Dream of satoshi is dead now
How so?
https://blockchain.info/pools
It’s not as decentralized as he/they hoped??
Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies
61–70 of 222 posts
Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies
#62Earlier quoted context omitted.
Very interesting name for a decimal. What an intricate community
It's the name of the creator of Bitcoin, https://en.wikipedia.org/wiki/Satoshi_Nakamoto . You can imagine them as little pennies with Satoshi's head imprinted on them, if you like. And it's not really a decimal; it's more properly "1 bitcoin" in the technical sense. 1BTC was later defined to be equal to 10^8 Satoshis because that seemed like a useful amount of money to track exchange rates for (though now it's about…
"Name" is maybe not quite right, "Satoshi Nakomoto" is the creator's pseudonym. The actual author of the bitcoin whitepaper is unknown and the subject of much speculation.
I'm sure OP knows this, I'm just being pedantic.
Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies
#63> Johnson said that the company had made several venture investments in bitcoin-related businesses and that the company was looking at applications of blockchain technologies alongside several leading universities. Every crypto article makes the same vague claims about the potential of non-specific blockchain technology. I'm surprised there was no mention of replacing Visa in this one as well.
Facilitating inter-bank transfers is one promising application that's already operational: https://ripple.com/
Are there any actual benefits to this over current methods of interbank transfers?
Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies
#64Earlier quoted context omitted.
0.005% lower expense ratios is what shifted my stuff from Fidelity to vanguard. Idk how much exposure they're putting into crypto currency based on this.
The difference in fees is probably closer to 0.5% (50 basis points), not 0.5 basis points.
This is not actually true anymore, Fidelity has responded. Their pure index funds are extremely competitive with Vanguard.
Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies
#65> Johnson said that the company had made several venture investments in bitcoin-related businesses and that the company was looking at applications of blockchain technologies alongside several leading universities. Every crypto article makes the same vague claims about the potential of non-specific blockchain technology. I'm surprised there was no mention of replacing Visa in this one as well.
I got removed from a project because I was raining on everyone's blockchain fantasy. Later they begrudgingly admitted that blockchain wasn't going to solve the hard interoperability problem we were facing (bog standard need to pull & analyze data from multiple incompatible data stores held by multiple independent parties).
I can forgive all the business guys for that thinking given articles like these, but the tech guys who were fanning the fires of that fantasy and telling me I didn't understand blockchain....
I got the distinct impression that there is a growing cottage industry of tech consultants and outsource companies that realize that if they can get their clients to "do it on the blockchain" they will be able to bill 10x as much for a project that has a current very good solution (and relatively fast to implement solution). And for which blockchain won't be a benefit. But the client may very well be able to get more VC money, so it's starting to turn blockchain 'skeptics' into martyrs.
And the most frustrating thing is that the innovation in Satoshi's paper (bringing together in a unique way prior known solutions) is really exciting and there are very good uses for blockchain. The international shipping companies using blockchain to track shipping container provenance strikes me as really, really perfect.
The bad uses of blockchain is going to kill the tech before it's had time to mature naturally and find its place.
Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies
#66I can't wait until large firms, or very rich people start throwing a lot of money at mining and start co-opting cryptocurrencies
As it stands, the rich have already co-opted cryptocurrencies.
Minting algorithms have mostly generated the majority of the entire supply in the first few months, allowing anyone with existing capital to purchase majority stakes or mining power.
Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies
#67It would be highly irresponsible not to do so
Why?
Artificial and delusional scarcity of software derived database entries, of which a multitude of newer alternative service networks are being created every day?
Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies
#68ROI of creating an investment portfolio 1 year ago, and selling today: - All Bitcoin: ~500% - Mix of top market: ~2800% - All Strat: ~13500% Meanwhile, stock investors call 12% a good year.
Now compare total market capitalization of equity markets to Bitcoin. I doubt you could liquidate millions of dollars of bitcoin in a day and not make the market plummet. You can do that in the last 30 minutes of the stock trading day with no very little price fluctuation.
There are equities that are up triple digits, including Nvidia...who is realistically the biggest winner in crypto mining.
Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies
#69Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies
#70Earlier quoted context omitted.
What's wrong with experimenting with cryptocurrencies? It's not like they're taking away resources from their main business to blow on bitcoins. (Though Vanguard is probably still a better choice regardless.)
I want the CEO of my mutual fund company to be focused on how to index better, not on cryptocurrencies.
Fidelity is not a "mutual fund company," they are a pretty full scale financial services company. They offer more than just index funds, including (but not limited to) actively managed funds, life insurance, a checking account, a credit card, etc...