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Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

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Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#51

Post by loceng »

nxsynonym wrote: post #31
jdlyga wrote: post #25

It's too bad that Etherium prices are down so much right now from a few weeks ago.

It's only bad if you bought in at the peak expecting it to keep climbing. ETH price fluctuates wildly. The latest dip had no real connection to any news, all speculation. My advice: If you believe in the tech, buy in. If you are looking for a get-rich-quick investment, be prepared to lose a ton of money.

The only tech you need to technically believe in is that blockchain could be used as a currency - which it already does act as, and then it is a matter of adoption.

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#52

Post by eriknstr »

JumpCrisscross wrote: post #46
raesene9 wrote: post #38

Earlier quoted context omitted.

As a relative outsider, it doesn't seem to me like ethereum has a great history of good politics, given the whole DAO, hard fork, eth classic setup ( https://www.cryptocompare.com/coins/guides/the-dao-the-hack-... )

I'm not a fan of the DAO decisions, but reversing a prima facie fraudulent transaction is uncontroversial in banking. Bigger than that is the tone with which the Bitcoin communicates. There's that prominent Bitcoin enthusiast who likes to cuss and scream and demonize perceived opponents on Twitter. There's another one (maybe the same guy?) who moderates with a vengeful bias on Reddit. That kind of shit-throwing is an…

> There's another one (maybe the same guy?) who moderates with a vengeful bias on Reddit. That kind of shit-throwing is anathema to a large company.

Also due to some being unhappy with the moderation of /r/bitcoin there's a separate community called /r/btc. Then again, there are many communities on Reddit that have split up due to disagreements about moderation, such as for example /r/meirl vs the previously vastly more popular /r/me_irl [1]. (The latter of these still has about 3x the amount of subscribers though, but /r/me_irl has grown to become large indeed.)

[1]: https://www.reddit.com/r/OutOfTheLoop/comments/3z2pax/me_irl...

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#53

Post by campbelltown »

tehlike wrote: post #35
JustAnotherPat wrote: post #32

Earlier quoted context omitted.

Not really. Ethereum payments sell on being trustless, which means you have to upfront the money. Mastercard deals in credit. You'll never get the benefits of a credit based system in ethereum. This is why all ethereum dapps stink so far too. People are used to exchanging trust for goods and perks.

mastercard deals in credit? banks deals in credit, mastercard is a payment network.

This is true. But mastercard facilitates the liquidation of this credit via their payment systems, which people will continue to use. Initially people will likely use ether as a store of value/hedge against the traditional economy. Also dapp fuel, as we all hope.

Furthermore, take a look at coinbase as an example of a company profiting heavily on this new payment system. Mastercard has an opportunity to capture some of the new value being created in the ecosystem. They don't have to fall off the map if we all start using ether. If they do, they failed to innovate. I suspect their execs understand this.

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#55

Post by heliumcraft »

Torai wrote: post #12

> The EEA describes itself as a standards group designed to help enterprises build their own interoperable technology, mostly using private versions of the ethereum blockchain. Ether price soaring right now, but isn't Master Card's bussiness direct competition of the public Ethereum blockchain as a payment system?

Ethereum is a platform and is not meant to be a payment system per se. One can however build a payment system (and other things) on top of the platform.

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#56

Post by [deleted] »

eriknstr wrote: post #52
JumpCrisscross wrote: post #46

Earlier quoted context omitted.

I'm not a fan of the DAO decisions, but reversing a prima facie fraudulent transaction is uncontroversial in banking. Bigger than that is the tone with which the Bitcoin communicates. There's that prominent Bitcoin enthusiast who likes to cuss and scream and demonize perceived opponents on Twitter. There's another one (maybe the same guy?) who moderates with a vengeful bias on Reddit. That kind of shit-throwing is an…

> There's another one (maybe the same guy?) who moderates with a vengeful bias on Reddit. That kind of shit-throwing is anathema to a large company. Also due to some being unhappy with the moderation of /r/bitcoin there's a separate community called /r/btc. Then again, there are many communities on Reddit that have split up due to disagreements about moderation, such as for example /r/meirl vs the previously vastly m…

[deleted]

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#57

Post by jethro_tell »

DennisP wrote: post #43
jethro_tell wrote: post #39

Earlier quoted context omitted.

I don't understand why the coin would increase in value, it's the tech that they are looking at, to use among themselves on private block chains.

For now, because the public chain doesn't have the privacy and scalability they need. They expect that to change, and which point they plan to migrate some applications to the public chain. In the meantime they're being careful to stay compatible, and contributing development resources. Also JP Morgan has a client that bridges public and private chains. Source: I watched the EEA conference, and some smaller presentat…

Interesting, are they funded in anyway by eth coin?

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#58

Post by lifeisstillgood »

Asdfbla wrote: post #49

Always surprises me a bit because it seems to me like those large corporate players don't necessarily need all the features offered by Ethereum (or Bitcoin), especially proof-of-work, since there's enough non-adversarial cooperation between them that a simple distributed ledger with traditional (efficient) consensus mechanisms would suffice for most of their applications. They wouldn't have to deal with the drawbacks…

>> maybe just participate to get in on the hype and explore their options.

Yes. Or rather a small group in the company, that is trying to get political advantage, improve its profile, or simply impress the boss' boss, put together a convincing internal reason to join the alliance, and with high enough backing it becomes real. Something like that project was undoubtedly tried in every major bank and finance house - the few that got through shows that the internal decision making at those other places is actually working quite well :-)

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#59

Post by Veelox »

jerguismi wrote: post #36
Veelox wrote: post #33

It seems like Ethereum is getting a lot more industry support than Bitcoin ever did. If Ethereum continues it looks like it could kill off Bitcon, the looming possibility of a hard fork might be contributing make that happen really soon.

Is this industry support, or more collaborative research project like R3? I have talked to some bank representatives, and while they have been testing ethereum technology, they do it on their private chains on their private networks. No word of production use. In general banks seem to budget a lot of funds towards various r&d activity, on which majority of stuff never ends up anywhere.

It might just be research on private chains for now but that is something I never saw someone as big as MasterCard do for Bitcoin.

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#60

Post by PretzelPirate »

Asdfbla wrote: post #49

Always surprises me a bit because it seems to me like those large corporate players don't necessarily need all the features offered by Ethereum (or Bitcoin), especially proof-of-work, since there's enough non-adversarial cooperation between them that a simple distributed ledger with traditional (efficient) consensus mechanisms would suffice for most of their applications. They wouldn't have to deal with the drawbacks…

Those companies are using Ethereum without PoW in their private networks. They plug in a different consensus model.
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