Inescapable Changes Coming!

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imp

Senior Member
I'm a traditionalist when it comes to an individual's financial well-being. Now, I would have pooh-poohed predictions in 1990 or so, that enormous numbers of financial transactions would soon be done on-line, by both business and individuals. But, it is. Okay, I was wrong! Hindsight.

An imaginary person, it is believed, bearing a Japanese-sounding name, created the "Bitcoin" sometime back. It's use became fairly widespread, but misuse was rampant, and during the depths of the Recession, many thought the concept would quietly die. It did not.

A concept called "Shared Ledger Technology", I am convinced, is going to fundamentally change the Banking/ Fee Payment/ Purchasing/ Selling of almost everything, worldwide. A number of companies have entered into it's use already. The highest-ability "brains" in Finance are predicting the demise of many banks, worldwide, as a result of this fundamental change process. "Plastic" credit will gradually all but disappear. So will Identity Theft, which has become rampant and now syphons away billions of dollars each year. That fact alone, will greatly promote inception and acceptance of Shared Ledger.

Personally, I resist "change", usually. But, when computers appeared running our car engines, I rejoiced! I used them to run Plant machinery years before that. I saw, appreciated, and used the almost incredibly-increased "power" afforded the Engineer who needed to control moving parts in machines.

If any Members here have thoughts along the lines of Shared Ledger implementation, or questions, or knowledge of it, spill it, please! One of the very quickly up-and-coming new S. L. companies is Chain.com. I can share more about that company, if desired. http://chain.com/about/

imp
 

Wow, imp. I'm impressed. Your engineer is showing. I haven't a clue about what you're saying, but happy to hear you think it will be good.

I do fully understand your signature tag line, though. :yawning:
 
I got into Bitcoin maybe half-way through its development, and although I did well for a while I eventually fell victim to a scam investment scheme. I realize that isn't a fault of Bitcoin but of my poor judgement and greed - nobody can give returns like the ones that were promised.

But fundamentally Bitcoin brought many techs to the table - the whole concept of a working cryptocurrency, the idea of a "chain" with traceable results and even an entire industry of trading. Bitcoin accounted for almost half of my income for the last 3 years; unfortunately I had to give up my work in favor of being a full-time caregiver, but I have hopes of getting into it again - this time, older but wiser. I think the days of $1,000 bitcoins are long gone - $250 or so seems the new standard.

Unfortunately I haven't heard of or investigated shared ledger tech, but I have a suspicion it's a descendant of Bitcoin tech ...
 
SifuPhil said:
I got into Bitcoin maybe half-way through its development, and although I did well for a while I eventually fell victim to a scam investment scheme. I realize that isn't a fault of Bitcoin but of my poor judgement and greed - nobody can give returns like the ones that were promised.

But fundamentally Bitcoin brought many techs to the table - the whole concept of a working cryptocurrency, the idea of a "chain" with traceable results and even an entire industry of trading. Bitcoin accounted for almost half of my income for the last 3 years; unfortunately I had to give up my work in favor of being a full-time caregiver, but I have hopes of getting into it again - this time, older but wiser. I think the days of $1,000 bitcoins are long gone - $250 or so seems the new standard.

Unfortunately I haven't heard of or investigated shared ledger tech, but I have a suspicion it's a descendant of Bitcoin tech ...
Click to expand...

Phil, I figgered you'd know more about this jargon than I; glad you revealed that! The shared ledger concept will aim not at investing in Bitcoins (which is what you did?), but rather eliminating the methods by which today's technology transfers funds around the world. Banks will essentially no longer be involved. One can safely bet that they will do al;l in their power, spend any amount it takes, "buy" any political group necessary, to ensure their continuing existence.

I have a personal "thing" about banks (and lawyers! [sorry, any bar members here, that's how it is!]). Banking is basically a parasitic business, with the customers being chewed on. IMO. They produce no product, gather folks' hard-earned money, return a pittance as "interest", then use that money to make money for themselves.

Issuing credit cards when it became the rage, was a brilliant ploy: Business Owner MUST accept them to stay in business, because Customer has no cash. Owner must pay Bank a "Merchant's Fee" of anywhere between 2% and 5% of the transaction, which can in some cases be about what the guy's operating profit might be. Customer goes home happy with his purchase, Bank gets paid for nothing more than issuing a piece of plastic, then bills Customer at a high interest rate for the "credit" it extended to him. Meanwhile, Business Owner raises his prices by 5%, if he can do that and remain competitive, and the plastic becomes an inflationary device!

This new stuff they will introduce will eliminate much of the plastic use, like the Bitcoin was thought it could do. I do not understand exactly how it works, but it makes sense to me, because of the fact that on-line buying has become a very significant part of both consumer and business spending.

Another long, drawn out blab. Sorry! imp
 
Underock1 said:
Wow, imp. I'm impressed. Your engineer is showing. I haven't a clue about what you're saying, but happy to hear you think it will be good.

I do fully understand your signature tag line, though. :yawning:
Click to expand...

I take that with bitten tongue! Will say, though, "Build it for them, and they will come", as Kevin Costner said, I think. This new one is "B.S. the people enough, and they will believe!"
 
Imp, you got me interested enough to do Google search on "shared ledger technology" and, as I suspected, it's the same concept as Bitcoin's "blockchain", just with a sexy new name. :eek:

I'm just not so sure that the banks are going to disappear any time soon, or that plastic use will fall off radically. If they do, it's going to take a VERY long time for people to accept and feel comfortable with the concept. After all, we've had banks for thousands of years, and plastic since - what - 1950?

Look at Bitcoin - using the blockchain concept it's taken many years for only a relatively few businesses to accept the concept at all, and even then they aren't discontinuing their credit card sales. Basically at this point I think it's a grand experiment but nothing to "bank" on. :rolleyes:
 
Ahhh., but the "informed" uninformed! As I understand it Google has been enlisted to DISCREDIT the new idea! And you have "bought" what they told you. Or, I am full of s!!t. Either way, something new and devious is in the works, as I see it.

Note, please all, I never indicated I'm in favor of it, just would like to know what my kids are in for (if I had any!). imp
 
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