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Started By
Message
re: Will Bitcoin be built under rather than on top of?
Posted on 2/6/14 at 10:17 pm to JayDeerTay84
Posted on 2/6/14 at 10:17 pm to JayDeerTay84
quote:
I also like to expound on why the middle man is bad and why that needs to be cut.
Are you seriously wondering why people might want to cut out a middle man?
I mean, damn dude, if you are then you likely aren't that smart. Are you really not familiar with the concept of disintermediation? This is not something that is unique to the world of cryptocurrencies and decentralized technology. Disintermediation is the goal any industry with intermediaries.
3
Posted on 2/6/14 at 10:19 pm to joshnorris14
quote:
No.
So regulation is needed?
quote:
This is getting circular. If a contract is not executed properly there are automatic actions that occur. No dispute, no third party, nothing is necessary. It is automated.
Then how are the handling of physical goods and services automated and executed?
quote:
Yes, when I brought up Colored Coins as an asset you said "What happens to the property when you buy a stick of gum" or something nonsensical like that. That points to an inefficiency in the Colored Coin protocol that doesn't exist.
I never pointed to such. I asked a question to clarify what happens when you use a bitcoin to purchase a product.
quote:
The conditions are automatic in the nature of the contract. If X happens then Y, if X doesn't happen then Z, and so on.
Then how would this work if I wanted a smart contract for services performed on my car?
quote:
I pay higher prices everywhere I go because of the fees involved.
Do you have examples of what you pay more for that could be reduced?
quote:
Say you are a businessman in some off beaten African country with no access to financial markets, but you have a phone and a business plan. You can set up an IPO on your phone and issue stock without any permission, restriction, or cost and get your business started.
How would you have access to internet but not financial markets?
Posted on 2/6/14 at 10:21 pm to WikiTiger
quote:
Are you seriously wondering why people might want to cut out a middle man?
I mean, damn dude, if you are then you likely aren't that smart. Are you really not familiar with the concept of disintermediation? This is not something that is unique to the world of cryptocurrencies and decentralized technology. Disintermediation is the goal any industry with intermediaries.
Yes, because your notion is that they offer no service.
For example, I used a broker to help me import a car because I didn't know wtf I was doing and I didn't want to learn because it was a one time deal.
It has already been pointed out no one currently forces you to use a "middle man"..
This post was edited on 2/6/14 at 10:24 pm
Posted on 2/6/14 at 10:24 pm to JayDeerTay84
no, I never said they offer no service. my argument is that the services they offer may no longer be necessary.
Posted on 2/6/14 at 10:25 pm to JayDeerTay84
quote:
So regulation is needed?
Yes.
quote:
Then how are the handling of physical goods and services automated and executed?
quote:
I never pointed to such. I asked a question to clarify what happens when you use a bitcoin to purchase a product.
You certainly did, you should reread your posts in this thread.
quote:
Then how would this work if I wanted a smart contract for services performed on my car?
quote:
How would you have access to internet but not financial markets?
"They don't have roads in Bosnia, but they have Facebook."
LINK
Posted on 2/6/14 at 10:25 pm to WikiTiger
quote:
no, I never said they offer no service. my argument is that the services they offer may no longer be necessary.
Wiki, that is ALREADY the case....
Posted on 2/6/14 at 10:26 pm to joshnorris14
quote:
You certainly did, you should reread your posts in this thread.
Well then, prove it. There is a quote function...
Posted on 2/6/14 at 10:26 pm to WikiTiger
quote:
you are too dense to understand
quote:
just plain dumb
quote:
Their myopic viewpoint
quote:
some people just lack vision
Right on schedule....
Posted on 2/6/14 at 10:26 pm to WikiTiger
Here's a good one:
LSURussian 3/25/13
It's been 10+ months and the price has risen 2000%.
LSURussian 3/25/13
quote:
It will collapse and turn into virtual dust long before then. My guess is within the next 2 or 3 years.
It's been 10+ months and the price has risen 2000%.
Posted on 2/6/14 at 10:29 pm to JayDeerTay84
quote:
Well then, prove it. There is a quote function...
Josh
quote:
They are derivative layers of bitcoins. The bitcoins are proofs of ownership. Like I said, public ledger of ownership.
Jay
quote:
And once you spend them, its gone.
Josh
quote:
Why would you spend .00000001 BTCs that hold the ownership of your home?
Jay
quote:
If I use it to buy gum, that coin is gone but the transaction history is there
This post was edited on 2/6/14 at 10:30 pm
Posted on 2/6/14 at 10:31 pm to joshnorris14
quote:
Jay
quote:
And once you spend them, its gone.
Yes, show me where I referenced colored coins.
If you use bitcoin (a term VERY loosely used here) to purchase gum, it is taken from your wallet. Is it not?
Further, show me the point in which I am claiming an "inefficiency" as YOU claimed?
I have never used a bitcoin which is why I am asking you guys questions....
This post was edited on 2/6/14 at 10:33 pm
Posted on 2/6/14 at 10:34 pm to WikiTiger
quote:The "market" does that already. Middlemen only exist when they can add value. Neither you nor joshie have even attempted to explain how brokers and stock exchanges force investors to use them or how they don't make the process more efficient or cost less.
Are you seriously wondering why people might want to cut out a middle man?
Electronic trading, which is all I do now, costs almost nil to execute stock and ETF trading. I bought $130,000 worth of stock Tuesday and the trade cost me a whopping $6.95 to execute. And my trade was guaranteed by Charles Schwab. If the seller failed to deliver, Schwab would step in and guarantee that I received the shares. Your peer to peer trading doesn't provide that benefit.
Posted on 2/6/14 at 10:37 pm to joshnorris14
quote:Do you believe what I wrote is contradictory to the price rise over the last year? Take a smart pill before you answer.
Here's a good one: LSURussian 3/25/13
quote: It will collapse and turn into virtual dust long before then. My guess is within the next 2 or 3 years.
It's been 10+ months and the price has risen 2000%.
Btw, nice link you provided......
Posted on 2/6/14 at 10:40 pm to joshnorris14
quote:
They don't have roads in Bosnia, but they have Facebook
I've been to Bosnia many times. They have roads in Bosnia. Try again.
Posted on 2/6/14 at 10:42 pm to JayDeerTay84
quote:
Yes, show me where I referenced colored coins.
It's clear that no matter what I say you're going to deny it. Jay: The house is on fire
Josh: No it's not
Josh: Quit saying the house is on fire
Jay: I didn't say the house was on fire
Posted on 2/6/14 at 10:43 pm to LSURussian
Posted on 2/6/14 at 10:44 pm to joshnorris14
quote:
It's clear that no matter what I say you're going to deny it.
Jay: The house is on fire
Josh: No it's not
Josh: Quit saying the house is on fire
Jay: I didn't say the house was on fire
Well, if I said it, then it should be easy.
Here this will help. I had no clue what a colored coin was before today so would you like to try again? I learned what it was from you actually.
When you are done deflecting, you might be able to get out of this hole.
I was talking about spending bitcoins on products.
Posted on 2/6/14 at 10:44 pm to LSURussian
quote:
Do you believe what I wrote is contradictory to the price rise over the last year? Take a smart pill before you answer.
I don't believe it's contradictory, but that doesn't make your trajectory any less wrong.
Posted on 2/6/14 at 10:46 pm to JayDeerTay84
quote:
I was talking about spending bitcoins on products.
The topic was adding a derivative layer to the bitcoin protocol. AKA Coloring the Coin.
Posted on 2/6/14 at 10:46 pm to joshnorris14
quote:
quote: Yes, show me where I referenced colored coins.
quote:Is that your way of showing him where he referenced colored coins?
It's clear that no matter what I say you're going to deny it.
If so, you lose.
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