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rippledigital posted a topic in Alt-Coins and General FintechNot new(s), but still a brilliant yet simple idea, IMO, that I just wanted to reshare and see if anyone knows of any progress on, or implementations of, the BitMint concept. Essentially it's a "digital claim check" on dollars (or any cash/asset). But the money can be tethered or "fused with" contracts inside the actual units, unlike say bitcoins that only represent generic accounting units. So you can do some very clever, game-changing things with these conditions attached, e.g. loyalty schemes, time-sensitive money, fraud tracking, disaster recovery money (@Haydentiff) , etc. Or in Gideon's words, "No one can sever the connection between the money and its disposition." Check it out:
Just wanted to alert people to some really interesting tech, IOTA, which many of you already know about. I'd like to keep up with what's happening over there so I thought this could be a thread we can add related articles too. I think it's a potential rival to Ripple in some ways, in other ways not so. I find the project really fascinating with great ambitions and scope, and some amazing people on the team. NOTE: I do not own any IOTA tokens, but I would like to; currently seems a bit complicated to get some as it's still in early production. Here's the best intro bits I could find: http://www.iotatoken.com More info: https://medium.com/@DavidSonstebo/iota-97592581f985#.w5vy7hut4 Here is there last "year in review" type blog: https://medium.com/iotatangle/iota-year-in-review-year-in-preview-6de510696e02#.xcj0gajio Some quotes from various sources I found particularly interesting (bold mine): I also asked around on the Slack channel about speed / confirmation time of transactions. I was told the more people use it the faster it potentially goes, and eventually a large-scale network effect means transactions settle in "seconds". So it possibly rivals Ripple/Stellar for speed too, once it's deployed properly. For me it's further interesting because they've got Gideon Samid from BitMint onboard. My "hunch" right now is (and correct me with a cane if I'm off) that IOTA is going to be another testbed for BitMint's idea of tethered (fiat) digital money, or they're working together closely to co-produce something pretty big. So presumably there's a way to issue any token on the IOTA network (tangle), like Ripple issuances, and/or, the network can be forked and changed to accommodate central banks / mints / banks who issue or govern the issuance of fiat currencies. Very interesting if so! Would love to hear you guys' thoughts... RipDig
rippledigital posted a topic in Alt-Coins and General Fintechhttps://medium.com/@bitmintnews/tethered-money-promises-a-new-balance-between-capitalism-and-socialism-2613742f1427#.w8xw06r6x
I have very kindly been given express permission via email from Gideon to share one of his older books (from 2014, so still quite new), which I attach here in PDF format. It's absolutely worth a read; it's simply the clearest and most profound line of thinking I've come across in this space since first discovering Bitcoin and then shortly thereafter Ripple – but potentially perhaps even more transformative. Here's an excerpt to get your juices flowing. Enjoy! The Dawn of Digital Currency: Five Hundred Years Since the Last Time Money Changed Form (Columns, Essays, Technology) by Gideon Samid youtube.com/user/GideonTheTeacher/videos
rippledigital posted a topic in Alt-Coins and General FintechHow Digital Currencies Will Cascade up to a Global Stable Currency The Fundamental Framework for the Money of the Future The whole of Chapter 20 is online for free, here: Google Books 'Tethered Money' goes into the tethering concept in more depth: E-book Amazon (paperback/e-book)