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.

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.

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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.

(Why?)

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

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April 6, 2017

Germany Passes Bill To Fine FaceBook, Twitter Up To $50MM For “Fake News”

zerohedge.com / by Tyler Durden / Apr 6, 2017

German Chancellor Angela Merkel has apparently decided she’s not willing to take the chance of becoming the latest politician to fall victim to the same “Russian hacking” and “fake news” campaigns which ‘undoubtedly’ caused the downfall of America’s liberal darling, Hillary Clinton (forget those pay-for-play scandals, federal record retention violations and willful non-compliance with Congressional subpeonas…total non-factors in the 2016 election).

And since they can’t really control the actions of those pesky ‘Russian hackers,” Germany’s cabinet has instead decided to pass legislation that would impose serious fines of up to 50 million Euros on any social networks that fail to swiftly remove content that could be deemed “hateful” or “fake news.” Per Yahoo News:

Germany’s Cabinet on Wednesday approved a new bill that punishes social networking sites if they fail to swiftly remove illegal content such as hate speech or defamatory fake news.

Chancellor Angela Merkel’s Cabinet agreed on rules that would impose fines of up to 50 million euros (53.4 million dollars) on Facebook, Twitter and other social media platforms.

German Justice Minister Heiko Maas said that the companies offering such online platforms are responsible for removing hateful content. He said the new bill would not restrict the freedom of expression, but intervene only when criminal hatred or intentionally false news are posted.

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

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