Author Topic: Identabit Hangout w/ John Underwood  (Read 27743 times)

0 Members and 1 Guest are viewing this topic.

TravelsAsia

  • Guest
Another Hangout would be good.  I believe in John Underwood and would like to hear what he has to say.  Whatever that may be.

 +5% I'd like to hear more about it.

Offline DMo09

  • Full Member
  • ***
  • Posts: 101
    • View Profile
Another Hangout would be good.  I believe in John Underwood and would like to hear what he has to say.  Whatever that may be.

Offline Stan

  • Hero Member
  • *****
  • Posts: 2908
  • You need to think BIGGER, Pinky...
    • View Profile
    • Cryptonomex
  • BitShares: Stan
Hi everybody!

I am new to this forum. I have just heard about Identabit. Sounds very interesting. How can I get an account and where can I buy the coins? Also, what is the coin code if I want to buy it on a crypto exchange?

Thanks.

Soleri
Identabit is not out there yet so u cant buy it on an exchange and also can't get an "account". It was said that BTS holders as well as Brownie.PTS holders (can be bought on Bitshares's internal exchange) will get 20% each of the identabit "coins" when it does come out.

Note:  A random date between when IDB was announced and when it is launched will be used for the snapshot of BTS holders who get honored.  That date will be picked at random near genesis and is unknown at this time.  Details of the random algorithm are also unknown.  Best bet is to own BTS that whole time.

 ;)


Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline santaclause102

  • Hero Member
  • *****
  • Posts: 2486
    • View Profile
Hi everybody!

I am new to this forum. I have just heard about Identabit. Sounds very interesting. How can I get an account and where can I buy the coins? Also, what is the coin code if I want to buy it on a crypto exchange?

Thanks.

Soleri
Identabit is not out there yet so u cant buy it on an exchange and also can't get an "account". It was said that BTS holders as well as Brownie.PTS holders (can be bought on Bitshares's internal exchange) will get 20% each of the identabit "coins" when it does come out.

Offline soleri

  • Newbie
  • *
  • Posts: 1
    • View Profile
Hi everybody!

I am new to this forum. I have just heard about Identabit. Sounds very interesting. How can I get an account and where can I buy the coins? Also, what is the coin code if I want to buy it on a crypto exchange?

Thanks.

Soleri

Offline fuzzy

Another "Hangout" soon?  =)
Yes.  John will be having hangouts pretty regularly. :)
We are alo looking into an Open Ledger hangout and a few others within our ecosystem.  Lots of stuff coming up...

And with that said I would like to let you all know our Big Blue Button server is up and available so we are going to be looking at bringing John and other devs onto it to give lectures and teach  about their projects from both technological and theoretical perspectives.  We feel that those building the foundations of a new paradigm should be heard and given the opportunity to teach.  Devs with future worker proposals will also be able to use this tool. 

So get ready for some cool stuff coming :)
« Last Edit: September 22, 2015, 02:48:43 pm by fuzzy »
WhaleShares==DKP; BitShares is our Community! 
ShareBits and WhaleShares = Love :D

Offline DMo09

  • Full Member
  • ***
  • Posts: 101
    • View Profile
Another "Hangout" soon?  =)

Offline fuzzy

Well said ...

Let's hope it sinks in :)

Our community has grown quite a bit.  We have made mistakes but we have also supported one of the best technologies available growing into what it was meant to become.  It will only get better, too. 

Oh and @abl now would be a great time for you to unblock me.  I was trying to privately send you a list of partnerships that are working beautifully so as to not make it seem like an attack.  Reading this, though, we are likely going to have another one on our hands shortly...so history will probably be more accurate than my own recountings.

Regardless, feel free to ask me or run any comments in question (where you are not entirely certain about the particulars) and I'll gladly answer them.
« Last Edit: September 11, 2015, 02:42:02 am by fuzzy »
WhaleShares==DKP; BitShares is our Community! 
ShareBits and WhaleShares = Love :D

Offline Unzz

  • Newbie
  • *
  • Posts: 1
    • View Profile
« Last Edit: September 09, 2015, 02:05:25 am by underwun »

Offline underwun

  • Moderator
  • Full Member
  • *****
  • Posts: 61
  • Life Matters
    • View Profile
It's always interesting stopping by to see how divergent opinions are dealt with, it's unsurprising but sad to see nothing has changed.

Newmine is one of the very last dissenting voices that has had his warnings about the project ignored and suffered abuse at the hands of an overly protective community for quite some time. 

I'd also like to hear the answers to empiricals questions but given how many projects we've now seen partner with bitshares and then produce....nothing..... I have to ask what the value is of adding more partners when it's all just vapor?   Any planned launch date for Bitshares Music/Muse? 

Every time I check this forum I see no useful progress on the projects that took funding and haven't yet delivered anything usable but lots more dreams about what could be done in the future.    It would be great to see some working product instead of more promises and funding requests.

Hi Adam

Some questions about the purpose of LetsTalkBitcoin is it to:

Argue a subjective case for Bitcoin's importance and survival, if so might there be a risk you use your platform to influence continued support for unassailable initiatives, potentially encouraging your flock to chase a fading rainbow.
or
Reflect objectively the evolution of blockchain initiatives with the risk that you might have to support arguments that conflict with the sustainability of your show as you could find yourself having to acknowledge that the independent movement for anonymous currencies is failing
or
Influence outcomes by subjectively criticising projects, criticisms that might be wrong and misleading and as a result you risk undermining initiatives that are constructive and have valid arguments for why and how to realise the potential of independent projects.
or ideally
LTB might be focused on how each initiative might succeed, investigating the weaknesses and offering constructive suggestions,  intent on identifying and where possible eliminating fatal flaws and contributing to success of of diverse projects designed to disrupt and disintermediate the inefficient.

I am grateful to you and the LTB crew for the education you and your visitors have provided and until I read this put down of the Bitshares community I would have thought at a minimum you were interested in investigating possibilities, surprisingly it seems that you  are more interested in undermining decentralised initiatives that strive to navigate a path to disruption that you, without investigation, deem inappropriate.

You better than anyone know the staying power and the commitment displayed by the Bitshares team, it seems a shame you are prepared to casually undermine the credibility of Bitshares, Bitshares projects, LTB by default and those that have respected you from the pulpit of credence you have established.

While I have considered your voice at times somewhat condescending, I viewed you as opinionated and insightful. Now it appears you are prepared to casually undermine those those making every effort to disintermediate the corrupt and inefficient when their perspective differs from yours.

Adam I am keen to be wrong and open to all thoughts but first up let's not support or throw insults. This isn't an easy road we all have chosen and whether it's your way, the Bitshares way or the Identabit way, we all have a common objective, that is to slay the dragons of corruption, contain over reach and serve society.

Your narrative might be anonymity and ours privacy but surely we shouldn't make it a zero sum game, we can disagree but wish our respective objectives every success.

Right now we have a considered opinion that differs from yours, an opinion founded on a perfect storm. A storm  created when a publicity seeking regulator saw a $500m publicity campaign, this storm, gave Bitcoin undue prominence prior to it finishing its insidious journey to infiltrate consumer recognition and national boundaries.

As the storm settled in, whether we liked it or not, it became increasingly obvious to us that Bitcoin's journey to become a ubiquitous medium of exchange was over and at best it was going to remain a leveraged asset that underpins associated opportunities.

For us this was a major disappointment because along with Bitcoin, all anonymous currencies including Remitabit, a venture we had spent near a year on, were thrown under the bus. So we began a journey to counter our disappointment and to succeed rather than die along with all those crying 'hail anonymity', 'hail anonymity'.

We are guilty of being pragmatic but from our perspective it was either 'get real or die'.

At the same time we had a new son, we named Snowden, named for our respect for privacy and the man sacrificing his freedom for others, and like many parents of a newborn I became more sensitive to the plight of children. As I watched a news story about the distraught parents of a kidnapped toddler, I zoned in on the magnitude that true anonymous transactions represented to society, the capability truly anonymous currencies have to empower extortion and the exploitation of children with impunity in a way never before possible, and I asked myself that if I had Snowden's life in one hand and anonymous transactions in the other which would I choose?

Of course it wasn't ever a real question, is was in fact a realisation that any digital currency must have build in safeguards, not only to prevent overreach and financial exploitation but also to protect society from the crazy's down the road.

That's the history behind the journey that required we find a genuine solution to building a decentralised identity ensured currency. I say genuine because as you know it's easy to say but near impossible to build, we needed blockchain auditability, hidden addresses, hidden transaction values, ease of use, ease of engagement, decentralised governance, sustainable issuance and conditional transaction inspection that didn't expose the blockchain to government and yet would enable AML/CTF compliance and we needed brilliance, brilliance that until Identabit was, like you, dedicated to an opposing perspective.

I am sure you will agree that the task of satisfying the above goals was a tall order.

Today we have a genuine solution that respects first and foremost privacy to a far greater degree than Bitcoin, the need for institutional support by way of governed compliance, governed sustainable issuance and adoption and usage mechanisms that address engagement, accuracy of transfer, ease of use and widespread adoption. None of which would have been possible without the combined efforts and perseverance of our respective teams.

I suspect that you have joined this thread because folk have shown respect for our argument, and yet disappointingly your first words aren't questions but implied criticism. I can understand the automatic cynicism, talk of building an identity ensured alternative to Bitcoin brings, given the counterintuitive nature of the project and the smell of ill considered opportunism, but we are the real deal as time will tell.

So if you wish to put us down without due process you can, or if you are inclined, I offer to sacrifice my credence should you, Andreas and Stephenie wish to rip me apart.

We know this is a long game and will take strategic thought and considerable effort but I believe that unless we dispense with partisanship and take unified strategic action, we (you and I) will be watching the banks become the real beneficiaries of your efforts to raise awareness in blockchain technology.
There's a reason for everything and if there isn't there should be...

Offline BunkerChainLabs-DataSecurityNode

Enjoying the discussion +5%
+-+-+-+-+-+-+-+-+-+-+
www.Peerplays.com | Decentralized Gaming Built with Graphene - Now with BookiePro and Sweeps!
+-+-+-+-+-+-+-+-+-+-+

Offline Empirical1.2

  • Hero Member
  • *****
  • Posts: 1366
    • View Profile
The most striking data point from the Coinbase and BitPay posts was what was missing: actual real user numbers.  Neither one of them is willing to publicly say how many monthly active users (MAU) they have which stands in contrast to other fintech companies, financial institutions and “social media” startups they like to compare themselves to.

I agree that it is conspicuous by its absence. I wonder if that's because it's difficult to discern MAU with Bitcoin transactions?

Quote
Similarly, BitPay numbers are actually pretty sobering.  We know demographically from both the CoinDesk report and the leaked Coinbase pitch deck that the over 80% of all bitcoin holders/owners are males between the ages of 18-45.  And that the majority of the overall users reside in North America.  Yet according to the BitPay charts, North American volume has been relatively flat the last 6 quarters.

So if the largest group of bitcoin owners are not using their holdings despite a marked increase in available merchants, that is probably not an indication that they are interested in spending their funds and probably see bitcoins as an investable asset than actual money

I think that's true too, many long term holders would view their crypto-currency more as an investable asset as opposed to day to day money.  However this would be an issue for any crypto-currency until Smartcoins gain wider adoption.

Quote
And while transaction count in Europe and Latin America appear to be growing, perhaps the collective value has stayed the same (the Latin America numbers are also a bit misleading; it’s easy to show large growth percentages when you start from 0).

The growth while starting from zero is still interesting. We have a poster here Elmato,  who I think is based at the Argentinian Bitcoin hub. It would be interesting to get his opinion on Bitcoin's growth there recently and BTS's prospects going forward. He's a put a lot of effort into creating LimeWallet so he obviously sees potential here. https://bitsharestalk.org/index.php/topic,17900.0.html

Many emerging market economies are experiencing high inflation so it makes sense BTC would be experiencing growth there. I think the trend is exciting and genuine. Again there will be capital controls already or coming in most of these countries which means it will be non neutral crypto-currencies that benefit and I imagine a USD SmartCoin will be the big winner.

« Last Edit: September 06, 2015, 10:23:56 pm by Empirical1.2 »
If you want to take the island burn the boats

Offline Samupaha

  • Sr. Member
  • ****
  • Posts: 479
    • View Profile
  • BitShares: samupaha
In terms of consumer adoption and spending on goods and services, I would argue the best source would be BitPay. (Over 60 000 of the circa 100 000 Bitcoin accepting merchants process their transactions via Bitpay.)

Their Q2 numbers show fairly strong growth specifically in Latin America and Europe which I highlighted.
They also provide a breakdown of their transactions by industry in the report. 

https://blog.bitpay.com/bitcoin-a-new-global-economy/

Tim Swanson has analyzed that: Cryptocurrency KYSF: Know Your Source of Funds part 2

Quote
The most striking data point from the Coinbase and BitPay posts was what was missing: actual real user numbers.  Neither one of them is willing to publicly say how many monthly active users (MAU) they have which stands in contrast to other fintech companies, financial institutions and “social media” startups they like to compare themselves to.

...

Similarly, BitPay numbers are actually pretty sobering.  We know demographically from both the CoinDesk report and the leaked Coinbase pitch deck that the over 80% of all bitcoin holders/owners are males between the ages of 18-45.  And that the majority of the overall users reside in North America.  Yet according to the BitPay charts, North American volume has been relatively flat the last 6 quarters.

So if the largest group of bitcoin owners are not using their holdings despite a marked increase in available merchants, that is probably not an indication that they are interested in spending their funds and probably see bitcoins as an investable asset than actual money.  BitPay also does not disclose aggregate USD or euro volume.  Startups like to make noise when they are doing good or can show growth; if the value of their volume was actually growing, they probably would say.

And while transaction count in Europe and Latin America appear to be growing, perhaps the collective value has stayed the same (the Latin America numbers are also a bit misleading; it’s easy to show large growth percentages when you start from 0).

Another point about BitPay’s post is that they don’t really say what “IT services” is.  Notably absent from this post, compared with their post in April, is what “mining” related activity is.  Recall that some miners, such as KnC and now defunct BFL were (are) using BitPay as their payment processor.  In fact, in BitPay’s post earlier this year, “Bitcoin Mining” — by volume — represented the largest share of volume processed.  Does “IT services” now include this previously large segment?

Offline santaclause102

  • Hero Member
  • *****
  • Posts: 2486
    • View Profile
 +5%
No matter what the outcome of this debate is, it's great to see such a fact and argument based discussion from both of you, as opposed to the unproductive personal attacks we sometimes see here.

Offline Empirical1.2

  • Hero Member
  • *****
  • Posts: 1366
    • View Profile
My apologies, I was tired and dismissive, below I explain why I felt the comments below lacked substance, and appeared to be driven more from a perspective of ideology

No problem. I know it can be frustrating when you know your business inside out as well as the opportunities in the sector and then a casual crypto-currency investor with limited knowledge tries to critique it. So I certainly appreciate the time to give a detailed response.


it was this statement the massive increase in use of Bitcoin by consumers for traditional goods and services that caused me to stop writing this detailed response yesterday. This is simply not true and I believe reflects hope not fact.

This seemed to be the biggest point of contention & I will certainly go over the information you have provided.

In terms of consumer adoption and spending on goods and services, I would argue the best source would be BitPay. (Over 60 000 of the circa 100 000 Bitcoin accepting merchants process their transactions via Bitpay.)

Their Q2 numbers show fairly strong growth specifically in Latin America and Europe which I highlighted.
They also provide a breakdown of their transactions by industry in the report. 

https://blog.bitpay.com/bitcoin-a-new-global-economy/





However despite a Q2 increase in Bitcoin accepting businesses, the state of Bitcoin report does back up your position.

Quote
The fundamental challenge for bitcoin as a medium of exchange (for non-illicit transactions) continues to be the lack of compelling reasons for mainstream consumers to use bitcoin. In the short run, we anticipate that many bitcoin businesses that were initially focused on payment processing will either pivot, merge or shutter.




Some facts:
80% of Bitcoin is trade is in China.
The Chinese are attracted to Bitcoin because it enables circumvention of capital controls, hence why the massive mining rigs, the Chinese need homemade Bitcoin that they can buy for Yuan.

Of the remaining 20%, Bitpay have reported that darkweb volumes outstrip regular merchant traffic. So we are left with a small percentage of Bitcoin trade being used by the examples listed below.


I'm not sure why they need homemade Bitcoin. If Chinese based exchanges were paying a premium then globally produced Bitcoin would find its way there. I imagine the reason Bitcoin mining rigs are huge in China is because in terms of production costs, hardware and labour, China is probably as with most things one of the cheapest places to produce it. However I'm not sure. 

As your article states this "is a likely contributor to its high bitcoin transaction volume" and not necessarilly indicative of 80% of Bitcoin demand being based there. Also if you look at http://coinmarketcap.com/currencies/bitcoin/#markets there are zero fees based Bitcoin exchanges based in China supposedly doing $70 million in daily BTC volume that CMC correctly doesn't use. I'm unclear whether your report used the Bitcoin volume from the no fee based exchanges, as if they did then it would be very misleading.

Edit: The 40% BTC price increase in response to the various stages of the Greek banking crisis, driven in part by a large influx of deposits onto European based exchange, BTC-E at the time, also suggest crypto's future is not as China dependent as that stat makes out. http://www.zerohedge.com/news/2015-07-12/early-market-indications-bitcoin-soars-2015-highs-stocks-tumble
It would have been interesting to see where BTC could have gone had a Greek bailout deal not been agreed


There's no denying China is a major market and as you say capital controls are a big driver & will be positive for non neutral digital currency wherever they are present.

http://www.zerohedge.com/news/2015-09-02/china-scrambles-enforce-capital-controls-capital-flight-threatens-economy-which-grea

Quote
Yes, bitcoin may be slowly but surely leaving the domain of the libertarian fringe, but in exchange it is about to be embraced as the most lucrative and commercial "blockchained" way to capitalize on what may soon become the largest capital outflow in history, with "pioneers" such as Blythe front and center to capitalize on each and every outflowing Bityuan.

Certainly though I was incorrect at the least to say there is massive increase in consumer demand, when it is modest at best, excluding Latin America and possibly Europe. I still think considering the massive price decline and volatility, this is still very promising for BTS and Smartcoins.

I will look at the rest of the information later. Again thanks for taking the time to respond to my earlier stuff and I understand if you don't always have the time to do so.


« Last Edit: September 06, 2015, 08:35:44 pm by Empirical1.2 »
If you want to take the island burn the boats

Offline tonyk

  • Hero Member
  • *****
  • Posts: 3308
    • View Profile
...

I agree, thank you...I have devoted the time to the deserving detailed reply.


No thank you.
It was the right thing to do and it takes a man to face his mistakes. And God knows there is not yet a man that have not made quite a few of those.
You have a big +5% in my book.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline underwun

  • Moderator
  • Full Member
  • *****
  • Posts: 61
  • Life Matters
    • View Profile
It's a good interview.  I don't  think Identabit will scale well because the big doors will be locked, also on the technology side they will have nothing that can't be replicated and they don't have the super massive funding that's required to compete with the likes of Blythe Masters and such ('It's on the blockhain' - Bloomberg Magazines Cover story 2 days ago http://www.bloomberg.com/news/features/2015-09-01/blythe-masters-tells-banks-the-blockchain-changes-everything )

In his intro John  identifies how a key difference between crypto and current payment options is convenience and simplicity however I would argue the simplicity, convenience & payment integration of crypto is only starting to take shape. With 1 second vs. 30 minute confirmation times. Crypto-funded debit cards, payment apps & stable BitAssets only starting to be introduced. I think it is too early to make his judgement.

Also he makes some statements about Bitcoin use and demographics that I don't think are backed up by the facts.
The vast majority of Bitcoiners were young tech savvy Libertarian males not a small group of elites only using it for extremely illicit activity & as Bitcoin becomes more user friendly this demographic is naturally becoming less tech savvy and from a broader political spectrum attracted by the various now more accessible benefits Bitcoin provides.

25 Sept 2014 - http://www.bloomberg.com/news/articles/2014-09-25/bitcoin-economy-widens-as-parents-pay-digital-allowance

Quote
People worldwide have opened 41 million bitcoin accounts, according to the Bank of England. Global spending on goods and services has doubled in the past year.

Parents are dispensing allowances in bitcoins so their kids learn to be digital citizens.Consumers in emerging markets such as Brazil and Russia are starting to use bitcoin to hedge against currency volatility.

Three factors are attracting consumers to bitcoin. The currency is less volatile. New apps and digital wallets make using it easier. And mainstream companies -- more than 75,000, according to payment services Coinbase and BitPay -- accept the virtual currency

Even if you were to focus exclusively on crypto's black market use. The black market accounts for over 23% of global GDP and in countries such as Greece  it's pushing 25-30%. 

Quote
Bitcoin ATMs could spring up across Greece as soon as October as citizens and businesses become increasingly desperate to move their money despite capital controls.

http://www.cnbc.com/2015/08/19/greece-could-soon-get-1000-bitcoin-atms.html

That is a massive portion of the economy and population already operating outside the reach of traditional institutions. The reason crypto-currencies not owned by the big banks have the potential to be massively profitable & scalable is precisely because the traditional institutions are largely excluded from directly participating in it.

I also think it's possible to integrate social media accounts onto crypto blockchains for the less privacy concerned users and so still gain certain network effect benefits.. 

I think Bitcoin has struggled in price because of the high costs which he identified but also the volatility which means the massive increase in use of Bitcoin by consumers for traditional goods and services creates a net downward pressure on price because businesses operating on extremely tight margins have to exchange BTC revenue immediately for fiat. However despite it's volatility, Bitcoin is very popular fro currency hedging vs. rapidly depreciating currencies in South America as indicated in the article above . Also in places like Greece as a safe haven currency outside their failing banking system. 

However stable Smartcoins are much better suited to this and BitUSD is in many instances far more useful than fiat USD. So we haven't even scratched the surface of what's possible in these markets.

Also this is a global trend. Governments in many countries will be instigating strict capital controls to protect their currencies and their financial system.
(China just increased capital controls yesterday.) As a result I suspect, even with the Identity element most financial institutions would be not be allowed to interact with Identabit anyway. Or the Identabit gateways would have to enforce these restrictions too in which case Identabit would lose it's USP to the majority of the future mainstream market imo. (An inflation hedge and currency outside the over-leveraged banking system.)

So while I see a market for Identabit especially in remittances if they already have a partnership with a bank and can thus remove  a layer of transaction complexity. I think centralised blockchains started by big players will dominate. (Centralised blockchains will likely dominate his target market because it seems unlikely that people who didn't value the benefits of optional anonymity & financial freedom would then highly value the benefits/USP's of decentral vs. centralisation.) So I think that the really big future still lies with the traditional, anonymity optional crypto, but with much lower costs than Bitcoin and stable BitAssets.

Edit: On a side note the use of USD at black market rates in countries like Argentina, shows how an entire population, economy and businesses can get behind using a currency outside of institutions and regulatory compliance

I started with a detailed response but quickly realised this was an argument driven by emotion and hope. We wish you well.

John, I honestly hate the disregarding tone of your response. You could have just not answered if indeed that's your true thoughts. but you decided to go passive aggressive on one of the more thoughtful people around here (if you are not aware of that FACT take the time to read say last 50 posts of Empirical for self educating purposes,  I promise you it will be time well spent even with your busy schedule).

And while I do not have any strong thoughts one way or the other on the correctness of Empirical's analyses, I fail to see any strong emotions shown and have no clue what 'hope' are you talking about?

I agree, thank you...I have devoted the time to the deserving detailed reply.
There's a reason for everything and if there isn't there should be...

Offline underwun

  • Moderator
  • Full Member
  • *****
  • Posts: 61
  • Life Matters
    • View Profile
My apologies, I was tired and dismissive, below I explain why I felt the comments below lacked substance, and appeared to be driven more from a perspective of ideology

It's a good interview.  I don't  think Identabit will scale well because the big doors will be locked, also on the technology side they will have nothing that can't be replicated and they don't have the super massive funding that's required to compete with the likes of Blythe Masters and such ('It's on the blockhain' - Bloomberg Magazines Cover story 2 days ago http://www.bloomberg.com/news/features/2015-09-01/blythe-masters-tells-banks-the-blockchain-changes-everything )

This reminds me of a debate that argued against building a messaging platform because Facebook had 500 devs (a while back) and that it was foolish to think it was possible to compete with their dev power. 3 years later they bought WhatsApp for $16B and a dev team of 50.

Re funding and institutions, this is an area we are familiar with and we couldn't agree more that Identabit needs strategy, purpose and our relationships, in order to succeed.


In his intro John  identifies how a key difference between crypto and current payment options is convenience and simplicity however I would argue the simplicity, convenience & payment integration of crypto is only starting to take shape. With 1 second vs. 30 minute confirmation times. Crypto-funded debit cards, payment apps & stable BitAssets only starting to be introduced. I think it is too early to make his judgement.

We believe the absence of widespread consumer adoption is for the following reasons:
  • We believe for users to transition to a new paradigm it must be easier not harder for users to engage and use, there must be a usage value proposition. Consequently the inherent the requirement of anonymity, being to carefully add users one by one, makes it harder not easier to engage and use.
  • Users cannot acquire the target currency through normal means.
  • The threat of theft and the stigma of crime is threatening
In summary Bitcoin is too hard to buy, too hard to use and unsettles consumers.

Also he makes some statements about Bitcoin use and demographics that I don't think are backed up by the facts.
The vast majority of Bitcoiners were young tech savvy Libertarian males not a small group of elites only using it for extremely illicit activity & as Bitcoin becomes more user friendly this demographic is naturally becoming less tech savvy and from a broader political spectrum attracted by the various now more accessible benefits Bitcoin provides.
 
Some facts:
80% of Bitcoin is trade is in China.
The Chinese are attracted to Bitcoin because it enables circumvention of capital controls, hence why the massive mining rigs, the Chinese need homemade Bitcoin that they can buy for Yuan.

Of the remaining 20%, Bitpay have reported that darkweb volumes outstrip regular merchant traffic. So we are left with a small percentage of Bitcoin trade being used by the examples listed below.

The facts above, if acknowledged, reflect that the majority of users are people circumventing various laws, and I am unaware of any facts that substantiate material adoption by regular consumers.

If we add the Chinese attracted to expatriation of funds, those trading on the dark and the web tech savvy Libertarian males we are left with the question where are the consumers?

In fact if we look at articles speaking of a shrinking market we can deduce that Bitcoin's exciting days of being accepted as a global currencies are, in the opinion of many, over.


Bitcoin Exchange Harborly Shuts Down Due To Shrinking Market Opportunity

37Coins.com Shuts Down Bitcoin Operations

Gyft Co-Founder: Credit Card Spending Now Outpacing Bitcoin

Bitcoin bust?

The examples below of Bitcoin being used are I believe reflective of spin and convenient reasoning and belong to a group of articles designed to keep the Bitcoin hope alive e.g.:

Barclays just became the first UK bank to support bitcoin

When in fact the truth is:

Leading UK Bank Barclay's has denied it will accept Bitcoin later this year

No matter the confidence displayed below the facts above are telling the story.


25 Sept 2014 - http://www.bloomberg.com/news/articles/2014-09-25/bitcoin-economy-widens-as-parents-pay-digital-allowance

Quote
People worldwide have opened 41 million bitcoin accounts, according to the Bank of England. Global spending on goods and services has doubled in the past year.

Parents are dispensing allowances in bitcoins so their kids learn to be digital citizens.Consumers in emerging markets such as Brazil and Russia are starting to use bitcoin to hedge against currency volatility.

Three factors are attracting consumers to bitcoin. The currency is less volatile. New apps and digital wallets make using it easier. And mainstream companies -- more than 75,000, according to payment services Coinbase and BitPay -- accept the virtual currency

Accepting maybe but receiving is another story, Bitcoin Payments Decline Significantly At Expedia

Even if you were to focus exclusively on crypto's black market use. The black market accounts for over 23% of global GDP and in countries such as Greece  it's pushing 25-30%. 

Quote
Bitcoin ATMs could spring up across Greece as soon as October as citizens and businesses become increasingly desperate to move their money despite capital controls.

http://www.cnbc.com/2015/08/19/greece-could-soon-get-1000-bitcoin-atms.html

I think the above confidence in Greece using Bitcoin is so heavily qualified by Thanos Marinos, the founder of BTCGreece, i.e. Thanos Marinos, the founder of BTCGreece, told CNBC on Wednesday that a soft launch was on the cards for October. "It is part of my vision to create a block chain ecosystem in Greece," he told CNBC. "If all goes as expected with no major issues we will launch first ATMs October 2015." that we shouldn't put much stock in it becoming a reality.

That is a massive portion of the economy and population already operating outside the reach of traditional institutions. The reason crypto-currencies not owned by the big banks have the potential to be massively profitable & scalable is precisely because the traditional institutions are largely excluded from directly participating in it.

I think the above means that, because banks don't trade in Bitcoin it makes for a more efficient payment environment, I am the first to agree that the banks are inefficient and that it is our job to disrupt but for the life of me I cannot see how this can be done from the outside, the only way to disrupt is from the inside.

If we pull together we can make a difference and change the financial landscape for the better but if we spend our time arguing principles, we will watch from the sidelines as the very institutions we sought to disrupt turn savings into profits.


I also think it's possible to integrate social media accounts onto crypto blockchains for the less privacy concerned users and so still gain certain network effect benefits.

I think Bitcoin has struggled in price because of the high costs which he identified but also the volatility which means the massive increase in use of Bitcoin by consumers for traditional goods and services creates a net downward pressure on price because businesses operating on extremely tight margins have to exchange BTC revenue immediately for fiat. However despite it's volatility, Bitcoin is very popular fro currency hedging vs. rapidly depreciating currencies in South America as indicated in the article above . Also in places like Greece as a safe haven currency outside their failing banking system. 

I point to the articles and the data mentioned above, it was this statement the massive increase in use of Bitcoin by consumers for traditional goods and services that caused me to stop writing this detailed response yesterday. This is simply not true and I believe reflects hope not fact.

However stable Smartcoins are much better suited to this and BitUSD is in many instances far more useful than fiat USD. So we haven't even scratched the surface of what's possible in these markets.

I have great regard for what makes Smartcoins smart, it is without question an example of why we are here and why we believe in the work done on Bitshares but I do not believe this feature and others are relevant until such time we have demand and volume for the core asset, hence why we are focused on mainstream adoption and why Market Pegged Assets and other advanced features are not part of our initial objectives.

Also this is a global trend. Governments in many countries will be instigating strict capital controls to protect their currencies and their financial system.
(China just increased capital controls yesterday.) As a result I suspect, even with the Identity element most financial institutions would be not be allowed to interact with Identabit anyway. Or the Identabit gateways would have to enforce these restrictions too in which case Identabit would lose it's USP to the majority of the future mainstream market imo. (An inflation hedge and currency outside the over-leveraged banking system.)

The above gets to the point of Identabit and where the division is between the writer and our objectives. We believe that these restrictions will be enforced and we must comply and that our USP is our respect for this reality.

Don't get us wrong, we want to disrupt but we intend to do it from within, we are not fighting for an ideal but for a realizable objective.

As a side comment, if China's capital controls are imposed and prevent Bitcoin being used for its primary purpose then Bitcoin problems have to get much worse.


So while I see a market for Identabit especially in remittances if they already have a partnership with a bank and can thus remove  a layer of transaction complexity. I think centralised blockchains started by big players will dominate. (Centralised blockchains will likely dominate his target market because it seems unlikely that people who didn't value the benefits of optional anonymity & financial freedom would then highly value the benefits/USP's of decentral vs. centralisation.) So I think that the really big future still lies with the traditional, anonymity optional crypto, but with much lower costs than Bitcoin and stable BitAssets.

Out of all the statements and inferred questions above I consider this to be the most pertinent and if true then I would go further and say this means there is no place for an independent neutral currency, not Bitcoin, not Identabit not anything and we should all pack up and go and work for the institutions.

It was confronting this potential reality that gave birth to Idenabit, because the at heart of both the objective and the argument are neutrality, ROI on existing infrastructure and adoption. three elements that when combined make the case for an independent decentralised identity ensured network.

Neutrality is logical because domain specific currencies work for the self interests of the issuer, as a consequence they will see resistance to acceptance across borders, 'if You own it, They won't use it' where as a neutral medium of exchange has the potential to cross borders and be used by everyone.

ROI on existing infrastructure, we are already seeing Bitcoin businesses exiting due to a shrinking market, they need a currency that they can profit from and it's these businesses, amongst others, that Identabit is designed to serve.

Adoption is core to execution, if we look at Bitcoin and the altcoin market they all have one thing in common, none have a use case designed to drive adoption, this is core to our medium term objectives and will shared in the months ahead.


Edit: On a side note the use of USD at black market rates in countries like Argentina, shows how an entire population, economy and businesses can get behind using a currency outside of institutions and regulatory compliance

There is no question that anonymity has it's place but in reality it will most likely be driven underground, Identabit is not competing for blackmarket constituents.


In summary we believe we need a currency that works with the system in order to change it.
There's a reason for everything and if there isn't there should be...

Offline Stan

  • Hero Member
  • *****
  • Posts: 2908
  • You need to think BIGGER, Pinky...
    • View Profile
    • Cryptonomex
  • BitShares: Stan
It's always interesting stopping by to see how divergent opinions are dealt with, it's unsurprising but sad to see nothing has changed.

Newmine is one of the very last dissenting voices that has had his warnings about the project ignored and suffered abuse at the hands of an overly protective community for quite some time. 

I'd also like to hear the answers to empiricals questions but given how many projects we've now seen partner with bitshares and then produce....nothing..... I have to ask what the value is of adding more partners when it's all just vapor?   Any planned launch date for Bitshares Music/Muse? 

Every time I check this forum I see no useful progress on the projects that took funding and haven't yet delivered anything usable but lots more dreams about what could be done in the future.    It would be great to see some working product instead of more promises and funding requests.

Actually most of our partners have been patiently waiting to get some of Dan's time to help them integrate Graphene.  BitShares gets to go first because of "seniority" and because it makes no sense to try to debug several new chains and business models until the core technology is thoroughly proven.  Most partners are chomping at the bit to get going and you can expect them in rapid succession once we heave BitShares 2.0 across the finish line.

So blame Dan.  He's the slacker taking time off to eat and sleep every day.
« Last Edit: September 05, 2015, 10:07:49 pm by Stan »
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Tuck Fheman

  • Guest
Newmine ... has had his warnings about the project ignored

I disagree. If anything, EVERYONE reads Newmine's post. ;) 

But yeah I know what you mean.

I think there are many who appreciate Newmines input but don't bother to get involved in the back-n-forth that usually follows.

He says what I'm sure a lot of people are thinking, but don't bother bringing up publicly out of fear of ... getting "Newmined".

and suffered abuse at the hands of an overly protective community for quite some time. 

Agreed.

I welcome(d) his research. All research is welcome, good or bad.

I think I've read people say it's his delivery that they have issues with, and that's when things get derailed.

It becomes a discussion about Newmine, instead of about Newmines information.

Like this post. ;)


Offline onceuponatime

It's always interesting stopping by to see how divergent opinions are dealt with, it's unsurprising but sad to see nothing has changed.

Newmine is one of the very last dissenting voices that has had his warnings about the project ignored and suffered abuse at the hands of an overly protective community for quite some time. 

I'd also like to hear the answers to empiricals questions but given how many projects we've now seen partner with bitshares and then produce....nothing..... I have to ask what the value is of adding more partners when it's all just vapor?   Any planned launch date for Bitshares Music/Muse? 

Every time I check this forum I see no useful progress on the projects that took funding and haven't yet delivered anything usable but lots more dreams about what could be done in the future.    It would be great to see some working product instead of more promises and funding requests.

I can only assume that just "stopping by" doesn't give you enough information/background to grok newmine's modus operandi as a troll. He is very clever, so not surprising that he has fooled you too.

chryspano

  • Guest
Hey, newmine....
did you call for reinforcments?

It's  nice to see the good old AdamB we all know and love back...

Offline AdamBLevine

  • Sr. Member
  • ****
  • Posts: 492
    • View Profile
    • Let's Talk Bitcoin!
It's always interesting stopping by to see how divergent opinions are dealt with, it's unsurprising but sad to see nothing has changed.

Newmine is one of the very last dissenting voices that has had his warnings about the project ignored and suffered abuse at the hands of an overly protective community for quite some time. 

I'd also like to hear the answers to empiricals questions but given how many projects we've now seen partner with bitshares and then produce....nothing..... I have to ask what the value is of adding more partners when it's all just vapor?   Any planned launch date for Bitshares Music/Muse? 

Every time I check this forum I see no useful progress on the projects that took funding and haven't yet delivered anything usable but lots more dreams about what could be done in the future.    It would be great to see some working product instead of more promises and funding requests.
« Last Edit: September 05, 2015, 07:30:50 pm by AdamBLevine »
Email me at adam@letstalkbitcoin.com

chryspano

  • Guest
Did I call you a Troll? Im really sorry newmine! LOL

BTW there is no need for brownies dear troll, I already bought a TON of them and you are still mising my point (or you pretend you do, as you always do!)

This must be a tough day for you newmine...



Remember this day because you will have o lot more like this one!

I'm curious for how long your masters will continue to pay you...I have a feeling the end of your journey is near....dear Troll!

Offline NewMine

  • Hero Member
  • *****
  • Posts: 552
    • View Profile
newmine the great troll is out of his cave again...

Hey dude, it totally sucks you didn't get any brownies and have to beg for them. You seriously deserve


Indeed, this is what has caused us to have to opportunity to buy BTS at all time lows right before launch.  I'll take it.

Now that pretty much everyone who isnt completely committed to the project has been pissed off and induced to dump their BTS at low prices, we'll be able to go up.


As to specifics of Brownies, Bytemaster can see the distribution since he controls the asset, but its a mystery to the rest of us.  "Regular users", if by that you mean forum regulars over the past year, probably got about 3000-6000 brownies depending on post count (at least, if they posted in the thread and bytemaster gave brownies).  Those who did dev work for BTS got tens of thousands or even hundreds of thousands of BTS, based on looking at the supply distribution.  (We cant see who they are, just how much is in different accounts).  As to people who didnt get them in those ways, they have to grind mumble sessions for DKP Brownies, or buy them.


Brownies are pretty much 'Bytemaster DKP' in my mind.  He will distribute the epic loots in time. ;)

I'm not sure this is true, I posted in the thread and never recieved any brownies. Also a asked a question for muble but the question was never asked in muble or answered in the muble thread.

I would like to give 1000 points per "block" for every forum member with more than 1 block.  (Heros, etc...) and I will give major points to someone who offers to hand them out.

Is this going to happen at some point?
https://bitsharestalk.org/index.php/topic,16318.msg228944.html#msg228944
Can we get this guy some brownies please?
« Last Edit: September 05, 2015, 05:18:09 pm by newmine »

chryspano

  • Guest
newmine the great troll is out of his cave again...

Tuck Fheman

  • Guest

Offline NewMine

  • Hero Member
  • *****
  • Posts: 552
    • View Profile
It's a good interview.  I don't  think Identabit will scale well because the big doors will be locked, also on the technology side they will have nothing that can't be replicated and they don't have the super massive funding that's required to compete with the likes of Blythe Masters and such ('It's on the blockhain' - Bloomberg Magazines Cover story 2 days ago http://www.bloomberg.com/news/features/2015-09-01/blythe-masters-tells-banks-the-blockchain-changes-everything )

In his intro John  identifies how a key difference between crypto and current payment options is convenience and simplicity however I would argue the simplicity, convenience & payment integration of crypto is only starting to take shape. With 1 second vs. 30 minute confirmation times. Crypto-funded debit cards, payment apps & stable BitAssets only starting to be introduced. I think it is too early to make his judgement.

Also he makes some statements about Bitcoin use and demographics that I don't think are backed up by the facts.
The vast majority of Bitcoiners were young tech savvy Libertarian males not a small group of elites only using it for extremely illicit activity & as Bitcoin becomes more user friendly this demographic is naturally becoming less tech savvy and from a broader political spectrum attracted by the various now more accessible benefits Bitcoin provides.

25 Sept 2014 - http://www.bloomberg.com/news/articles/2014-09-25/bitcoin-economy-widens-as-parents-pay-digital-allowance

Quote
People worldwide have opened 41 million bitcoin accounts, according to the Bank of England. Global spending on goods and services has doubled in the past year.

Parents are dispensing allowances in bitcoins so their kids learn to be digital citizens.Consumers in emerging markets such as Brazil and Russia are starting to use bitcoin to hedge against currency volatility.

Three factors are attracting consumers to bitcoin. The currency is less volatile. New apps and digital wallets make using it easier. And mainstream companies -- more than 75,000, according to payment services Coinbase and BitPay -- accept the virtual currency

Even if you were to focus exclusively on crypto's black market use. The black market accounts for over 23% of global GDP and in countries such as Greece  it's pushing 25-30%. 

Quote
Bitcoin ATMs could spring up across Greece as soon as October as citizens and businesses become increasingly desperate to move their money despite capital controls.

http://www.cnbc.com/2015/08/19/greece-could-soon-get-1000-bitcoin-atms.html

That is a massive portion of the economy and population already operating outside the reach of traditional institutions. The reason crypto-currencies not owned by the big banks have the potential to be massively profitable & scalable is precisely because the traditional institutions are largely excluded from directly participating in it.

I also think it's possible to integrate social media accounts onto crypto blockchains for the less privacy concerned users and so still gain certain network effect benefits.. 

I think Bitcoin has struggled in price because of the high costs which he identified but also the volatility which means the massive increase in use of Bitcoin by consumers for traditional goods and services creates a net downward pressure on price because businesses operating on extremely tight margins have to exchange BTC revenue immediately for fiat. However despite it's volatility, Bitcoin is very popular fro currency hedging vs. rapidly depreciating currencies in South America as indicated in the article above . Also in places like Greece as a safe haven currency outside their failing banking system. 

However stable Smartcoins are much better suited to this and BitUSD is in many instances far more useful than fiat USD. So we haven't even scratched the surface of what's possible in these markets.

Also this is a global trend. Governments in many countries will be instigating strict capital controls to protect their currencies and their financial system.
(China just increased capital controls yesterday.) As a result I suspect, even with the Identity element most financial institutions would be not be allowed to interact with Identabit anyway. Or the Identabit gateways would have to enforce these restrictions too in which case Identabit would lose it's USP to the majority of the future mainstream market imo. (An inflation hedge and currency outside the over-leveraged banking system.)

So while I see a market for Identabit especially in remittances if they already have a partnership with a bank and can thus remove  a layer of transaction complexity. I think centralised blockchains started by big players will dominate. (Centralised blockchains will likely dominate his target market because it seems unlikely that people who didn't value the benefits of optional anonymity & financial freedom would then highly value the benefits/USP's of decentral vs. centralisation.) So I think that the really big future still lies with the traditional, anonymity optional crypto, but with much lower costs than Bitcoin and stable BitAssets.

Edit: On a side note the use of USD at black market rates in countries like Argentina, shows how an entire population, economy and businesses can get behind using a currency outside of institutions and regulatory compliance

I started with a detailed response but quickly realised this was an argument driven by emotion and hope. We wish you well.
Did you even read his post? There was no emotionally driven argument.

--

I wouldn't worry too much about this guy and his project, identabit, remitabit, or whateverbit. This guy is a classic opportunist and a VC vampire. Good for him if you people are dumb enough to buy into his sales pitch. He deserves every penny.  I suspected something fishy from the beginning when this guy's claim to fame was that he was CEO of Sun Micro Australian division. After researching him, I saw that he was CEO for a few months 31 years ago. Mind you this was 2 years after Sun Microsystems was founded, so you can imagine the scale of the division he was in charge of. He was a place holder in a small division of an infantile company(at the time) but yet this is number one selling point of why you should trust him? I would use this reference too if I had zero successful projects in the following 31 years. 

Mark my words, this guys project will never see the light of day, especially if he releases some value token previous to an actual working remitabit (errr, I mean identabit).

I will also bet you that you will respond to this emotionally driven argument, well probably not, since now I stated such.
« Last Edit: September 05, 2015, 11:03:35 pm by newmine »

Offline tonyk

  • Hero Member
  • *****
  • Posts: 3308
    • View Profile
It's a good interview.  I don't  think Identabit will scale well because the big doors will be locked, also on the technology side they will have nothing that can't be replicated and they don't have the super massive funding that's required to compete with the likes of Blythe Masters and such ('It's on the blockhain' - Bloomberg Magazines Cover story 2 days ago http://www.bloomberg.com/news/features/2015-09-01/blythe-masters-tells-banks-the-blockchain-changes-everything )

In his intro John  identifies how a key difference between crypto and current payment options is convenience and simplicity however I would argue the simplicity, convenience & payment integration of crypto is only starting to take shape. With 1 second vs. 30 minute confirmation times. Crypto-funded debit cards, payment apps & stable BitAssets only starting to be introduced. I think it is too early to make his judgement.

Also he makes some statements about Bitcoin use and demographics that I don't think are backed up by the facts.
The vast majority of Bitcoiners were young tech savvy Libertarian males not a small group of elites only using it for extremely illicit activity & as Bitcoin becomes more user friendly this demographic is naturally becoming less tech savvy and from a broader political spectrum attracted by the various now more accessible benefits Bitcoin provides.

25 Sept 2014 - http://www.bloomberg.com/news/articles/2014-09-25/bitcoin-economy-widens-as-parents-pay-digital-allowance

Quote
People worldwide have opened 41 million bitcoin accounts, according to the Bank of England. Global spending on goods and services has doubled in the past year.

Parents are dispensing allowances in bitcoins so their kids learn to be digital citizens.Consumers in emerging markets such as Brazil and Russia are starting to use bitcoin to hedge against currency volatility.

Three factors are attracting consumers to bitcoin. The currency is less volatile. New apps and digital wallets make using it easier. And mainstream companies -- more than 75,000, according to payment services Coinbase and BitPay -- accept the virtual currency

Even if you were to focus exclusively on crypto's black market use. The black market accounts for over 23% of global GDP and in countries such as Greece  it's pushing 25-30%. 

Quote
Bitcoin ATMs could spring up across Greece as soon as October as citizens and businesses become increasingly desperate to move their money despite capital controls.

http://www.cnbc.com/2015/08/19/greece-could-soon-get-1000-bitcoin-atms.html

That is a massive portion of the economy and population already operating outside the reach of traditional institutions. The reason crypto-currencies not owned by the big banks have the potential to be massively profitable & scalable is precisely because the traditional institutions are largely excluded from directly participating in it.

I also think it's possible to integrate social media accounts onto crypto blockchains for the less privacy concerned users and so still gain certain network effect benefits.. 

I think Bitcoin has struggled in price because of the high costs which he identified but also the volatility which means the massive increase in use of Bitcoin by consumers for traditional goods and services creates a net downward pressure on price because businesses operating on extremely tight margins have to exchange BTC revenue immediately for fiat. However despite it's volatility, Bitcoin is very popular fro currency hedging vs. rapidly depreciating currencies in South America as indicated in the article above . Also in places like Greece as a safe haven currency outside their failing banking system. 

However stable Smartcoins are much better suited to this and BitUSD is in many instances far more useful than fiat USD. So we haven't even scratched the surface of what's possible in these markets.

Also this is a global trend. Governments in many countries will be instigating strict capital controls to protect their currencies and their financial system.
(China just increased capital controls yesterday.) As a result I suspect, even with the Identity element most financial institutions would be not be allowed to interact with Identabit anyway. Or the Identabit gateways would have to enforce these restrictions too in which case Identabit would lose it's USP to the majority of the future mainstream market imo. (An inflation hedge and currency outside the over-leveraged banking system.)

So while I see a market for Identabit especially in remittances if they already have a partnership with a bank and can thus remove  a layer of transaction complexity. I think centralised blockchains started by big players will dominate. (Centralised blockchains will likely dominate his target market because it seems unlikely that people who didn't value the benefits of optional anonymity & financial freedom would then highly value the benefits/USP's of decentral vs. centralisation.) So I think that the really big future still lies with the traditional, anonymity optional crypto, but with much lower costs than Bitcoin and stable BitAssets.

Edit: On a side note the use of USD at black market rates in countries like Argentina, shows how an entire population, economy and businesses can get behind using a currency outside of institutions and regulatory compliance

I started with a detailed response but quickly realised this was an argument driven by emotion and hope. We wish you well.

John, I honestly hate the disregarding tone of your response. You could have just not answered if indeed that's your true thoughts. but you decided to go passive aggressive on one of the more thoughtful people around here (if you are not aware of that FACT take the time to read say last 50 posts of Empirical for self educating purposes,  I promise you it will be time well spent even with your busy schedule).

And while I do not have any strong thoughts one way or the other on the correctness of Empirical's analyses, I fail to see any strong emotions shown and have no clue what 'hope' are you talking about?
« Last Edit: September 05, 2015, 02:06:37 pm by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline underwun

  • Moderator
  • Full Member
  • *****
  • Posts: 61
  • Life Matters
    • View Profile
It's a good interview.  I don't  think Identabit will scale well because the big doors will be locked, also on the technology side they will have nothing that can't be replicated and they don't have the super massive funding that's required to compete with the likes of Blythe Masters and such ('It's on the blockhain' - Bloomberg Magazines Cover story 2 days ago http://www.bloomberg.com/news/features/2015-09-01/blythe-masters-tells-banks-the-blockchain-changes-everything )

In his intro John  identifies how a key difference between crypto and current payment options is convenience and simplicity however I would argue the simplicity, convenience & payment integration of crypto is only starting to take shape. With 1 second vs. 30 minute confirmation times. Crypto-funded debit cards, payment apps & stable BitAssets only starting to be introduced. I think it is too early to make his judgement.

Also he makes some statements about Bitcoin use and demographics that I don't think are backed up by the facts.
The vast majority of Bitcoiners were young tech savvy Libertarian males not a small group of elites only using it for extremely illicit activity & as Bitcoin becomes more user friendly this demographic is naturally becoming less tech savvy and from a broader political spectrum attracted by the various now more accessible benefits Bitcoin provides.

25 Sept 2014 - http://www.bloomberg.com/news/articles/2014-09-25/bitcoin-economy-widens-as-parents-pay-digital-allowance

Quote
People worldwide have opened 41 million bitcoin accounts, according to the Bank of England. Global spending on goods and services has doubled in the past year.

Parents are dispensing allowances in bitcoins so their kids learn to be digital citizens.Consumers in emerging markets such as Brazil and Russia are starting to use bitcoin to hedge against currency volatility.

Three factors are attracting consumers to bitcoin. The currency is less volatile. New apps and digital wallets make using it easier. And mainstream companies -- more than 75,000, according to payment services Coinbase and BitPay -- accept the virtual currency

Even if you were to focus exclusively on crypto's black market use. The black market accounts for over 23% of global GDP and in countries such as Greece  it's pushing 25-30%. 

Quote
Bitcoin ATMs could spring up across Greece as soon as October as citizens and businesses become increasingly desperate to move their money despite capital controls.

http://www.cnbc.com/2015/08/19/greece-could-soon-get-1000-bitcoin-atms.html

That is a massive portion of the economy and population already operating outside the reach of traditional institutions. The reason crypto-currencies not owned by the big banks have the potential to be massively profitable & scalable is precisely because the traditional institutions are largely excluded from directly participating in it.

I also think it's possible to integrate social media accounts onto crypto blockchains for the less privacy concerned users and so still gain certain network effect benefits.. 

I think Bitcoin has struggled in price because of the high costs which he identified but also the volatility which means the massive increase in use of Bitcoin by consumers for traditional goods and services creates a net downward pressure on price because businesses operating on extremely tight margins have to exchange BTC revenue immediately for fiat. However despite it's volatility, Bitcoin is very popular fro currency hedging vs. rapidly depreciating currencies in South America as indicated in the article above . Also in places like Greece as a safe haven currency outside their failing banking system. 

However stable Smartcoins are much better suited to this and BitUSD is in many instances far more useful than fiat USD. So we haven't even scratched the surface of what's possible in these markets.

Also this is a global trend. Governments in many countries will be instigating strict capital controls to protect their currencies and their financial system.
(China just increased capital controls yesterday.) As a result I suspect, even with the Identity element most financial institutions would be not be allowed to interact with Identabit anyway. Or the Identabit gateways would have to enforce these restrictions too in which case Identabit would lose it's USP to the majority of the future mainstream market imo. (An inflation hedge and currency outside the over-leveraged banking system.)

So while I see a market for Identabit especially in remittances if they already have a partnership with a bank and can thus remove  a layer of transaction complexity. I think centralised blockchains started by big players will dominate. (Centralised blockchains will likely dominate his target market because it seems unlikely that people who didn't value the benefits of optional anonymity & financial freedom would then highly value the benefits/USP's of decentral vs. centralisation.) So I think that the really big future still lies with the traditional, anonymity optional crypto, but with much lower costs than Bitcoin and stable BitAssets.

Edit: On a side note the use of USD at black market rates in countries like Argentina, shows how an entire population, economy and businesses can get behind using a currency outside of institutions and regulatory compliance

I started with a detailed response but quickly realised this was an argument driven by emotion and hope. We wish you well.

There's a reason for everything and if there isn't there should be...

Offline Akado

  • Hero Member
  • *****
  • Posts: 2752
    • View Profile
  • BitShares: akado
So will Identabit sharedrop on Brownies? If it sharedrops 20% bts and 20%brownies, doesn't each brownie get (2,5B/10M) times more identabits than each bitshare?
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline fuzzy

And a tad unnecessary...though I must say I love the crocodile. :P

 :P  I know, but when you're about to post something and you can't stop laughing about it, the tendency is to just click POST and hope for the best later.

Also, in this image is a double edged sword.

It can be taken several ways and I figured the keen observer would realize this and therefore my ass was covered.

Either way you see it, I'll just go ... "yeah, that's what it meant!".  :P

I can never say your posts aren't funny
WhaleShares==DKP; BitShares is our Community! 
ShareBits and WhaleShares = Love :D

Tuck Fheman

  • Guest
And a tad unnecessary...though I must say I love the crocodile. :P

 :P  I know, but when you're about to post something and you can't stop laughing about it, the tendency is to just click POST and hope for the best later.

Also, in this image is a double edged sword.

It can be taken several ways and I figured the keen observer would realize this and therefore my ass was covered.

Either way you see it, I'll just go ... "yeah, that's what it meant!".  :P
« Last Edit: September 04, 2015, 04:18:07 am by Tuck Fheman »

Offline fuzzy

Listening to the show, I felt that you interrupted your guest multiple times and derailed his train of thought unnecessarily. Mr. Underwood is a captivating speaker and I was on the edge of my seat listening to his every word. It was very frustrating to hear the interviewer stepping on his guest and inserting lots of verbiage that was not always welcome.

Yes, I did interrupt him a couple times when it seemed he was gaining steam and I also had a strong feeling that there would be people saying "nooooo fuzzy, please let him finish this part!".  It was intentionally done though because there is a bit of a layout in my head for how these initial hangouts are going to roll out.  Trust me, that hangout would have been so easy to just sit back and literally let John talk the entire time (remember when he asked me "is everyone here?"), but then it would have been 3 hours long and we are planning on scheduling more in the future right now.  So I had to cut him off and keep this conversation a bit in the general and introduction phase.

This was more of a hangout where he introduced himself and the basic ideas/concepts underlying IDentabit.  The future ones I will CERTAINLY NOT interrupt him when he is going into depth about the consensus (my big interest is Proof of Appreciation's full explanation).  Then of course:  "where exactly are the delegates and how do they come into play?" ...just to name a couple.

I appreciate the feedback, though, and will(do) try to take it into consideration.  Weird but the one thing I've learned over the years moderating group discussion is that it's kind of like walking a tight rope... 

(Regardless, I am SO glad to know you were a bit frustrated when I cut him off in a couple places because it means you wanted to hear what he will be saying in future hangouts! [emoji14] )


 [emoji14]
To freaking funny LOL !!!!

And a tad unnecessary...though I must say I love the crocodile. :P
WhaleShares==DKP; BitShares is our Community! 
ShareBits and WhaleShares = Love :D

Offline emailtooaj

Listening to the show, I felt that you interrupted your guest multiple times and derailed his train of thought unnecessarily. Mr. Underwood is a captivating speaker and I was on the edge of my seat listening to his every word. It was very frustrating to hear the interviewer stepping on his guest and inserting lots of verbiage that was not always welcome.

Yes, I did interrupt him a couple times when it seemed he was gaining steam and I also had a strong feeling that there would be people saying "nooooo fuzzy, please let him finish this part!".  It was intentionally done though because there is a bit of a layout in my head for how these initial hangouts are going to roll out.  Trust me, that hangout would have been so easy to just sit back and literally let John talk the entire time (remember when he asked me "is everyone here?"), but then it would have been 3 hours long and we are planning on scheduling more in the future right now.  So I had to cut him off and keep this conversation a bit in the general and introduction phase.

This was more of a hangout where he introduced himself and the basic ideas/concepts underlying IDentabit.  The future ones I will CERTAINLY NOT interrupt him when he is going into depth about the consensus (my big interest is Proof of Appreciation's full explanation).  Then of course:  "where exactly are the delegates and how do they come into play?" ...just to name a couple.

I appreciate the feedback, though, and will(do) try to take it into consideration.  Weird but the one thing I've learned over the years moderating group discussion is that it's kind of like walking a tight rope... 

(Regardless, I am SO glad to know you were a bit frustrated when I cut him off in a couple places because it means you wanted to hear what he will be saying in future hangouts! [emoji14] )


 [emoji14]
To freaking funny LOL !!!!
Sound Editor of Beyondbitcoin Hangouts. Listen to latest here - https://beyondbitcoin.org support the Hangouts! BTS Tri-Fold Brochure https://bitsharestalk.org/index.php/topic,15169.0.html
Tip BROWNIE.PTS to EMAILTOOAJ

Tuck Fheman

  • Guest
Listening to the show, I felt that you interrupted your guest multiple times and derailed his train of thought unnecessarily. Mr. Underwood is a captivating speaker and I was on the edge of my seat listening to his every word. It was very frustrating to hear the interviewer stepping on his guest and inserting lots of verbiage that was not always welcome.

Yes, I did interrupt him a couple times when it seemed he was gaining steam and I also had a strong feeling that there would be people saying "nooooo fuzzy, please let him finish this part!".  It was intentionally done though because there is a bit of a layout in my head for how these initial hangouts are going to roll out.  Trust me, that hangout would have been so easy to just sit back and literally let John talk the entire time (remember when he asked me "is everyone here?"), but then it would have been 3 hours long and we are planning on scheduling more in the future right now.  So I had to cut him off and keep this conversation a bit in the general and introduction phase.

This was more of a hangout where he introduced himself and the basic ideas/concepts underlying IDentabit.  The future ones I will CERTAINLY NOT interrupt him when he is going into depth about the consensus (my big interest is Proof of Appreciation's full explanation).  Then of course:  "where exactly are the delegates and how do they come into play?" ...just to name a couple.

I appreciate the feedback, though, and will(do) try to take it into consideration.  Weird but the one thing I've learned over the years moderating group discussion is that it's kind of like walking a tight rope... 

(Regardless, I am SO glad to know you were a bit frustrated when I cut him off in a couple places because it means you wanted to hear what he will be saying in future hangouts! :P )


 :P

Offline fuzzy

Listening to the show, I felt that you interrupted your guest multiple times and derailed his train of thought unnecessarily. Mr. Underwood is a captivating speaker and I was on the edge of my seat listening to his every word. It was very frustrating to hear the interviewer stepping on his guest and inserting lots of verbiage that was not always welcome.

Yes, I did interrupt him a couple times when it seemed he was gaining steam and I also had a strong feeling that there would be people saying "nooooo fuzzy, please let him finish this part!".  It was intentionally done though because there is a bit of a layout in my head for how these initial hangouts are going to roll out.  Trust me, that hangout would have been so easy to just sit back and literally let John talk the entire time (remember when he asked me "is everyone here?"), but then it would have been 3 hours long and we are planning on scheduling more in the future right now.  So I had to cut him off and keep this conversation a bit in the general and introduction phase.

This was more of a hangout where he introduced himself and the basic ideas/concepts underlying IDentabit.  The future ones I will CERTAINLY NOT interrupt him when he is going into depth about the consensus (my big interest is Proof of Appreciation's full explanation).  Then of course:  "where exactly are the delegates and how do they come into play?" ...just to name a couple.

I appreciate the feedback, though, and will(do) try to take it into consideration.  Weird but the one thing I've learned over the years moderating group discussion is that it's kind of like walking a tight rope... 

(Regardless, I am SO glad to know you were a bit frustrated when I cut him off in a couple places because it means you wanted to hear what he will be saying in future hangouts! :P )
« Last Edit: September 03, 2015, 06:20:55 am by fuzzy »
WhaleShares==DKP; BitShares is our Community! 
ShareBits and WhaleShares = Love :D

Offline James212

  • Sr. Member
  • ****
  • Posts: 312
    • View Profile
 +5%.  ....excellent interview. Greatly enjoyed hearing Mr Underwood's. Insightful perspective on block chain tech and executing a workable plan to succeed.   After listening to the interview I feel identabit is in fact addressing a number of bitshares critical blind spots that I've been concerned about.   Based on this conversation would seriously consider a further investment in the project if the opertunity becomes available.  It looks to me like identabit has the perfect combination bitshares' great technology and John's proven   ability to market and execute. 

Thank you Fuzzy for getting him on. 
« Last Edit: September 03, 2015, 06:09:41 am by James212 »
BTS: theangelwaveproject

Tuck Fheman

  • Guest
If anyone wants to contribute Brownie Points or BTS to Tuck's Possible Future Carpal Tunnel Surgery Fund, I'd be willing to sacrifice a few pinched nerves to whip up a transcript of this Hangout.

If interested, send Brownies to : tuckfheman-com
with Memo : IDentabit 8/29 Hangout Transcript

If 10,000 Brownie Points (or the equivalent, designated for this transcript) are received by 9/30, I'll do the transcript within 7 days.
If it does not reach the target by 9/30, I'll refund all funds.

Note: There is a chance I'll just do it anyway and take my chances bytemaster hooks me up with some Brownies one day, but this will guarantee I do it. ;)




Offline Empirical1.2

  • Hero Member
  • *****
  • Posts: 1366
    • View Profile
It's a good interview.  I don't  think Identabit will scale well because the big doors will be locked, also on the technology side they will have nothing that can't be replicated and they don't have the super massive funding that's required to compete with the likes of Blythe Masters and such ('It's on the blockhain' - Bloomberg Magazines Cover story 2 days ago http://www.bloomberg.com/news/features/2015-09-01/blythe-masters-tells-banks-the-blockchain-changes-everything )

In his intro John  identifies how a key difference between crypto and current payment options is convenience and simplicity however I would argue the simplicity, convenience & payment integration of crypto is only starting to take shape. With 1 second vs. 30 minute confirmation times. Crypto-funded debit cards, payment apps & stable BitAssets only starting to be introduced. I think it is too early to make his judgement. 

Also he makes some statements about Bitcoin use and demographics that I don't think are backed up by the facts.
The vast majority of Bitcoiners were young tech savvy Libertarian males not a small group of elites only using it for extremely illicit activity & as Bitcoin becomes more user friendly this demographic is naturally becoming less tech savvy and from a broader political spectrum attracted by the various now more accessible benefits Bitcoin provides.

25 Sept 2014 - http://www.bloomberg.com/news/articles/2014-09-25/bitcoin-economy-widens-as-parents-pay-digital-allowance

Quote
People worldwide have opened 41 million bitcoin accounts, according to the Bank of England. Global spending on goods and services has doubled in the past year.

Parents are dispensing allowances in bitcoins so their kids learn to be digital citizens.Consumers in emerging markets such as Brazil and Russia are starting to use bitcoin to hedge against currency volatility.

Three factors are attracting consumers to bitcoin. The currency is less volatile. New apps and digital wallets make using it easier. And mainstream companies -- more than 75,000, according to payment services Coinbase and BitPay -- accept the virtual currency

Even if you were to focus exclusively on crypto's black market use. The black market accounts for over 23% of global GDP and in countries such as Greece  it's pushing 25-30%. 

Quote
Bitcoin ATMs could spring up across Greece as soon as October as citizens and businesses become increasingly desperate to move their money despite capital controls.

http://www.cnbc.com/2015/08/19/greece-could-soon-get-1000-bitcoin-atms.html

That is a massive portion of the economy and population already operating outside the reach of traditional institutions. The reason crypto-currencies not owned by the big banks have the potential to be massively profitable & scalable is precisely because the traditional institutions are largely excluded from directly participating in it.

I also think it's possible to integrate social media accounts onto crypto blockchains for the less privacy concerned users and so still gain certain network effect benefits.. 

I think Bitcoin has struggled in price because of the high costs which he identified but also the volatility which means the massive increase in use of Bitcoin by consumers for traditional goods and services creates a net downward pressure on price because businesses operating on extremely tight margins have to exchange BTC revenue immediately for fiat. However despite it's volatility, Bitcoin is very popular fro currency hedging vs. rapidly depreciating currencies in South America as indicated in the article above . Also in places like Greece as a safe haven currency outside their failing banking system. 

However stable Smartcoins are much better suited to this and BitUSD is in many instances far more useful than fiat USD. So we haven't even scratched the surface of what's possible in these markets.

Also this is a global trend. Governments in many countries will be instigating strict capital controls to protect their currencies and their financial system.
(China just increased capital controls yesterday.) As a result I suspect, even with the Identity element most financial institutions would be not be allowed to interact with Identabit anyway. Or the Identabit gateways would have to enforce these restrictions too in which case Identabit would lose it's USP to the majority of the future mainstream market imo. (An inflation hedge and currency outside the over-leveraged banking system.)

So while I see a market for Identabit especially in remittances if they already have a partnership with a bank and can thus remove  a layer of transaction complexity. I think centralised blockchains started by big players will dominate. (Centralised blockchains will likely dominate his target market because it seems unlikely that people who didn't value the benefits of optional anonymity & financial freedom would then highly value the benefits/USP's of decentral vs. centralisation.) So I think that the really big future still lies with the traditional, anonymity optional crypto, but with much lower costs than Bitcoin and stable BitAssets.

Edit: On a side note the use of USD at black market rates in countries like Argentina, shows how an entire population, economy and businesses can get behind using a currency outside of institutions and regulatory compliance
« Last Edit: September 03, 2015, 12:39:55 pm by Empirical1.2 »
If you want to take the island burn the boats

Offline Method-X

  • Hero Member
  • *****
  • Posts: 1131
  • VIRAL
    • View Profile
    • Learn to code
  • BitShares: methodx
Wow, that really was an awesome interview! I'll admit I had little interest in the project until I listened to this. +5%

Offline lil_jay890

  • Hero Member
  • *****
  • Posts: 1197
    • View Profile
This was a terrific hangout. John Underwood is wonderfully thoughtful, expert and articulate. He's an amazing partner for BitShares.

I just have one constructive criticism about the format. Fuzzy, I hope you take this the right way. I greatly appreciate your contribution to BitShares and I completely acknowledge the importance of your efforts with Beyond Bitcoin. But I think it's essential for you as the MC of Beyond Bitcoin to understand the difference between a conversation and an interview. Listening to the show, I felt that you interrupted your guest multiple times and derailed his train of thought unnecessarily. Mr. Underwood is a captivating speaker and I was on the edge of my seat listening to his every word. It was very frustrating to hear the interviewer stepping on his guest and inserting lots of verbiage that was not always welcome.

Again, fuzzy, I greatly appreciate you and I don't want you to feel like I am raining on anything you are doing. You are an essential part of this project, and I totally respect your efforts. I just wanted to get this off my chest and maybe at least start a dialog about it. This is something I have noted in the past in your weekly shows with Dan. But IMO the show with John Underwood really illustrates the problem and hopefully you will listen to the show yourself when you get a chance, and you might hear what I am talking about.

Fuzzy has been one of the rocks in the wild sea for bitshares and he has all my honest respect for making beyond bitcoin to what it is today!!

In the spirit of werneo I'll add this: I have made the observation that whenever bytemaster (partly also with John) introduces something new (a new feature for example) the "fuzzy reaction" :) is as if the wheel has been reinvented.
My point: If every small innovation even if it is only an idea is hyped excessively the overall presentation of these ideas / announcements loose their credibility.

"Wow man... this is huge"

Offline santaclause102

  • Hero Member
  • *****
  • Posts: 2486
    • View Profile
This was a terrific hangout. John Underwood is wonderfully thoughtful, expert and articulate. He's an amazing partner for BitShares.

I just have one constructive criticism about the format. Fuzzy, I hope you take this the right way. I greatly appreciate your contribution to BitShares and I completely acknowledge the importance of your efforts with Beyond Bitcoin. But I think it's essential for you as the MC of Beyond Bitcoin to understand the difference between a conversation and an interview. Listening to the show, I felt that you interrupted your guest multiple times and derailed his train of thought unnecessarily. Mr. Underwood is a captivating speaker and I was on the edge of my seat listening to his every word. It was very frustrating to hear the interviewer stepping on his guest and inserting lots of verbiage that was not always welcome.

Again, fuzzy, I greatly appreciate you and I don't want you to feel like I am raining on anything you are doing. You are an essential part of this project, and I totally respect your efforts. I just wanted to get this off my chest and maybe at least start a dialog about it. This is something I have noted in the past in your weekly shows with Dan. But IMO the show with John Underwood really illustrates the problem and hopefully you will listen to the show yourself when you get a chance, and you might hear what I am talking about.

Fuzzy has been one of the rocks in the wild sea for bitshares and he has all my honest respect for making beyond bitcoin to what it is today!!

In the spirit of werneo I'll add this: I have made the observation that whenever bytemaster (partly also with John) introduces something new (a new feature for example) the "fuzzy reaction" :) is as if the wheel has been reinvented.
My point: If every small innovation even if it is only an idea is hyped excessively the overall presentation of these ideas / announcements loose their credibility.

Offline werneo

  • Sr. Member
  • ****
  • Posts: 305
    • View Profile
    • chronicle of the precession of simulacra
  • BitShares: werneo
This was a terrific hangout. John Underwood is wonderfully thoughtful, expert and articulate. He's an amazing partner for BitShares.

I just have one constructive criticism about the format. Fuzzy, I hope you take this the right way. I greatly appreciate your contribution to BitShares and I completely acknowledge the importance of your efforts with Beyond Bitcoin. But I think it's essential for you as the MC of Beyond Bitcoin to understand the difference between a conversation and an interview. Listening to the show, I felt that you interrupted your guest multiple times and derailed his train of thought unnecessarily. Mr. Underwood is a captivating speaker and I was on the edge of my seat listening to his every word. It was very frustrating to hear the interviewer stepping on his guest and inserting lots of verbiage that was not always welcome.

Again, fuzzy, I greatly appreciate you and I don't want you to feel like I am raining on anything you are doing. You are an essential part of this project, and I totally respect your efforts. I just wanted to get this off my chest and maybe at least start a dialog about it. This is something I have noted in the past in your weekly shows with Dan. But IMO the show with John Underwood really illustrates the problem and hopefully you will listen to the show yourself when you get a chance, and you might hear what I am talking about.

chryspano

  • Guest
That was one of the best hangouts I have ever heard. John Underwood really laid out some very valid points regarding identabit and bitcoin.

I'm glad to hear there will be several follow up mumble sessions with john.

 +5%

 +5% +5% +5%

Offline yellowecho

Really enjoyed this; thanks for posting and looking forward to Identabit!
696c6f766562726f776e696573

Offline mike623317

  • Hero Member
  • *****
  • Posts: 637
    • View Profile
That was one of the best hangouts I have ever heard. John Underwood really laid out some very valid points regarding identabit and bitcoin.

I'm glad to hear there will be several follow up mumble sessions with john.

 +5%

Offline emailtooaj

Hey everyone,

I'm posting this into the General section so we can get this Hangout pushed out into the forums main traffic.

From what I gather, this past Saturday's Hangout is just the first of many to come  :D
Tentatively these Hangouts with John Underwood (Identabit) will occur weekly, every Saturday @ 5pm EST.

So help yourselves and listen to this weeks first recording in regards to this project and stay in the know.!

https://soundcloud.com/beyond-bitcoin-hangouts/beyond-bitcoin-hangout-8-29-2015-s3-john-underwood-identabit

@Fav - if you think this post needs moved...could you at least keep this here please for a couple days before moving, or until we start a dedicated sticky??? Thanks!


Sound Editor of Beyondbitcoin Hangouts. Listen to latest here - https://beyondbitcoin.org support the Hangouts! BTS Tri-Fold Brochure https://bitsharestalk.org/index.php/topic,15169.0.html
Tip BROWNIE.PTS to EMAILTOOAJ