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Microsoft embraces blockchain technology watch

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    https://cloudblogs.microsoft.com/ent...-as-we-see-it/

    Over the last 12 months we’ve invested in incubating a set of ideas for using Blockchain (and other distributed ledger technologies) to create new types of digital identities, identities designed from the ground up to enhance personal privacy, security and control.

    We’re pretty excited by what we’ve learned and by the new partnerships we’ve formed in the process. Today we’re taking the opportunity to share our thinking and direction with you.



    Well worth a read of the full article if you have an interest in this space.
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    Cryptocurrencies are the future

    Bitcoin on the other hand is, well - subjective..
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    (Original post by Lord Nutter)
    Cryptocurrencies are the future

    Bitcoin on the other hand is, well - subjective..
    I couldn't agree more, we're moving to a blockchain world and this technology will revolutionise just about every sector you can think of. Exciting time to be alive!
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    (Original post by Ninja Squirrel)
    I couldn't agree more, we're moving to a blockchain world and this technology will revolutionise just about every sector you can think of. Exciting time to be alive!
    Very true. I've heard that such technology has even been discussed for use for the NHS.
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    (Original post by Lord Nutter)
    Very true. I've heard that such technology has even been discussed for use for the NHS.
    Absolutely, it will take time to shift everything onto the blockchain but it will happen gradually and the first five sectors I expect to see migrating over to the blockchain would be finance, healthcare, insurance, real estate and import / export.
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    What do you make of this Doonesbury?
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    Can someone give me the headlines?
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    (Original post by Ninja Squirrel)
    What do you make of this Doonesbury?
    Microsoft is forever kicking itself for not embracing the internet much earlier so it's no surprise they've been looking very closely at blockchain tech.

    And it's interesting the word "currency" doesn't appear at all
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    (Original post by Doonesbury)
    Microsoft is forever kicking itself for not embracing the internet much earlier so it's no surprise they've been looking very closely at blockchain tech.

    And it's interesting the word "currency" doesn't appear at all
    That's a good thing! Naming cryptocurrencies as cryptocurrencies has only discredited and limited the potential of this technology because now it's ingrained in people that cryptocurrencies = dark shady underground currencies like bitcoin, it just damages the tech, a much better name is cryptosecurities, cryptoassets or cryptocommodities.

    The reality is crypto will never be used as a legitimate alternative to fiat in any meaningful way, it was tried and it failed. Now it's time to move on and slowly but surely the crypto community will.
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    (Original post by Ninja Squirrel)
    That's a good thing! Naming cryptocurrencies as cryptocurrencies has only discredited and limited the potential of this technology because now it's ingrained in people that cryptocurrencies = dark shady underground currencies like bitcoin, it just damages the tech, a much better name is cryptosecurities, cryptoassets or cryptocommodities.

    The reality is crypto will never be used as a legitimate alternative to fiat in any meaningful way, it was tried and it failed. Now it's time to move on and slowly but surely the crypto community will.
    Agreed. I can't see crypto currencies taking off whilst there is no regulation. I am sorry, but I don't want to put all my money into something that has been hacked and where there is no protection or recourse in the law. Currency is just a proxy for trust. I don't trust crypto-currencies and I think I am in the majority right now.

    They are also exceedingly environmentally unfriendly. There was an article about the fact that Iceland has used up almost all its spare capacity and a report for More or Less found that the amount of energy used up by Bitcoins is akin to that used by a country like Switzerland.
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    (Original post by ByEeek)
    Agreed. I can't see crypto currencies taking off whilst there is no regulation. I am sorry, but I don't want to put all my money into something that has been hacked and where there is no protection or recourse in the law. Currency is just a proxy for trust. I don't trust crypto-currencies and I think I am in the majority right now.

    They are also exceedingly environmentally unfriendly. There was an article about the fact that Iceland has used up almost all its spare capacity and a report for More or Less found that the amount of energy used up by Bitcoins is akin to that used by a country like Switzerland.
    What do you mean you don't trust cryptocurrencies? Do you mean you don't trust the blockchain? What is it exactly you don't trust?

    The entire point of a blockchain is that you don't need to trust anyone, if you trust cryptography then you should trust blockchain technology. Sure if your funds get stolen then you cannot get them back but if you take appropriate security they won't get stolen.
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    (Original post by Ninja Squirrel)
    What do you mean you don't trust cryptocurrencies? Do you mean you don't trust the blockchain? What is it exactly you don't trust?

    The entire point of a blockchain is that you don't need to trust anyone, if you trust cryptography then you should trust blockchain technology. Sure if your funds get stolen then you cannot get them back but if you take appropriate security they won't get stolen.
    There are two sides of it I don't trust. There is the side that would have seen my paycheck paid in bitcoins at Christmas being worth half what it was then and there is the fact that people keep getting their bitcoins stolen

    http://time.com/money/5053744/hacker...coin-nicehash/
    https://uk.reuters.com/article/us-cy...-idUKKBN1E10AQ
    http://www.computerweekly.com/news/4...80m-in-bitcoin

    And if you are on the receiving end of it, there is no recourse. If my bank burns down tomorrow, my money is guaranteed no only by regulation the bank has to adhered to to look after my money, but also by the government itself as lender of last resort.

    You can argue till the cows come home about how worthy the mathematical formula of the block chain is, but I don't trust it and will therefore not be swapping my pounds (that I do trust) for bitcoins anytime soon.
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    (Original post by ByEeek)
    There are two sides of it I don't trust. There is the side that would have seen my paycheck paid in bitcoins at Christmas being worth half what it was then and there is the fact that people keep getting their bitcoins stolen

    http://time.com/money/5053744/hacker...coin-nicehash/
    https://uk.reuters.com/article/us-cy...-idUKKBN1E10AQ
    http://www.computerweekly.com/news/4...80m-in-bitcoin

    And if you are on the receiving end of it, there is no recourse. If my bank burns down tomorrow, my money is guaranteed no only by regulation the bank has to adhered to to look after my money, but also by the government itself as lender of last resort.

    You can argue till the cows come home about how worthy the mathematical formula of the block chain is, but I don't trust it and will therefore not be swapping my pounds (that I do trust) for bitcoins anytime soon.
    I've told you this before but you simply refuse to take in what I'm telling you. Bitcoin and blockchain do not get hacked, applications which run on the blockchain can get hacked and exchanges can get hacked which is completely different to the blockchain itself being compromised. It is equivalent to getting a keylogger on your PC cos you visited a dodgy website and having your gmail or bank account hacked and then saying "I don't trust gmail or banks, they keep getting hacked."

    If you take the appropriate precautions to safeguard your funds like using cold storage then you won't get them stolen, it's as simple as that. As for the price I understand it fluctuates a lot but and you don't trust it being a stable form of currency, that's fine not many people do, including myself.

    Anyway let's not focus on 1 cryptocurrency because there are hundreds, what about all the others? It's a bit of a shame that the $500billion cryptocurrency industry is only known as "bitcoin" but that just highlights how early into the technology we are so in a way I'm quite grateful because it means I'm nice and early to the party so my investments will grow nicely

    I imagine back in the day people also used to associate "the internet" with AOL :rolleyes:
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    (Original post by ByEeek)
    There are two sides of it I don't trust. There is the side that would have seen my paycheck paid in bitcoins at Christmas being worth half what it was then and there is the fact that people keep getting their bitcoins stolen

    http://time.com/money/5053744/hacker...coin-nicehash/
    https://uk.reuters.com/article/us-cy...-idUKKBN1E10AQ
    http://www.computerweekly.com/news/4...80m-in-bitcoin

    And if you are on the receiving end of it, there is no recourse. If my bank burns down tomorrow, my money is guaranteed no only by regulation the bank has to adhered to to look after my money, but also by the government itself as lender of last resort.

    You can argue till the cows come home about how worthy the mathematical formula of the block chain is, but I don't trust it and will therefore not be swapping my pounds (that I do trust) for bitcoins anytime soon.
    If you would have bought bitcoin a week ago when it was $6k, you could sell it now for $10k (67% profit on original investment). Do you hate making money for doing nothing?
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    (Original post by Ninja Squirrel)
    I've told you this before but you simply refuse to take in what I'm telling you. Bitcoin and blockchain do not get hacked, applications which run on the blockchain can get hacked and exchanges can get hacked which is completely different to the blockchain itself being compromised. It is equivalent to getting a keylogger on your PC cos you visited a dodgy website and having your gmail or bank account hacked and then saying "I don't trust gmail or banks, they keep getting hacked."

    If you take the appropriate precautions to safeguard your funds like using cold storage then you won't get them stolen, it's as simple as that. As for the price I understand it fluctuates a lot but and you don't trust it being a stable form of currency, that's fine not many people do, including myself.

    Anyway let's not focus on 1 cryptocurrency because there are hundreds, what about all the others? It's a bit of a shame that the $500billion cryptocurrency industry is only known as "bitcoin" but that just highlights how early into the technology we are so in a way I'm quite grateful because it means I'm nice and early to the party so my investments will grow nicely

    I imagine back in the day people also used to associate "the internet" with AOL :rolleyes:
    With regards to the bit about security: people need to understand what you're telling them. Blockchain is as safe as it can get. Funds don't go missing from the blockchain, they go missing from wallets or exchanges. Cryptocurrency is based on the blockchain, not a random wallet or exchange with weak security and devs. I've been holding crypto for a few months now and my funds are safe and sound.
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    (Original post by Ninja Squirrel)
    I've told you this before but you simply refuse to take in what I'm telling you. Bitcoin and blockchain do not get hacked, applications which run on the blockchain can get hacked and exchanges can get hacked which is completely different to the blockchain itself being compromised. It is equivalent to getting a keylogger on your PC cos you visited a dodgy website and having your gmail or bank account hacked and then saying "I don't trust gmail or banks, they keep getting hacked."

    If you take the appropriate precautions to safeguard your funds like using cold storage then you won't get them stolen, it's as simple as that. As for the price I understand it fluctuates a lot but and you don't trust it being a stable form of currency, that's fine not many people do, including myself.

    Anyway let's not focus on 1 cryptocurrency because there are hundreds, what about all the others? It's a bit of a shame that the $500billion cryptocurrency industry is only known as "bitcoin" but that just highlights how early into the technology we are so in a way I'm quite grateful because it means I'm nice and early to the party so my investments will grow nicely

    I imagine back in the day people also used to associate "the internet" with AOL :rolleyes:
    I get all that. But as a casual user, how do I know which apps to trust. And why should I need to know about cold storage? I also don't wish to subscribe to a mechanism that is not only contributing directly to climate change but is also facilitating much of the world's organised crime.
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    (Original post by Chaz254)
    If you would have bought bitcoin a week ago when it was $6k, you could sell it now for $10k (67% profit on original investment). Do you hate making money for doing nothing?
    And like many bets you can lose everything. So is bitcoin a currency or gamblers paradise? I would suggest that right now it is the later.

    Ps I hope you will be paying capital gains tax on your earnings. HMRC does now regognise gains made from bitcoin.
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    (Original post by ByEeek)
    And like many bets you can lose everything. So is bitcoin a currency or gamblers paradise? I would suggest that right now it is the later.

    Ps I hope you will be paying capital gains tax on your earnings. HMRC does now regognise gains made from bitcoin.
    I'd like to know how much tax Ninja Squirrel will evade paying.

    It also smacks of someone desperately seeking to hype up the bubble for gamblers to make a killing.

    Microsoft are riding the 'me too' bubble.
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    (Original post by ByEeek)
    And like many bets you can lose everything. So is bitcoin a currency or gamblers paradise? I would suggest that right now it is the later.

    Ps I hope you will be paying capital gains tax on your earnings. HMRC does now regognise gains made from bitcoin.
    (Original post by uberteknik)
    I'd like to know how much tax Ninja Squirrel will evade paying.

    It also smacks of someone desperately seeking to hype up the bubble for gamblers to make a killing.

    Microsoft are riding the 'me too' bubble.
    Lol. Capital gains are only applied when you cash out. Until crypto is turned into GBP, no tax is payable because no gains have been realised. Also there is an allowance of around £11k for capital gains.
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    (Original post by Chaz254)
    If you would have bought bitcoin a week ago when it was $6k, you could sell it now for $10k (67% profit on original investment). Do you hate making money for doing nothing?
    Lol, imagine buying it in May 2010 when it was worth less than $0.01, and gaining $10k profit :laugh:
 
 
 
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