Already excited about the upcoming lawsuit, US government vs Telegram.
Telegram plans multi-billion dollar ICO for chat cryptocurrency
41–50 of 145 posts
Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency
#42What's the value of the in-app currency being a cryptocurrency (putting aside hype/pr), vs calling it a virtual currency, a Mysql database with a API on top? Dropping to a technical level, if the miners are all run by Telegram, then I think it's just a pointless overhead over Mysql. On the other hand, if anybody can run miners, I don't comprehend what value that adds, what it means.
I see this same thing happening at some corporations now trying to create blockchain as a service. If one corporation, or just a few, are the only ones participating in the chain then why not just use traditional DBs?..
Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency
#43What's the value of the in-app currency being a cryptocurrency (putting aside hype/pr), vs calling it a virtual currency, a Mysql database with a API on top? Dropping to a technical level, if the miners are all run by Telegram, then I think it's just a pointless overhead over Mysql. On the other hand, if anybody can run miners, I don't comprehend what value that adds, what it means.
It makes it possible for the asset to be traded on third-party markets without the knowledge, consent, or control of the organization that issued the tokens.
It also helps you trust that movement of the asset will not be hindered by the issuer's inability to keep servers running in the face of potential DDoS attacks.
Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency
#44What's the value of the in-app currency being a cryptocurrency (putting aside hype/pr), vs calling it a virtual currency, a Mysql database with a API on top? Dropping to a technical level, if the miners are all run by Telegram, then I think it's just a pointless overhead over Mysql. On the other hand, if anybody can run miners, I don't comprehend what value that adds, what it means.
Because if Telegram ever goes under as a company, your "virtual currency" doesn't disappear overnight.
Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency
#45What's the value of the in-app currency being a cryptocurrency (putting aside hype/pr), vs calling it a virtual currency, a Mysql database with a API on top? Dropping to a technical level, if the miners are all run by Telegram, then I think it's just a pointless overhead over Mysql. On the other hand, if anybody can run miners, I don't comprehend what value that adds, what it means.
Because if Telegram ever goes under as a company, your "virtual currency" doesn't disappear overnight.
Yes, but if the Telegram app/platform was the only place I could conduct commerce using their money, I'm still screwed, unless a "secondary" marketplace emerges where you can use it. In which case, why not use Bitcoin or Eth to begin with? (Genuine question.)
Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency
#46What if everybody starts making their coins, Amazon, Facebook, Chinese companies, etc. Suddenly it sounds like I'll end up paying tx fees to convert coins. Doesn't sound very good... And what currency should I get my salary in?
Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency
#47What's the value of the in-app currency being a cryptocurrency (putting aside hype/pr), vs calling it a virtual currency, a Mysql database with a API on top? Dropping to a technical level, if the miners are all run by Telegram, then I think it's just a pointless overhead over Mysql. On the other hand, if anybody can run miners, I don't comprehend what value that adds, what it means.
To add to your point, the article states that Telegram will try to retain a 52% stake in its economy to control it.
"Telegram will The white paper also makes clear that four percent of the supply of Grams (200 million Grams) will be reserved for Telegram’s development team with a four-year vesting period. Telegram also plans to retain “at least 52 percent” of the entire supply of the Grams cryptocurrency to protect it from speculative trading and maintain flexibility. The remaining 44 percent will be sold in both the public and private sale.
The currency will be listed on external exchanges and used inside the Telegram app."
Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency
#48What's the value of the in-app currency being a cryptocurrency (putting aside hype/pr), vs calling it a virtual currency, a Mysql database with a API on top? Dropping to a technical level, if the miners are all run by Telegram, then I think it's just a pointless overhead over Mysql. On the other hand, if anybody can run miners, I don't comprehend what value that adds, what it means.
It makes it possible for the asset to be traded on third-party markets without the knowledge, consent, or control of the organization that issued the tokens. It also helps you trust that movement of the asset will not be hindered by the issuer's inability to keep servers running in the face of potential DDoS attacks.
That's a good point. It assumes they don't control the miners, and don't demand "registration" to participate, which would void anonymity. It still sounds like they could use an existing coin though, no?
Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency
#49Earlier quoted context omitted.
Strange decision indeed, they could use one of the existing technologies like Ripple or Stellar.
I might be wrong, but no one other than banks (if that) can use ripple. I'm not clear on stellar.
nah, anyone can buy Ripple and have a Ripple wallet. Only thing you can't do is mine Ripple.
Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency
#50What's the value of the in-app currency being a cryptocurrency (putting aside hype/pr), vs calling it a virtual currency, a Mysql database with a API on top? Dropping to a technical level, if the miners are all run by Telegram, then I think it's just a pointless overhead over Mysql. On the other hand, if anybody can run miners, I don't comprehend what value that adds, what it means.
Just like Filecoin and Ethereum this is a possibility to use cryptocurrencies for something smart and distributed instead of just as a settlement layer between banks.
If mining is somehow built on shuffling messages around this might be the good parts about old Skype (close to decentralized) without the problems (steals your bandwidth without asking).
That said: as with anything cryptocurrency-related I'm hugely sceptical.