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The Prophets of Cryptocurrency Survey the Boom and Bust
Future or fad?
Inside the ongoing argument over whether Bitcoin, Ethereum, and the blockchain are transforming the world
By Nick Paumgarten
The IOTA protocol is a Distributed Ledger Technology developed by the IOTA Foundation. This technology does not suffer from the exponential increase in electricity to maintain the system (like bitcoin). There is a crypto coin called iota, but the technology is being licensed by Sweden to use for their central bank issued digital currency that should be introduced in 2019.
Although the current coins are widely called crypto-currencies, they behave more like crypto-collectibles. While currencies do tend to go up and down in value, they don't normally change by such massive percentages.
The new generation of distributed ledger technologies issued by central banks should be more compatible with plain old fashioned banknotes. They will remain at parity with banknotes.Transactions will be final like banknotes and unlike credit card payments which can be disputed. They will not replace banknotes, nor will they replace commercial bank money which is based on debt, and is the most common type of money in developed nations.
There are legal limits with banknotes. You must fill out an IRS form before conducting any transaction over $10,000 in cash, or to carry more than $10,000 on an international flight. It is perfectly legal to do those things, but it is illegal to do them without filling out a form.
You can certainly expect some legal limitations on digital currency transactions. No central bank is interested in creating a means to easily launder money.
Glad to read your thread here. I would like to invest in some cryptocurrency projects. I have been searching a few projects which are reliable and secure. I found some of them already https://cryptolinks.com/ Can I try for them?
The radio was talking about Facebook's crypto... and all I got out of it was Silicon Valley re-naming something that existed rather than "inventing" or even "re-inventing" something
Why? Because the way Facebook's cryptocurrency is acting, is functionally no different than a gift card/store credit at say Walmart.
What's the point of "hiding" a transaction when the people involved know who is who so the product can be delivered? Do tech companies think by using the "crypto" word in the age of "cyber security" it makes it "more secure"?
Cryptocurrency is "store" credit by any other name in any other time period. You buy "their" currency so you can use it at their business... then exchange it back to get cash. Sounds just like casino chips
jokes on the people thinking crypto is "anonymous", Cash is the real "untracable" currency. Get your cash and spend it. They know when you get it from bank/atm but that's the only time they can trace it. any cyber currency is tracked at the time of purchase, at the time of usage, and at the time of withdrawal
Cypto is "hidden" only because some "entity" other than you "paid" during the exchange. You are purchasing via a proxy /shell company so you pay them, then they pay your bills and claim they don't know you... But they do know you because they needed that to collect the money in the first place. The final store might not know, but it's no different than a store being able to tell which "cash bill" you handed them, they can't
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