“During two plus years of blockchain hype, all efforts to harness the magical power of the blockchain have failed. Many people have been scammed out of money, time and reputation. So how do you know if a claim is legit or not?”
“A lot of people try to disparage bitcoin’s blockchain, but let’s not forget bitcoin’s blockchain is the oldest, the most secure, the most stable, and it holds the most value. It’s only rational to use bitcoin’s blockchain as the standard by which to judge others”
Highlights from my appearance on the World Crypto Network youtube channel.
We cover everything from Bitcoin scaling issues and whether or not they threaten Bitcoins future growth, to the recent problems R3CEV & the Banks are having creating a Private Blockchain standard.
We also talk about why central banks are really starting to fear Bitcoin & why Bitcoin is so important at providing competition through a competing monetary system. We finish by covering the push for mutable Blockchain ledgers and why this would benefit the legacy financial system and the banks, but not everyone else.
“What the Statists do not like about Bitcoin not being under central control, is that its success is a strong, undeniable signal that control by democratic government is not needed for essential societal functions like money, and that there are better ways to organize every aspect of society that do not require government. The idea that money will no longer be the special preserve of the State and its corrupt central banks is deeply disturbing to these men”
“The Blockchain was specifically designed to allow Bitcoin and its properties to exist. By definition, that is the correct use case for that software; to create a decentralized, peer to peer digital money substitute without the Double Spending Problem. If you have another novel use case and you re-purpose the software used to create the Blockchain, that is good; but if you do not have a novel use case, you do not need to use the Blockchain”
[Editors note: Also see my video ‘9 reasons why Bitcoin will outcompete Private blockchains‘ as to why Private Blockchains controlled by banking and governmental bodies, will ultimately go against freedom, property rights, free market capitalism and all the other amazing things Bitcoin can facilitate.
“Having stripped from Bitcoin the capability to be run by anyone and controlled by no one, blockchains have absolutely no potential to be transformative in any meaningful sense. This explains their popularity with those in power, but it does not explain what they are, how they function, and why you would use one”
“Blockchain is the result of observing a technologically incredibly successful system (Bitcoin has had a 99.99% uptime, no sustained network forks, and no loss of funds due to bugs in the protocol) and trying to replicate this success at the surface while reversing the fundamental functions at its core”
Max and Stacy discuss ‘the Venezuela’ in the capital markets. In the second half they talk to Simon Dixon of BnkToTheFuture.com about the crypto-novela playing out with much drama in the crypto-currency space. In an exclusive, they also unveil the logo for Kim Dotcom’s BitCache.
“Neither a bank nor a financial institution has implemented Blockchain technology yet. Even if they say they are working on it, it is done in a pilot version and works for something like test scenarios. Big money is not ready to move onto it”
“Blockchain trend is going down. We will see cooling interest towards it already in 2016. The same applies to smart-contract hype, ok, it has just started so maybe early 2017. A lot of Bitcoin/Blockchain startups that have enormous valuation will fail soon”