Interest in tri-weekly Crypto-Currency Evening on Tuesday Nights


(David Lyon) #1

One of the interesting topics in Technology at the moment is Crypto-Currencies.

There is a lot of new technology coming out surrounding this.

I’m wondering if anyone has any objections to holding a Crypto-Currency Hack night every three weeks with the General Intention of looking at various different Crypto-Currencies and Platforms that exist in that space.


(Paul Harvey) #2

This sounds fun! Basically I have no objections to what you’ve described. But… and I know you’re more sensible than this and so I apologise in advance - but I thought I’d just make it clear to everyone my personal opinion:

I think MHV is absolutely a great place to talk cryptocurrencies!

… but I do worry a lot about the cryptocurrency scene: there’s a lot of “stupid money” and folks trying to exploit that. Newcomers are often vulnerable when it comes to being told everything they want to hear. So what I really don’t want to see is MHV being used to enable or recruit risk-taking behaviour that might be construed as “scammy” :slight_smile:

I don’t know how to define “scammy” without describing most cryptocurrencies and ICOs and other related products, but basically I’m referring to behaviour or talks that seem like selling a particular thing or subset of things.

So, you’ve already described the best way to avoid my concerns: by comparing various different currencies and platforms out there. Keep it technical :+1:


(David Lyon) #3

I totally agree on all points.

Actually, I do come into this from a Banking Background in the sense that I worked in one of Australia’s Major Banks this year and was exposed to High Level Management with exposure to Crypto-Currencies.

To start with, I’m fully trained in declining to offer Financial Advice. As stipulated by current Legislation.

One interesting observation that I made whilst working in Banking was the amount of frank discussion about crypto-currencies and the openness of discussion in the every day Office conversations of many including many in high-Management.

It surprised me that talk of a supposedly competing system that was going to cost them all their jobs wasn’t treated at all like that. Let’s just say that no attempts were made to contain conversation on the topic of crypto-currencies in particular.

Where this leads is that Crypto-currencies may be much more of a mainstream development than what many people might realise or know. I might talk more about this and it’s a very interesting topic.

On the technical side, what will happen with Authentication is pretty interesting. I will be doing a presentation on something that few people will really have seen coming. It’s a “Hey, why didn’t I think of that” type system.

There is talk at certain levels about linking in the blockchain into Border Protection so that you won’t be able to enter certain countries if your blockchain records don’t match certain criteria. Your financial records will be to a point in the public domain.

When introduced to Healthcare, it’s likely to be the same.

Mainly, there are certain Coin Offerings that are linked to Major Institutions that we might know the names of now. As opposed to more marginal offerings.

The idea will be just an insight and some working knowledge of the topic.

Leaving this for further reading:


(Paul Harvey) #4

Allow me to be cynical:

  • It’s funny to think they’re going to use merkle trees for border crossings any time soon when they already don’t bother checking the certificate-based PKI they’ve already installed into passports 10+ years ago
  • It’s hard to reconcile the “cryptocurrencies going mainstream” thought with the realities of the internationally coordinated restrictions and outright stomping that exchanges and cryptocurrencies have experienced in the last few years, and the last 12 months especially
  • Given the breathtaking sums of money flying about, it has been horrifying to watch the “smart contracts” scene utterly, spectacularly fail to pick up even a single first year computer science textbook on formal methods or software correctness. Seeing so much money thrown at overt, staggering, collective ignorance and arrogance does my head in. How did these platforms, with so much money flying about, fail to hire a single person who had ever tried to build secure systems?
  • It’s telling that most “major institutions” have kept their investments at an arms length from most of this: the realities of executing real-world transactions subject to real-world regulatory compliance and legal frameworks set up to prevent blind enablement of mass money-laundering seems to be incompatible with any notion of due-diligence.

EDIT: I’m genuinely worried at immutable public (or even private) records. Most studies show initial data entry by humans can, at best, result in around 97% of records containing zero errors. One has to wonder what problem immutable merkle trees are really solving in most cases.


(Paul Harvey) #5

Positive things I can say:

  • NameCoin was basically the one semi-practical use-case I thought “blockhain” technology could deal with. But apparently domain name registrars and CAs aren’t painful enough for anyone to care.
  • It seems promising for inter-bank settlements.

But I can’t see the long-term sense in any proof-of-work “coin”. The engineer in me is screaming continuously in the void at the thought of 100s of kwh being spent per transaction. But I digress… treated entirely as basketball cards or trading in works of art instead of real estate, it seems slightly less insane.


(David Lyon) #6

There’s certainly a lot of junk coins operating on the crypto-exchanges.

Many of the Coins traded can have little or dubious value.

and then others purport to be offerings right from companies such as Samsung:


(Paul Harvey) #7

Yeah, having worked with a few pennystock companies over the years, I see a few familiar tricks being employed :confused:


(David Lyon) #8

Yes, that’s fair enough.

but there is also companies like Deloitte Australia trying to operate in the space.

Personally, I think they have no interest in penny-stocks :slight_smile:


(David Lyon) #9

DSC_0668

Here is a photo from last nights meeting in Sydney at Delloites of half the room. The other side had just as many people playing with their phones.

Topics discussed were using Blockchain Technology outside of Crypto-Currencies.

One example given by Delloite was where a Refrigeration Transport Company used Blockchain technology on Sensor data to check and verify when Sensors and Refridgeration was being turned off by Delivery Drivers.

That led them to being able to prove that the Transport Company was negligent and passed on claims from clients for damaged stock back to the Transport companies saving them substantial amounts of money.

Blockchain Technology is really going to transform many things in Industry and Government and there is some really interesting stuff happening in the field today.


(Dunkan Mc Cloud) #10

So yeah, actually, people say that fiat currencies could have already gone, but it’s still not happening, and for fact, i doubt it will. Maybe one of the list of upcoming ICOs could take it down and became a market sensation.


(David Lyon) #11

Well that is a matter of perspective [Political Viewpoint]

For example, in the real World, Venezuela is the first Country where a Leader has instructed the Banks to accept a Digital-Currency.

What else do you do when your FIAT Currency goes to 0:
2018-09-12-080929

Some more:

2018-09-12-081108

and even the AUD is going to be hit hard over the coming year according to all Financial Analysists:

2018-09-12-081320

You can see the Troubles of the AUD vs the Swiss Franc. And Russian Gas Contracts with China will really start hurting Australia in the same way as declines in PetroProducts have hurt Venezuela. Australian and Venezuelan and Turkish Economies are not that different.

The evidence is that we are seeing the End-of-Life for many FIAT Economies around the world and I haven’t even given the full list. There are roughly a dozen countries now where FIAT Economies are turning to dust but just refer to the ones above as cases of Countries that you would question if you were to store any form of FIAT Wealth there.


(David Lyon) #12

Next week is Sibos,

Here in Australia, we are trialling “ChallengerBanks”. In the same way as Uber has been disruptive to the Taxi Industry Worldwide, ChallengerBanks are coming on the Scene to disrupt conventional Banks with faster, cheaper and easier Technological Systems.

For those that don’t believe that changes aren’t coming in the World of Banking and Finance, well tune into the News for Next Week and see what happens.

It’s a big transition.

(This is not an ad. I have no association with xinja.com.au - but it’s interesting).