With these hundreds of billions of dollars created from thin air and the crazy price fluctuations of Initial Coin Offerings ICOs for products that mostly don't even exist, most people took their eyes off the prize. The prize is that a cheap, publicly-available digital notary is really useful for existing enterprise and government applications. Likewise for cars.
Governments already have this information but it is difficult to request and each requestor must get the data directly from the government publisher. One stamped document from the government is insufficient, anybody that you would want to show your document should pay for their own official copy directly from government to avoid forgery.
A digital notary service blockchain improves this process tenfold or better for government and the end users. High-value luxury goods often come with a certificate of authenticity. When you sell your expensive purse to a second-hand buyer, they will want to confirm the certificate is valid maybe check the hologram before they purchase from you.
You probably know a family member that could modify or reprint a certificate of authenticity using Photoshop and make it look good enough. A digital notary service makes documents that cannot be forged. Ownership of financial assets mortgage securities, etc. An audit trail of asset-backed security sales which is available to regulators and possibly investors would make this information available in real time.
Warren Buffett calls these "financial weapons of mass destruction" and having a better accounting of them could prevent future financial crises. A digital notary service prevents records from being erased and modified when regulators show up to ask questions. These are the new applications of blockchain that take advantage of it being a digital notary.
Blockchain "In the Future". You might have heard about blockchain solutions that enable "machine learning" or "artificial intelligence" or maybe even "virtual reality" and "self-driving cars". Even more ambitious projects offer to trade physical assets "without middle-men", or to "eliminate spam". Or the impossible, share "symptoms, diagnosis or treatment plans" while keeping them secret, and "comply with GDPR" while also permanently notarizing sensitive documents.
These technologies will be ready in a few short months out, if you believe project white papers. None of these technologies have anything to do with blockchain. The reason why some projects incorporate these buzzwords into their presentations is because the audience might be confused and forget that blockchain is just a digital notary. People that don't understand this might think blockchain is some future sci-fi technology that works like magic.
In sci-fi movies, it is not enough to have one crazy technology, they need many to make it believable. Take the "car attack scene" in iRobot, starring Will Smith. In addition to robots, they have self-driving vehicles, artificial intelligence, and cars that spin while gliding forward, meanwhile Will Smith's character is a cyborg that survives a full-speed, head-on collision with a wall. If you value government transparency in recordkeeping and companies working to reduce fraud and better track assets then the future of blockchain is bright.
If you think the next unicorn company will come and disrupt an established industry using a plan developed by someone who's only business experience is writing white papers then take Warren Buffett's advice and hire a "second advisor to make the case against the proposed acquisition, with its fee contingent on the deal not going through. About William Entriken.
William Entriken is the lead author of the "token standard" for tracking physical assets using blockchain ERC He actively advises blockchain companies for projects he believes in and organizes Chain 76, a conference for applying blockchain to supply chain problems in the pharmaceutical industry.
Video Explanation of "Non-Fungible Blockchain". Mike "Mish" Shedlock. Most of the problems presented in this piece can be solved by having a centralized database. No need to use digital notaries. And if blockchain is so safe, why have I read stories about people having their bitcoins stolen or having an exchange taking a lot of blockchain currency into the dumpster when the exchange folds?
And don't start on hacking. Seems like blockchain is a solution looking for a problem and it can't find one. I'm not convinced having their deeds recorded in a distributed blockchain would prove all that helpful to Afrikaners whose farms get redistributed The problem with physical assets, is just that: They are physical. The guy with the most guns control them. Notarizing mechanisms, titles and supposed claims to "ownership" be damned.
Digital, publicly known algorithm based, currencies, are fundamentally different. At least as long as they are sufficiently anonymized to leave no physical surface for the guy with the most guns to attack. That doesn't mean recording claims to physical stuff in a distributed blockchain is, per se, a bad thing. At a minimum, it forces those involved to standardize the format, making it easier to accurately and completely retrieve. Versus relying on hodgepodge upon hodgepodge built on top of faded blood-brother scrolls from 14th century England But anonymous, digital currency, is still THE transformative use case for distributed block chains.
The rest is just stuff that fits somewhere on the spectrum between "neat," and a way to transfer money to the children of the well connected, by means of government paying through the nose for "block chain" technology their startups "own. The hard problem is insuring the initial entries on the blockchain are correct and complete.
If someone enters a fake title, it will be notarized, and if any lein isn't entered, it won't be visible. Sorry, the use of Blockchain without a tie in to cryptocurrency will never gain traction. The problem is that there is no incentive for third party ecosystems of blockchain hosts to exist without the incentive of cryptocurrency mining.
All the blockchain initiatives that are decoupled from cryptocurrency all rely on some business to be the central host of the blockchain. Having a single blockchain host provider or even a cozy federation of closely associated host providers destroys trust in the blockchain. Tampering in the blockchain is easy when the number of entities providing hosting are small since it is easy for those hosters to collaborate, change the blockchain code, or edit the audit trail log.
When it is divorced from the cryptocurrency mining incentive the value proposition of the Blockchain falls apart. This is true. But it is only true because the data is split across each county in the country which keeps its county's records in its own database. We could have a single, centralized national database that everyone can get access to and this problem disappears without the need for a blockchain.
And I'll second what msurkan said. If you are going to have a distributed, open, blockchain database, there has to be some incentive for participants. Without that, the rest is nonsense. But I can see an area that it might make sense, and that is international bank transactions.
The EU has been working for years trying to come up with a mechanism to get…. European Central Bank policy maker Jens Weidmann called on banks to come up with cheaper and faster systems for transferring money to combat alternatives such as Facebook Inc. In case that was not obvious, I offer this proper translation: "I am immediately calling on the state to deal with the threat of cryptocurrencies".
ECB President Christine Lagarde -- in common with Bank of England Governor Mark Carney -- has said central banks should consider whether it makes sense to launch their own digital coins, and she may make that question part of a wide-ranging strategic review planned to start this month. Not to worry, the Fed and the ECB would never, ever, in years collude against a currency threat. Besides you still have peer-to-peer bargaining which is fine if you want to buy a car and can find someone who is willing to sell you a car for Bitcoin.
My questions were never realistically answered. But here's a new one: Would it even take a ban to destroy Bitcoin? Please think a bit more about point 5. Might not these whales dump when they see governments acting against Bitcoin? Have a crack at them, but please come up with something better than a third-grader retort and Amazon Gift Cards as the means to avoid a central bank crackdown. This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.
It seems that bears have taken control over the short-term and can push XLM further down. Most indicators show that bulls are in control and UNI can climb even higher. Vechain has been trading inside a robust uptrend since the beginning of and has established an ascending parallel channel on the hour chart.
Shortly after, Elon Musk changed his Twitter bio to Bitcoin and followed up with the next tweet. My reason for asking is based on a simple premise: If central banks or governments are ever threatened by Bitcoin, they will destroy it. Playground Responses That reads like a third-grader response "If you don't know, I'm not going to tell you". It… Under the transaction ban scenario I describe, the government will allow you to keep your bitcoin, it just will not let let banks or stores deal with Bitcoin transactions.
So, how do you get money in or out? What good is peer-to-peer going to do you? How do you spend… Hmm. What about the value of it? Another person proposed flying to Bermuda or somewhere where he could deal in Bitcoin. OK some people will do that, but how many? International Enforcement Another person challenged me to name just one time there has ever been international enforcement that stuck. Mike "Mish" Shedlock on Twitter: Hmmm. The EU has been working for years trying to come up with a mechanism to get… I answered in about 1 second flat.
Of course the response came back that the EU would never get involved in this. Weidmann Translation In case that was not obvious, I offer this proper translation: "I am immediately calling on the state to deal with the threat of cryptocurrencies". Would it Even Take a Ban?
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I was outside on the lawn wearing a completely different outfit. Sitka Pacific is an Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit Sitka Pacific's Investment Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific. I am also a contributor to TalkMarkets and a "professor" on Minyanville, a community site focused on economic and financial education.
When not writing about stocks or the economy I spend a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock. By Mish Shedlock of MishTalk. Spotlight on Nicholas J.
Fuentes Fuentes is one of the Alt-Right organizers present at the capitol riots. How did you like this article? Let us know so we can better customize your reading experience. Leave a comment to automatically be entered into our contest to win a free Echo Show. Sign Up Sign In. The downtrend resumed. At least it's weak resistance.
Bitcoin a Speculative Vehicle. Fundamentally speaking, there was no mass adoption of Bitcoin and it's highly unlikely there will be. And if not, Bitcoin will remain little more than a speculative vehicle. Don't Confuse Bitcoin With Blockchain. It's important not to confuse blockchain with cryptocurrencies that use blockchain.
While Bitcoin cannot succeed without blockchain succeeding, the converse is not true. Blockchain can gain widespread adoption while the coin itself heads to zero. Here's a March Flashback to ponder. Mike "Mish" Shedlock. Technically speaking, exponential spikes bubbles deflate below the point where they started. Based on that observation, Bitcoin should bottom below the lows made in the year It is even worse than that.
In China with the least expensive mining operations -. Bitcoin has dropped to a point where it's not that profitable to produce, according to some estimates. You need new miners on a constant basis to track the public record of the blockchain of ownership. Without new miners, it all falls aparts. Miners have to confirm transactions as part of their "mining. Learn everything there is to know about Bitcoin mining. Learn how to mine, and how it works. Bitcoin's value as a speculative vehicle depends on whether there are new speculators coming to speculate and whether the old speculators still continue to speculate.
Bitcoins are a mechanism for remunerating miners for updating the blockchain. While an independent blockchain isn't dependent on bitcoins per se, they are dependent on remunerating miners. The fact that none of the coins took off as a currency is disastrous for the blockchain technology. Don't forget to bring this up with Max Keiser next time Political correctness demands mediocrity. So expect more of it.