How can I get a full understanding on how to use Blockchain?

Discussion in 'Mining & Cryptocurrency' started by FM 3370, May 3, 2018.

  1. FM 3370

    FM 3370 Gawd

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    I've been trying to wrap my head around how Blockchain is supposed to revolutionize the world apart from Bitcoin. Is there a video or tutorial out there that will help me understand Blockchain on a level where I can speak about it in an interview or understand how my business can utilize Blockchain? I feel like it's something I need to know at a core level yet after watching probably 20 different Youtube videos I still don't get how business is supposed to profit from Blockchain. I hear companies like IBM and Oracle speaking to how great Blockchain is yet I need some help understanding it. If there is a thread explaining this already that would be great to read.
     
  2. cpuspeed

    cpuspeed Limp Gawd

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    there isn't any, append only database isn't anything new. IBM and Oracle are happy to bill customers to provide what customers think they need even if they don't. Just means "blockchain" has reached hype levels where there is money in providing blockchain services from the ecosystem that surrounds crypto markets. as long as there is money to be made in cryto markets you will have some software dev. ecosystem associated with it.
     
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  3. Verge

    Verge [H]ardness Supreme

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    You have found the hype-train. Welcome.

    For banking, there is a use once in-house blockchain solutions come out.
     
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  4. Woot910

    Woot910 n00bie

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    There was a documentary on Netflix that went into detail how the technology works. (Banking on Bitcoin is the name I believe).
     
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  5. cpuspeed

    cpuspeed Limp Gawd

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    the only real use case blockchain has is as a means to transfer funds outside traditional banking system. banks using blockchain is pointless, they already achieve moving money around without blockchain. also only seen scam coins hyping this.
     
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  6. oblox

    oblox Gawd

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    Settlement would be a financial institution's primary use case.
     
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  7. cpuspeed

    cpuspeed Limp Gawd

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    and they can't do this without blockchain? yet it is primary use case.
     
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  8. oblox

    oblox Gawd

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    Is that why settlement takes so long right now?
     
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  9. cpuspeed

    cpuspeed Limp Gawd

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    you mean I can get my money back if I send it to the wrong address when settling with a blockchain?
     
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  10. oblox

    oblox Gawd

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    Ugh, financial settlement is completely different. Just because you are an idiot and send to a wrong address isn't what settlement solves. Settlement is for transferring ownership. Right now, it takes days to settle a stock transaction (which is absurd given this digital age).
     
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  11. cpuspeed

    cpuspeed Limp Gawd

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    there are reasons it takes days. many are for security reasons to avoid scams. tranfsers get mixed up all the time because people are human and make mistakes. I wouldn't want to do business otherwise.
     
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  12. oblox

    oblox Gawd

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    Then you admit it is an inefficient process (takes days, things get mixed up, people make mistakes). Blockchain technology largely solves these inefficiencies by transferring ownership that every party involved can independently verify without relying on their own internal records. If you can't see the larger picture, I cannot help you.
     
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  13. cpuspeed

    cpuspeed Limp Gawd

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    they've had databases that everyone can see. it's not a technology issue. blockchain doesn't solve any of it and creates new issues. if you can't understand I can't help you.
     
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  14. oblox

    oblox Gawd

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    lol, once a blockchain hater, always a blockchain hater. I suppose you view the world in an isolation box too.
     
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  15. toast0

    toast0 Gawd

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    These days, for normal stock transactions (publicly traded issues, held in street name, no hanky panky), settlement is down to two business days. However, subject to day trading rules, you can sell the stock right away after buying, or buy new stock right away after selling, you just can't withdrawal the cash until the trade settles. Part of the delay is because banks and what not are slow and cranky, and part of the delay is because every once in a while, something was really fucked up, and trades get reversed, that would be even more messy if they had to pull the money back, too. Occasionally, you might buy from an old guy with a paper certificate, or someone who was only borrowing the stock to sell it, and it takes a little bit longer to clear, it's even worse if you buy from someone who needs their shares signed off by the company agent, it's kind of a mess.
     
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  16. cpuspeed

    cpuspeed Limp Gawd

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    I said blockchain had only value to transfer outside the banking system and one obviously takes risk associated with that. see post #5.

    what is isolation box? where your parents put you growing up? I can do personal attacks too and call you an idiot. grow up.
     
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  17. oblox

    oblox Gawd

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    It doesn't JUST have value outside of the banking system but I'm not going to sit here and explain each and every potential use-case (I simply stated that should financial institutions get involved, they will more than likely use it as an improvement to settlement, not as a currency) to someone that clearly already has their bias against new technology. Suggesting that it only has value in transferring outside of the banking system is such a limited perspective. That's like saying the internet should only be used for scientific research or that email will never replace snailmail. As for the isolation box comment, that's not a personal attack on you--that's me telling you that you are viewing things very closed-minded. If you consider that a personal attack, well, I think you're a bit too sensitive on the interwebz.
     
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  18. cpuspeed

    cpuspeed Limp Gawd

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    I'm not being closed minded, you're drowning in hype. A use case isn't do what worked before and didn't need blockchain but now add blockchain because you can and therefore mo' better. A use case is what couldn't I do before but now can with blockchain.

    I'm not a against new technology. I create new technology, have dozens of patents to my name. Blockchain isn't exactly new anymore either, BTC been around now 9 years. The world wide web already went through dot.com bubble and bust and changed the world by year 9. Time has already shown what the use case for blockchain is and again that is transferring value outside of the traditional banking system. Doesn't mean there isn't money to be made in the hype, there is and I'm making some, just that I'm not swallowing the hype like you are ignorant of what the technology actually is and its limitations.
     
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  19. Verge

    Verge [H]ardness Supreme

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    and blockchain(NOT crypotcurrency) can definitely speed that up. But i'm not sure the timeframe, most of that code is still COBOL with no migration path in sight. Might be 20 years.
     
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  20. Wild1

    Wild1 n00bie

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    Well I think the beauty of blockchain and crypto currency is we have currency that is being distributed and traded for the first time in history by non state actors. Traditionally the king mints the coins, and taxes you in his coins, or else the threat of violence. With bitcoin, satoshi invented a digital piece of information that could not be duplicated, and distributed them to whoever wanted them, and now people all over the world trade them with one another. I think it's the start of a change in human history.
     
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  21. toast0

    toast0 Gawd

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    Like Disney dollars, but with more electricity?
     
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  22. Wild1

    Wild1 n00bie

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    ^That's just like, an opinion man.
     
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  23. Wild1

    Wild1 n00bie

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    Disney dollars can be duplicated, not even close to the same value. Lame trolling, I get it you don't like crypto. It's cool, you are allowed to be wrong but why needlessly come in to a thread like this to antagonize the people who like it and know how to read?

    No one in this thread has suggested legitimate criticism other than parroting "It's a ponzi scheme!, That's monopoly money!, It isn't backed by anything reputable like the federal reserve"

    This is a personal vendetta with only anecdotal myths as supporting evidence.

    Crypto is the future, even in china where it is outlawed the exchanges are profiting.

    Is it volatile, of course. Will irs fry you for using it? Remains to be seen. But it absolutely is currency and absolutely has value.
     
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