Cryptocoins News

A. With automation and billions of people joining the global market, more jobs are moving online. People are becoming freelancers.

They will be paid to preform micro tasks. Some call this transition as the ‘gig economy’.

It wouldn’t make any sense to use local currencies, because of conversion fees and added inconvenience.

For the global market to operate properly, a stable, trustworthy global currency must be in place.

B. In the new emerging economy Bitcoin has the opportunity to take the role of the global currency. Roughly speaking, this the market bitcoin is aiming to overtake:

Broad Money (includes coins, banknotes, money market accounts, saving, checking and time deposits) : $80.9 Trillion

People will be able to use it for regular needs but also as a store value for a long term.

It should provide a real alternative to Gold: $7.8 Trillion.

C. The reality where machines can operate autonomously and transfer value between themselves, is only achievable using smart contracts.

Machines will own themselves and you will only pay for operating costs, no company will be able to compete with autonomous self-owning machines.

With the invention of smart contracts, it means that machines can transact between themselves, they can own a wallet, they can pay money to other machines for services, they can rent themselves for the highest bidder.

For example, if a car owns itself, you, the consumer, will only have to pay for the operating costs of the car.

No middle man will take a cut for the service, you will get all the benefits of owning a car without all the burdens that come with it.

Now, because there will always be some people that prefer to pay a little extra to ride a new car, it will enable the new cars to pay the manufacturer fee in order to become financially autonomous in the future.

When fees are paid in full by the consumers, the manufacturer will have bigger profit by selling it to an autonomous corporation, that operates on zero profit, rather than selling it for parts.

The same model can scale to factories and if you want to go a step further to smart cities.

According to Cisco the internet of everything has a $19 Trillion potential.

http://ioeassessment.cisco.com/learn/value-stake-analysis

Each time you’ll purchase something, you’ll automatically become a shareholder in that company and will receive dividends.

You will be able to rent, trade and split ownership on the most secure blockchain, bitcoin blockchain.

Apps will manage your portfolio on a decentralized exchange. Each and every purchase will become an investment opportunity.

People worry about automation. They think there will be no jobs in the future. Jobs will move into creative domain. Creativity, imagination and attention will be extremely valuable.

The maintenance of our biological existence will be cheap, because of how resources will be managed by machines. Most of our time will be spent in VR.

Work will become play. Money will be a way to manage attention of others, because attention is a scarce resource. Propagation of information, or culture, will have a price tag.

If one wishes to advertise their ideas and values, one will have to pay directly for attention.

The way I see it, the new dynamic will be that of creating of ideas, designing VR/AR, being paid for creativity, being paid to create tools that can minimize the lag time between imagination and reality, and being paid for attention, to listen to the ideas, to participate in different worlds – to play.

As we’re moving in to AR/VR. Bitcoin will provide the necessary layer of digital scarcity. A layer that will enable people to create fungible digital assets.

That means, that all digital goods will be attached to digital assets and treated as commodities.

All commodities will be traded on a decentralized exchange backed by the most secure blockchain. Centralized solutions will be too unreliable and too expensive.

Other blockchains will not be able to compete with the network effect and security of bitcoin blockchain.

D. A scarce resource, such as bitcoin, derives its\’ value from the utility it provides. The more use cases Bitcoin has, the higher the value it will have.

Bitcoin will not hard fork in order to include the complex smart contract capabilities. Hard forks are extremely risky, community splitting, and should be avoided at all cost. Sidechains would never be able to provide the security of the main blockchain simply by design.

Peter Todd: “(Merge)-mined sidechains have some really ugly security issues; your funds can be stolen in a reorg attack. Embedded consensus systems like counterparty are as secure as the Bitcoin blockchain. “

What about colored coins?

“There’s a lot of stuff that’s better done with the much simpler colored coin technology, but equally, there’s a lot of stuff colored coins just can’t do for technical reasons. In short, if you want to play around with Ethereum-style smart contracts in a decentralized system, you need a token of value like XCP.”

https://www.reddit.com/r/Bitcoin/comments/2m30j6/counterparty_recreates_ethereum_on_bitcoin/cm0mdpz

The only rational solution is to build on top of bitcoin.

Jeff Garzik: “Counterparty already implemented Ethereum lang on top of Bitcoin block chain. Zero changes or forks required of bitcoin.”

https://twitter.com/jgarzik/status/603784205571600384

Counterparty proved to have a solid track record since 2014.

No bail outs, no pre mines, ico/ipo nonsense. The whole “move fast and break stuff” philosophy doesn\’t work when you\’re dealing with money.

Soon smart contracts will be introduced into bitcoin ecosystem without compromising its\’ security.

There will be no reason to risk your money in an insecure environment when you\’ll be able to use smart contracts at the highest security possible.

Unlike other blockchains, counterparty actually being backed by bitcoin security. When value is transferred on Counterparty, Bitcoin must be used for fees.

Each transaction that is made on counterparty platform is adding value to bitcoin. All Bitcoin addresses are XCP addresses. Counterparty already has a decentralized exchange and a powerful asset management platform in place.

I think the majority of people here understand what it means to have a decentralized exchange that can eventually scale and make centralized exchanges completely obsolete.

All Things will become connected to a super cloud. This will eventually replace internet services (such as google and facebook).

With the super cloud we will be able to overcome the dangers of data centralization and replace the business model of advertising, privacy abuse, and outdated intellectual property laws, with frictionless micro transactions.

Storj, a technology that uses counterparty platform, is the beginning of that.

You\’ll be paid in micro transactions by simply renting the bandwidth and disk space of your stuff. Micro payment solution will open the door to all the things I\’ve mentioned and more, and it is being implemented as we speak.

Assets that can be attached to digital and non-digital commodity, a robust decentralized exchange, micro payments that can scale to manage the new emerging economy and the super cloud, all of that are tools that are being built on counterparty platform today.

A positive feedback loop, with which each additional layer that is built on top of bitcoin, will increase its\’ network effect, and thus get it closer to position itself as dominant and most trusted currency there is.

E. We are in the very early days of crypto. Nothing is decided yet.

Let me say this ** the first currency to dominate the smart contract market will become the default global currency**.

There is no reason not to use a currency as regular money and use a different type of crypto for smart contracts. This will just create unnecessary complexity which the market will go against sooner than later.

The path of the least resistance always wins. The crypto that provides what the market needs will win and will be used for ordinary transactions as well as store of value.

If ethereum dominates the new emerging market it will be used for all the things bitcoin was supposed to be used. Calling bitcoin gold and ethereum oil is nonsensical.

In fact, Coinbase, a company that is funded by ‘smart money\’, already treats ethereum as a currency.

The whole facebook/myspace comparison already became a cliché, but it has a grain of truth to it. Willing to admit it or not, Ethereum is in direct competition with bitcoin.

In the end of the day, no matter if we’re called bitcoin maximalists or not, make no mistake about it, there is only room for one global currency.

TL:DR * This post is a summary of the previous discussions I’ve had here. In short, Crypto-Diversification is a myth. *

I had a quick question. Several apps, including Facebook messenger, allow the attachment of a debit card to send/receive money between friends and family. I’m planning on ditching banks soon, and no one else I know uses bitcoin. Is there a way to do something similar, other than cash? For example, my father lives 2000 miles away, and I want to send him 150$ for his birthday. Is there a relatively fast way to send that from bitcoin into his USD bank account/debit card?

Desperate Bagholders during March rally pushing price to get out and cut losses

Can’t wait when M2 comes out and…