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  • FIRST POST
    • unitedwestand
    • By unitedwestand 30th Mar 17, 9:28 PM
    • 163Posts
    • 129Thanks
    unitedwestand
    Bitcoin, Blockchain & Cryptocurrencies
    • #1
    • 30th Mar 17, 9:28 PM
    Bitcoin, Blockchain & Cryptocurrencies 30th Mar 17 at 9:28 PM
    Searching the main MSE site for "Bitcoin" returns 8 results, "Blockchain 1 result & Cryptocurrencies 1 & 3 of these results are for the same single article.

    Doing the same on the UK Governments website, Bitcoin 16 results, Blockchain 23 results & Cryptocurrencies 9 results.

    Whereas searching for the term "money" returns 184k results on MSE and only 18k on Gov.UK and "Cash" 181k results on MSE and 7k on Gov.uk

    This technology is undoubtedly the biggest financial revolution in the past decade and has the potential to empower & save the average person in every single element of what MSE covers.

    Does MSE intentionally avoid covering it's evolution or will there be plans to dedicate forums and webpages to it in the future?

    I'd really like to see that
    Last edited by unitedwestand; 30-03-2017 at 9:35 PM.
Page 1
    • antrobus
    • By antrobus 31st Mar 17, 1:30 AM
    • 14,917 Posts
    • 21,131 Thanks
    antrobus
    • #2
    • 31st Mar 17, 1:30 AM
    • #2
    • 31st Mar 17, 1:30 AM
    ..This technology is undoubtedly the biggest financial revolution in the past decade....
    Originally posted by unitedwestand
    It is if you are a drug dealer, a hitman, or similar. Otherwise, it is of no relevance to the individuals riding the local omnibus.

    ... and has the potential to empower & save the average person in every single element of what MSE covers....
    Originally posted by unitedwestand
    Perhaps if you were to give a few clues as to exactly how bitcoin could "save the average person in every single element of what MSE covers", MSE might listen.
    • Mobeer
    • By Mobeer 31st Mar 17, 11:29 AM
    • 1,679 Posts
    • 4,372 Thanks
    Mobeer
    • #3
    • 31st Mar 17, 11:29 AM
    • #3
    • 31st Mar 17, 11:29 AM
    This technology is undoubtedly the biggest financial revolution in the past decade and has the potential...
    Originally posted by unitedwestand
    I agree Blockchain is "the biggest financial revolution", but it just hasn't happened quite yet. This site tends to cover more mature technologies as they become widespread.

    For example the news articles section is currently is showing a story on contactless payments, which started in about 1997, but haven't become widespread until much more recently. This has maybe reached the Gartner hype curve's "Slope of Enlightenment". By comparison Blockchain feels closer to the "Peak of Inflated Expectations" stage.
    • unitedwestand
    • By unitedwestand 31st Mar 17, 12:46 PM
    • 163 Posts
    • 129 Thanks
    unitedwestand
    • #4
    • 31st Mar 17, 12:46 PM
    • #4
    • 31st Mar 17, 12:46 PM
    It is if you are a drug dealer, a hitman, or similar. Otherwise, it is of no relevance to the individuals riding the local omnibus.
    Originally posted by antrobus
    Does that include Microsoft, Virgin, Expedia, Paypal, Dell, Bloomberg, Tesla, T-mobile etc who all use it?

    Perhaps if you were to give a few clues as to exactly how bitcoin could "save the average person in every single element of what MSE covers", MSE might listen.
    Originally posted by antrobus
    Or maybe you could give a clue how it couldn't?
    • glentoran99
    • By glentoran99 31st Mar 17, 12:53 PM
    • 4,402 Posts
    • 3,246 Thanks
    glentoran99
    • #5
    • 31st Mar 17, 12:53 PM
    • #5
    • 31st Mar 17, 12:53 PM
    Does that include Microsoft, Virgin, Expedia, Paypal, Dell, Bloomberg, Tesla, T-mobile etc who all use it?



    Or maybe you could give a clue how it couldn't?
    Originally posted by unitedwestand


    How would a constantly fluctuating crytpo currency save me money in laymans terms?
    • Quasar
    • By Quasar 31st Mar 17, 1:27 PM
    • 113,338 Posts
    • 230,347 Thanks
    Quasar
    • #6
    • 31st Mar 17, 1:27 PM
    • #6
    • 31st Mar 17, 1:27 PM
    How would a constantly fluctuating crytpo currency save me money in laymans terms?
    Originally posted by glentoran99

    I agree. One bitcoin was worth over £1000 about three weeks ago, today it's only £839. A few years ago it was £700-750 for several weeks, then after a cyber attack that "stole" around £250m worth of bitcoins, it plummeted to £250, slowly going up in the last few months. There is NO way I would regard bitcoin as a way of saving.
    Your password must contain an upper case letter, a number, a haiku, a gang sign, a hieroglyph and the blood of a virgin - this was a tweet
    =^..^=
    • unitedwestand
    • By unitedwestand 31st Mar 17, 8:00 PM
    • 163 Posts
    • 129 Thanks
    unitedwestand
    • #7
    • 31st Mar 17, 8:00 PM
    • #7
    • 31st Mar 17, 8:00 PM
    How would a constantly fluctuating crytpo currency save me money in laymans terms?
    Originally posted by glentoran99
    How would Match Betting save you money but it still gets a forum board dedicated to it?

    http://forums.moneysavingexpert.com/forumdisplay.php?f=41

    Whatever people opinion Blockchain & Cryptocurrencies high in value, low in value, small market caps, large market caps... whatever are one of, if not thee most technological and financial revolutions the world has ever seen.

    They are here to stay, governments are talking about and addressing them, financial industries are looking to implement and use them and in the future they will undoubtedly play their part in every financial discussion that takes place on MSE one way or another.

    They have the future potential to really empower and enrich the average person, either directly or indirectly.

    Search the MSE forums and already there are almost 5,000 topics that refer to Bitcoin, however only one MSE article that I can see.

    I really think the site and forum could benefit from more coverage & discussion on either good bad or indifferent on Bitcoin, Blockchain & Cryptocurrencies.

    No?
    • antrobus
    • By antrobus 1st Apr 17, 9:06 AM
    • 14,917 Posts
    • 21,131 Thanks
    antrobus
    • #8
    • 1st Apr 17, 9:06 AM
    • #8
    • 1st Apr 17, 9:06 AM
    ..They have the future potential to really empower and enrich the average person, either directly or indirectly. ...
    Originally posted by unitedwestand
    How?

    Simply avoiding answering that question rather implies that your claim is simply BS.

    ...Search the MSE forums and already there are almost 5,000 topics that refer to Bitcoin, however only one MSE article that I can see....
    Originally posted by unitedwestand
    Write it yourself.

    ...I really think the site and forum could benefit from more coverage & discussion on either good bad or indifferent on Bitcoin, Blockchain & Cryptocurrencies.
    ..
    Originally posted by unitedwestand
    How would the site and forum "benefit"?
    • unitedwestand
    • By unitedwestand 3rd Apr 17, 2:16 AM
    • 163 Posts
    • 129 Thanks
    unitedwestand
    • #9
    • 3rd Apr 17, 2:16 AM
    • #9
    • 3rd Apr 17, 2:16 AM
    How?

    Simply avoiding answering that question rather implies that your claim is simply BS.



    Write it yourself.



    How would the site and forum "benefit"?
    Originally posted by antrobus
    Current market cap of cryptocurrencies is $27,583,535,022 vs antrobus calling BS

    If you don't know/ see the benefits and future possibilities I suggest a little self-education and research might be in order before trying dismiss the case against them.

    Smart contracts
    One of the most promising applications of blockchain technology is the smart contract. It can execute commercial transactions and agreements automatically. It also enforces the obligations of all parties in a contract – without the added expense of a middleman.

    Share trading
    Share trading will soon be impacted by the blockchain. Utilizing blockchain technology potentially allows for greater trade accuracy, and a shorter settlement process.

    speeding up and simplifying cross-border payments
    The transfer of value has always been an expensive and slow process. This is particularly true for cross-border payments. The blockchain is able to speed up and simplify this process - and also reduces the costs significantly.

    improve online identity management
    When identity management is moved to the blockchain, users are able to choose how to identify themselves and who will be informed. They still need to register their identity on the blockchain somehow, but after that, they can re-use that identification for other services.

    loyalty and rewards
    Blockchain offers many benefits, including transparency and traceability of transactions. This will help banks and insurers to create a more captivating loyalty and rewards program that fits 24/7 performance management and enhances engagement.

    Healthcare
    Using digital signatures on blockchain-based data that allows access only when authorized by multiple people could regulate the availability and maintain the privacy of health records. In addition, a community of people, including hospitals, doctors, patients, and insurance companies, could be part of the overall blockchain, reducing fraud in healthcare payments.

    Defence
    Unauthorized access or modification of critical defense infrastructure, such as operating systems and network firmware, could seriously compromise national security. For most countries, defense infrastructure and computer systems are distributed across different locations. Blockchain technology distributed across multiple data centers can ensure security against attacks on important network and hardware equipment by ensuring consensus-based access for modification.

    Government
    Government departments that work in silos cause the exchange of information to be delayed, negatively impacting citizen services. Linking the data between the departments with blockchain ensures that data is released in real time, when both the departments and the citizen consent to sharing data. Blockchain technology could improve transparency and check corruption in governments worldwide.

    Law
    Blockchains can contain a huge amount of data, including entire contracts. The impact of “smart contracts”—protocols that facilitate or enforce contract performance using blockchain—will have a profound impact for industries. Smart contracts eliminate the middleman, such as a legal firm, as payment will happen based on certain milestones being met. By its very nature, the smart contract is easily enforceable electronically, creating a powerful escrow by taking it out of the control of a single party.

    Energy
    Microgeneration of electricity is becoming a huge trend in the power generation business. New energy initiatives such as home power generation and community solar power are filling in gaps of power supply across the world. As microgeneration adds to traditional power suppliers, it fosters creation of an energy market. Smart meters can register produced and consumed electricity in a blockchain, which allows for consumption of the surplus energy in a different location, providing credits or currency to the original producer. The credits can then be redeemed against the grid when the microgenerator needs additional electricity from the grid. The blockchain enforces these contracts in real time or near-real time, allowing for a utility market to be created with minimal red tape.

    There are countless benefits and endless possibilities for this technology both centralised and decentralised, regulated and unregulated, commercial and domestic.

    It is currently and will completely revolutionise the full financial sector and beyond, from the commercial sector to the average person on the forum.

    It's not going away, the technological genie is truly out the bottle and I thing the forum with thousands of topics referencing it could do with a board and site acknowledging it, because at the moment there appears to be a large proportion of people receiving only the hyper-negative one-sided coverage from the mainstream media and there doesn't seem to be much by the ways of constructive discussion, coverage, assistance, information or debate.
    • LABMAN
    • By LABMAN 3rd Apr 17, 9:49 AM
    • 597 Posts
    • 916 Thanks
    LABMAN
    I think you were asked to write it yourself...that does not mean cut and paste from one source and not reference that source. Not credible of you to do so and it's against forum rules.
    Je suis Parisien
    • MSE Andrea
    • By MSE Andrea 3rd Apr 17, 12:05 PM
    • 8,328 Posts
    • 20,433 Thanks
    MSE Andrea
    Thanks for the feedback unitedwestand. I'm passing it on to the Money Team.

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    • unitedwestand
    • By unitedwestand 3rd Apr 17, 1:35 PM
    • 163 Posts
    • 129 Thanks
    unitedwestand
    I think you were asked to write it yourself...that does not mean cut and paste from one source and not reference that source. Not credible of you to do so and it's against forum rules.
    Originally posted by LABMAN
    Apologies that's why I put italic front, forgot the link.

    Its from an article on Orcale's website, the S&P 100, multi-billion dollar company and one from Deloitte
    • unitedwestand
    • By unitedwestand 3rd Apr 17, 1:46 PM
    • 163 Posts
    • 129 Thanks
    unitedwestand
    Thanks for the feedback unitedwestand. I'm passing it on to the Money Team.
    Originally posted by MSE Andrea
    Great Much appreciated thanks Andrea

    Thanks for the thread Bumps folks
    • MSE Helen Saxon
    • By MSE Helen Saxon 6th Apr 17, 5:29 PM
    • 75 Posts
    • 42 Thanks
    MSE Helen Saxon
    Hi unitedwestand. Fintech and smart/digital products are something we're looking to cover this year, but I think more in terms of products that are out there rather than (necessarily) the technologies underlying it.

    We try to simplify personal & household finance for people, to allow them to make informed decisions that are right for them. If doing that involved explaining the tech behind it, we'd do that too. But, at the moment, I don't think it's quite there yet.

    If it does become directly relevant to a consumer's choice - eg one platform/provider using blockchain and one not, then that's when we'd look to spell out the advantages the blockchain one had (assuming that it is better, of course).

    Hope this makes things clearer in terms of where we're coming from, but please reply or message me if not.

    Thanks
    • unitedwestand
    • By unitedwestand 7th Apr 17, 8:40 PM
    • 163 Posts
    • 129 Thanks
    unitedwestand
    Hi unitedwestand. Fintech and smart/digital products are something we're looking to cover this year, but I think more in terms of products that are out there rather than (necessarily) the technologies underlying it.

    We try to simplify personal & household finance for people, to allow them to make informed decisions that are right for them. If doing that involved explaining the tech behind it, we'd do that too. But, at the moment, I don't think it's quite there yet.

    If it does become directly relevant to a consumer's choice - eg one platform/provider using blockchain and one not, then that's when we'd look to spell out the advantages the blockchain one had (assuming that it is better, of course).

    Hope this makes things clearer in terms of where we're coming from, but please reply or message me if not.

    Thanks
    Originally posted by MSE Helen Saxon
    Helen, thanks so much for taking time out to reply

    It's great news it's an area MSE are looking into this year

    The UK's "official" institutions and government appear to have quite an open and accepting outlook on the future of Fintech. The BOE announced a FinTech Accelerator last year in the Mansion House speech and issued a news release on it last month.

    The UK also has some good Blockchain heritage with the likes of Peter Smith, who is American by birth but considers London as his home after moving across after graduating and is the CEO of the worlds largest bitcoin wallet.

    Whats lacking is recognizable non-partisan body that can help report on, educate and offer real world info and advice on the adoption and use of this new financial technology, both centralized and decentralized.

    For example, I paid my plumber in Bitcoin the other day, one mobile phone to another, instantly, very low cost & without banks. 10 years ago this would be very difficult to do.

    I bought a pizza on holiday with Bitcoin, which otherwise would involve currency exchanges, banks, credit cards etc and lots of third party costs and transaction fees.

    Totally understand we're not there yet, but many people are looking and adoption is growing rapidly.

    For example in January 2010 there were around 150 transactions per day, in February this year that peaked at 350k transactions per day. Google trends suggests the this is the highest sustained interest for the search term Bitcoin since it's inception & there's a reported 100k merchants accepting Bitcoin

    I reckon MSE would do a great job at least covering some elements just a little more, and with much investment in the space, some decent affiliate/ sponsored back links in to the bargain.

    Thanks again
    • forgotmyname
    • By forgotmyname 7th Apr 17, 10:54 PM
    • 25,303 Posts
    • 10,045 Thanks
    forgotmyname
    Some elements like no comeback if your bitcoins are stolen?

    100k merchants, how many legal ones not trading in dodgy downloads and questionable goods? 350k transactions compared to paypals millions per day.

    Dont forget the number of wallets created far exceeds the number of transactions. Shows that users are interested and create wallets but wont put any real hard cash into Bitcoins.

    Volatile and not as safe as they originally made out.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • pogofish
    • By pogofish 10th Apr 17, 11:03 AM
    • 7,247 Posts
    • 7,284 Thanks
    pogofish
    Does MSE intentionally avoid covering it's evolution or will there be plans to dedicate forums and webpages to it in the future?
    Originally posted by unitedwestand
    Just about every bitcoin thread that I've seen on here has ended-up being deleted because it rapidly became swamped with "buy/sell Bitcoin" spammers/stooges.

    It would be nice to see honest/legit discussion and and advice on the subject but for now, I reckon the work involved in keeping the bottom-feeders under control is maybe too much?
    • easilyparted
    • By easilyparted 12th Apr 17, 10:02 AM
    • 37 Posts
    • 9 Thanks
    easilyparted
    http://forums.moneysavingexpert.com/showthread.php?t=5626257
    Agreed we need a section devoted to Bitcoin. I am interested in buying some, but where do you get them and how do you know if you have them if they do not exist in solid form?
    • MSE Andrea
    • By MSE Andrea 18th Apr 17, 1:12 PM
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    MSE Andrea
    Thanks for the feedback everyone. This will be useful for the Editorial team when the time comes.

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