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Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

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Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

#81

Post by proofofstake »

sillysaurus3 wrote: post #58
ufo wrote: post #53

Earlier quoted context omitted.

(Satoshi is the inventor of bitcoin, in case you don't know)

Not quite. The central ideas underpinning bitcoin are very old, tracing back to hashcash and bitgold. https://en.bitcoin.it/wiki/Hashcash#History It's not really an important distinction, but maybe someone will find the history interesting.

See also this 1996 NSA paper "How to Make a Mint: The Cryptography of Anonymous Electronic Cash", predating both Hashcash and Bit gold.

http://groups.csail.mit.edu/mac/classes/6.805/articles/money...

(and OP seems factually correct: Satoshi was the inventor of Bitcoin).

Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

#82

Post by z2210558 »

lojack wrote: post #72
nwah1 wrote: post #63

Earlier quoted context omitted.

Are there any actual benefits to this over current methods of interbank transfers?

Have you ever submitted a payment or received a payment and seen it marked as "pending". That's likely the result of a delay due to interbank transfers. Real time settlement is something theoretically possible with central banking using something like Fedwire, but in practice most banks use a third party clearinghouse like CHIPS. Additionally, if you have funds in USD and you need to make a payment in EUR, you'll pro…

Yes, but is there something that Ripple is doing here that could not be done by any non-blockchain distributed system?

The chief value in blockchain seems to be in getting people to agree to do something at all.

Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

#83

Post by bartread »

slyfocks wrote: post #80
ballenf wrote: post #65

Earlier quoted context omitted.

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 g…

Thank you for being a voice of reason in a domain that has increasingly become overrun by frauds and zealots. As someone who has been involved in blockchain research since 2011, it’s sad to see a promising technology (in limited use cases) turn into a buzzword thrown around by the many speculators and scam artists peddling vaporware and pumping crypto prices.

Yup: it's the Big Data hype train of 2013/2014 re-liveried and stopping soon at a station near you.

Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

#84

Post by tertius »

ballenf wrote: post #65
almostApatriot1 wrote: post #43

> 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 g…

Still off of that project? Or did they actually admit it to you?

Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

#85

Post by pfisch »

Blackthorn wrote: post #13
pfisch wrote: post #3

Earlier quoted context omitted.

I have all the computers in our office mining crypto when we leave for the day. It is pretty easy to setup.

Whoo boy. If you aren't the owner, expect them to fire you and replace your paycheck with the tiny bit that you managed to mine.

I'm the owner.

Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

#86

Post by pfisch »

kondro wrote: post #6
pfisch wrote: post #3

Earlier quoted context omitted.

I have all the computers in our office mining crypto when we leave for the day. It is pretty easy to setup.

I hope you realise the product of your mining belongs to your company given its their electricity you’re using (compared to the computers just suspending).

I'm the owner.

Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

#87

Post by dmoy »

sokoloff wrote: post #59
dmoy wrote: post #10

Earlier 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.

I mean the specific two funds that I had in Fidelity and transferred to vanguard mostly have a difference of 0.5 basis points. 0.04% vs 0.045

Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

#88

Post by pfisch »

Waterluvian wrote: post #4
pfisch wrote: post #3

Earlier quoted context omitted.

I have all the computers in our office mining crypto when we leave for the day. It is pretty easy to setup.

I'd love to know what the electricity cost is to do that versus their immediate market value. Are you mining lottery tickets or do they have immediate worth?

It seems to be profitable. Electricity is cheap in New Orleans and we make video games so the computers all have decent gpus.

You can connect to hubs that auto switch the mining algorithm to the most profitable one at the time.

Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

#89

Post by pfisch »

rashkov wrote: post #19
xur17 wrote: post #5

Earlier quoted context omitted.

If you're mining with gpus, it's likely still worth it. I have a 1060 and a 1070, and it's definitely profitable even after electricity.

Which coins though? Can't imagine bitcoin is still possible to mine with a two card setup

You can connect to hubs that auto switch the mining algorithm to the most profitable one at the time.

Re: Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

#90

Post by toomim »

sillysaurus3 wrote: post #58
ufo wrote: post #53

Earlier quoted context omitted.

(Satoshi is the inventor of bitcoin, in case you don't know)

Not quite. The central ideas underpinning bitcoin are very old, tracing back to hashcash and bitgold. https://en.bitcoin.it/wiki/Hashcash#History It's not really an important distinction, but maybe someone will find the history interesting.

Lots of people try to take credit for the ideas in Bitcoin (especially Adam Back, who you linked to), but Satoshi was its clear inventor.
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