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Brian_Peters
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Posted On: 2018-10-13 16:55:54
Viewed: 571
Is blockchain real value or another buzzword scam?


It seems now a days we hear about the word blockchain left and right. As the cure to many things. With key argument behind blockchain being that:
"since it is a distributed database, among Millions of Nodes, rather than a centralized database in the hand of a Bank for example, that that makes it safer from being hacked since if one copy is hacked that does not matter since many other copies of it exist which have not so the unhacked copies will render the hack moot..." WHAT! For example a hacker would want your Credit Card information, and whether 1 Million other copies of the Blockchain DB are not hacked, the 1 copy that was hacked, puts your Credit Card info and any other private info in the hand of the bad guys. And how do we know that nodes in the blockchain are not Dictators, Mass murderess, etc.? that is who is regulating these nodes!
So given these facts dont you agree blockchain is another buzzword scam? Or what you think?

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1 month 3 weeks ago

A digital asset. It is more valid than our current fiat system of value. 😉
Reporter
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1 month 3 weeks ago
Let me guess you are a Ron Paul follower or listen to crazys on Fox? Right. Why isn a digital asset having any value at all, compared to so called "fiat system of value"? After all a so called Fiat Currency, such as US Dollar, Euro, etc. are backed by the Full faith and power of the Governments behind them. Whereas a digital asset is backed by no one, but it is just a record on a server somewhere. But this is actually missing the point of this discussion since we are talking Blockchain and
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1 month 3 weeks ago
not so called digital assets, such as BitCoin. That is BitCoins underlying technology is Blockchain. And we are talking about whether Blockchains are significantly better or significantly worse than client/server model.
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1 month 3 weeks ago
If it(US Dollar) was backed by Gold, i would agree but after Richard Nixon took it off the Gold Standard, it is worth....nothing. Zero, Nada.
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1 month 3 weeks ago
OMG! you are one of these Ron Paul crazies :)
1st US Dollar, Euro, Canadian Dollar, etc. are backed by FULL Faith of their respective Governments, which means Power to Tax, power to lay levies on all companies including Gold Mines, etc. etc.
While CryptoCurrency such as BitCoin is utterly worthless since it is backed by no Government or Central Bank but only driven by speculators. But again this discussion is about Blockchain and not Cryptocurrencies. Last but not least: why you think Gold has

Reporter
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1 month 3 weeks ago
any value? After all, we pay for Gold with US Dollar, Euro, Canadian Dollar, etc.. So the value of Gold is based on man printed currencies. Anyway, put down the Ron Paul, Fox News, psychos such as Rush Limbaugh, etc. and join the real World.
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1 month 3 weeks ago
Reporter has nailed it, if currencies such as US Dollar, Euro, Canadian Dollar, etc. are Fiat currency as per Ron Paul and Gold Bugs, then Gold is a Fiat currency too, since we pay with these currencies to buy Gold and take it away from a Gold owner. Bang on Job Reporter. This is the best destruction what a BS the Ron Paul and Gold Bugs, narrative about Fiat currencies vs Gold is.
But again as you noted this discussion is about Blockchain so see my comment about this below.
create_abusiness1
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1 month 3 weeks ago
fiat currency- man-made, limited life span. Gold(with other precious metals) not man-made, unlimited life span, used as real currency for centuries. 😊
accuallan
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1 month 3 weeks ago
But we pay with US Dollar, Euro, Canadian Dollar, etc. to buy Gold and take it away from the Gold owner. So this means Gold is a Fiat currency, since again it is priced in so called Fiat currencies of US Dollar, Euro, Canadian Dollar, etc. and we swap these currencies for it. Only a Ron Paul Rush Limbaugh brain washed person, would not be aware of these facts. Moreover, if you think Dollar, Euro, etc. are man Made currencies where Government of these countries are behind them, then BitCoin etc
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1 month 3 weeks ago
Blockchanin based currencies are absolute total Junk, since they are even less than man made and in case of BitCoin it is made by an Anonymous man of Satoshi Son. So these chain of facts, Pun intended, are absolute proof of what idiots Ron Paul Rush Limbaugh etc Republican Gold Nuts are and what a junk and joke Crypto Currencies are. Since beside above facts anyone can run the underlying Blockchain code of BitCoin and make their own Crypto Coin, such as DickCoin, JaneCoin, BozoCoin, etc.
create_abusiness1
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1 month 3 weeks ago
That is a good suggestion, why don't you do that so you can become wealthy and not have to post comments on Anoox.
accuallan
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1 month 3 weeks ago
Well this is not a suggestion, but facts: that it is a Fact that we price Gold in Government backed currencies of US Dollar, Euro, Canadian Dollar, etc. and we pay for Gold and take the Gold an put it into our pocket with these currencies. And so are facts other points I made. As to your point: by posting comments here on Anoox we become truly richer because Anoox as only non-profit search engine & social net empowers us to get the Truth out, which is the real wealth of a Nation/People.
create_abusiness1
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1 month 3 weeks ago
Maybe this can.....Possibly....help...inform you! Read this: https://cointelegraph.com/news/pantera-capital-exec-cryptocurrency-market-prices-could-increase-tenfold-by-2020?utm_source=newsletter1&utm_medium=email
create_abusiness1
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1 month 3 weeks ago
Nay! I doubt it. https://cointelegraph.com/news/coinbase-launches-trading-for-first-erc-20-token-on-platform?utm_source=newsletter1&utm_medium=email
create_abusiness1
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1 month 3 weeks ago
The dollar was chosen to become the monetary unit for the USA in 1785. The Coinage Act of 1792 helped put together an organised monetary system that introduced coinage in gold, silver, and copper. Paper notes or greenbacks were introduced into the system in 1861 to help finance the Civil War.
accuallan
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1 month 3 weeks ago
And? What next you are going to say George Washington was 1st president of USA and Abrahm Lincolns was president during Civil War :) Tell us something we dot know. Or at least face the fact that you have been Mind screwed by right-wing Media from Fox to Rush etc. that US Dollar is Fiat currency and buy Gold, when the facts are we pay for Gold in US Dollars, Euro, etc.. And the bosses of Fox to Rush etc. crave every Dollar/Euro they can get and want you to have as little as it.
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1 month 3 weeks ago
Right, you pay for gold in dollars, not the other way around. That should tell you something. Gold has the value, the dollar does not. Just like Bitcoin is at $6,300 and the US dollar is cheaper than the Euro.
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1 month 3 weeks ago
"you pay for gold in dollars, not the other way around"! What the f***k does that mean? You Ron Paul Rush listeners have really been made brain dead! Of course you pay for Dollar in Gold! You know all the places that you sell your Gold to! And Yes US Dollar is cheaper than Euro, because:
1- Europeans are not suffering fro right-wing Media and Republican lunatics
2- Europeans do not waste their Money on War after War after War

Read:
http://www.realnewspost.org/sa.php?a=62683
create_abusiness1
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1 month 3 weeks ago
Nope! Because the USA...is...bankrupt. That's why!!
Reporter
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1 month 3 weeks ago
Really, if USA is bankrupt, then why is Wall Street hitting record high after record high, since election of Sociopath Trump?
Why is USA giving 10s of Billions to Israel in free Money under Obama_Trump?
Why is USA giving 200 Billion in Free Military to Richer European Union? And 10s of Billions in Free Military to Rich Japan, South Korea, etc.?
So you need to ask yourself why is USA Bankrupt and Europe whose currency is more valuable than USA not?
It is because Europeans have many socialized
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1 month 3 weeks ago
services, from Universal socialized healthcare, to socialized college education, etc. which means Europeans get these essential services FREE for Taxes they pay, while these same essential services cost an American family of 4 $1-Million+ over their life time.
So 1st, USA is not bankrupt, as per 100s of Billions in Free Military we give to Richer Europeans! 2nd, this discussion is about BlockChain technology and whether it is Real or a waste of time money SCAM, etc.
create_abusiness1
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1 month 3 weeks ago
Credit card living(borrowing to live a lifestyle above your means). Pretty soon, the obligatory debt payments will be greater than the revenue collected, then everyone(including you)...will see it.

I am sure, long ago, there were some(close-minded people) who said that..only commodities(corn,wheat, etc) are needed and this..so-called investing in stocks(IBM,Standard Oil, etc.) was a..waste of time, scam and that it would...end in destruction and loss of income. But, look at it now!
create_abusiness1
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1 month 3 weeks ago
Think of all the cryptocurrency as the new stock market.
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1 month 3 weeks ago
Yes, you need to ask yourself what are we Europeans doing different than you in USA, that has resulted in our currency being MORE valuable than US Dollar, even though Euro is a highly flawed currency since it is a currency with a political Union behind it but no Monetary Union behind that, that is no ability to Tax as a Union to pay off our Debts, as US can. So what still makes our Euro more valuable than US$ is that we do not waste our Money on War after War as you do under GOP or Democrats.
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1 month 3 weeks ago
And as Reporter has noted, also because we run key services for making the People safe and richer on Socialized basis, that is Healthcare, Education, Police, etc.. You just run Police on Socialized basis! Now as for Blockchain, it seems like just the latest Fad & Buzzword, from which will come couple of guys in tight pants doing an IPO with the Main street investors getting ripped off while Wall Street guys will dump these stocks on Main street as the scam becomes clear to all.
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1 month 3 weeks ago
Hah, they need the masses to think this way(Just the latest Fad) so that you will miss the opportunity and say(after the fact), Why did i not take advantage of this, or i should have done this or that. Just think of the people who miss out when there was an opportunity to invest in MicrSoft, Apple, Netflix...even the internet. Sorry, but i am not one of them...Good luck to all of the...watchers!
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1 month 4 weeks ago

In January, a report from Accenture claimed blockchain technology could reduce infrastructure costs for eight of the world's 10 largest investment banks by an average of 30%, "translating to $8 billion to $12 billion in annual cost savings for those banks.

Here:
https://www.accenture.com/us-en/insight-banking-on-blockchain

So Ya, blockchain is of a real value.
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1 month 4 weeks ago
bb, just because one guy at one firm has written positive about something, does not make that something True. To be exact the reason that blockchain is a new Buzzword without much validity to all that it is supposed to do is that some Wall Street firms, for their various reasons, have Hyped this into the new Buzzword. But here at Anoox we search for the Truth by cutting through the Bull S***t behind XYZ and when you look at the facts behind blockchain it is at best a horrible idea.
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1 month 3 weeks ago
Sometimes you can profit from Bull S***. Have you thought about that :0 Look at Trump. He is the King of Bull S***, yet without holding any Office he became the President. So Bull S***t can be very profitable and rewarding :)
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1 month 3 weeks ago
bernaboom, although you are right about Trump becoming President based on Bull S***t and that shows the power of Bull S***, we are talking about the value of Blockchain technology, whether it is real or Bull S***t - mainly. And just because BS can get you great wealth and power as in case of Trump, etc.. that is by no means justification for us to accept BS as an answer for anything, specially a supposed new revolutionary tech which is Blockchain supposed to be which is not ass noted.
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1 month 4 weeks ago

A chain is as strong as its weakest link. So when you spread a database among many Nodes, when these Nodes are obviously much weaker than say a Bank that has to go through Federal checks, then your Chain is going to have many weaker links. After all, the key reason behind blockchain that it protects you against unauthorized INSERT and DELETE, due to many Copies, but that does not protect you from COPY which is what Hackers want whether it is your Credit Card number, your email, etc..
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1 month 4 weeks ago
Reporter, this is actually the most lucid argument against or about Blockchain. That is as you noted Blockchain so called technology, gives you Zero protection from your data being Copied, which is of course what most hackers want, whether it is stealing your Credit Card info, your email, etc.. So bang on Money Man.
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1 month 4 weeks ago
I agree with Reporter. Distrusted Database, ala Blockchain, makes data far more insecure overall. And why would you want to do that!
After all, if a Bank looses your data, aka where your Data is stored on a client/server based model in a central DB, then the bank is legally obligated to make you whole. Moreover you could Sue the Bank and its parent companies for any data breach. OTOH, in case of Blockchain the Nodes have no legal duty to make you whole and you have little to no one to sue.
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1 month 4 weeks ago
blockchain technology is AI and Machine Learning to make blockchain technology to be highly secure. If you do not understand these key new technologies, then you not gonna understand the incredible value of blockchain.
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1 month 3 weeks ago
Blockchain brings the cost of transactions down to pennies vs the dollars it cost for bank transactions. The blockchain is also faster and private.
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1 month 3 weeks ago
This is absolute Non-sense that:
"Blockchain brings the cost of transactions down to pennies vs the dollars it cost for bank transactions.."
Why would it cost the Banks Dollars for transactions?
If Banks are charging Dollars for a transaction, it is only because they feel they have no real competition. Since any digital transaction, whether via a Distributed DB, aka BlockChain, or Server based DB, costs nothing.
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1 month 4 weeks ago

There is as much Truth to blockchain, as much real to blockchain, as there was/is to flying Cars being parked in everyone's garage by now or self driving cars actually driving us around. Which means mainly Hype an buzzword.
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1 month 4 weeks ago
Good one. But driving cars are just around the Corner :)
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1 month 4 weeks ago

BitCoin, blockchain are just the latest buzzword scams. In fact blockchain became a fad as value of BitCoin took off, since it is the underlying tech under BitCoin. Well Sort of. Even that is not really True. Anyway, as BitCoin will crash to less than 1 Cent, so will go blockchain down the toilet that it belongs too. And actually you have made some excellent examples of why blockchain is a bad chain. That is how do we know who the Nodes in a blockchain are and that they know how to run a secure server and/or will not just steal our Credit Card and Banking info themselves? So blockchain is just another joke on US 😡
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1 month 4 weeks ago
That is true. But most people do not realize there are many BitCoin based security measures that are not part of blockchain at all. So when people use BitCoin as example of a security that blockchain offers, setting aside as you noted BitCoin as a currency is really worthless since no Central Bank will accept it, etc.., is the fact that BitCoin has many Security measures built on top of the blockchain DB of it that are not part of blockchain at all. So Kudos 2U on that point.
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