Goldman Wins Patent For Its Own Cryptocoin Technology

I know this was mentioned a while back when they first applied for the patent. It would appear that they are now a step closer.

I wonder what tbis will mean for Cryptos in general.

From Zero Hedge -

http://www.zerohedge.com/news/2017-07-17/goldman-wins-patent-setlcoin-technology

 

Hopefully it means nothing and it is just a desperate attempt by a dinosaur to cling to market share while facing total disruption.

But there is a risk that a lot of open source and volunteer crypto development communities could get bogged down with expensive legal battles if patents start getting granted and challenged.

 

Crypto was born to fight against centralisation. Most of crypto enthusiasts are in the market because of this reason. As long as crypto is not mainstream in a GS product nobody will be interested in.
But ripple shows we are already behind this point in the timeline. Ripple is cetralised and in the top 5.
As BuggedOut stated, it hopefiully means nothing but all signs showing green light by govs - not for decentraliced products. It is in users hand to use it or not.

 

I think the fact that there is a building scramble from the Dinosaurs and Banksters to get onboard the 'Chain' system will only legitimize the whole concept for the mainstream population more over time. The more they see it in the news and online the more it gets mentioned the mad price increases happen etc it will spark at least some interest from people and they will investigate what it is all about.

https://trends.google.com/trends/explore?q=blockchain

https://trends.google.com/trends/explore?q=Ethereum

https://trends.google.com/trends/explore?q=Cryptocurrency

There will come a point in time when all this metomorphoses into a general acceptance by the mainstream that 'IT' is a thing that they can wrap their heads around and it will all go Click click BOOM.

 

As much as I agree with your sentiment ninteno, unfortunately I think a lot of people involved in the crypto market are just in it for a quick buck and are not really what I'd call "crypto enthusiasts". They'll take profit over principles any day of the week.

I don't mind so much if the establishment makes a crypto alternative and it makes big money for investors....as long as they don't crush the enthusiasts and the innovation in the process.

In the long run it is the innovation that delivers the benefit to society. Patents can be used to protect IP from being stolen....but they can also be used to shut down innovation from competitors if they aren't done right.

 

Agreed.

I still think that killer app could be DASHes Evolution. Potentially we will get a glimpse of it before Christmas this year.

 

Agree, Dash looks like the only one that's really trying to get crypto's to the masses.
They are also the only one that is talking about the need for their master nodes to have a minimum hardware spec in order to run things smoothly. This also means things need to centralized a bit, which in reality is a necessity.
They also acknowledge the issue of the blockchain size at scale and again is why they talk about the need for server grade hardware to deal with this.

The idea of all the little guys mining or running nodes will die off soon.

Though i wonder how long before everyone starts talking about chopping off the back end of the chain, as there is no real need to always hold everything. Just means if you had unspent coins from years ago, you will need to re spend it to bring it to a newer block.

 

Yep, all that too.

But I think one of the biggest ones is the governance model. Bitcoin has massive governance issues as evidenced by the current civil war raging on about how best to scale. With DASH it is the Masternodes who decide on things, so it puts the decision power in the hands of holders - not miners. It still means the "rich" get to decide things, but it's got to be better than the clusterf*ck going on with Bitcoin at the moment (which has no real end in sight). It also is properly funding the development team with 10% of the block reward. Considering it's market cap now, that's a LOT of funding for development.

 

All of the above basically. The field of dreams scenario 'If you build it they will come' for mass usage, but over the short term for speculation/investment the more crypto's are highlighted in the media the more people will become aware of them, and the more that $ flow in the greater/faster the development of such killer apps will happen which will in turn drive more value coming into the arena.

Crypto's until just this year have had a combined total market cap of less than 25 Billion, it bounced to over a hundred billion in less than three months and is now just over 80 billion, it went up over 600% in value just this year alone so far. Wait until there is more a than a trillion dollars sloshing around in the market looking for the next big thing.

I personally think most of this growth is due to Ethereum leading the way on the tech side of things, most people are still confused about what it actually is and still treat it as just a currency similar to bitcoin, only to be traded rather than a vast platform for doing things on, and there are a lot of other alts in the same boat for now. Many of them are just copy's of ETH or just plain old payment systems that add very little to the diversity of the overall market other than being another "Look at me, Look at me, with some slick marketing attached.

Once people actually grasp just what is possible and we get other freaks like Buterin creating unique uses or solving current real world problems with the current tech I think we will see a Tsunami of both adoption and investment.

I will take less than a decade to happen maybe sooner in this day and age, but with every current business model and or contract system liable to be disrupted with this technology those who don't adapt will die.

So basically you can add nearly the total of global commerce dollar wise in one way or another to the current measly 100 odd billion coming on board in the near future.

Finance, Media, Advertising, Banking, Law, Real Estate, Gambling, Transport, Manufacturing, name anything that takes place today where dollars change hand or a contract is undertaken and you can just about guarantee that within the next five to ten years blockchain technology will underpin it or have taken over some part of it completely.

 

Cryptocurrency is creepy. I felt like having a wash after that article.

 

Dash has a slick advertising arm I will give them that , but what else do they do that is anything more than a payment system which is set to become a very competitive market in the near future ? Litecoin could do the very same thing and probably do it a lot cheaper with their new changes coming online.
And then you get awkward questions like these that have never been fully explained.


The anonymity aspect is suspect as well as having competitors such as Monero or Cloak or Shadow, and the masternode setup itself drives more coins towards being held in nodes by investors rather than being circulated, driving up the price for a ROI for nodes artificially rather than the coin appreciating in value through use. How high can it go via that route ? And what happens if the price drops and node investors bail out ?

The nodes tie up coins and create an artificial shortage, which in trun artificially raises the price in order to create a return/profit for node holders. IE: they are centralizing rather than decentralizing things, and at the same time manipulating the price of the coin by creating a shortage .

And then there Governance model, more advertising than development seems to be the resounding noise on that, and more voting power to the nodes than to actual users... can you see the circular argument there ?

The little guys mining and running nodes is what avoids all of the above and issues like the current BTC drama where it is the big guy's in control.

A centralized alt is it's own death knell for mass adoption as it defeats it's own purpose instantly. Humans are an intrinsically greedy, jealous, spiteful, argumentative bunch of individuals who invariably gather in groups in order to defeat one another. It's in our DNA to do so, so any time you get one group of people who are able to have any influence at all over another group you will find that they will form opposing sides first and whittle out the weak and undecided on an issue in order to firm the ground around them so to speak, then they will form a pecking order within the group much like chickens on a roost or in a wolf pack, then they will organize the troops.

More often than not we wind up with a pyrrhic victory in such cases, as while the devoted are all set on doing battle and watching each other, the newer model is overtaking them on the outside lane with little notice taken at all by the combatants or the overall population, the former are too focused and the latter don't really give two shit's.

 

Southerncross the more I read what you write the more I question if you understand anything at all. It just sounds like you are delusional. Now I know you will not listen to anything I say, so my suggestion is you listen to buggedOut as he seems to have a sold understanding of things.

 

Thing is with you Leo is that I can respect Bugged as he answers questions and responds in kind when questions are asked, you just state your opinion and whenever questioned about your own opinion on anything you just ATTACK.
Bugged will always give a reasoned response or explanation for his point of view, you rarely if ever respond in kind. Bugged will actually discuss the pro's and con's along with all the other attributes of any Crypto or subject to do with it , and with a fair mostly agnostic viewpoint. Unlike yourself.
In short Bugged does not strike me as a complete Asshole like you do! And Bugged actually answers questions when asked.

You say I am delusional, I don't understand things, I am either sixteen or an old fart and I have no understanding of this tech etc etc.

I question you on things and you have no real answers other than insults, diatribe, FUD, and that I should listen to others.

There are two things I have pumped, if you can even call it pumped over the last few years here. Lithium and Ethereum.

Anyone is able to go check out my history on these two 'investment' areas here over the last two years or any other calls I have made as well.

Any other post I have made I have done so with good will and with a benign personal point of view, AKA I could not give two fucks about whatever decision another made with such info.

You are yet to answer back on your IOTA questions, yet alone your Dash statements, but here you are with your angry strawman arguments after I call you out on scaring new investors with absolutely misleading statements on BTC transaction cost's .

You come across as an Esme Watson Leo.

 

Your problem is you see the world how you want it and not how it is, you have a very limited depth to how you understand things. I've tried to bring balance to these threads by showing big issues that have to be overcome in this tech as it's not perfect no matter how much you want it to be, but unlike everyone else you have attacked me any time i said anything. Your a pathetic and immature person, you act like a young kid but you insisted you were older, which makes you a much worse person if true.

There is a lot of info I've posted, but if you don't want to accept it then there is no point me spending more time trying to explain any more to you. You have provided no useful info at all here about cryptos all you do is shout blockchains are awesome and attack people that show weaknesses. So my suggestion is you at least listen to BuggedOut as he is one of the few that will list both good and bad. This will be my last response to you.

 

Guys, lets ease up a bit and cool down.

You guy both have great ideas and insights into this stuff and your contributions to the discussions here on the forum are great as far as I'm concerned, but they are starkly different so it is no surprise that you butt heads occassionally.

On the one hand southercross has some great vision about the future and he sees the potential of what is possible. He was flagging the potential of Ethereum long before it went on it's massive price run and he's passionate about blockchain like I have become myself. While leo25 is more cautious and measured. His approach is very sensible and pragmatic and he can see some of the big challenges ahead. He was flagging the BIP148 storm brewing and urging caution months before the market started freaking out and panic selling.

You guys are like a perfect Ying and Yang of each other. It's actually pretty awesome to be able to sit here and benefit from both your points of view. I'm not saying don't disagree with each other because it'd be a pretty boring forum if we always agreed on things, I'm just saying lets keep it respectful and try to see the alternative view.

As Bill and Ted would say...

 

I am only really talking about DASH from a payment system perspective and saying it's better than Bitcoin.

I agree that Litecoin is probably the main competitor to DASH. It's Lightning Network vs Instant Send for the point of sale transactions that the mainstream will demand if it's ever going to choose crypto over VISA. I personally see the Lightning Network as being a weaker off-chain solution with some innovation gaps while Instand Send is working on-chain right now (admittedly I need to learn more about this stuff, it's on my TODO list)

I'm not that interested in DASHes Private Send feature. As you mention, Monero has that covered and the genpop I don't think will care that much about the privacy features, especially as extra privacy measures will impact performance (thus scalability) it is a lesser issue - though DASH privacy measures are still better than Bitcoin, yes?

I also get the Masternode criticism. When I see coins like Chain Coin pop up with nothing to offer but Masternodes it really highlights the ponzi-esque nature of some of these coins. But DASH has some innovative features and the Masternodes DO solve a couple of problems. They create some stability due to having a large chunk of market cap tied up in nodes (a lot of coins are "locking up" coins to promote stability) I disagree that they cause centralization especially compared to Bitcoin where the miners and their pools are now causing significant centralisation concerns. All DASH needs to do is halve the 1000 DASH requirement and they probably double the number of nodes, which they will need to do as it grows, so the Masternodes can scale well and maintain decentralisation IMHO. Then there's the governance....Yes, I agree it would be ideal to have the end-users with the votes and some coins are working on the challenge of countering Sybil attacks, but I still say it's better than the Bitcoin situation where you have a handful of miners with all the voting power.

I'm not saying DASH is perfect, I just think it's better than Bitcoin (and Litecoin) in a number of areas. I can see it overtaking Bitcoin in the medium term, but maybe only for a little while until the next innovative currency comes along.

 

Good post. I'll just expand on the lightning network vs master node as LN seems to be where most people get confused. I think we talked about LN much earlier in a different thread, but ill revisit it a bit for others.

Lightning network is a great features, but it's not for everything or everyone. LN is another layer that works off the main blockchain. In order to use it you first have to set up an agreement between 2 or more people and the money has to be pre-funded ahead of time.

An example would be i go to a cafe everyday to buy lunch and I know the store well. So i can ask to open a LN channel between me and the cafe and fund it with say $500 worth of crypto. Now all activity between me and the cafe happens off the main blockchain and on the LN (this allows for much faster payment with smaller fees) and it's not until we decide to close the channel will it go back to the main blockchain. So if I spent $350 all up over the LN then the settlement will broadcast back to the main blockchain the cafe gets $350 and the remainder goes back to me. (minus fee to use the LN node)

So you can see this is not something the average person will do and not even something most pros will use (as you're not going to open up a LN channel for a few payment with someone), whereas with DASH their system works across the board without you needing to know anything. Also the are building the "PayPal" like software app to make it more user friendly (Dash Evolution)

Also note once Bitcoin brings in SegWit, LN and bigger blocksize, then Litecoin will offer nothing over bitcoin. So you will be better off using bitcoin as it's better supported.

 

Crypto is valueless. You can't even burn it to keep warm.
Now, if 'they' freeze your bank account you can use the cash you've stashed.
With Crypto if 'they' want to control you they have the key to your total material worth.
Crypto is normalising the concept that 'money' is something you're 'allowed' to have.

 

Julie, I understand that crypto might seem a bit creepy. It can be hard to understand, but a couple of basic concepts.

It is decentralised like the internet. "They" can't control the internet (as much as they have tried) because it is not owned, nor run by any one person or group that can be targetted. They can take out a node (a server), but one will just spring up in it's place.

Crypto can be totally anonymous. You can make up your own key, just like a username and password, and nobody can know what it is or that it's you unless you tell them. So they can't see what you have and they can't prevent you from having it.

I have a bit of an understanding of your views and you are someone I am absolutely certain will come around to see the benefits in time. What this technology does is remove the dependency on centralised power and wealth structures just like the internet removed dependency on centralised information. We won't need bank accounts any more so the big banks will lose their market share (and their power), just like traditional mainstream media is losing market share to social media and alt-media (because of the internet providing decentralised information). In time we won't even need these big government bureaucracies (with their corruption) because we will be able to self govern using this tech.

You want power and wealth back to the people? Crypto tech is going to deliver it.