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+--- Thread: Blockchain Technology (/thread-4687.html)
Blockchain Technology - Keith - 02-15-2018
I was actually shocked when doing a search that no one has even mentioned "blockchain technology".
If you've heard of bitcoin, you've heard of blockchain, as this is the engine that operates cryptocurrencies.
The technology is gaining in popularity and Millennials in particular have fully embraced it.
I feel this will be one of the major tools if not THE major tool utilized for the 1T.
Thoughts?
RE: Blockchain Technology - tg63 - 02-16-2018
Blockchain is the underlying technology that enables other stuff (like cryptocurrencies like bitcoin) ... but it's a bit like saying in 1995 that http and ftp will be the major tools of the next 20 years - they are, but the value is in what people have built on top of these (i.e. apps like google, facebook, twitter, etc). The thing to watch is what will be built on top of blockchain.
RE: Blockchain Technology - pbrower2a - 02-16-2018
Will cryptocurrencies such as Bitcoin be legal or even credible in the near future? Stay tuned to historical reality to find out.
Governments typically ban any technology or device that can give people the means of evading or avoiding taxes, whatever the time of the Generational Cycle..
RE: Blockchain Technology - Keith - 02-16-2018
(02-16-2018, 12:15 PM)tg63 Wrote: Blockchain is the underlying technology that enables other stuff (like cryptocurrencies like bitcoin) ... but it's a bit like saying in 1995 that http and ftp will be the major tools of the next 20 years - they are, but the value is in what people have built on top of these (i.e. apps like google, facebook, twitter, etc). The thing to watch is what will be built on top of blockchain.
Correct. And in the overall scheme of things, we've barely started or not even out of the starting gate yet!!!
I read an article just this morning regarding not only the speed of technological innovation, but also how rapid the rate of adoption has become. They highlighted the tablet, that went from ~zero~ to 50% population adoption in 5 years, which is extraordinary.
The issues with blockchain involve scale, of course, which is quickly being resolved, but in my view the primary obstacle is its disruptive potential. This technology is going to touch every industry and person on the planet. In the taxi business we've got Uber and Lyft totally changing how we purchase temporary, local transportation. In trucking we have self-driving vehicles already on the horizon. Consider for a moment when straight peer-to-peer distributed networks come along disrupting the disruptors.
Millennials are community-oriented. Blockchain and cryptocurrencies fit this emerging Zeitgeist to a tee. If this generation is to be our warriors, coming to society's rescue, what better tool could there be to completely renovate our outdated structures and systems?
RE: Blockchain Technology - Keith - 02-16-2018
(02-16-2018, 02:18 PM)pbrower2a Wrote: Will cryptocurrencies such as Bitcoin be legal or even credible in the near future? Stay tuned to historical reality to find out.
Governments typically ban any technology or device that can give people the means of evading or avoiding taxes, whatever the time of the Generational Cycle..
China banned cryptocurrency exchanges in September of last year and look what happened. The market initially plummeted, but then rebounded because the technology is peer-to-peer. Centralized exchanges are nice, but not necessary. Blockchain is also distributed, which means the only way to "kill" it would be to shut down the internet, first of all, and also destroy every computer in the global network, which might be possible, but not likely.
Bitcoin may evolve and not survive in its present form, but the community supporting this coin is die-hard and growing. Coinbase, the largest exchange in the US, is processing around 100,000 new accounts daily. So the technology is obviously credible.
Regulation is inevitable and individual states are taking the lead. Arizona, Wyoming and one other state are currently debating allowing tax payments via major cryptocurrencies; and many states now license and regulate exchanges.
There was a regulatory hearing in Washington DC just last week with testimony from the SEC and the CBOE. Of interest specifically to this forum was the testimony of the head of the CBOE. He began by talking about his Millennial children. When they were still quite young, he opened a brokerage account for each with a small amount of money and urged them to start trading. They weren't interested, he continued.
However, beginning a year ago, all he heard from them was bitcoin! bitcoin! bitcoin!
His advise was if this motivates and excites Millennials . . . we should weed out fraud and abuse, of course, but primarily we need to support this technology.