Token Daily

Romulus13 Altcoiner 3 hs ago

The problem might be that every government creates its own centralized cryptocurrency. Even bigger problem is if the ledger for that digital currency is not public and transparent. I would chuck this as very slightly bullish because it might make the concept of cryptocurrencies more appealing to the masses.

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KingPonzi Redditor for 8 days 3 hs ago

You guys ready for more Tethers?

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bluey89 3 hs ago

While not specifically mentioning Monero, I think this article might be interesting for the community. Firstly Lagarde briefly touches on the privacy problem at one point in the speech:

a) Risks to financial integrity

Let’s return to the tradeoff between privacy and financial integrity. Could we find a middle ground?

Central banks might design digital currency so that users’ identities would be authenticated through customer due diligence procedures and transactions recorded. But identities would not be disclosed to third parties or governments unless required by law. So when I purchase my pizza and beer, the supermarket, its bank, and marketers would not know who I am. The state might not either, at least by default.

Anti-money laundering and terrorist financing controls would nevertheless run in the background. If a suspicion arose it would be possible to lift the veil of anonymity and investigate.

This setup would be good for users, bad for criminals, and better for the state, relative to cash. Of course, challenges remain. My goal, at this point, is to encourage exploration.

Secondly, an indepth note is available for reading here: https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2018/11/13/Casting-Light-on-Central-Bank-Digital-Currencies-46233

Thirdly, it's hard to imagine a speech like this coming out of the IMF just a couple of years, shows how far we've come.

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maroule 3 hs ago

https://www.cryptolinenews.com/2018/11/lagarde-urges-banks-to-quickly-create-their-own-cryptocurrencies/

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nnawuihe Redditor for 20 days 4 hs ago

You mean central banks? Or private banks? I can see a place for the latter but I don’t see how state-controlled banks have any relevance once they no longer have exclusive control of currency. She’s arguing for them to insert themselves into a model that would work much better without them. We don’t need them to create tokens, their deflationary by nature so no place for never-ending printing to depress our real wages. Central bank interference would just slow down the process and make it less secure/private. What do you think?

Edit: meant this as a reply above. Now can’t figure out how to delete. Forgive me, I’m but a noob.

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nnawuihe Redditor for 20 days 4 hs ago

She’s a true visionary and I like her. But she’s arguing that central banks should stay relevant based on the trust they can bring when they have already and continue to undermine that trust daily by propagating this spiralling debt bail in/out charade. I can’t see why we’ll need them in 5-10 years

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WoodenDoorbell Redditor for 7 months 4 hs ago

I cannot see a world without banks. It won't be allowed to happen even if it could, Lagarde is basically telling us this. Like them or not, they provide stability to big corporations and security to the little ones. They may have less clout in 5-10 years but they will still be there.

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nnawuihe Redditor for 20 days 4 hs ago

You mean central banks? Or private banks? I can see a place for the latter but I don’t see how state-controlled banks have any relevance once they no longer have exclusive control of currency. She’s arguing for them to insert themselves into a model that would work much better without them. We don’t need them to create tokens, their deflationary by nature so no place for never-ending printing to depress our real wages. Central bank interference would just slow down the process and make it less secure/private. What do you think?

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proficy Investor 3 hs ago

Central banks regulate the interest rates and monitor the state of the economy using those rates to cool down or heat up an economy, in an effort to keep it stable.

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TheBullishGuy 2 months old | Karma CC: 432 BTC: 2585 5 hs ago

Bullish?

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D0mm0n Redditor for 10 months. 3 hs ago

Not at all

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Cryptionary Crypto Nerd | 2 months old 5 hs ago

**['Bullish' definition](https://buyhodlsell.com/terminology/bullish/)**: When market sentiment is positive and price is increasing *Check out the [crypto terminology guide](https://buyhodlsell.com/terminology/) for more 🤖*

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TheBullishGuy 2 months old | Karma CC: 432 BTC: 2585 3 hs ago

Username self-checks out

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tijapa 4 hs ago

*checks prices* Nope.

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ripple_king 6 hs ago

Ripple is even mentioned there but should have been XRP :)

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BKCCI Redditor for 12 months 6 hs ago

The IMF sharing its perspective on digital currencies.

Background info:

The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., consisting of "189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world."

https://en.wikipedia.org/wiki/International_Monetary_Fund

My personal highlight from the article is the following part:

c) Risks to innovation

If digital currency became too popular, it might ironically stifle innovation. Where is your role if the central bank offers a full-service solution, from digital wallet, to token, to back-end settlement services?

What if, instead, central banks entered a partnership with the private sector — banks and other financial institutions—and said: you interface with the customer, you store their wealth, you offer interest, advice, loans. But when it comes time to transact, we take over.

This partnership could take various forms. Banks and other financial firms, including startups, could manage the digital currency. Much like banks which currently distribute cash.

Or, individuals could hold regular deposits with financial firms, but transactions would ultimately get settled in digital currency between firms. Similar to what happens today, but in a split second. All nearly for free. And anytime.

The advantage is clear. Your payment would be immediate, safe, cheap, and potentially semi-anonymous. As you wanted. And central banks would retain a sure footing in payments. In addition, they would offer a more level playing field for competition, and a platform for innovation. Meanwhile your bank, or fellow entrepreneurs, would have ensured a friendly user experience based on the latest technologies.

Putting it another way: the central bank focuses on its comparative advantage—back-end settlement—and financial institutions and start-ups are free to focus on what they do best—client interface and innovation. This is public-private partnership at its best.

They also provide a link to a full-text report called "Casting Light on Central Bank Digital Currency" at the top of the page of that article.

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DeathThrasher 9 hs ago

Let me guess: There will be no decentralization, not open source, no public ledger, full of bugs and they can issue as much as they want out of thin air anytime.

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Motor-boat 9 hs ago

From just a brief skim it seems like the author genuinely believes Bitcoin is managed by a private firm.

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ABitcoinAllBot 11 hs ago

Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: qazwsx1112

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divan - @divan 5 hs ago

This is suprisingly good and even refreshing speech after reading tons of very opinionated pro- and contra-crypto articles.

Financial system design still have this chicken or the egg problem – we need to design fintech systems aligned with offline social interaction patterns as much as possible, but their (current) design changes our social interaction patterns in return as well.

It's still fascinating to see how the world reimagines and reconsiders the nature of money. And not only in cryptopunks community, but in such a huge powerhouses as IMF as well.

larrysalibra - @larrysalibra 7 hs ago

> This currency could satisfy public policy goals, such as (i) financial inclusion, and (ii) security and consumer protection; and to provide what the private sector cannot: (iii) privacy in payments.

If financial inclusion and privacy in payments were actual public policy goals, cryptocurrencies would be a lot less attractive.

In reality, the real public policy goals are:

1) Financial exclusion: using denial of access to the state run financial system as a political, law enforcement, social control and tax collection tool.

3) "Know your customer" and "anti-money laundering" (AML/KYC) rules that remove privacy in payments to make it easier to use the state run financial system as described in 1). These regulations in practice exclude the the poorer people in society - the people Lagarde like means when she says "financial inclusion" - that can't meet requirements like "proof of address" and can't meet the minimal balance / month fee requirements that have come about from these AML/KYC regs.

hanniabu - @hanniabu 10 hs ago

> cryptocurrencies seek to anchor trust in technology. So long as they are transparent.....Still, I am not entirely convinced. Proper regulation of these entities will remain a pillar of trust.

I don't think they understand that the purpose of cryptocurrencies is to remove the need for trust. Trust in the math, not the banker. AKA the economy should be built off the monetary system rather than the monetary system being built off the economy.

chroem- - @chroem- 11 hs ago

If cryptocurrency is like bittorrent for finance, then this proposal is like downloading DRM-encumbered music from a walled garden marketplace. I think I'll pass.

Show all comments on Hackernews

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BewareTheChainSplit 11 hs ago

Congratulations, everybody. Coinbase is now going to halt all BCH trading indefinitely until the attack is over. The situation is turning out to be as bad as I predicted.

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Chris_Pacia OpenBazaar 11 hs ago

Mods should delete posts that falsely put up quotes of companies that they did not say. This is incredibly dishonest behavior.

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Windowly 11 hs ago

It's not a false quote. Read the article.

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Windowly 11 hs ago

Oops. Chris really has Craig Wright Derangement Syndrome. Here is a link to the part of the article with the quote. https://imgur.com/Qgbv8hR

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Chris_Pacia OpenBazaar 11 hs ago

You modified the quote to make it say something they didn't say and to make it appear as if they plan on following any chain regardless of consensus rules which they did not say. This is the type of very dishonest tactics you BSV people are engaged in. It's not surprising since you support the ultimate unethical behavior of attacking users and taking away their choice.

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Windowly 11 hs ago

There is nothing unethical with the majority chain attacking the minority chain to protect the ecosystem and userbase of the majority chain. ABC should do if it they were the winners of the hashwar and NChain should do it if they are the winners. This is vintage white paper stuff. Surprised it is shocking to you.

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Chris_Pacia OpenBazaar 11 hs ago

The white paper specifically calls it an attack and says the system fails if it happens. You're frankly a totalitarian asshole who should just leave the community. Nobody wants you here.

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pafkatabg 3 hs ago

Miners who work to extend the chain even with new rules , is not an attack. It's an upgrade. ABC is trying to do the same - work to extend the chain with their new ruleset. It's an attack if the goal is to kill the chain and there's nothing left working after the attack. The situation now is different.. SV does not want to kill BCH. SV miners will work on BCH chain and will extend it with their updated ruleset with enough hashpower. This is hash vote. If they lose , they will mine the ABC ruleset as they have already promised. SV are dedicated to work on the BCH chain, no matter which ruleset wins. This isn't an attack. It would be an attack if BTC miners joined hashpower and just started mining empty blocks on BCH for several weeks until the chain goes down to $0, and it no longer exists. This is the type of attack described in the whitepaper... The current drama is very different.

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Windowly 11 hs ago

Sounding a little emotionally fragile, all I can say. . 😂 😂

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Chris_Pacia OpenBazaar 11 hs ago

Seriously. Every one of your posts gets negative votes here. Nobody wants you here. Nobody likes you. Cut your losses and leave. Find something else to do with your life.

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Windowly 10 hs ago

Feeling salty? I would too if I were you and was looking at the Coin. Dance hash numbers.

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ABitcoinAllBot 11 hs ago

Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: Windowly

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saddit42 3 hs ago

They have some balls to do that now.. ..

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andareas Redditor for 11 days. 3 hs ago

90k x 13.5Th isn't going to be nearly enough.

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BeastMiners 4 hs ago

Either way bcash is fucked. Decentralised my arse.

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etherbid 4 hs ago

"Cavalry"

Haha. The white knight is coming to save ABC's sorry ass.

It must feel pathetic for a man having to come in and save you.

I cannot imagine the mixed emotions they feel

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PapaDock820 Crypto God | CC: 159 QC | 4 months old 4 hs ago

Finally, something remotely interesting in crypto, unlike faux partnership announcements, or crypto projects being invited to speak at conventions.

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aeroFurious 4 hs ago

You guys are so lucky, you can pick between 1 big miner on both sides. Either you get to be ChinaCoin or you get to be FaketoshiCoin.

Both future outlook is great! Here comes true p2p cash. Thanks Roger

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KosinusBCH 3 hs ago

Bitmain is just making it part of their pool, when the hash war is done and over with they will go back to mining whatever is most profitable, and pool distribution will once again be like it was before Craig borrowed Calvin's money. Calvin said he will follow ABC if they win, so there's no logic behind keeping up an attack at zero profit for weeks.

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uglymelt 5 hs ago

Somehow misleading, the article shows a graph about bitcoin hashrate distribution.

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5heikki 6 hs ago

If they support the current leading implementation, they will mine with SV. SV is right now by far the most popular BCH implementation, controlling like 80% of the hash..

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dinoDevon 6 hs ago

18 months?

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homopit 5 hs ago

That's for software. Hardware is faster. Just two weeks(tm).

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sqrt7744 6 hs ago

Jihan = King John III Sobieski of Poland

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lazarus_free 6 hs ago

Pure propaganda for now. Real hash rate speaks.

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addiscoin 5 hs ago

The real hash that is speaking right now is doing so at a loss. The smart hash will come at the fork when it matters and money isn't being flushed down the toilet.

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lazarus_free 4 hs ago

If Craig crashes ABC chain it will be a permanent loss for whoever decides to put hash in it. If they are not willing to lose a bit now how come they will come to the rescue when they may lose all funds? No, intelligent hash will stay mining BTC during the fireworks and then continue to mine as normal whatever chain wins. And nobody will bat an eye if this chain is SV because miners at the least don't care.

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addiscoin 4 hs ago

Again, nothing matters until the fork. Putting hashrate at a big loss is fucking stupid. But I guess billionaires can do whatever they want.

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lazarus_free 4 hs ago

He got his objective look at the futures price. If BCH ACB starts trading at $250 the attack is easier from the beginning. Also you send an important message: "I am willing to do anything to win, you can choose to stay in the sideways (BTC) then join me if I win or join the other side if they win but rest assured that if you choose to fight me in the meantime you have to be ready to lose a lot of money". The strategy is aggressive but it is working and the more time goes by the less reaction time the ABC camp has.

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addiscoin 4 hs ago

Sounds like a psychopath lunatic to me.

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lazarus_free 4 hs ago

Yeah but it doesn't matter, all that matters is if it wins or not.

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addiscoin 4 hs ago

It matters to me. I'm moving to another coin if a money printing monopoly takes over. Won't be the first time I had to move.

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barfor 6 hs ago

90k x 13.5Th isn't going to be nearly enough.

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TiagoTiagoT 3 hs ago

Every hash counts

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saddit42 3 hs ago

their new miners have up to 28TH..

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barfor 3 hs ago

Not available yet: "2 weeks" into December.

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saddit42 3 hs ago

if you order them.. I'd assume Bitmain will have faster access to their own miners..

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ichundes 5 hs ago

Combined with Bitmains last hash rate disclosure (2339.21 PH/s in July, so likely a low estimate of their current hash rate) that puts them at >= 3554.21 PH/s. Also there are 850 PH/s by Bitcoin.com, AntPool, and ViaBTC which do not seem to go anywhere despite decreased profitability. I'd guess there will be at least 4 EH/s hashing ABC/BU/XT.

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New_Diet Redditor for less than 2 weeks 5 hs ago

Yes it will >If this now doubles to 10%, then it would be more than BCH’s entire current hashrate of about 8% of bitcoin’s network. >Meaning they would easily gain the upper hand in any 51% attack by Calvin Ayre or anyone else.

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theSentryandtheVoid Redditor for less than 60 days 3 hs ago

Thank god the 51% attack is being orchestrated by someone I support. Yay large centralized corporations to control everything how I want it!

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pdr77 3 hs ago

But that still doesn't give them 51%, just reduces the CSW cartel to below 51%.

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Giusis 6 hs ago

The tone of that article sounds like the WW2 propaganda. If you read the "news" while listening to a Russian march in the background you can actually imagine the army carrying the antminers on their back while crossing the Gobi Desert.

I particularly like the part:

"Some don’t have space, so it may be part of the caravan will have to head towards Inner Mongolia, if it hasn’t already".

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kilrcola 3 hs ago

> The tone of that article sounds like the WW2 propaganda. I heard from a German friend of mine that Russian winters are great.

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gold_rehypothecation 4 hs ago

So? Are you sad that CSW is going to lose face along with all the trolls?

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etherbid 4 hs ago

How does it feel to have a man come in and white knight for you?

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dank_memestorm 4 hs ago

*manlet

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gold_rehypothecation 4 hs ago

You tell me

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etherbid 4 hs ago

wouldn't know. I'm mining the original bitcoin with SVpool and I'm part of the 51% Defense

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Giusis 4 hs ago

I don't think Faketoshi has any more "face" to lose... does he actually has any credibility (apart from his shillers)? lol At the same time i find quite fun the proclamations of the other "faction". From whenever side you look at this, it's popcorn time for me!

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CryptoVandal 6 hs ago

> The tone of that article sounds like the WW2 propaganda. Thanks for the chuckle! You are dead right.

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CP70 7 hs ago

What a shitcoin. BTC miners will come over to make sure this coin splits.

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sydwell 6 hs ago

They are already here.

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Infectedbtc 4 hs ago

Just wait until the fork, real Bitcoin miners will obviously start mining at that point. They neither have to protect bcash or mine at a loss at this point in time.

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homopit 7 hs ago

I think not. They have enough entertainment just watching as it goes down by itself.

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Windowly 7 hs ago

hahah i'm afraid they're gathering dust in the Taklaman desert.

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homopit 7 hs ago

BCH doesn't have 90k users as a whole, let alone 90k miners. Get real.

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ABitcoinAllBot 7 hs ago

Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: coinfeller

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theSentryandtheVoid Redditor for less than 60 days 5 hs ago

muh flippening narrative.

RemindMe! 3 months "call this asshole on his bullshit prediction"

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RemindMeBot 5 hs ago

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Buttoshi Redditor for less than 60 days 6 hs ago

LMAO. What stopped this from happening sooner

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BTCkoning 8 hs ago

Thus, my prediction is BCH will overtake BTC within a month or two after the fork.

This wouldn't age very well at all...

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Randal_M 9 hs ago

There will be no winners in this shit show. Dump your BCH and buy Bitcoin.

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ABitcoinAllBot Yesterday

Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: MichaelTen

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eth03 Yesterday

This seems to be the biggest one for mass adoption(Custodian Reinforcement). Shielded is already going to be default once developers can make all their mobile wallets support shielded transactions as well as the major exchanges. The next biggest hurdle has always been making this easy for non-technical users. Being able to cancel a mistaken transaction is huge.

Custodian Reinforcement

What is it? This includes a variety of potential features that can potentially protect typical end-users as well as specialized custodians. This may include recipient address verification, “vault functionality”, “I Got Burgled Button”, transaction cancellation, or transfer rate limiting functionality.
Who does this affect? All users.
Why is this a goal? A substantial weakness of cryptocurrencies is how difficult self-custody is for wide user bases. By introducing protocol features that can help users protect themselves against theft or loss and/or enable custodian providers to reduce their operational risk, we aim to make Zcash safer for a larger user base.

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TheronB Yesterday

That sounds like a horrible idea. Once a transaction is broadcast, it should never be able to be rescinded.

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tz1tzikas Yesterday

AFAICT this is smart contracts level functionality. Are we talking about additional precompiles (not sure if this term is used by zcash devs) , opcodes or what?

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aiyaaabatt Yesterday

Why are “shielded tx’s as default” not planned? What a joke.

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minezcash Yesterday

https://forum.zcashcommunity.com/t/announcing-zcash-blossom-and-proposed-feature-goals/31891/5

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tz1tzikas Yesterday

The ecosystem isn't ready yet. Sapling is just a few weeks old and software/services are just starting to fully support z-addresses. Flypool for example has just become the first pool to support private miners. Completely deactivating sprout addresses is a first step to that end though.

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MoneroCrusher Yesterday

How is ASIC/GPU hashrate standing in relation with rewards to voting power?

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minezcash Yesterday

I'm not sure hashrate "voting power" is critical in this case. Blossom would be a hard fork to the new parameters (the final PoW is still not decided) and if a faction chooses to stay with the old parameters they can run thier own chain. They just can't call it Zcash, or Zcash Classic or anything with Zcash in the name since they own the Trademark and the Exchanges honor that Trademark. Zcash will remain whatever codebase Zcash Company produces. https://z.cash/blog/future-friendly-fork/ https://z.cash/blog/consensual-currency/

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baktwobak Yesterday

I hope AMD Navis are ready by then :)

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