EBay founder Pierre Omidyar in addition to his Omidyar Network investment theatre excogitation on dumping a pile of cash into eCurrency Mint (eCM), a Dublin fellowship that claims it has come upward up alongside a build novel ground-breaking idea.
They convey a revolutionary technology to alter all of earth. Are yous cook for this? They suggest a novel technology in addition to it's called digital currency. They convey branded it e-currency.
Yes, I merely said that. I'm non making this materials up. It's remove from a press release. Here's a few excerpts.
"eCurrency equally good delivers major savings to governments in addition to taxpayers: The terms of minting in addition to distributing eCurrency is merely about one-tenth of the terms of printing, securing, distributing, in addition to eventually destroying paper-based money. The solution plant seamlessly across all existing payments systems in addition to electrical flow infrastructures, in addition to it tin compass notice last customized to comply alongside nation-specific safety in addition to regulatory frameworks. It was developed based on feedback through remove engagement alongside thirty fundamental banks in addition to has been successfully piloted inward multiple countries."
Is it merely me or does this non reek of Josh Garza speak? He said the same affair dorsum earlier the world-changing PayCoin was still-born.
"If nosotros intend of digital transaction platforms equally a organisation of pipes ..."
Actually nosotros telephone telephone them chains of digital signatures in addition to the platform is called this Blockchain thing.
"eCurrency volition enable fundamental banks to number a single, rubber digital currency musical instrument running through these pipes, making the entire organisation to a greater extent than secure, transparent, efficient, and, to a greater extent than importantly, trustworthy, equally it is directly backed past times the country's fundamental bank."
So, it's similar [Swift wires], VISA, PayPal, etc...? The press liberate goes on to say:
"Each unit of measurement of eCurrency consists of a "cryptocomplex": Influenza A virus subtype H5N1 self-contained safety musical instrument made upward of many layers of safety technology uniquely outflow together to ensure eCurrency cannot last counterfeited or compromised."
I see, thence its similar bitcoin... but non bitcoin ... because they don't like bitcoin ... thence alongside everyone on globe trying to sell them stuff, why non purchase it from eBay? I larn it.
"eCurrency tin compass notice alone last minted past times the fundamental banking venture inward an offline process. ... After deployment, eCurrency's safety features tin compass notice last updated real-time, inward lodge to remain ahead of counterfeiting threats...
That's plenty out of them. Did yous honour where they contradict themselves? First they tell yous it cannot last counterfeited, then they tell yous they volition endeavor to "stay ahead" of counterfeiting but they lost me way before that. I was done later on I read this line:
"can alone last minted past times the fundamental banking venture inward an offline process"
Are yous kidding me? I wouldn't trust a banking venture to mint Monopoly money!
Oh yeeeaaaahhhh this is merely a super idea... and its got fraud in addition to hacker written all over it. I bet hackers are salivating over the liberate of this.
Remember PayCoin?
What this sounds similar is that they are going to build a "private bitcoin" which volition last close equally rubber in addition to realistic equally a "private blockchain". I approximate side past times side yr they are going to force to build everyone start calling it a somebody bitcoin instead of an altcoin. Are they using the Blockchain? Of class not, this mightiness equally good last PayPal or Venmo, which makes yous wonder exactly what the call for of this is.
Again, it sounds allot similar Josh Garza in addition to PayCoin, the self-mining money of somebody access that was going to alter everything in addition to operate through all of the measure channels equally this press liberate equally good states. What is the divergence if ane charges a Visa bill of fare through the Visa network or ane of these "e-currencies" through the Visa network? Why lay it in that location inward the kickoff place? If its a digital representation of a dollar yous convey inward your banking venture concern human relationship (or someone's) in addition to thence why be at all? Just role the damn Visa card. They pretty much practice exactly this already. Doesn't build allot of sense.
You don't demand fiat currency to build bitcoin worth value. It does that on its ain alongside its support. If this affair is going to basically last digital money representing physical money that they telephone telephone an Altcoin, in addition to thence it's no dissimilar than Google Wallet, Square, or ane of the hundreds of prepaid cards out there. Perhaps some added safety to practice a improve project of protecting against credit bill of fare fraud in addition to that could last the angle here.
Perhaps eBay's founder is merely out to cash inward on Bitcoin in addition to since he didn't mine or purchase any, he merely figured he'd pocket the thought in addition to speak some folks into buying it. There's been allot of that going around. One affair is for sure, if yous desire to larn rich off Bitcoin the surreptitious is directly uncovered, the electrical flow model is apparently that yous convey to not telephone telephone anything bitcoin in addition to build a bunch of the same shit audio similar something new. Then merely larn sell it to some idiot at a bank.
Actually, this thought has been merely about for a land merely expect at all of the Altcoins out there, or not out in that location anymore. 1000 dissimilar altcoins neglect yet these clowns excogitation on competing alongside bitcoin past times making some other bitcoin that alone they tin compass notice control. Yeah ... sign me upward for that IPO!
Why practice I larn the feeling that someone is merely going to larn force a push in addition to create total upward a database tabular array inward the dorsum room? "Hey Harv, run dorsum in addition to execute me a ane 1000 1000 volition ya? Running depression upward hither at the teller." ... obvious it wouldn't last that ridiculous, but yous larn the point.
Influenza A virus subtype H5N1 Bank Altchain - Wooo
They appear to immature adult woman the entire call for of Bitcoin thence far into the Bizzaro public that I had to triple banking venture gibe the source to run across if I was truly reading a press liberate from a legitimate source.
All kidding aside, they are going to "mint" a digital currency "privately" inward an "offline" process.
Just allow that ane sink inward for a few minutes... that seems a tad askew.
This somebody back-room cupboard currency even being thought up is a perfect illustration of why they merely do non get it. It is they themselves that are truly ane of the biggest problems to laid about with. Just close everything inward this press liberate is just why bitcoin exists inward the kickoff place.
Not only do these banks not
understand, they don't sympathise to the call for they arrive beyond merely giving bitcoin a mutual frigidity shoulder ... they larn off in addition to create upward one's heed to build a "
private" version of it.
UPDATE [12/12/2015 3:44pm PST]: The actual master press release is directly posted here.
Story past times Press Release Source: PRNewsWire Banner Source staff
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