Re: Nine of the World’s Biggest Banks Form Blockchain Partnership

Thanks for the reply Greg. Its interesting to know that crytocurrencies
don't need to consume a lot of energy--that is a plus. I don't know how you
can prevent a cryptocurency to not overcompensate early adopters though and
this would create inequality right?
https://www.washingtonpost.com/news/the-switch/wp/2014/03/03/forget-the-1-percent-in-the-bitcoin-world-half-the-wealth-belongs-to-the-0-1-percent/

I like the cryptocurrency where they were trying to distribute the currency
equally to all Icelandic citizens at once. Its a tricky issue. I still
assert that while I think distributed technologies are wonderful, we need a
political revolution that results in distributed power through direct
democracy. If political power is distributed, then a government could
institute a cryptocurrency nationwide.


On Fri, Sep 18, 2015 at 4:20 PM, Tao Effect <contact@taoeffect.com> wrote:

> Cryptocurrencies come in all sorts of shapes and sizes.
>
> From what I can tell the overcompensate early adopters, creating
> inequality, take a lot of energy, and are non-dymanic in that the
> underlying algorithm can not be changed.
>
>
> This is true of some cryptocurrencies and not of others.
>
> No, cryptocurrencies do not “overcompensate early adopters”, certainly not
> any more than any other currency, crypto or not.
>
> Unlike fiat, cryptocurrencies make it possible to design “fair”
> distributions, in whatever terms you consider “fair” to be.
>
> Cryptocurrencies do not create any more inequality than any other
> currency, and they are actually far better suited to addressing inequality
> because of their security and transparency properties.
>
> Cryptocurrencies do not take a lot of energy, certainly not more than
> fiat. This is for several reasons:
>
> 1. Cryptocurrencies can use very different consensus algorithms, some that
> do not rely on energy usage for example.
>
> 2. Even those that use energy to secure themselves, like Bitcoin, do not
> take up a significant amount of energy when compared to the energy
> expenditures of existing currencies like dollars (which cost a lot of
> energy and *time* to create, transfer, store, etc.).
>
> Finally, your last assertion is also false, the underlying algorithm can
> be changed, as demonstrated by such cryptocurrencies/blockchains as Tezos.
>
> What benefit do the crypotocurrencies provide?
>
>
> They make it possible to keep track of the currency, for one. You can
> address problems like $2.4 trillion just “disappearing” (search that number
> along with Pentagon for details).
>
> They get rid of middlemen and thereby give people actual ownership of
> their money.
>
> You don’t own your money today (unless you’ve cashed out your bank account
> and are hiding bills under your mattress), your bank owns it.
>
> There are many many many other benefits to cryptocurrencies, and they
> should become immediately apparently upon study.
>
> Cheers,
> Greg Slepak
>
> --
> Please do not email me anything that you are not comfortable also sharing with
> the NSA.
>
> On Sep 17, 2015, at 6:19 AM, Adam Lake <creatinglake@gmail.com> wrote:
>
> What benefit do the crypotocurrencies provide? From what I can tell the
> overcompensate early adopters, creating inequality, take a lot of energy,
> and are non-dymanic in that the underlying algorithm can not be changed. It
> seems to me that without a democratic political revolution this is moot,
> and with a democratic political revolution this is also moot. Whats the
> point?
>
> On Thu, Sep 17, 2015 at 3:13 AM, Timothy Holborn <
> timothy.holborn@gmail.com> wrote:
>
>> Yes. However by using crypto as the trust agent, the method is likely to
>> consume ever inceasing amounts of energy over time to maintain.
>>
>> Is there a solution for the 51% issue?
>>
>> On 02:04, Thu, 17/09/2015 Melvin Carvalho <melvincarvalho@gmail.com>
>> wrote:
>>
>>> On 16 September 2015 at 17:20, David Nicol <davidnicol@gmail.com> wrote:
>>>
>>>> And they called "blockchain technology" it what it is -- a ledger.
>>>> Good!
>>>>
>>>
>>> Yes, the ledger is the key.
>>>
>>> A block chain is actually a singly linked list.  Typically blocks
>>> contain transactions, which when added up form a ledger.
>>>
>>> In a centralized ledger system, you have central authorities saying who
>>> has what.  e.g. National currencies, equities, gift cards.
>>>
>>> In a distributed ledger system, you have a consensus protocol and actors
>>> saying who has what.  e.g.. bitcoin, ripple, alts
>>>
>>> In a decentralized ledger system, there is no central authority saying
>>> who has what, but transactions are possible between ledgers based on
>>> mutually beneficial rules.  e.g. linked data, the web
>>>
>>>
>>>>
>>>>
>>>> On Tue, Sep 15, 2015 at 5:35 PM, Melvin Carvalho <
>>>> melvincarvalho@gmail.com> wrote:
>>>>
>>>>> Crypto currencies just went mainstream ...
>>>>>
>>>>>
>>>>> https://recode.net/2015/09/15/nine-of-the-worlds-biggest-banks-form-blockchain-partnership/
>>>>>
>>>>
>>>>
>>>>
>
>
> --
> Adam Lake
> 540-585-4444
>
>
>


-- 
Adam Lake
540-585-4444