Ecoer Logo
VOTING POWER100.00%
DOWNVOTE POWER100.00%
RESOURCE CREDITS100.00%
REPUTATION PROGRESS0.00%
Net Worth
3.388USD
HIVE
0.001HIVE
HBD
0.249HBD
Own HP
7.846HP

Detailed Balance

HIVE
balance
0.001HIVE
market_balance
0.000HIVE
savings_balance
0.000HIVE
reward_hive_balance
0.000HIVE
HIVE POWER
Own HP
7.846HP
Delegated Out
0.000HP
Delegation In
0.000HP
Effective Power
7.846HP
Reward HP (pending)
0.000HP
HBD
hbd_balance
0.249HBD
hbd_conversions
0.000HBD
hbd_market_balance
0.000HBD
savings_hbd_balance
0.000HBD
reward_hbd_balance
0.000HBD
{
  "balance": "0.001 HIVE",
  "savings_balance": "0.000 HIVE",
  "reward_hive_balance": "0.000 HIVE",
  "vesting_shares": "12732.141157 VESTS",
  "delegated_vesting_shares": "0.000000 VESTS",
  "received_vesting_shares": "0.000000 VESTS",
  "hbd_balance": "0.249 HBD",
  "savings_hbd_balance": "0.000 HBD",
  "reward_hbd_balance": "0.000 HBD"
}

Account Info

namearphy
id35225
rank0
reputation0
created2016-07-25T20:49:18
recovery_accountsteem
proxyNone
invited_bynull
post_count12
comment_count0
lifetime_vote_count0
witnesses_voted_for0
last_post2016-12-01T02:15:15
last_root_post2016-12-01T02:15:15
last_vote_time2016-12-01T02:15:15
proxied_vsf_votes0, 0, 0, 0
can_vote1
voting_power9,950
delayed_votesNone
governance_vote_expiration_ts1969-12-31T23:59:59
balance0.001 HIVE
savings_balance0.000 HIVE
hbd_balance0.249 HBD
savings_hbd_balance0.000 HBD
vesting_shares12732.141157 VESTS
delegated_vesting_shares0.000000 VESTS
received_vesting_shares0.000000 VESTS
reward_vesting_balance0.000000 VESTS
vesting_balance0.000 HIVE
vesting_withdraw_rate0.000000 VESTS
next_vesting_withdrawal1969-12-31T23:59:59
withdrawn0
to_withdraw0
withdraw_routes0
savings_withdraw_requests0
last_account_recovery1970-01-01T00:00:00
reset_accountnull
last_owner_update2018-12-12T01:49:45
last_account_update2018-12-12T01:49:45
minedNo
hbd_seconds0
hbd_last_interest_payment1970-01-01T00:00:00
savings_hbd_last_interest_payment1970-01-01T00:00:00
{
  "active": {
    "account_auths": [],
    "key_auths": [
      [
        "STM8VyBvUhLobKJhiHQZaxNC5BWGGTiXBHT3qZXK2dfAiqkoPDgSn",
        1
      ]
    ],
    "weight_threshold": 1
  },
  "balance": "0.001 HIVE",
  "can_vote": true,
  "comment_count": 0,
  "created": "2016-07-25T20:49:18",
  "curation_rewards": 0,
  "delayed_votes": [],
  "delegated_vesting_shares": "0.000000 VESTS",
  "downvote_manabar": {
    "current_mana": 0,
    "last_update_time": 1469479755
  },
  "governance_vote_expiration_ts": "1969-12-31T23:59:59",
  "guest_bloggers": [],
  "hbd_balance": "0.249 HBD",
  "hbd_last_interest_payment": "1970-01-01T00:00:00",
  "hbd_seconds": "0",
  "hbd_seconds_last_update": "2016-07-28T11:01:06",
  "id": 35225,
  "json_metadata": "",
  "last_account_recovery": "1970-01-01T00:00:00",
  "last_account_update": "2018-12-12T01:49:45",
  "last_owner_update": "2018-12-12T01:49:45",
  "last_post": "2016-12-01T02:15:15",
  "last_root_post": "2016-12-01T02:15:15",
  "last_vote_time": "2016-12-01T02:15:15",
  "lifetime_vote_count": 0,
  "market_history": [],
  "memo_key": "STM8DHxsRwLdFwz6UyaqyeuHbooJcaFwjY4x7W2d3DzDomBNpA7y9",
  "mined": false,
  "name": "arphy",
  "next_vesting_withdrawal": "1969-12-31T23:59:59",
  "open_recurrent_transfers": 0,
  "other_history": [],
  "owner": {
    "account_auths": [],
    "key_auths": [
      [
        "STM7gAC5bsEVE23QbDRnbg8MAKyY9V97kVYwtYW4RNPSv4qnAWXR3",
        1
      ]
    ],
    "weight_threshold": 1
  },
  "pending_claimed_accounts": 0,
  "pending_transfers": 0,
  "post_bandwidth": 10000,
  "post_count": 12,
  "post_history": [],
  "post_voting_power": "12732.141157 VESTS",
  "posting": {
    "account_auths": [],
    "key_auths": [
      [
        "STM5LZhdEWJERWy12JUmcoi7CpTroiMpswiGDkGcGoVjCrAnU6D47",
        1
      ]
    ],
    "weight_threshold": 1
  },
  "posting_json_metadata": "",
  "posting_rewards": 147,
  "previous_owner_update": "1970-01-01T00:00:00",
  "proxied_vsf_votes": [
    0,
    0,
    0,
    0
  ],
  "proxy": "",
  "received_vesting_shares": "0.000000 VESTS",
  "recovery_account": "steem",
  "reputation": 0,
  "reset_account": "null",
  "reward_hbd_balance": "0.000 HBD",
  "reward_hive_balance": "0.000 HIVE",
  "reward_vesting_balance": "0.000000 VESTS",
  "reward_vesting_hive": "0.000 HIVE",
  "savings_balance": "0.000 HIVE",
  "savings_hbd_balance": "0.000 HBD",
  "savings_hbd_last_interest_payment": "1970-01-01T00:00:00",
  "savings_hbd_seconds": "0",
  "savings_hbd_seconds_last_update": "1970-01-01T00:00:00",
  "savings_withdraw_requests": 0,
  "tags_usage": [],
  "to_withdraw": 0,
  "transfer_history": [],
  "vesting_balance": "0.000 HIVE",
  "vesting_shares": "12732.141157 VESTS",
  "vesting_withdraw_rate": "0.000000 VESTS",
  "vote_history": [],
  "voting_manabar": {
    "current_mana": 9950,
    "last_update_time": 1480558515
  },
  "voting_power": 9950,
  "withdraw_routes": 0,
  "withdrawn": 0,
  "witness_votes": [],
  "witnesses_voted_for": 0,
  "rank": 0
}

Withdraw Routes

IncomingOutgoing
Empty
Empty
{
  "incoming": [],
  "outgoing": []
}
From Date
To Date
engravesent 0.001 HIVE to @arphy- "I've noticed you have a recovery account set to @steem, which is a security issue! Review your recovery account if you don't want to lose your tokens! Read more: https://peakd.com/witness-update/@engr..."
2020/04/05 00:25:30
amount0.001 HIVE
fromengrave
memoI've noticed you have a recovery account set to @steem, which is a security issue! Review your recovery account if you don't want to lose your tokens! Read more: https://peakd.com/witness-update/@engrave/review-your-recovery-account-if-you-dont-want-to-lose-your-assets
toarphy
Transaction InfoBlock #42260594/Trx 19aae3ab57e23828077779174bddc875fa2ea1d9
View Raw JSON Data
{
  "block": 42260594,
  "op": [
    "transfer",
    {
      "amount": "0.001 HIVE",
      "from": "engrave",
      "memo": "I've noticed you have a recovery account set to @steem, which is a security issue! Review your recovery account if you don't want to lose your tokens! Read more: https://peakd.com/witness-update/@engrave/review-your-recovery-account-if-you-dont-want-to-lose-your-assets",
      "to": "arphy"
    }
  ],
  "op_in_trx": 51,
  "timestamp": "2020-04-05T00:25:30",
  "trx_id": "19aae3ab57e23828077779174bddc875fa2ea1d9",
  "trx_in_block": 8,
  "virtual_op": false
}
2019/07/25 22:56:27
authorsteemitboard
bodyCongratulations @arphy! You received a personal award! <table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@arphy/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table> <sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@arphy) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=arphy)_</sub> ###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!
json metadata{"image":["https://steemitboard.com/img/notify.png"]}
parent authorarphy
parent permlinkholy-bitcoin-mother-of-blockchain
permlinksteemitboard-notify-arphy-20190725t225623000z
title
Transaction InfoBlock #34983394/Trx 88bff0b2e06a87a2e8c1ac042d23deec480a3c31
View Raw JSON Data
{
  "block": 34983394,
  "op": [
    "comment",
    {
      "author": "steemitboard",
      "body": "Congratulations @arphy! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@arphy/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@arphy) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=arphy)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}",
      "parent_author": "arphy",
      "parent_permlink": "holy-bitcoin-mother-of-blockchain",
      "permlink": "steemitboard-notify-arphy-20190725t225623000z",
      "title": ""
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2019-07-25T22:56:27",
  "trx_id": "88bff0b2e06a87a2e8c1ac042d23deec480a3c31",
  "trx_in_block": 6,
  "virtual_op": false
}
arphyupdated their account properties
2018/12/12 01:49:48
accountarphy
active{"account_auths":[],"key_auths":[["STM8VyBvUhLobKJhiHQZaxNC5BWGGTiXBHT3qZXK2dfAiqkoPDgSn",1]],"weight_threshold":1}
json metadata
memo keySTM8DHxsRwLdFwz6UyaqyeuHbooJcaFwjY4x7W2d3DzDomBNpA7y9
owner{"account_auths":[],"key_auths":[["STM7gAC5bsEVE23QbDRnbg8MAKyY9V97kVYwtYW4RNPSv4qnAWXR3",1]],"weight_threshold":1}
posting{"account_auths":[],"key_auths":[["STM5LZhdEWJERWy12JUmcoi7CpTroiMpswiGDkGcGoVjCrAnU6D47",1]],"weight_threshold":1}
Transaction InfoBlock #28485727/Trx 2ab092eb7b274686c1d4a5f2e271d93d1f34cd66
View Raw JSON Data
{
  "block": 28485727,
  "op": [
    "account_update",
    {
      "account": "arphy",
      "active": {
        "account_auths": [],
        "key_auths": [
          [
            "STM8VyBvUhLobKJhiHQZaxNC5BWGGTiXBHT3qZXK2dfAiqkoPDgSn",
            1
          ]
        ],
        "weight_threshold": 1
      },
      "json_metadata": "",
      "memo_key": "STM8DHxsRwLdFwz6UyaqyeuHbooJcaFwjY4x7W2d3DzDomBNpA7y9",
      "owner": {
        "account_auths": [],
        "key_auths": [
          [
            "STM7gAC5bsEVE23QbDRnbg8MAKyY9V97kVYwtYW4RNPSv4qnAWXR3",
            1
          ]
        ],
        "weight_threshold": 1
      },
      "posting": {
        "account_auths": [],
        "key_auths": [
          [
            "STM5LZhdEWJERWy12JUmcoi7CpTroiMpswiGDkGcGoVjCrAnU6D47",
            1
          ]
        ],
        "weight_threshold": 1
      }
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-12-12T01:49:48",
  "trx_id": "2ab092eb7b274686c1d4a5f2e271d93d1f34cd66",
  "trx_in_block": 6,
  "virtual_op": false
}
2017/12/24 21:54:45
authorkubak
bodyThank you for sharing your thoughts. Interesting statistics of the application Mr. Bodek.
json metadata{"tags":["management"],"app":"steemit/0.1"}
parent authorarphy
parent permlinkon-lean-and-continuous-improvement
permlinkre-arphy-on-lean-and-continuous-improvement-20171224t215443491z
title
Transaction InfoBlock #18377570/Trx 938bc21da5cad75c1562155f01c2ca959a597261
View Raw JSON Data
{
  "block": 18377570,
  "op": [
    "comment",
    {
      "author": "kubak",
      "body": "Thank you for sharing your thoughts. Interesting statistics of the application Mr. Bodek.",
      "json_metadata": "{\"tags\":[\"management\"],\"app\":\"steemit/0.1\"}",
      "parent_author": "arphy",
      "parent_permlink": "on-lean-and-continuous-improvement",
      "permlink": "re-arphy-on-lean-and-continuous-improvement-20171224t215443491z",
      "title": ""
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-24T21:54:45",
  "trx_id": "938bc21da5cad75c1562155f01c2ca959a597261",
  "trx_in_block": 26,
  "virtual_op": false
}
2017/01/01 06:43:45
authorarphy
permlinkholy-bitcoin-mother-of-blockchain
Transaction InfoBlock #8088943/Virtual Operation 4294967295:2
View Raw JSON Data
{
  "block": 8088943,
  "op": [
    "comment_payout_update",
    {
      "author": "arphy",
      "permlink": "holy-bitcoin-mother-of-blockchain"
    }
  ],
  "op_in_trx": 2,
  "timestamp": "2017-01-01T06:43:45",
  "trx_id": "0000000000000000000000000000000000000000",
  "trx_in_block": 4294967295,
  "virtual_op": true
}
2016/12/01 11:30:18
authorarphy
pending payout0.005 HBD
permlinkholy-bitcoin-mother-of-blockchain
rshares22769610547
total vote weight700216162179600494
voterstephenkendal
weight97720921990391367
Transaction InfoBlock #7204289/Trx c08fac4da7642348d08c4ec7cb0bad5674e7af26
View Raw JSON Data
{
  "block": 7204289,
  "op": [
    "effective_comment_vote",
    {
      "author": "arphy",
      "pending_payout": "0.005 HBD",
      "permlink": "holy-bitcoin-mother-of-blockchain",
      "rshares": 22769610547,
      "total_vote_weight": "700216162179600494",
      "voter": "stephenkendal",
      "weight": "97720921990391367"
    }
  ],
  "op_in_trx": 1,
  "timestamp": "2016-12-01T11:30:18",
  "trx_id": "c08fac4da7642348d08c4ec7cb0bad5674e7af26",
  "trx_in_block": 3,
  "virtual_op": true
}
2016/12/01 11:30:18
authorarphy
permlinkholy-bitcoin-mother-of-blockchain
voterstephenkendal
weight10000 (100.00%)
Transaction InfoBlock #7204289/Trx c08fac4da7642348d08c4ec7cb0bad5674e7af26
View Raw JSON Data
{
  "block": 7204289,
  "op": [
    "vote",
    {
      "author": "arphy",
      "permlink": "holy-bitcoin-mother-of-blockchain",
      "voter": "stephenkendal",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2016-12-01T11:30:18",
  "trx_id": "c08fac4da7642348d08c4ec7cb0bad5674e7af26",
  "trx_in_block": 3,
  "virtual_op": false
}
2016/12/01 07:26:36
authorarphy
pending payout0.004 HBD
permlinkholy-bitcoin-mother-of-blockchain
rshares89799515780
total vote weight602495240189209127
voternaquoya
weight396119438004612572
Transaction InfoBlock #7199421/Trx 4107191325230d6e5df38b091eb36757363840ea
View Raw JSON Data
{
  "block": 7199421,
  "op": [
    "effective_comment_vote",
    {
      "author": "arphy",
      "pending_payout": "0.004 HBD",
      "permlink": "holy-bitcoin-mother-of-blockchain",
      "rshares": 89799515780,
      "total_vote_weight": "602495240189209127",
      "voter": "naquoya",
      "weight": "396119438004612572"
    }
  ],
  "op_in_trx": 1,
  "timestamp": "2016-12-01T07:26:36",
  "trx_id": "4107191325230d6e5df38b091eb36757363840ea",
  "trx_in_block": 0,
  "virtual_op": true
}
2016/12/01 07:26:36
authorarphy
permlinkholy-bitcoin-mother-of-blockchain
voternaquoya
weight10000 (100.00%)
Transaction InfoBlock #7199421/Trx 4107191325230d6e5df38b091eb36757363840ea
View Raw JSON Data
{
  "block": 7199421,
  "op": [
    "vote",
    {
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      "weight": 10000
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  ],
  "op_in_trx": 0,
  "timestamp": "2016-12-01T07:26:36",
  "trx_id": "4107191325230d6e5df38b091eb36757363840ea",
  "trx_in_block": 0,
  "virtual_op": false
}
2016/12/01 06:08:30
authorarphy
pending payout0.001 HBD
permlinkholy-bitcoin-mother-of-blockchain
rshares6539971169
total vote weight206375802184596555
votersvamiva
weight29536975133222789
Transaction InfoBlock #7197860/Trx 50002ace8e8f9870c2a98dca8d546ee64a78812e
View Raw JSON Data
{
  "block": 7197860,
  "op": [
    "effective_comment_vote",
    {
      "author": "arphy",
      "pending_payout": "0.001 HBD",
      "permlink": "holy-bitcoin-mother-of-blockchain",
      "rshares": 6539971169,
      "total_vote_weight": "206375802184596555",
      "voter": "svamiva",
      "weight": "29536975133222789"
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  ],
  "op_in_trx": 1,
  "timestamp": "2016-12-01T06:08:30",
  "trx_id": "50002ace8e8f9870c2a98dca8d546ee64a78812e",
  "trx_in_block": 5,
  "virtual_op": true
}
2016/12/01 06:08:30
authorarphy
permlinkholy-bitcoin-mother-of-blockchain
votersvamiva
weight2000 (20.00%)
Transaction InfoBlock #7197860/Trx 50002ace8e8f9870c2a98dca8d546ee64a78812e
View Raw JSON Data
{
  "block": 7197860,
  "op": [
    "vote",
    {
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  "op_in_trx": 0,
  "timestamp": "2016-12-01T06:08:30",
  "trx_id": "50002ace8e8f9870c2a98dca8d546ee64a78812e",
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  "virtual_op": false
}
jlufereffective vote applied for @arphy / holy-bitcoin-mother-of-blockchain
2016/12/01 03:37:42
authorarphy
pending payout0.001 HBD
permlinkholy-bitcoin-mother-of-blockchain
rshares826358812
total vote weight176838827051373766
voterjlufer
weight3738956465655348
Transaction InfoBlock #7194850/Trx 2deb1417589a76cc1df8e9b2588727332f291ee1
View Raw JSON Data
{
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  "op": [
    "effective_comment_vote",
    {
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      "pending_payout": "0.001 HBD",
      "permlink": "holy-bitcoin-mother-of-blockchain",
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      "voter": "jlufer",
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  "trx_id": "2deb1417589a76cc1df8e9b2588727332f291ee1",
  "trx_in_block": 0,
  "virtual_op": true
}
2016/12/01 03:37:42
authorarphy
permlinkholy-bitcoin-mother-of-blockchain
voterjlufer
weight10000 (100.00%)
Transaction InfoBlock #7194850/Trx 2deb1417589a76cc1df8e9b2588727332f291ee1
View Raw JSON Data
{
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  "op": [
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  "op_in_trx": 0,
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  "trx_in_block": 0,
  "virtual_op": false
}
2016/12/01 03:16:45
authorarphy
pending payout0.001 HBD
permlinkholy-bitcoin-mother-of-blockchain
rshares1279135700
total vote weight173099870585718418
voterfjccoin
weight5790616915176726
Transaction InfoBlock #7194431/Trx 9044ff6472dd8053899734460a97c7557968cdb3
View Raw JSON Data
{
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      "rshares": 1279135700,
      "total_vote_weight": "173099870585718418",
      "voter": "fjccoin",
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  "op_in_trx": 1,
  "timestamp": "2016-12-01T03:16:45",
  "trx_id": "9044ff6472dd8053899734460a97c7557968cdb3",
  "trx_in_block": 0,
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}
2016/12/01 03:16:45
authorarphy
permlinkholy-bitcoin-mother-of-blockchain
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2016/12/01 02:29:54
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2016/12/01 02:25:24
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2016/12/01 02:17:06
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2016/12/01 02:16:18
authortwitterbot
body### ![CashlessW](https://pbs.twimg.com/profile_images/677486779818188800/E2WaSgFx_normal.png) **[Cashless World](https://twitter.com/@CashlessW/status/796366701537464320)** tweeted @ 09 Nov 2016 - 14:59 UTC > [#blockchain](https://twitter.com/search?q=%23blockchain) hot panel with @jonmatonis @IBMcloud @paymium bitcoinassociation.be @KBC_BE https://t.co/a3TgSOdOev ###### *Disclaimer: I am just a bot trying to be helpful.*
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2016/12/01 02:15:42
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2016/12/01 02:15:18
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2016/12/01 02:15:18
authorarphy
body<html> <p>For reasons unknown to me, I was invited to the "<a href="http://www.cashless-world.com/">Cashless World</a>" blockchain panel. The tagline had a promising and pleasant ring : "Blockchain, separating hype from reality". As I’m always in for some discussion, <a href="https://twitter.com/CashlessW/status/796366701537464320/photo/1?ref_src=twsrc%5etfw">you could find me there</a> during that rainy evening, on a long table, next to bitcoin-aficionado's and someone from IBM. &nbsp;The discussion/debate turned out to be quite hefty… While I do everything there is possible with bitcoin (hold, trade, mine, host a node) myself, I still consider myself in touch with reality. To some however, bitcoin became nothing short of a Religion, in which this Magical Coin is the <em>nec plus ultra</em>. Let's go through some points these Holy Warriors postulated to promote Bitcoin as the new Messiah.&nbsp;</p> <h1>Bitcoin provides an identity</h1> <p>Often I hear the claim that the bitcoin blockchain gives people an identity. Projects like onename.com even built on the bitcoin blockchain to establish a “proven” identity. &nbsp;Now, a colleague asked me if a two year old could trade bitcoin. I said "yes". "But he's not allowed to do that", she added. "I know", I replied, "but the bitcoin blockchain doesn't know". &nbsp;The bitcoin blockchain doesn't give you an identity that is usable in the real world. It merely offers you a portal to "internet funnymoney". Identity goes far beyond that, it's one of the core concepts of Law. &nbsp;The bitcoin blockchain only provides proof of existence of a wallet at the moment a payment is made from that wallet. Wow. That’s a lot? &nbsp;1. Every payment has to be made from a wallet with coins. Of that we are sure: an address that sends bitcoin, exists. 2. You can pay to any hash (or to “1BitcoinEaterAddressDontSendf59kuE”), only when a private key exists, the coins can be claimed. There is no way of knowing if someone has access, unless when (1) happens. 3. A wallet exists, but it could be created through a computer program, the owner could have several wallets, the owner could have lost his key, the owner could have given away his key, it could be inherited (or stolen),… There is no 1 to 1 relation between a wallet and its creator. Identity on the blockchain? O RLY?&nbsp;</p> <h1>Bitcoin is the/a solution for the unbanked</h1> <p>Bitcoin is put forth as the solution for the unbanked, as you only need a mobile and internet access to use it. However, a bitcoin core developer already (jokingly) said that bitcoin would have wide adoption if everyone would have a degree in applied informatics. Financial illiteracy is not going to disappear after installing an app. Technology doesn't replace knowledge, advice, liability. Things a financial institution is often obliged to offer. &nbsp;Furthermore, one could argue that having a bitcoin account still keeps you "unbanked". There's merely an account with an intermediary coin on your mobile. You're still not related to a bank and all the additional services a bank is able to provide. Last but not least, using bitcoin increases the dependency of the unbanked on the banked. Or where do you think the miners, nodes, developers are located? Amongst the unbanked? &nbsp;</p> <h1>Bitcoin replaces financial institutions</h1> <p>The bitcoin whitepaper of Satoshi Nakamoto clearly states it's a way of paying peer to peer without going through financial institutions. While handling payments is an important tasks for a bank, a lot more happens in those huge, thick buildings. &nbsp;We're providing insurance. Loans. Shares. Safeguard your gold. Finance companies. Support communities. Assess risks. Cover liabilities. Facilitate trade. A lot of activities way beyond the bitcoin. &nbsp;People rely on financial institutions because they trust these companies to at least hold the value of the money they deposit. Bitcoin remains a volatile coin. It rather replaces a high risk investment than a financial institution.&nbsp;</p> <h1>Bitcoin blockchain is the only safe distributed ledger</h1> <p>Let's start with the truth: the bitcoin blockchain is very secure. This amount of security translates in an enormous consumption of electricity, used to create calculation power in the miners. Due to its public character, securing the bitcoin blockchain is of the highest importance. It's open for attack all the time… but surely, in theory, well fenced. Now, most of the power to protect the bitcoin blockchain is located in China. The miners are produced there, labour is cheap and energy for free. <a href="https://www.cryptocoinsnews.com/chinese-bitcoin-miners-hold-energy-conference/">With over 80% of the hashing power</a> located in one country, one has to trust the Chinese mining companies to not collaborate and rewrite history. If they do… we won't even see it. Lovely. &nbsp;Financial institutions, with all the regulations they’re facing, tend to setup private and permissioned blockchains. This means the blockchain node is located behind the company firewall and connected through secured channels with other financial institutions. That's private, or rather consortium as they call it nowadays. Setting up a blockchain for own use, is futile. &nbsp;In these private system, we'll set up a rules based engagement system with a central steering party. That's called permissioned. Wouldn't that be a lot safer, less prone to errors, etc? We’ll of course back it up with legally binding documents to ensure we have a responsible party in case of calamities. &nbsp;</p> <h1>Bitcoin blockchain is all you need for business</h1> <p>As there is no (or little) legal liability in the bitcoin blockchain ecosystem, it's rather impossible to organize large scale business to business deals on it. The "What if…" scenario has no clear ending. Bitcoin of course offers a purpose for business, several shops accept it as payment, left and right some ATM’s appeared,… Focus is on urging bitcoin hoarding consumers to start spending. Reversing the question (i.e. does business offers a purpose for bitcoin?) seems to yield a different reaction. When you trade a bitcoin, the only thing you can be sure of, is the actual asset/value being traded. Take for example a company A that sends another company B a bitcoin: as soon as the transaction is confirmed, A has one bitcoin less and B has one more. The transfer is settled immediately. &nbsp;Now assume A sells 1000 barrels of oil to B and adds this as a message to the transfer on one bitcoin (the so called "colored coin"). As a result… A has one bitcoin less, B has one more. That's the only thing they can be certain of. Furthermore, B has high hopes A actually has 1000 barrels of oil or… there would be no business deal. &nbsp;The downside of using an asset based transfer of value, is that only the transferred asset holds value. Insofar that bitcoin is used as a mean of payment between two parties, it does an excellent job (outside legal bounds). If other assets are tokenized and replaced by a satoshi and a message… you’re actually trusting your trading partner rather than the blockchain technology. Ouch?&nbsp;</p> <h1>Conclusion</h1> <p>Yes – bitcoin has value (it even has been rather constant around the 725$ mark for some time now). As by far the oldest public blockchain, it delivers a tremendous support to distributed ledger technology principles and working. But unlike a deity, it does have shortcomings. &nbsp;“Faith must be enforced by reason. When faith becomes blind, it dies” (Mahatma Ghandi). Amen. &nbsp;</p> </html>
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Of that we are sure: an address that sends bitcoin, exists. 2. You can pay to any hash (or to “1BitcoinEaterAddressDontSendf59kuE”), only when a private key exists, the coins can be claimed. There is no way of knowing if someone has access, unless when (1) happens. 3. A wallet exists, but it could be created through a computer program, the owner could have several wallets, the owner could have lost his key, the owner could have given away his key, it could be inherited (or stolen),… There is no 1 to 1 relation between a wallet and its creator. Identity on the blockchain? O RLY?&nbsp;</p>\n<h1>Bitcoin is the/a solution for the unbanked</h1>\n<p>Bitcoin is put forth as the solution for the unbanked, as you only need a mobile and internet access to use it. However, a bitcoin core developer already (jokingly) said that bitcoin would have wide adoption if everyone would have a degree in applied informatics. Financial illiteracy is not going to disappear after installing an app. Technology doesn't replace knowledge, advice, liability. Things a financial institution is often obliged to offer. &nbsp;Furthermore, one could argue that having a bitcoin account still keeps you \"unbanked\". There's merely an account with an intermediary coin on your mobile. You're still not related to a bank and all the additional services a bank is able to provide. Last but not least, using bitcoin increases the dependency of the unbanked on the banked. Or where do you think the miners, nodes, developers are located? Amongst the unbanked? &nbsp;</p>\n<h1>Bitcoin replaces financial institutions</h1>\n<p>The bitcoin whitepaper of Satoshi Nakamoto clearly states it's a way of paying peer to peer without going through financial institutions. While handling payments is an important tasks for a bank, a lot more happens in those huge, thick buildings. &nbsp;We're providing insurance. Loans. Shares. 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The miners are produced there, labour is cheap and energy for free. <a href=\"https://www.cryptocoinsnews.com/chinese-bitcoin-miners-hold-energy-conference/\">With over 80% of the hashing power</a> located in one country, one has to trust the Chinese mining companies to not collaborate and rewrite history. If they do… we won't even see it. Lovely. &nbsp;Financial institutions, with all the regulations they’re facing, tend to setup private and permissioned blockchains. This means the blockchain node is located behind the company firewall and connected through secured channels with other financial institutions. That's private, or rather consortium as they call it nowadays. Setting up a blockchain for own use, is futile. &nbsp;In these private system, we'll set up a rules based engagement system with a central steering party. That's called permissioned. Wouldn't that be a lot safer, less prone to errors, etc? We’ll of course back it up with legally binding documents to ensure we have a responsible party in case of calamities. &nbsp;</p>\n<h1>Bitcoin blockchain is all you need for business</h1>\n<p>As there is no (or little) legal liability in the bitcoin blockchain ecosystem, it's rather impossible to organize large scale business to business deals on it. The \"What if…\" scenario has no clear ending. Bitcoin of course offers a purpose for business, several shops accept it as payment, left and right some ATM’s appeared,… Focus is on urging bitcoin hoarding consumers to start spending. Reversing the question (i.e. does business offers a purpose for bitcoin?) seems to yield a different reaction. When you trade a bitcoin, the only thing you can be sure of, is the actual asset/value being traded. Take for example a company A that sends another company B a bitcoin: as soon as the transaction is confirmed, A has one bitcoin less and B has one more. The transfer is settled immediately. &nbsp;Now assume A sells 1000 barrels of oil to B and adds this as a message to the transfer on one bitcoin (the so called \"colored coin\"). As a result… A has one bitcoin less, B has one more. That's the only thing they can be certain of. Furthermore, B has high hopes A actually has 1000 barrels of oil or… there would be no business deal. &nbsp;The downside of using an asset based transfer of value, is that only the transferred asset holds value. Insofar that bitcoin is used as a mean of payment between two parties, it does an excellent job (outside legal bounds). If other assets are tokenized and replaced by a satoshi and a message… you’re actually trusting your trading partner rather than the blockchain technology. Ouch?&nbsp;</p>\n<h1>Conclusion</h1>\n<p>Yes – bitcoin has value (it even has been rather constant around the 725$ mark for some time now). 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2016/11/09 12:04:30
authorarphy
permlinkre-igor-polennikov-re-arphy-hi-my-name-is-obama-barack-obama-20161009t155816904z
Transaction InfoBlock #6571948/Virtual Operation 4294967295:5
View Raw JSON Data
{
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2016/11/09 12:04:30
authorarphy
permlinkhi-my-name-is-obama-barack-obama
Transaction InfoBlock #6571948/Virtual Operation 4294967295:3
View Raw JSON Data
{
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  "op_in_trx": 3,
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2016/10/09 15:58:18
authorarphy
bodySome proof might be required ;)
json metadata{"tags":["blockchain"]}
parent authorigor-polennikov
parent permlinkre-arphy-hi-my-name-is-obama-barack-obama-20161009t115044419z
permlinkre-igor-polennikov-re-arphy-hi-my-name-is-obama-barack-obama-20161009t155816904z
title
Transaction InfoBlock #5684913/Trx 8923969ad1f5d15ac37855b5419d88af9ad1e785
View Raw JSON Data
{
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2016/10/09 12:19:27
authorarphy
pending payout0.003 HBD
permlinkhi-my-name-is-obama-barack-obama
rshares144031767
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voterleonkill
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Transaction InfoBlock #5680536/Trx 1654c759cd3b37421a4c11c635c1218784517e46
View Raw JSON Data
{
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2016/10/09 12:19:27
authorarphy
permlinkhi-my-name-is-obama-barack-obama
voterleonkill
weight10000 (100.00%)
Transaction InfoBlock #5680536/Trx 1654c759cd3b37421a4c11c635c1218784517e46
View Raw JSON Data
{
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zhizhaeffective vote applied for @arphy / hi-my-name-is-obama-barack-obama
2016/10/09 12:18:18
authorarphy
pending payout0.002 HBD
permlinkhi-my-name-is-obama-barack-obama
rshares152754322
total vote weight102591129285495792
voterzhizha
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Transaction InfoBlock #5680513/Trx 9235d72b3f3348f966e09939c2e43db62d88d95e
View Raw JSON Data
{
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2016/10/09 12:18:18
authorarphy
permlinkhi-my-name-is-obama-barack-obama
voterzhizha
weight10000 (100.00%)
Transaction InfoBlock #5680513/Trx 9235d72b3f3348f966e09939c2e43db62d88d95e
View Raw JSON Data
{
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primeseffective vote applied for @arphy / hi-my-name-is-obama-barack-obama
2016/10/09 12:16:12
authorarphy
pending payout0.002 HBD
permlinkhi-my-name-is-obama-barack-obama
rshares843895168
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voterprimes
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Transaction InfoBlock #5680471/Trx 2eda744f1af0bad54bc268d3b701866c62ff120c
View Raw JSON Data
{
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}
2016/10/09 12:16:12
authorarphy
permlinkhi-my-name-is-obama-barack-obama
voterprimes
weight10000 (100.00%)
Transaction InfoBlock #5680471/Trx 2eda744f1af0bad54bc268d3b701866c62ff120c
View Raw JSON Data
{
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2016/10/09 12:13:42
authorarphy
pending payout0.002 HBD
permlinkhi-my-name-is-obama-barack-obama
rshares157586672
total vote weight98044749817184780
voterianlsatelore
weight649554197401152
Transaction InfoBlock #5680421/Trx e3f9a0ac295b068cc738318696070e03c1879f9f
View Raw JSON Data
{
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}
2016/10/09 12:13:42
authorarphy
permlinkhi-my-name-is-obama-barack-obama
voterianlsatelore
weight10000 (100.00%)
Transaction InfoBlock #5680421/Trx e3f9a0ac295b068cc738318696070e03c1879f9f
View Raw JSON Data
{
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f35720effective vote applied for @arphy / hi-my-name-is-obama-barack-obama
2016/10/09 12:11:48
authorarphy
pending payout0.002 HBD
permlinkhi-my-name-is-obama-barack-obama
rshares3416542136
total vote weight97325686130024833
voterf35720
weight13106903619692547
Transaction InfoBlock #5680383/Trx e667d19d8e289792f97d3c37c5ce35e1cb237d19
View Raw JSON Data
{
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}
2016/10/09 12:11:48
authorarphy
permlinkhi-my-name-is-obama-barack-obama
voterf35720
weight10000 (100.00%)
Transaction InfoBlock #5680383/Trx e667d19d8e289792f97d3c37c5ce35e1cb237d19
View Raw JSON Data
{
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drac59effective vote applied for @arphy / hi-my-name-is-obama-barack-obama
2016/10/09 12:11:06
authorarphy
pending payout0.002 HBD
permlinkhi-my-name-is-obama-barack-obama
rshares256328591
total vote weight81722229439914657
voterdrac59
weight956913700789500
Transaction InfoBlock #5680369/Trx 4a233e10265eb02942b62123567d803616fc2507
View Raw JSON Data
{
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}
2016/10/09 12:11:06
authorarphy
permlinkhi-my-name-is-obama-barack-obama
voterdrac59
weight10000 (100.00%)
Transaction InfoBlock #5680369/Trx 4a233e10265eb02942b62123567d803616fc2507
View Raw JSON Data
{
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svamivaeffective vote applied for @arphy / hi-my-name-is-obama-barack-obama
2016/10/09 12:06:18
authorarphy
pending payout0.002 HBD
permlinkhi-my-name-is-obama-barack-obama
rshares11491390171
total vote weight80550498377723432
votersvamiva
weight34595541816446313
Transaction InfoBlock #5680273/Trx ced20a3dfd7a316fe5318f894ab316ab41942301
View Raw JSON Data
{
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      "voter": "svamiva",
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  "op_in_trx": 1,
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}
2016/10/09 12:06:18
authorarphy
permlinkhi-my-name-is-obama-barack-obama
votersvamiva
weight5100 (51.00%)
Transaction InfoBlock #5680273/Trx ced20a3dfd7a316fe5318f894ab316ab41942301
View Raw JSON Data
{
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2016/10/09 11:54:36
authorarphy
pending payout0.000 HBD
permlinkhi-my-name-is-obama-barack-obama
rshares5854153833
total vote weight27866932159784883
votershredlord
weight7188107469812422
Transaction InfoBlock #5680039/Trx 44c99a69c02a2f610a5496367854910f4e6dcf92
View Raw JSON Data
{
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}
2016/10/09 11:54:36
authorarphy
permlinkhi-my-name-is-obama-barack-obama
votershredlord
weight10000 (100.00%)
Transaction InfoBlock #5680039/Trx 44c99a69c02a2f610a5496367854910f4e6dcf92
View Raw JSON Data
{
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  "op_in_trx": 0,
  "timestamp": "2016-10-09T11:54:36",
  "trx_id": "44c99a69c02a2f610a5496367854910f4e6dcf92",
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2016/10/09 11:50:54
authorigor-polennikov
bodyHi, my name is Vladimir. Vladimir Putin)
json metadata{"tags":["blockchain"]}
parent authorarphy
parent permlinkhi-my-name-is-obama-barack-obama
permlinkre-arphy-hi-my-name-is-obama-barack-obama-20161009t115044419z
title
Transaction InfoBlock #5679965/Trx a058c00ee229c29130a85bb140ebb0b2d7b5fe4d
View Raw JSON Data
{
  "block": 5679965,
  "op": [
    "comment",
    {
      "author": "igor-polennikov",
      "body": "Hi, my name is Vladimir. Vladimir Putin)",
      "json_metadata": "{\"tags\":[\"blockchain\"]}",
      "parent_author": "arphy",
      "parent_permlink": "hi-my-name-is-obama-barack-obama",
      "permlink": "re-arphy-hi-my-name-is-obama-barack-obama-20161009t115044419z",
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2016/10/09 11:50:03
authorarphy
pending payout0.000 HBD
permlinkhi-my-name-is-obama-barack-obama
rshares134005439
total vote weight911529147988298
voterigor-polennikov
weight71064323274585
Transaction InfoBlock #5679948/Trx d71b87f4253f7e087aba0f09556d7a904ac5c9ba
View Raw JSON Data
{
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}
2016/10/09 11:50:03
authorarphy
permlinkhi-my-name-is-obama-barack-obama
voterigor-polennikov
weight10000 (100.00%)
Transaction InfoBlock #5679948/Trx d71b87f4253f7e087aba0f09556d7a904ac5c9ba
View Raw JSON Data
{
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  "op": [
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2016/10/09 11:47:36
authorarphy
body@@ -1,15 +1,193 @@ %3Chtml%3E%0A +%3Ca target='_BLANK' href='https://ipfs.pics/QmaNUGhPeUQxUuytHNTf2EP7B5obTBgxcW53mGtEGwuLBf'%3E%3Cimg src='https://ipfs.pics/ipfs/QmaNUGhPeUQxUuytHNTf2EP7B5obTBgxcW53mGtEGwuLBf'/%3E%3C/a%3E%0A %3Ch2%3EAnd @@ -3589,17 +3589,16 @@ me hash. - %3Cbr%3E%0ANow @@ -4282,17 +4282,16 @@ you are. - %3Cbr%3E%0AThe
json metadata{"tags":["blockchain","bitcoin","distributedledger","finance","identity"],"image":["https://ipfs.pics/ipfs/QmaNUGhPeUQxUuytHNTf2EP7B5obTBgxcW53mGtEGwuLBf"],"links":["https://ipfs.pics/QmaNUGhPeUQxUuytHNTf2EP7B5obTBgxcW53mGtEGwuLBf"]}
parent author
parent permlinkblockchain
permlinkhi-my-name-is-obama-barack-obama
titleHi, my name is Obama, Barack Obama
Transaction InfoBlock #5679899/Trx 1b39f212c6794ce6d7b3cf507cf01eafdb913ff9
View Raw JSON Data
{
  "block": 5679899,
  "op": [
    "comment",
    {
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      "body": "@@ -1,15 +1,193 @@\n %3Chtml%3E%0A\n+%3Ca target='_BLANK' href='https://ipfs.pics/QmaNUGhPeUQxUuytHNTf2EP7B5obTBgxcW53mGtEGwuLBf'%3E%3Cimg src='https://ipfs.pics/ipfs/QmaNUGhPeUQxUuytHNTf2EP7B5obTBgxcW53mGtEGwuLBf'/%3E%3C/a%3E%0A\n %3Ch2%3EAnd \n@@ -3589,17 +3589,16 @@\n me hash.\n- \n %3Cbr%3E%0ANow\n@@ -4282,17 +4282,16 @@\n you are.\n- \n %3Cbr%3E%0AThe\n",
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arphyeffective vote applied for @arphy / hi-my-name-is-obama-barack-obama
2016/10/09 11:46:36
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2016/10/09 11:46:36
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2016/10/09 11:46:36
authorarphy
body<html> <h2>And I am, whatever you say I am (Eminem)</h2> <p>Identity is a key legal aspect, next to property. As such, it's of course also a key aspect of your daily life. You have an ID card, a driver's license, a badge from your employer, a bank card,... a whole slew of items to proof who you are, or, as some defend: <strong>sufficient evidence to avoid being denied your identity</strong>.&nbsp;</p> <p>These documents are issued by <strong>trusted third parties</strong>, usually a government or an institution which has to verify your identity (which often results in checking the genuine origin of the documents you already have).&nbsp;</p> <p>Now, the blockchain itself has <strong>quite an issue with "trusted third parties"</strong>. In our own little context it might make sense, but what's the value of an ID in Syria? Angola? North-Korea? What if multiple governments claim to be "legal"? &nbsp;</p> <h2>Trust - a rational emotion</h2> <p>It all boils down to the amount of <strong>trust you can have in the provided proof of an identity and its issuer.</strong> I can print my own visit card with "Barack Obama". I could open a twitter account for "realBarackObama". Maybe I can grab his Whitehouse badge...&nbsp;</p> <p>It might get me somewhere in Belgium, but I doubt the impact in America. Perhaps gathering some fake evidence could work... but as soon as someone asks for an ID card, I'm busted. &nbsp;</p> <p>Did you know there's a limit to the amount of people you're able to trust? Research revealed it's around 120 people, the size of a tribe in prehistoric days (and of a centurio in Roman warfare, etc). Our brain seems to have a hardlimit just above 100.</p> <p>Trust is not a binary something, it's the result of a complex process that combines <strong>all kinds of info into one emotion</strong>. How much do you trust me to be Barack Obama, on a scale of 0 to Prez?&nbsp;</p> <h2>The bitcoin blockchain solution</h2> <p>The bitcoin blockchain solved the trust problem - there is no central party to issue an identity - as follows: <strong>everyone issues his/her own identity</strong>. You create your wallet, your private &amp; public key and... you're set. Ready to be a unique, identifiable player in the bitcoin network.&nbsp;</p> <p>The downside of this solution is of course that people can make several accounts and try to hide behind these. The<strong> (almost) anonymous identity </strong>on the blockchain is seen as an essential element, while it also causes issues.&nbsp;</p> <h2>Identity on a ledger</h2> <p>Financial institutions (FI) are of course not so keen of "pseudonymous" (= almost anonymous) identities exchanging money. That's why a whole lot of effort is put into building an online verified and verifiable identity on a (private permissioned) distributed ledger. &nbsp;Identity is even considered the new gold... but this time it's really hard to dig it up.&nbsp;</p> <p>I think we're still looking for a solution. I'll give two approaches on how to handle it:&nbsp;</p> <ul> <li>For a FinTech hub, I pitched an idea to <strong>bring the result of a KYC process back to the customers</strong>. As FI, we publish on the users page the <strong>hashes </strong>of the documents we used to check their identity. That means we don't disclose the information but only the unique fingerprint. The more the document is reused, the more companies validate the same hash. <br> Now, we're obliged to do KYC, so let's trust the result of our procedure. But... <strong>how is the user page created</strong>? Who ensures that a user creates a page for himself?<br> At a recent conference, I asked this question on a team of banks who just presented their ID solution. Their (imho astonishing) reply "we left that out of scope".&nbsp;</li> <li>A Belgian city has a project in which t<strong>hey rebuilt society after an apocalyptic event</strong>, using blockchain technology. In their system, your identity on the blockchain is <strong>validated by your peers</strong>. That means the more friends you have, the stronger the evidence becomes that you are who you are. <br> The loophole in their system: someone has to be the first person, the only one that didn't have anyone approving his/her identity. If this person has no trust... the entire system fails.<br> The assumption of the project team was that they would survive the apocalyptic event and start their identity program.&nbsp;</li> </ul> <h2>Adam &amp; Eve</h2> <p>It all boils down to the Adam &amp; Eve problem (ah well, it's how I call it): <strong>someone has to be "the first". </strong>Somewhere, some person has to be the first to have an identity without proof on the distributed ledger. There <strong>isn't only a Genesis block, but also a Genesis user</strong>.&nbsp;</p> <p>The identity issue is an endless recursive problem. The bitcoin solution with all its genius doesn't work in a world where identity is key. The downside is that somewhere, someone will be the first (and only) person to place trust in him/herself. *fingers crossed* &nbsp;</p> </html>
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      "body": "<html>\n<h2>And I am, whatever you say I am (Eminem)</h2>\n<p>Identity is a key legal aspect, next to property. As such, it's of course also a key aspect of your daily life. You have an ID card, a driver's license, a badge from your employer, a bank card,... a whole slew of items to proof who you are, or, as some defend: <strong>sufficient evidence to avoid being denied your identity</strong>.&nbsp;</p>\n<p>These documents are issued by <strong>trusted third parties</strong>, usually a government or an institution which has to verify your identity (which often results in checking the genuine origin of the documents you already have).&nbsp;</p>\n<p>Now, the blockchain itself has <strong>quite an issue with \"trusted third parties\"</strong>. In our own little context it might make sense, but what's the value of an ID in Syria? Angola? North-Korea? What if multiple governments claim to be \"legal\"? &nbsp;</p>\n<h2>Trust - a rational emotion</h2>\n<p>It all boils down to the amount of <strong>trust you can have in the provided proof of an identity and its issuer.</strong> I can print my own visit card with \"Barack Obama\". I could open a twitter account for \"realBarackObama\". Maybe I can grab his Whitehouse badge...&nbsp;</p>\n<p>It might get me somewhere in Belgium, but I doubt the impact in America. Perhaps gathering some fake evidence could work... but as soon as someone asks for an ID card, I'm busted. &nbsp;</p>\n<p>Did you know there's a limit to the amount of people you're able to trust? Research revealed it's around 120 people, the size of a tribe in prehistoric days (and of a centurio in Roman warfare, etc). Our brain seems to have a hardlimit just above 100.</p>\n<p>Trust is not a binary something, it's the result of a complex process that combines <strong>all kinds of info into one emotion</strong>. How much do you trust me to be Barack Obama, on a scale of 0 to Prez?&nbsp;</p>\n<h2>The bitcoin blockchain solution</h2>\n<p>The bitcoin blockchain solved the trust problem - there is no central party to issue an identity - as follows: <strong>everyone issues his/her own identity</strong>. You create your wallet, your private &amp; public key and... you're set. Ready to be a unique, identifiable player in the bitcoin network.&nbsp;</p>\n<p>The downside of this solution is of course that people can make several accounts and try to hide behind these. The<strong> (almost) anonymous identity </strong>on the blockchain is seen as an essential element, while it also causes issues.&nbsp;</p>\n<h2>Identity on a ledger</h2>\n<p>Financial institutions (FI) are of course not so keen of \"pseudonymous\" (= almost anonymous) identities exchanging money. That's why a whole lot of effort is put into building an online verified and verifiable identity on a (private permissioned) distributed ledger. &nbsp;Identity is even considered the new gold... but this time it's really hard to dig it up.&nbsp;</p>\n<p>I think we're still looking for a solution. I'll give two approaches on how to handle it:&nbsp;</p>\n<ul>\n  <li>For a FinTech hub, I pitched an idea to <strong>bring the result of a KYC process back to the customers</strong>. As FI, we publish on the users page the <strong>hashes </strong>of the documents we used to check their identity. That means we don't disclose the information but only the unique fingerprint. The more the document is reused, the more companies validate the same hash. <br>\nNow, we're obliged to do KYC, so let's trust the result of our procedure. But... <strong>how is the user page created</strong>? Who ensures that a user creates a page for himself?<br>\nAt a recent conference, I asked this question on a team of banks who just presented their ID solution. Their (imho astonishing) reply \"we left that out of scope\".&nbsp;</li>\n  <li>A Belgian city has a project in which t<strong>hey rebuilt society after an apocalyptic event</strong>, using blockchain technology. In their system, your identity on the blockchain is <strong>validated by your peers</strong>. That means the more friends you have, the stronger the evidence becomes that you are who you are. <br>\nThe loophole in their system: someone has to be the first person, the only one that didn't have anyone approving his/her identity. If this person has no trust... the entire system fails.<br>\nThe assumption of the project team was that they would survive the apocalyptic event and start their identity program.&nbsp;</li>\n</ul>\n<h2>Adam &amp; Eve</h2>\n<p>It all boils down to the Adam &amp; Eve problem (ah well, it's how I call it): <strong>someone has to be \"the first\". </strong>Somewhere, some person has to be the first to have an identity without proof on the distributed ledger. There <strong>isn't only a Genesis block, but also a Genesis user</strong>.&nbsp;</p>\n<p>The identity issue is an endless recursive problem. The bitcoin solution with all its genius doesn't work in a world where identity is key. The downside is that somewhere, someone will be the first (and only) person to place trust in him/herself. *fingers crossed* &nbsp;</p>\n</html>",
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2016/09/08 15:04:45
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2016/08/31 11:26:45
authorarphy
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2016/08/31 11:26:45
authorarphy
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arphyupdated payout for the-second-halving
2016/08/31 11:26:45
authorarphy
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2016/08/27 11:01:06
authorarphy
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2016/08/25 21:47:24
authorarphy
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2016/08/25 21:45:24
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2016/08/25 21:45:24
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2016/08/25 21:45:24
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2016/08/20 13:09:09
authoritay
bodyI upvoted You
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itayeffective vote applied for @arphy / work-with-the-end-in-mind
2016/08/20 13:07:09
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2016/08/09 03:22:48
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2016/08/09 03:22:48
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2016/08/09 03:00:42
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2016/08/09 03:00:42
authorarphy
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2016/08/09 02:38:27
authorarphy
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2016/08/09 02:38:27
authorarphy
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2016/08/09 02:38:27
authorarphy
body<a target='_BLANK' href='https://ipfs.pics/QmUEYtGPazbH8PNw6L5WoR3V64XftaGiZPEDzp3y4gFgQa'><img src='https://ipfs.pics/ipfs/QmUEYtGPazbH8PNw6L5WoR3V64XftaGiZPEDzp3y4gFgQa'/></a> It looks like virtual heists will be the next big thing after Pokémon Go. You should have heard about "The DAO hack", now there is **BitFinex** where almost 120.000 bitcoins disappeared. The bitcoin lost 20% of its value since the BitFinex issue appeared. Last week, it became frontpage news in mainstream newspapers. Some people - I do understand their concern - contact me, wondering if this is the virtual bankruptcy of blockchain endeavours of financial institutions. A valid reason to detail **why the financial world… doesn't care**. "The **transactions** of the **cryptocurrency** bitcoin are stored on a **permissionless** **public** ledger: the **Blockchain**." The 5 bold blue words clarify my bold statement. ### Transactions The blockchain only stores transactions. These transactions are propagated to the blockchain by other software. Wallets, exchanges like BitFinex, … are interfaces people use to trade bitcoin. If there's an **error in the software** or when someone steals passwords, **unwanted transactions** will be stored on the blockchain. Technology is neutral on that account: **the blockchain doesn't read intentions**, it merely stores what is offered. And this storage has not been compromised up to now. The blockchain is not "hacked", it is one layer up where things get ugly. This discussion is very similar to Daesh (ISIS) using encrypted email. Email as technology is not bad, the intention of the mail sender is. ### Cryptocurrency As a cryptocurrency, a bitcoin holds a value. Even the smallest 100 millionth piece of a bitcoin, holds value. When used as a token rather than as a currency, it still holds value. Over the past years, this value turned out to be volatile. **Financial institutions simply refuse to depend on a cost that can't estimated**... and the European Central Bank insisted on keeping cryptocurrencies of the balance sheets. That might have had some impact too :) Financial institutions stay away as far as possible from anything that requires the use something of unpredictable value in high volume transactions. If a currency will be used, it's because it is created by financial institutions or because it's issued by a Central Bank. ### Permissionless The bitcoin blockchain is permissionless. Anyone can join. Anyone can do what (s)he wants, within the limits of the bitcoin protocol. **Anyone can offer a service/software that interacts with the bitcoin blockchain**. Financial institutions are not so fond of "everyone can do stuff" things. Their aim is to create permissioned systems, with **legally binding agreements on who can do what**. There is explicit permission required to join the system, which means they know who's interacting with their blockchain. ### Public Furthermore, the bitcoin blockchain is public. Literally everyone can see what's going on (take a look at https://blockchain.info/), literally everyone can start a business. **If everyone can use it, no one is responsible**. We all know the shared cow is often milked but seldom fed. There is no liability on the blockchain: you make your own wallet, you interact with other people. Actors on the blockchain are faceless, pseudonymous (almost anonymous). To quote the Ghostbusters: "If there's something weird and it doesn't look good. Who you gonna call?" Financial institutions are looking into **private blockchains** – they're not exposed to everyone. It doesn't imply that a financial institution is setting up their blockchain in their basement, "private" merely means that only people or organisations that are allowed will be able to use the blockchain. ### Blockchain The bitcoin blockchain is **old technology**. It goes back to 2008 and is actually quite limited. Financial institutions are rarely/not at all looking at the bitcoin blockchain but at other blockchains, built upon the same technology but solving the child's diseases of the bitcoin blockchain (and usually with a better reputation as well). What happens on the bitcoin blockchain, shifting some coins back and forth, stays on the bitcoin blockchain. With homemade **distributed ledger technology** (the overarching term) like Corda, so much more is possible. Ethereum with its smart contracts, Ripple with its payments focus, Eris Industries, Multichain, OpenChain, BigChainDB,... the options and possibilities are nearly endless and so much richer in options and functionality than the bitcoin blockchain. **Conclusion**: I do of course feel sorry for the personal losses occurred through the BitFinex "hack" (probably an inside job, no). It in fact supports the case of financial institutions working on distributed ledger technology: **trust your bank, they ought to do better**.
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      "author": "arphy",
      "body": "<a target='_BLANK' href='https://ipfs.pics/QmUEYtGPazbH8PNw6L5WoR3V64XftaGiZPEDzp3y4gFgQa'><img src='https://ipfs.pics/ipfs/QmUEYtGPazbH8PNw6L5WoR3V64XftaGiZPEDzp3y4gFgQa'/></a>\n\nIt looks like virtual heists will be the next big thing after Pokémon Go. You should have heard about \"The DAO hack\", now there is **BitFinex** where almost 120.000 bitcoins disappeared. \nThe bitcoin lost 20% of its value since the BitFinex issue appeared. Last week, it became frontpage news in mainstream newspapers. Some people - I do understand their concern - contact me, wondering if this is the virtual bankruptcy of blockchain endeavours of financial institutions. \nA valid reason to detail **why the financial world… doesn't care**.\n \n\"The **transactions** of the **cryptocurrency** bitcoin are stored on a **permissionless** **public** ledger: the **Blockchain**.\" The 5 bold blue words clarify my bold statement.\n\n### Transactions\nThe blockchain only stores transactions. These transactions are propagated to the blockchain by other software. Wallets, exchanges like BitFinex, … are interfaces people use to trade bitcoin. If there's an **error in the software** or when someone steals passwords, **unwanted transactions** will be stored on the blockchain. \n\nTechnology is neutral on that account: **the blockchain doesn't read intentions**, it merely stores what is offered. And this storage has not been compromised up to now. The blockchain is not \"hacked\", it is one layer up where things get ugly.\n\nThis discussion is very similar to Daesh (ISIS) using encrypted email. Email as technology is not bad, the intention of the mail sender is. \n\n### Cryptocurrency\nAs a cryptocurrency, a bitcoin holds a value. Even the smallest 100 millionth piece of a bitcoin, holds value. When used as a token rather than as a currency, it still holds value. Over the past years, this value turned out to be volatile. **Financial institutions simply refuse to depend on a cost that can't estimated**... and the European Central Bank insisted on keeping cryptocurrencies of the balance sheets. That might have had some impact too :)\n \nFinancial institutions stay away as far as possible from anything that requires the use something of unpredictable value in high volume transactions. If a currency will be used, it's because it is created by financial institutions or because it's issued by a Central Bank.\n\n### Permissionless\nThe bitcoin blockchain is permissionless. Anyone can join. Anyone can do what (s)he wants, within the limits of the bitcoin protocol. **Anyone can offer a service/software that interacts with the bitcoin blockchain**.  \n\nFinancial institutions are not so fond of \"everyone can do stuff\" things. Their aim is to create permissioned systems, with **legally binding agreements on who can do what**. There is explicit permission required to join the system, which means they know who's interacting with their blockchain.\n\n### Public\nFurthermore, the bitcoin blockchain is public. Literally everyone can see what's going on (take a look at https://blockchain.info/), literally everyone can start a business. **If everyone can use it, no one is responsible**. We all know the shared cow is often milked but seldom fed. \n\nThere is no liability on the blockchain: you make your own wallet, you interact with other people. Actors on the blockchain are faceless, pseudonymous (almost anonymous). \n\nTo quote the Ghostbusters: \"If there's something weird and it doesn't look good. Who you gonna call?\" Financial institutions are looking into **private blockchains** – they're not exposed to everyone. It doesn't imply that a financial institution is setting up their blockchain in their basement, \"private\" merely means that only people or organisations that are allowed will be able to use the blockchain.\n\n### Blockchain\nThe bitcoin blockchain is **old technology**. It goes back to 2008 and is actually quite limited. Financial institutions are rarely/not at all looking at the bitcoin blockchain but at other blockchains, built upon the same technology but solving the child's diseases of the bitcoin blockchain (and usually with a better reputation as well).\n\nWhat happens on the bitcoin blockchain, shifting some coins back and forth, stays on the bitcoin blockchain. With homemade **distributed ledger technology** (the overarching term) like Corda, so much more is possible. Ethereum with its smart contracts, Ripple with its payments focus, Eris Industries, Multichain, OpenChain, BigChainDB,... the options and possibilities are nearly endless and so much richer in options and functionality than the bitcoin blockchain.\n \n**Conclusion**: I do of course feel sorry for the personal losses occurred through the BitFinex \"hack\" (probably an inside job, no). It in fact supports the case of financial institutions working on distributed ledger technology: **trust your bank, they ought to do better**.",
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2016/08/02 20:47:15
authorarphy
bodyWhile it sounds like a plus, I'm positive that my story is less scary than theirs :)
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andre-agereffective vote applied for @arphy / the-second-halving
2016/07/31 23:33:15
authorarphy
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Witness Votes

0 / 30
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