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By all these lovely tokens
September days are here,
With summer’s best of weather
And autumn’s best of cheer.

Helen Hunt Jackson - September
The breezes taste
Of apple peel.
The air is full
Of smells to feel-
Ripe fruit, old footballs,
Burning brush,
New books, erasers,
Chalk, and such.
The bee, his hive,
Well-honeyed hum,
And Mother cuts
Chrysanthemums.
Like plates washed clean
With suds, the days
Are polished with
A morning haze.

John Updike, September
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Do you trust digital currencies?

LynneLynne Your TeacherHomePosts: 9,478 mod
edited January 2015 in Work and Money
I just read an article called Big Idea 2015
The innovation that will shape the coming year, I think, will be the consumer use of digital currencies, such as Bitcoin and its derivatives. Companies such as ChangeTip, BitWall, BitPay, and Coinbase – as well as other digital wallets that make use of cybercurrencies or loyalty-points/miles currencies – will empower creators and consumers of content and wrest some power from the Amazons, Alibabas, and Apples. This will upend our current kludgy financial system and ignite an explosion of disruptive innovation.
Is our current financial system "kludgy"?

As you may have guessed, I love technology, but I shy away from electronic payments that involve my smartphone.

The idea of a currency, purely based on bits and bytes is where I draw the line, and the problems Bitcoin had last year was enough to convince me it's not a good idea.

Currencies will be the topic of a Wednesday Second Life session, and we will be reading the following text in a future Monday session.

https://www.linkedin.com/pulse/big-idea-2015-coming-disruption-walter
Post edited by Lynne on
«1

Comments

  • XanthippeXanthippe Posts: 1,758 ✭✭✭✭✭
    Oh, great. I can preread it.

    By the way I like to have some lindens to buy one or two baroque gowns but I am rather distrustful as far as bitcoins are concerned.

    We both are old fogeys, aren't we?

  • aryarchiaryarchi Posts: 864 ✭✭✭
    @Xanthippe What are you interested in? history/baroque/traditional clothes or all ?
  • XanthippeXanthippe Posts: 1,758 ✭✭✭✭✭
    @aryarchi It is not possible nowadays to be interested in everything. :) I think Leibniz was that kind of man. :) Long gone times. :(
  • aryarchiaryarchi Posts: 864 ✭✭✭
    I thought people only surrounding me are not interested in anything at all!but I see this is a global problem.
  • XanthippeXanthippe Posts: 1,758 ✭✭✭✭✭
    Well, I don't think their lack of interest is a problem. The fact is that most areas of knowledge are very specialised and therefore there is always too little time to master all of them. It is the data that are overwhelming.
  • LynneLynne Your Teacher HomePosts: 9,478 mod
    This week, in Skype, we read: http://www.telegraph.co.uk/technology/news/10558191/Ten-places-where-you-can-spend-your-bitcoins-in-the-UK.html

    Here are the corrections:-

    April

    increasing

    -----------------

    CAD file

    La Hu

    peckish - 7,500

    ---------------------

    cocktail party - rent - Xavier - fraction - process

    Poetria

    East London Man With a Van

    Adriana

    exchange - Norwich - Haymakers - Coalheavers

    ---------------

    basics

    Helmy

    get - suits - excursions

    Otniel

    Wi-Fi - tuition - 0.25BTC

    Neha

    747-200 with 450 seats
  • XanthippeXanthippe Posts: 1,758 ✭✭✭✭✭
    Well, I am sitting on the dunce's bench again.


  • LynneLynne Your Teacher HomePosts: 9,478 mod
    In the G+hangout we gained an insight into how Bitcoins are made (mined) today.





    I'm not sure if it makes me trust it more, or less.
  • mheredgemheredge Teacher Here and therePosts: 27,055 mod
    Nepalis who want to buy ebooks or order items from Amazon can't pay online, as the Nepali rupee is worthless outside the country.
  • LynneLynne Your Teacher HomePosts: 9,478 mod
    @jessy_dn - I've noticed more and more people paying by using their mobile phones.
  • FrankFrank Moderator Posts: 5,953 mod
    People can steal your money or credit card or skim your bank pass. I don't know what they can do with your mobile phone. If I download a new app on my phone I often get a message to inform me that if I download the app, it:
    • can get into my personal profile,
    • knows who my friends are,
    • determine my location,
    • send Facebook messages in my name,
    • block incoming telephone calls,
    • use my camera,
    • etcetera.
    If I don't agree with the conditions I can't download the app. What choice do I have? But when I read all this, I'm reluctant to link my bank account to a mobile devise. What else could an app do? As long as I don't know, I'm cautious.
  • mheredgemheredge Teacher Here and therePosts: 27,055 mod
    Since I don't have any secrets and have no criminal inclinations, I don't have too much problem with the right people being able to access information about me. My only worry is if this information got into the wrong hands @Frank. I think this is where the biggest concern is.
  • FrankFrank Moderator Posts: 5,953 mod
    That's exactly what I mean @mheredge. I don't know what kinds of malware can be made to make apps transfer the information in the wrong hands.
  • mheredgemheredge Teacher Here and therePosts: 27,055 mod
    Well after watching too many episodes of Spooks @Frank, I have to say it worries me a lot more than it used to!

    Here in Nepal I'm not sure cyber-crime is much of a problem yet. Apart from the fact that the currency is worthless outside the country, very few people have any idea of what a computer is!
  • FrankFrank Moderator Posts: 5,953 mod
    I can't imagine paying with a mobile phone will be hot in Nepal, will it?
  • [Deleted User][Deleted User] Posts: 0 ✭✭
    I don't trust in it
  • madhugmadhug Posts: 366 ✭✭✭
    @mheredge: lot of people don't know about digital currency how to use it. losing their money because of cyber crime. before starting digital currency system, Government should educate and empower them how to use it.
  • BubblyBubbly Nightingale Posts: 30,058 ✭✭✭✭✭✭
    @mheredge We have money laundry cases here because cyber crime is really active these days. A model girl is recently arrested because she was sending billions dollars via different accounts and there are other politicians who are involved in it.
  • GemmaRowlandsGemmaRowlands Moderator Posts: 5,327 mod
    I don't think that I do trust digital currencies, no, and the main reason for this is because of the simple fact that I don't understand them. Money is very important, and therefore I would only ever want to keep it in my bank account where I know that it is safe, and nobody can get at it. Ultimately, this seems to be the safest thing to do, so it is what I will stick to.
  • mheredgemheredge Teacher Here and therePosts: 27,055 mod
    Frank said:

    I can't imagine paying with a mobile phone will be hot in Nepal, will it?

    Nepal's money is soft @Frank, so very few people use plastic in the first place. But when they travel abroad, I think they can put money on a card that enables them to pay for things abroad. I was surprised to find my Nepali visa bank debit card now works in India. But outside Nepal, this is the only place where it works.

    My biggest grouse at the moment is that my UK bank wants me to notify them every time I'm travelling now, or otherwise I run the risk it will block my card when I pay for something somewhere it doesn't expect me to be.
  • kindgnicekindgnice LEO Motivator!!! Posts: 7,641 mod
    Is Paypal considered digital currency? :smiley:
  • LynneLynne Your Teacher HomePosts: 9,478 mod
    Not really @kindgnice, but if you think about it, all money is virtual. ;)
  • kindgnicekindgnice LEO Motivator!!! Posts: 7,641 mod
    Lynne said:

    Not really @kindgnice, but if you think about it, all money is virtual. ;)

    100% agreed. @Lynne ;)
  • mheredgemheredge Teacher Here and therePosts: 27,055 mod
    It is handy to be able to pay online, especially for things like flight tickets. But it is scary how much money can leave your account at the tap of a key on your computer!
  • kindgnicekindgnice LEO Motivator!!! Posts: 7,641 mod
    @mheredge wrote: »
    It is handy to be able to pay online, especially for things like flight tickets. But it is scary how much money can leave your account at the tap of a key on your computer!

    Yes my friend. And one unintentional mistake will take a long process to retrieve the money. :)
  • mheredgemheredge Teacher Here and therePosts: 27,055 mod
    It was interesting to find so many different currencies in play withing a very short distance (Romanian lei, Moldovan lei, Transnistrian whatevers, and no doubt Russian rubles just a few more miles away. And of course Euros while not the currency of any of these countries, is still very important. I had a few Moldovan lei left (2€'s worth) which a guy just leaving the hostel as I checked in was glad to exchange for Euros.
  • chyijungchyijung Posts: 2,121 ✭✭✭✭
    This morning while I was buying the stock using my laptop, I accidentally hit the button twice and I got double of my demand. I have to call the broker to cancel the transaction because i have no enough money in my account. it is a terrifying experience to watch a big sum of money being deducted from the account.
  • PRASHANT_KUMARPRASHANT_KUMAR Posts: 22 ✭✭
    Yes I trust @mohit_singh
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