I agree with @bumpershot:
"This thread feels like we're at the zoo watching the monkeys throw feces at each other while we wait for the lion feeding to start."
Litecoin is different from Bitcoin in the following ways, however none of them is particularly useful and on the contrary are only less worthy.
84 million vs 21 millions: since Bitcoin is divisible upto atleast nine decimals and also micro BTC can be used for dealing with low amounts
Faster blocks, 2.5 minutes vs 10 minutes average: six confirmations of Bitcoin are not equivalent of six confirmations of Litecoin, so Litecoin payments are usually confirmed after many more confirmations. It also wastes mining power because in Litecoin, most of the time miners may start work with non-best blocks.
scrypt vs SHA-256: since scrypt can be relatively efficiently run on CPU/GPU, it means botnets can easily control a lot of hashing power. Also, scrypt is relatively less analyzed and used than SHA-256, so it may not be more secure than SHA-256.
Technically, Bitcoin does what Litecoin does in an equal or better way. Also, Bitcoin testnet can be used to experiment with new features.
Why do we need Litecoin that actually has monetary value (around USD2.7 per LTC now)? Is it just promoted by a group of people who missed the Bitcoin get-rich boat?
Bitcoin is a novel concept and early adopters rightly earn their rewards for the risk they have taken.
Preceding this weekend’s Coin Congress in San Francisco, the inaugural Keynote 2015 took place Monday at the Millennium Biltmore Hotel in Los Angeles, focusing on practical applications of the blockchain as an easily implementable and scalable solution to a number of problems that extend far beyond digital payments.
With the help of an experienced and passionate audience who continued conversations past the end of any specific lecture, Keynote 2015 was able to effectively educate a wide variety of developers and innovators about the seemingly endless list of use cases for public ledgers.
Speakers included Marc van der Chijs, managing partner at CrossPacific Capital, Brennen Byrne, CEO of Clef, and Pete Rizzo, U.S. editor at Coindesk. Partners included Blockchain, Netki, and Ledger, among others.
The same team that runs the North American Bitcoin Conference in Miami every January managed Keynote 2015.
While the majority of lectures centered on online payment infrastructures, lectures led by Crowdfunder CEO Chance Barnett and FloQast co-founder and CEO Michael Whitmore focused on the blockchain applications for crowdfunding platforms and accounting software, respectively.
A few segments in particular drew muted criticism from the crowd. Silvio Tavares, CEO of The CardLinux Association, blamed credit card fraud on the Internet’s lack of security protocol rather than the credit cards themselves, saying, “Credit cards are secure. It’s the Internet that’s not secure.”
In addition, he attacked an often-cited belief that credit card fees are exorbitantly expensive for businesses, citing an article posted online on BloombergBusiness.
A panel of the Token executive team also drew criticism after concluding that Bitcoin isn’t ready to innovate the banking industry as key top-level individuals aren’t excited about either Bitcoin or the underlying blockchain technology.
It was almost fitting that Keynote 2015 was moved to the Millennium Biltmore Hotel, a 1923 Beaux Arts-inspired grand dame. With hand-painted frescoes and restored crown moldings, it seemed like the perfect venue to discuss a technology aimed to innovate archaic payment, accounting, security and database infrastructures. Because, after all, the real magic happens when you combine something old and something new.
The post Keynote 2015: FinTech Conference Focuses on Public Ledgers and the Blockchain appeared first on Bitcoin Magazine.
In June, Bitcoin Magazine reported that Symbiont had secured $1.25 million of seed funding from influential financial market leaders including Duncan Niederauer, former CEO of the New York Stock Exchange (NYSE). Symbiont, a fintech company focused on fostering the symbiotic relationship between traditional financial markets and cryptographic blockchain technology, was founded in March by Counterparty and MathMoney f(x) founders to create the first issuance and trading platform for smart securities based on the blockchain technology.
Now, Symbiont has issued the first Smart Securities on the Bitcoin blockchain. Symbiont’s live platform allows institutions and investors to issue, manage, trade, clear, settle and transfer a range of financial instruments more efficiently on decentralized and distributed peer-to-peer financial networks that are cryptographically secured. Initial use cases for Smart Securities include corporate debt, syndicated loans, securitized instruments and private equity.
“We are proud to be on the leading edge of this blockchain and distributed ledger movement,” said Mark Smith, CEO and co-founder of Symbiont. “With interest in distributed ledger technology growing rapidly, financial institutions are exploring how to leverage it to improve the efficiency and security of trading and processing financial transactions. Smart Securities will ultimately change the way that financial instruments are issued, managed and traded.”
According to the Symbiont press release, Smart Securities bring capital markets into the blockchain era. Smart Securities transform the way that security issuance, management, trading, and clearing and settlement take place within global capital markets. Generically known as “smart contracts,” these instruments are programmable versions of traditional securities issued on any type of distributed ledger, such as a blockchain. Once a security is issued onto the ledger, it acts autonomously, eliminating traditionally manual mid- and back-office functions.
Symbiont’s platform allows market participants to create digital, programmable versions of securities. The company hopes the development of programmable securities, and their availability in one global, decentralized peer-to-peer network, will increase efficiency and transparency and lower the cost of issuing, trading, settling and clearing securities.
Symbiont isn’t the only company trying to revolutionize the stock markets with the blockchain technology. Nasdaq, a prestigious stock exchange and leading financial institution, is leveraging blockchain technology as part of an enterprise-wide initiative.
In June, Nasdaq announced a partnership with San Francisco-based Bitcoin API startup Chain to implement the first blockchain technology pilot projects in Nasdaq Private Market, a recently launched marketplace that handles pre-IPO trading among private companies. Nasdaq Private Market is not a stock exchange open to the public, but a service that connects private companies with investors. However, Nasdaq stated that the blockchain initiative could ultimately be extended to record trades of stocks in public firms listed on its exchange.
Also in June, Overstock announced the first crypto-securities to be offered on the blockchain.
“We have started building things that replace what Wall Street does,” said Overstock CEO Patrick Byrne. “It does them far cheaper, and with far more transparency, and without any of the opportunity for rigging.”
Overstock’s platform, dubbed t0.com, can augment other trading exchanges and power financial transactions. Overstock filed a registration with the Securities and Exchange Commission seeking permission to issue public crypto-stock, and purchased a stake in stock brokerage firm Pro Securities, whose technology will power the crypto-stock exchange.
The inquiry of the Australian Senate committee may overrule the decision of the Australian Taxation Office (ATO), which classified bitcoin as an intangible/foreign asset that falls under the coverage of Goods and Services Tax.
The proposal submitted by the Australian government will have bitcoin considered as a traditional currency, and thus will nullify many of the regulations or legal “restrictions” set to be applied on bitcoin.
“The opportunities for trade, investment, high salaries and world-leading skills are far more important [than any potential loss of revenue], and I urge the states to work with the Commonwealth to make what amounts to simple change,” Labor Senator Sam Dastyari told the Australian Financial Review.
Dastyari said that such leniency on the currency will help many bitcoin- or other digital currency-based entrepreneurs and startups in the nation to continue their operations without any interruptions or restrictions.
“Without a doubt, the main benefit will be the confidence and certainty that removing a GST will provide to our own digital entrepreneurs, and the foreign businesses who want to set up here,” Dastyari added. “The Treasury ministers need to work with the states to make the changes necessary to bring our legislation into the 21st century.”
The proposal of the Australian Senate Committee will be taken up for vote this week, and will conclude the tax-free status of bitcoin in Australia once and for all.
The ruling from the Senate Economics References Committee into digital currency, predicted to be considered this week as well, will bring Australia in line with the United Kingdom in terms of its treatment on bitcoin.
The post Bitcoin Considered a ‘Traditional Currency’ by Australian Senate Committee appeared first on Bitcoin Magazine.