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Old 26th February 2021, 10:19 PM   #1041
psionl0
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Originally Posted by ChrisBFRPKY View Post
Today the Federal Reserve suffers widespread disruption to payment services.

https://www.cnn.com/2021/02/24/busin...ire/index.html
I doubt that bitcoin could handle the volume of transactions that fedwire does. (The Ripple network might be an alternative though).
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Old Yesterday, 03:22 PM   #1042
Samson
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Originally Posted by psionl0 View Post
Not as impressive as their record with bitcoin. They have predicted 1000 out of the last 0 end of bitcoin forevers.
Here is another 0 prediction soundly argued.

"If Bitcoin were to be adopted as a global reserve currency," he speculates, "the Bitcoin price will probably be in the millions, and those miners will have more money than the entire [US] Federal budget to spend on electricity."

"We'd have to double our global energy production," he says with a laugh. "For Bitcoin."


https://www.bbc.com/news/science-environment-56215787

Elon Musk busted.
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Old Yesterday, 07:43 PM   #1043
ChrisBFRPKY
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Originally Posted by psionl0 View Post
I doubt that bitcoin could handle the volume of transactions that fedwire does. (The Ripple network might be an alternative though).
Ripple isn't a cryptocurrency. It's a centralized block chain that could be taken over or controlled by a single entity.

IMO decentralization is a must to qualify as a cryptocurrency. Otherwise, you may as well continue to use Paypal.
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Old Yesterday, 11:12 PM   #1044
psionl0
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Originally Posted by ChrisBFRPKY View Post
Ripple isn't a cryptocurrency. It's a centralized block chain that could be taken over or controlled by a single entity.
That isn't my understanding.

Ripple and Stellar are both decentralized networks that require consensus instead of competition to add new transactions to the chain. Although they have their own crypto currencies, their primary purpose is to transfer IOUs across the network. They rely on individuals having access to a "trusted gateway" on the network to work.
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Old Yesterday, 11:15 PM   #1045
Samson
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The software requires exponential power demand.
Winkelvoss bros would be selling now.
I bet they are not dumb.

Last edited by Samson; Yesterday at 11:26 PM.
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Old Yesterday, 11:17 PM   #1046
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Except quantum computing can mend this unforeseen glitch in the tree that grows to the sky.
Maybe Jack understands.
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Old Today, 11:21 AM   #1047
ChrisBFRPKY
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Originally Posted by psionl0 View Post
That isn't my understanding.

Ripple and Stellar are both decentralized networks that require consensus instead of competition to add new transactions to the chain. Although they have their own crypto currencies, their primary purpose is to transfer IOUs across the network. They rely on individuals having access to a "trusted gateway" on the network to work.
Their fancy way of putting it is that Ripple uses a distributed consensus ledger using a network of validating servers.

In English it simply means it's a centralized blockchain. Instead of validations across a decentralized network they rely on validations from "their" servers. Like Paypal, a closed system. Which effectively means they can create as many tokens as they want at anytime they wish to sell when they wish.

It's why I never bought into XRP.
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Old Today, 07:33 PM   #1048
psionl0
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Originally Posted by ChrisBFRPKY View Post
Their fancy way of putting it is that Ripple uses a distributed consensus ledger using a network of validating servers.

In English it simply means it's a centralized blockchain. Instead of validations across a decentralized network they rely on validations from "their" servers. Like Paypal, a closed system. Which effectively means they can create as many tokens as they want at anytime they wish to sell when they wish.

It's why I never bought into XRP.
Don't conflate the crypto with the transfer mechanism (this is the same mistake that many make with bitcoin vs bitcoin exchanges).

It is true that the validating nodes in Ripple form a "private club" which requires a 51% consensus before new nodes can be admitted. OTOH each node in Stellar can take part in the transaction validation process and anyone can run a Stellar node.

The real question is whether transactions can be controlled or blocked. This seems unlikely with Stellar but there was an incident in Ripple where the funds of one of the founders, Jeff McCaleb, were frozen after he left Ripple in 2015.
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