billyjoeallen



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LegendaryActivity: 1106Merit: 1006Hide your women Banksters jacking our tech February 17, 2015, 08:06:38 PM #1 How the hell are legacy financial institutions going to implement blockchain technology without a distributed network of miners to secure it? If they do get miners, where is the financial incentive for them to mine?



Any way I look at it, it would be more logical for these unimaginative anachronistic glorified pawn shop operators to just use our blockchain whether side-chained or colored coins or something like that. The Bitcoin blockchain is more powerful than the world's top ten supercomputers combined, even factoring in recent reduced difficulty.



These johnny-come-lately corporate bozos had better come out with an answer, give up or get on board because we're doing it ourselves with or without them and I kinda hope it's without them. insert coin here:

Dash XfXZL8WL18zzNhaAqWqEziX2bUvyJbrC8s







1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc

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billyjoeallen



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LegendaryActivity: 1106Merit: 1006Hide your women Re: Banksters jacking our tech February 17, 2015, 08:14:29 PM #4 Quote from: D05GTO on February 17, 2015, 08:07:55 PM They'll centralize it.. just look at ripple.



LOL Ripple shows how some people just don't get it. Proprietary systems externalize costs. That's why they are so profitable, but nobody uses them without threats of guns in our faces. We built an entire system on a shoestring budget without resorting to a BB gun's worth of coercion and the best they can counter with is Ripple? I don't think Ripple Labs is doing any worse than the Fed albeit on a vastly different scale, but the Economic Calculation Problem (google it) doesn't just magically go away because, ya know, computers and stuff. LOL Ripple shows how some people just don't get it. Proprietary systems externalize costs. That's why they are so profitable, but nobody uses them without threats of guns in our faces. We built an entire system on a shoestring budget without resorting to a BB gun's worth of coercion and the best they can counter with is Ripple? I don't think Ripple Labs is doing any worse than the Fed albeit on a vastly different scale, but the Economic Calculation Problem (google it) doesn't just magically go away because, ya know, computers and stuff. insert coin here:

Dash XfXZL8WL18zzNhaAqWqEziX2bUvyJbrC8s







1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc

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Gerald Davis







DonatorLegendaryActivity: 1218Merit: 1007Gerald Davis Re: Banksters jacking our tech February 17, 2015, 08:19:07 PM #6 Quote from: billyjoeallen on February 17, 2015, 08:14:29 PM LOL Ripple shows how some people just don't get it. Proprietary systems externalize costs. That's why they are so profitable, but nobody uses them without threats of guns in our faces.

Since when have banks been adverse to using the rule of law ("guns in our faces") to externalize cost? Externalized cost doesn't make the cost go away but it does reduce the effective cost of the one doing the externalization. Banks are interested in blockchain technology to create a fair, free, open, and transparent network. They are interested in it because it might reduced the operating cost of some very unfair, centralized, closed, and opaque networks. Since when have banks been adverse to using the rule of law ("guns in our faces") to externalize cost? Externalized cost doesn't make the cost go away but it does reduce the effective cost of the one doing the externalization. Banks are interested in blockchain technology to create a fair, free, open, and transparent network. They are interested in it because it might reduced the operating cost of some very unfair, centralized, closed, and opaque networks.

readysalted89



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Sr. MemberActivity: 327Merit: 250 Re: Banksters jacking our tech February 17, 2015, 08:21:25 PM #7 I read that the banks turned down a new system that massively improved on the ACH system because they are perfectly happy raking in billions of dollars a year from their current antiquated system. The only reason I can think of for them to upgrade is if there is even more profit in it for them. Why would they shoot themselves in the foot by upgrading to a new better system if they cannot make as much money out of it?

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Satoshi is rolling in his grave. #bitcoin







LegendaryActivity: 1722Merit: 1000Satoshi is rolling in his grave. #bitcoin Re: Banksters jacking our tech February 17, 2015, 09:03:50 PM #10 Quote from: BrewCrewFan on February 17, 2015, 08:14:37 PM Quote from: D05GTO on February 17, 2015, 08:07:55 PM They'll centralize it.. just look at ripple.



That is why banks are becoming nice to ripple over BTC because ripple is centralized ... say hi to the new boss , same as the old boss.

That is why banks are becoming nice to ripple over BTC because ripple is centralized ... say hi to the new boss , same as the old boss.

Ripple is just a passing thing like any other sh*tcoin, just more advertised and nicely presented. You loose sence of purpuse with centralisation of any kind, its just not the same.

Banks would ofc. sooner endorse ripple, but its not likely that will happen. Just avoid it, were here to promote freedom of any centralisation, anything else is just wasting time.

cheers Ripple is just a passing thing like any other sh*tcoin, just more advertised and nicely presented. You loose sence of purpuse with centralisation of any kind, its just not the same.Banks would ofc. sooner endorse ripple, but its not likely that will happen. Just avoid it, were here to promote freedom of any centralisation, anything else is just wasting time.cheers