degree it will upend everything it touches. Bottom line is that everything will be "peer to peer" and the confirmation and "rules keeping" aspects will be done by the nature of the blockchain itself. This will completely eliminate the "top down" management of banks, investment banking, law (including lawyers and judges and the court systems), supply chain strategy, etc etc.

Banking stands to take the biggest hit as an industry, with lending and investing moving almost completely away from a big centralized management to a distributed power. I looked for this change to happen,, but frankly not for another 5-10 years. This is huge.
 
So will they deal in 'traditional' money or only with some crypto currency?

So is this going to change everything?
 
Think of it like the entire banking system like the old napster, where people shopped and connected to each other with no middleman.
The analogy breaks down, but that is the essence of it. Borrowing and lending directly from the sources rather than thru the middleman of a bank, who always manages to win no matter if the loan is paid or not
 
Napster, the pirated music site?
Eh, doesnt inspire much confidence in this new 'bank'
 
tanstaafl72555 said:
Think of it like the entire banking system like the old napster, where people shopped and connected to each other with no middleman.
The analogy breaks down, but that is the essence of it. Borrowing and lending directly from the sources rather than thru the middleman of a bank, who always manages to win no matter if the loan is paid or not
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So if memory serves me correctly the old Napster was shut down and replaced with a larger more controlled system to ensure big business could profit more!
 
The essence of the site was not the pirated nature of the music but the peer to peer tech. You had something I wanted. I got it for whatever you charged for it (nothing, in the case of Napster). You didn't have to go to a centralized location to get it. The difference between then and now is that the servers were still relatively centralized or "top down" Now with the blockchain there is no "server" at all, but rather a wide spread of distributed nodes matching resources and needs. The "bank" becomes merely a computer program that matches the buyers and sellers, taking an infintessimally smaller amount as a matchmaker than banks used to.

This is actually a very natural progression. Almost all money now is digital anyway, and has been for some time. There is simply no reason to be captivated by trails made for horse and buggy when everyone rides a car.
 
GetHooked said:
So if memory serves me correctly the old Napster was shut down and replaced with a larger more controlled system to ensure big business could profit more!
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Musicians LOVE blockchain, as it allows them to distribute their products in encrypted, non reproducible forms, WITHOUT A RECORD LABEL, direct to the public, paid by the public directly. Again, it is a method for eliminating middle men.
 
again, the very best thing about this is that it is the dying, blood gurlging death rattle of the central banking system, which is the number one instrument of transferring wealth from the masses to the elite, the purveyor of wars, the destruction of currency and the primary instrument used by the uber big dogs to rule the masses.

That alone is cause to rejoice.
 
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Ever since the mess with Operation Choke Point and the other financial restrictions of certain industries, I've said it was prime time for alternative financial "institutions" to step in and carry these businesses. I'm assuming this could fill that role.
 
tanstaafl72555 said:
Kraken, one of the biggest and most popular crypto exchanges, just got a charter as a US bank in Wyoming.

Distributed ledger tech is going to change EVERYTHING, from finance to inventorying, to management data to contracts, to EVERYTHING. It is going to be bigger than the internet in the degree it will upend everything it touches. Bottom line is that everything will be "peer to peer" and the confirmation and "rules keeping" aspects will be done by the nature of the blockchain itself. This will completely eliminate the "top down" management of banks, investment banking, law (including lawyers and judges and the court systems), supply chain strategy, etc etc.

Banking stands to take the biggest hit as an industry, with lending and investing moving almost completely away from a big centralized management to a distributed power. I looked for this change to happen,, but frankly not for another 5-10 years. This is huge.
Click to expand...

Huh? :confused:
 
tanstaafl72555 said:
... Now with the blockchain there is no "server" at all, but rather a wide spread of distributed nodes matching resources and needs. ...
Click to expand...

That sounds a lot like what I saw in mega-banks 10-20 years ago as trading and risk modeling was done using idle cycles on PCs throughout the companies.
 
Sorry but as long as there is an IRS it's all centralized banking and it matters not where you keep your money, the government will track it. If it's tracked, it isn't peer to peer with the exception of the storage of said monies. Think of it like ten banks having your thousand bucks instead of just one. Govco still wants it's cut.
 
gc70 said:
That sounds a lot like what I saw in mega-banks 10-20 years ago as trading and risk modeling was done using idle cycles on PCs throughout the companies.
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Isn't that pretty much Skynet?

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Goofyfoot2001 said:
Sorry but as long as there is an IRS it's all centralized banking and it matters not where you keep your money, the government will track it. If it's tracked, it isn't peer to peer with the exception of the storage of said monies. Think of it like ten banks having your thousand bucks instead of just one. Govco still wants it's cut.
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Is this why the IRS just offered 600 thousand dollars as a bounty to anyone who could break Lightning and Monero combo? The IRS will fight this like hell, and try to regulate it and contain it, but it is bigger than they are. Maybe they can adapt to cover it (the STATE is amazing adept and flexible when it comes to maintaining their power), but at present, you are just wrong. This is probably the biggest threat to state power ever..... which is why the entire world of blockchain advocates tend to be such raging maniac libertarians. Crap, I thought *I* was radical till I met these guys.
 
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This is not about AI. I think AI is in fact a threat, but don't confuse the two. This is about distributed, atomized data, nothing more.
 
gc70 said:
That sounds a lot like what I saw in mega-banks 10-20 years ago as trading and risk modeling was done using idle cycles on PCs throughout the companies.
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Interesting, in that there have been lots of firings of IT folks who have used the computing power of big banks of machines to mine cryptos and then pocket the money. Lots of university IT guys, for sure. This was before the rise of ASIC machines which have pretty much put those machines out of the running, but it made lots of money for some guys if they escaped detection.
 
tanstaafl72555 said:
Is this why the IRS just offered 600 thousand dollars as a bounty to anyone who could break Lightning and Monero combo? The IRS will fight this like hell, and try to regulate it and contain it, but it is bigger than they are. Maybe they can adapt to cover it (the STATE is amazing adept and flexible when it comes to maintaining their power), but at present, you are just wrong. This is probably the biggest threat to state power ever..... which is why the entire world of blockchain advocates tend to be such raging maniac libertarians. Crap, I thought *I* was radical till I met these guys.
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There's a reason why states of power like Russian are clamoring over Vitalik Buterin



Yes a guy in a rainbow unicorn shirt has the potential to create a destabilized global economy...

 
tanstaafl72555 said:
better
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how? How does it benefit us 'regular' guys?
Im not buying crypto currency. Yeah yeah, our US money isnt backed by gold, but it's a national currency, not just something invented by whoever and a value placed on it randomly. The US bill is accepted everywhere, but I dont see any Kraken logos when Im trying to pick up my milk and deli meats from Walmart

tanstaafl72555 said:
Crap, I thought *I* was radical till I met these guys.
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You thought you were radical?
 
HMP said:
how? How does it benefit us 'regular' guys?
Im not buying crypto currency. Yeah yeah, our US money isnt backed by gold, but it's a national currency, not just something invented by whoever and a value placed on it randomly. The US bill is accepted everywhere, but I dont see any Kraken logos when Im trying to pick up my milk and deli meats from Walmart.
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It goes back to the first sentence of the first post in the thread: “Kraken, one of the biggest and most popular crypto exchanges, just got a charter as a US bank in Wyoming.” The crypto currency exchanges are gaining in footprint. The exchanges are where you exchange one currency for another, e,g. dollars to bitcoin.

You didn’t used to be able to use PayPal or ApplePay either, but you can now. It’s all about public acceptance and that takes time and grows slowly.

The cryptocurrencies have built in features by their design that eliminate the ability to do things like inflate them. Their scarcity is fixed. The block chain function is basically a digital signature that imprints every transaction, making counterfeiting impossible and these transactions are recorded across the globe on the distributed network of servers. Think of it like how DNS works, millions of servers across the globe mirror the same information and update each other, rather than everything being contained in a centralized source.

Yes, this is a threat to entities like the Federal Reserve. If we used cryptocurrency instead of dollars they wouldn’t have been able to double overnight the entire national debt into the bank accounts of crony hedge fund managers to cover their bad bets at profit.
 
HMP said:
You thought you were radical?
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Good catch. Should be corrected to read " I thought I was labeled as radical by people in here who have no idea what the issues are but feel compelled to answer back anyway."
 
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The powers that be will not allow it. Very soon this Federal Reserve banking for everyone thing is going to effectively eliminate cash in this country and you'll be tied to your digital wallet by your social...
 
tanstaafl72555 said:
This is not about AI. I think AI is in fact a threat, but don't confuse the two. This is about distributed, atomized data, nothing more.
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But isn't this what the empiricists say we all are? Complexity arising from arrangements of quantized bits?

I also don't take much solace in the "features by design" argument: who knows what was designed into these systems (is all of the source code public and how would anyone know if it was/wasn't?); who knows what might be there that wasn't designed by intention?
 
GreatGazoo said:
But isn't this what the empiricists say we all are? Complexity arising from arrangements of quantized bits?

I also don't take much solace in the "features by design" argument: who knows what was designed into these systems (is all of the source code public and how would anyone know if it was/wasn't?); who knows what might be there that wasn't designed by intention?
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Good point. Yes, the source code is completely transparent. ANYONE can look at it, rearrange it to make new apps, and re purpose it to do anything from inventory management to tracking food from source to table to contractual relationships to financial transactions. This is the way that Satoshi and crew set up the solution to the problem of "double payments." That is, now a central authority (bank) determines that if you have 100 dollars and pay it twice in debit cards THEY determine who gets paid (first to arrive). With the blockchain,, all the data is out there, and is objectively verified by nodes. The transactions do not go thru until verified by the various nodes. This led to slowing down of transactions when they started to multiply as the ability of the system to do the work of verification got slowed down from sheer numbers (the node operators who "do the work" of verifying get paid in bitcoin/crypto, so there is an incentive to lend computing power to the system). The new horizon of blockchain verification is more consensus than exhaustive (I am trying to keep this simple.... partly because I do not completely understand the cryptography behind this... I am not a maths guy), and is behind the Etherium alt coin. This leads to speeded up transactions, but EVERYTHING about the transaction path is open to view and verification. You can actually "see" every transaction ever done on blockchain.org. The only thing you CAN'T see is who are behind the deals, ie the two transacting parties. The biggest lust the FED and the political powers have right now is finding some way to crack that anonymity. Fortunately, the people who tend to work for .gov are pretty shitty people who are too lazy to get more demanding work in other sectors (think: IRS computer programmers). That means that for the time being, everything is RELATIVELY anonymous. There are holes in my description, of course. This is a very spotty overview, and not a technical paper.
Nor is it a statement that every fed employee is a kludge lazy halfwit. Generic statement only.
 
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bigfelipe said:
The powers that be will not allow it. Very soon this Federal Reserve banking for everyone thing is going to effectively eliminate cash in this country and you'll be tied to your digital wallet by your social...
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They tried that in China and India. Failed both times. You may be right. I have an eschatological view of the world which definitely includes sort of a "reversal" of the Tower of Babel thing where power and control are unitary, tyrannical, and dictatorial (and anti God). I am not opposed to the idea of such a model happening, and it may well be on the way. Men are fools and depraved and wind up doing the most ridicuously harmful things to themselves in the name of personal license and security.

I don't see us quite there yet. Not because the hearts of men are not filled with madness (quote from the book of Ecclesiastes), but simply because we don't have the tech ability nor the universal application of that techical framework to "unite" under evil. Maybe I am wrong. I am just a little cog in a huge wheel.

I do place hope for liberty-fleeting as all liberty is- in the combo of a "red pill" response of people as the unistate is revealed and an awakening of the possibilities of real distributed power as an alt to the top down models of governance that have grown out of the corrupted liberal states in the west (I use "liberal" in the historic sense, not in the Rush Limbaugh use of the term).

I know you are not inclined to put God in the center of such discussions but I will add that I think that depravity, social/political collapse, violence and tyranny are the natural consequences of a society which abandons Him, and that only a wholesale cultural shift that way will reverse the rot. I ask Him to do that, and try to focus my efforts on the things that flow from that, in the hopes that He will "show up" here and stop the lurch towards tyranny.

FWIW.
 
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