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Re: 200 lines = You're a bank now.

Re: 200 lines = You're a bank now.

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mrcash02
Yeah, it’s not something that banks would have expected even just 10 years ago, but now it is definitely becoming a reality and there is going to be a serious change in thinking from banks if bitcoin becomes a large competitor to the traditional system. I wouldn’t be surprised if banks decide to start becoming a bit more specialized or desperate for investors in the event of a scenario like this.

As for just needing 200 lines of code, I’m actually pretty impressed. I thought it was a bit more than that, but the efficiency surprises me.

Yes, but it’s not sufficient yet to handle all transactions and customers that banks deal everyday. A mass adoption is far to happen, and for now it’s good for us as bitcoin doesn’t get inconvenient attention from sectors which belong the banks.

To achieve the goal, bitcoin must improve its technology and features a bit yet, to let us continue having fast-average speed transaction + low fees. That is the most important for me. Surely, most important after the hegemony bitcoin built as main currency, without splits.
Re: 200 lines = you're a bank now.

Yakamoto
Yeah, it’s not something that banks would have expected even just 10 years ago, but now it is definitely becoming a reality and there is going to be a serious change in thinking from banks if bitcoin becomes a large competitor to the traditional system. I wouldn’t be surprised if banks decide to start becoming a bit more specialized or desperate for investors in the event of a scenario like this.

As for just needing 200 lines of code, I’m actually pretty impressed. I thought it was a bit more than that, but the efficiency surprises me.

Yes, but it’s not sufficient yet to handle all transactions and customers that banks deal everyday. A mass adoption is far to happen, and for now it’s good for us as bitcoin doesn’t get inconvenient attention from sectors which belong the banks.

To achieve the goal, bitcoin must improve its technology and features a bit yet, to let us continue having fast-average speed transaction + low fees. That is the most important for me. Surely, most important after the hegemony bitcoin built as main currency, without splits.

Never said that the rest of the network is efficient, just the 200 lines of code to become a bank.

Mass adoption will likely come in the form of value preservation rather than daily spending, and the only way that you can really change that is shortening block times, and that’s even less likely than just increasing the amount of transactions that can be kept within a single block.

The only way that bitcoin can become a significant player in the daily lives of people is through requiring only one confirmation for each transaction, and even that can take between 5 and 10 minutes.
Re: 200 lines = you're a bank now.

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BitBlender 

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Re: 200 lines = you're a bank now.

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Meuh6879

Why it was at Zero Hedge where I first saw the expression “Be your own Central Bank.  Buy gold!”

OK, now we certainly now extend that to:

“Be your own Central Bank.  Buy gold and bitcoin!”

Gold and BTC are a  powerful and complementary combination of HODLing wealth.  Throw some FIAT$ in as well, and you really are a bank.
Re: 200 lines = you're a bank now.

(Why?)

Published at Wed, 12 Apr 2017 06:06:20 +0000

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BitcoinCash (BCC) Hardfork: What it Means and How to Secure Your Assets

The Fork Awakens… BitcoinCash is expected to fork off from the main chain on Tuesday taking roughly 30% of the hashpower with it. Antpool, the largest bitcoin mining pool, is expected to mine the alternate chain.

BitcoinCash Hard Fork

August 1st has been a long-awaited day for months on the calendars of bitcoin enthusiasts worldwide. But with the UASF being deemed a success by many people in the community, a new event is worrying some and it just so happens to be on the same day. BitcoinCash or BCC (some are proposing the ticker abbreviation of BCH as BCC is already taken) is a planned fork of the bitcoin ledger by means of a User Activated Hard Fork, or UAHF.

Mining company Bitmain has stated their intentions to fork and create this separate blockchain with different consensus rules, most notably an immediate blocksize increase to 8MB. It also includes wipeout and replay protection, something the developers added to allow both blockchains to coexist peacefully and without loss of user funds.

How to Secure Your Assets?

As with all cryptocurrency hard forks, users that own bitcoin on the legacy chain and control their private keys will automatically own coins on the new BCC chain. No further action needed. However, your claim to these new coins could be threatened if you use a third-party wallet provider such as Coinbase or blockchain.com.

Not controlling the private keys of your Bitcoins means you don’t control the private keys of your BitcoinCash either. Some examples of wallets that allow you to control the keys are Electrum, Jaxx, or Mycelium. The fork is scheduled to occur on Tuesday, August 1, 2017, at 12:20:00 pm (UTC time), so make sure to move your coins as soon as possible.

Exchanges That Support BitcoinCash (BCC)

Numerous exchanges have come out stating how they plan to deal with the upcoming hard fork. According to the BitcoinCash website, the following exchanges have announced that they will support, or at least allow users to access, BitcoinCash

Wallets That Support BitcoinCash (BCC)

Along with the exchanges, many reputable wallet providers, such as Ledger and Trezor, have released statements saying they will have their wallets support BCC. A more comprehensive list can be found below.

Full Nodes

Other Wallets

One thing to note is that ElectronCash is NOT made by the Electrum developers, which was cleared up in a statement made by them here.

ViaBTC currently has a futures market for BitcoinCash, and it currently sits at around $311.59, or about 12% of bitcoin’s current market price. Only time will tell if this coin will gain traction, or be crushed by the thousands of people ready to dump the moment the fork occurs.

What do you think of the looming fork? Will BCC be blown out of the water by the massive offload of coins? Will you be transacting with BCC? Or do you think this is going to be one of hundreds of altcoins? Let us know in the comments below!

Images courtesy of Bitcoincash.org, Coinmarketcap.com

The post BitcoinCash (BCC) Hardfork: What it Means and How to Secure Your Assets appeared first on Bitcoinist.com.

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