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If anybody thought that this was going to be a quick process they shouldn't be holding here. The acceptance process for a commercial product can take many month's or even years. If this had been a quick process I would have been long gone as it could easily be copied, this isn't the case with QBT and if you're frustrated with the time scale then take comfort from this. GLA
Have you ever put sterling under the microscope as much as you have Bitcoin? It's pretty strange stuff https://www.instagram.com/reel/C5XhTqxu15X/?igsh=c2lkN2ptdW9kN3Jv
I don't see the comparison between art and Bitcoin as valid, since art is valued based on its uniqueness and there are 20 million Bitcoin's currently mined. A more valid argument is that Bitcoin's value is based on the belief of the participants, whether or not Bitcoin holds value would be dependent on the ratio and actions of true believers vs speculators.
... So Fleccy ... what 'value' do you see in Art, a Picasso, or say Tracey Emins 'bed scene ' ??
How do you value it ?
In my opinion Michael Saylor is a Bitcoin Evangelist talking his own book. I expect Michael Saylor is a true believer, I just don't understand why?
Pas as far as I can tell QBT's methods are all focused on Proof of Work Blockchain, which relies on miners competing to solve mathematical problems using massive amounts of energy, whereas all the use cases you listed could easily be provided by far more efficient Proof of Stake Blockchains provided centrally, or decentrally. Something else to consider is that any entity can create their own Blockchain's, none of your use cases require use of inefficient Blockchain's like BTC. I'm not against Blockchain, I just don't see any value in Bitcoin.
Fleccy - thank you for your honest thoughts. Appreciate it. Have you heard Michael Saylor (Microstrategy CEO) speak on BTC? He is very bullish and convincing too. If you haven't, he has done series of lectures, talks etc on etc and sounds very convincing. Any thoughts and insights will be appreciated
Asset Tokenization.
The advent of cryptocurrencies has made it possible to tokenize real-world assets. Anything from copyrights to real estate and art pieces to commodities can be tokenized and represented in form of a cryptocurrency token. For example, using blockchain, we can tokenize a luxury real estate property worth $10 million and represent it as one million crypto tokens worth $10. This adds more liquidity to an otherwise illiquid asset and makes the exchange of even non-liquid assets more convenient. Additionally, the buying and selling of these assets become cost-effective, fast, and more transparent..
LENDING AND BORROWING
Decentralized finance applications have disintermediated the lending and borrowing process. They allow individuals to lend and borrow funds almost instantly using cryptocurrencies. In addition, as cryptocurrencies are borderless currencies, you can lend or borrow from these platforms irrespective of where you live.
GAMING
Cryptocurrencies, in the form of non-fungible tokens (NFTs), are already disrupting the gaming industry. In the gaming world, NFTs are crypto tokens that represent a unique digital asset inside a game. As each NFT represents something unique, they have different values and are not interchangeable. This gives every user a completely authentic in-game item, the likes of which is owned by no one but them. Digital cats called Crypto Kitties are the most famous example of blockchain-based NFTs.
STORAGE
The centralized cloud storage platforms have many major shortcomings from high fees to server outages. This has paved the way for decentralized storage created through the use of blockchain. In such a system, anyone can rent out their free storage space.
Remittance & P2P Digital Payments
In the past, Bitcoin was primarily suited for large transactions due to block time and fees. However, with the introduction of the Bitcoin Lightning Network, a second-layer solution added to Bitcoin's infrastructure, it has become viable for transactions of all sizes.
If you had 250 GB free on your disk, you could rent it on a decentralized storage platform such as Filecoin and earn a passive income from it. People who opt to buy your storage space would pay you in the storage platform’s native cryptocurrency.
Through its hardware wallet and application, Ledger aims to help you reap the benefits of cryptocurrencies in a user-friendly and secure environment. By educating more people about cryptocurrencies, Ledger will also enable more people to claim ownership of their money and open access to the above-mentioned use cases. This will help a wider population to embark on their journey to financial independence.
... Its a whole New Industry !
QBT ,,,, has a 'B' in it ... and both Crypto & the 'B' are in their formative phase ( of the 4 phases that all new products , inventions pass through),,,,, they're here to stay ...and QBT is 'potentially' at the forefront ! ....many here know it ... and t
Zesty I'm just interested in the subject and this is a busy forum where I can air my view. I decided to learn the basics of Bitcoin because I wanted to understand the investment case for the token; As far as I can tell Bitcoin has only one real use and that's to allow punters to bet on the price direction, the token itself has no real purpose and doesn't fulfil a societal need. The decentralised nature of the token is hyped as its biggest strength, but I'd argue it's amongst its biggest weaknesses. When you're defrauded out of your tokens, or lose your private key for whatever reason, your Bitcoin is gone like a f art in the wind. Lose your Bitcoin and there's no one you can call to take responsibility for making good your losses, at least with centralised managed services you're protected by the institution backing the transaction. Before the ETF's an investment in Bitcoin was like buying a house and not insuring it, if the house burned down you'd lose everything. The ETF's centralise BTC and put the institutions in control, which means they also have a good amount of control over the price movement. Because Bitcoin has no real utility it will eventually fail in my opinion, it's just a matter of when, not if.
I find QBT interesting because I can't see how they'll commercialise their products, or even if their methods will work on the live BTC network. If I have any agenda it's just to satisfy my own curiosity, what happens with QBT's price has no financial impact on me; QBT's stock price could go to the moon, or crash and burn, either way it doesn't affect me.
Zesty- “ Fleccy, why would you spend so much time on here “
Good luck with that , he has been asked that question for years 😂
'Do you think QBT will have spent months revere engineering Chinese chips before they know if method B works in a live mining environment'
That's not a question, it's a statement of fact. They have been attempting to port to Bitmain since at least Sep 2023. FG said in his last interview, 2 months ago, that next news would be that Method B works. So they have spent months porting but have not yet confirmed the Method works. If they know Method B worked in live back in Sep 2023 when they were porting then why the live testing now.
None of what they say and do makes much sense.
'4months into live testing without any updates and no deals DOES suggest something has gone wrong'
Exactly this, at this stage all the previous testing should have ironed out any issues. Running something in what is effectively pre-prod is purely to make sure nothing blows up with live data.
Also wonder how they are exactly testing. Not just how many rigs, use of a SaaS etc but also the fact that difficulty has changed some 10 times since they started live testing in Jan. Surely they know if it works by now, such a length of time for live testing does not make sense if you have any knowledge of software development.
'they have so far released lab results which are 160% better at securing a BTC block'
They have not released any results. They have made claims that they can be mine theoretically 2.6x faster on a low difficulty but have not provided any proof of this some 12 months later and have yet to prove this on the live blockchain, where the difficulty has improved hugely since the May 2023 PRN.
"yet they have so far released lab results which are 160% better at securing a BTC block"
As far as I am aware they haven't released anything, it's only the word of FG. Certainly nothing has been peer reviewed.
"Let’s also remember QBT has said it has been testing in mining pools and solo on live networks so what would be your thoughts on this…."
My thoughts on this, having been involved in significant IT projects, software development and implementations, data migrations etc, is that live testing should have been a formality to prove the results seen in the lab. 4months into live testing without any updates and no deals DOES suggest something has gone wrong.
You're a dangerous poster Jambone, I don't know if it is naivety or something more sinister.
Fleccy, why would you spend so much time on here writing these long posts for something you're not invested in that takes value from a technology you believe to be a non starter? If you're not pushing an agenda, then for the love of god man go and get a more worthwhile hobby. But you do have an agenda don't you?
There's no way of knowing how much resource QBT have committed to reverse engineering Asic rigs, could one person or 10 people to understand the architecture.
I also have no idea how many ASICS QBT have used for solo and mining pool testing, but my guess is that you'd need a lot of ASICS to measure a live network probability improvement using something like Method B. The large miners increase their chances of winning by throwing massive processing power at the task, so unless QBT use significant processing power to live test I'm not sure they'll achieve measurable results, do you understand what I'm saying? Imagine a tug of war where you have 100 men on one side and 10 men on the other side, even if you replace the 10 man team with a team that's twice as strong, the 100 man team will still easily win every time, so how would you measure the improvement? In the case of Bitcoin mining finding a winning hash also depends on luck, so the big miners skew the probability in their favour by using more Asic's, so I'd guess for QBT to prove their Method's work they need a large operation with a lot of processing power.
“Child Ego state. If a fully grown person behaves like a child or is constantly immature, and infantile, then they have a low level of emotional intelligence and limited intelligence too.
Just for you Fleccy! Ring any bells…”
Seriously? Have you not read Obelix’s posts? Or Jambone’s? Or PAS? Or…
Fleccy, so are you saying making a new listing to the stock exchange would have been better than relisting an old listed company, it’s a lot cheaper to use an old listing and change names than it is to list a new separate entity.
I really don’t see what your point is other than to try and troll?
So you have your doubts, but have zero experience in the field QBT are in, and all your info is from what you have found on google….
You do realise that even FG has said it’s groundbreaking and nobody believes it’s possible yet they have so far released lab results which are 160% better at securing a BTC block and they are currently live testing using ASICs on 2 large mining pools.
Question for you Fleccy…Do you think QBT will have spent months revere engineering Chinese chips before they know if method B works in a live mining environment?
Let’s also remember QBT has said it has been testing in mining pools and solo on live networks so what would be your thoughts on this….
I'm just projecting my opinion through humour,
I personally see significant risks with an investment in QBT. QBT was formed from Clear leisure, an owner of theme parks, so it's quite a transformation to become a Bitcoin focused technology company, it feels like an opportunistic move to climb aboard the Crypto hype train.
Bitcoin miners like MARA have Billions invested in ASICS and infrastructure, and clearly have far deeper pockets than QBT, if it's possible to improve the efficiency of Brute Force hashing you can bet the big miners will have researched it themselves. Whatever QBT have achieved in the lab won't necessarily achieve the same efficiencies on the live Bitcoin network, and QBT stated in their last R&D update that "The porting of Method A and Method B onto commercial rigs has proven to be very challenging. The R&D team is currently testing different solutions for the final stage in order to deliver a fully reliable product. An exact date for market roll-out cannot be provided at this stage".
Apparently the Bitcoin Network performs 500 times more operations per second than the World's most powerful supercomputer, so even if QBT have something they will need to incorporate the product into a large mining operation to prove it works. I have doubts about SaaS, since the speed of the Bitcoin network requires any operations to be as close to the ASIC's as possible to reduce latency to an absolute minimum.
I'm just expressing a opinion take it or leave it, but my opinion has nothing to do with ego and is unbiased since I'm not invested in QBT. I'm not a believer in Bitcoin so I consider any resource directed at the token as wasted, at best I'd view it as a form of online gambling with facilitator's, winners, and losers.
Child Ego state. If a fully grown person behaves like a child or is constantly immature, and infantile, then they have a low level of emotional intelligence and limited intelligence too.
Just for you Fleccy! Ring any bells….
They're working hard on Method D should all else fail.
https://www.youtube.com/watch?v=G7KDrW70EnA
“Arb was just hyped at the right time. No real fundamentals behind that”
Argo Blockchain was hyped by the world's greatest team of investment promoters, there were many brown envelopes passed around, a tweeting con man, and the rest is history. Let that be a lesson for all investors, to look out for similar signs in your future investment decisions. As for QBT, the wait goes on. And on. etc.......
A listed company’s first and foremost priority is to it's share holders and this is where FG has lost respect, lengthy periods of no communication, a PR company that doesn't PR and contact addresses on an unmaintained website that go unanswered. However, I do still believe in his ability to research, design and test these methods successfully which is why I hold, I do hope though that when it comes to marketing and selling those results they hand it over to someone in the team who excellent in that department as that could still make or break this if it's handled badly.
Over to you FG, use the business development resources you have at hand, it's not just about the product, it's about the business too, without which a product has little value.
GLA
GLA
I'm heavily invested in coinsillium. And I believe that has what it takes to really move in time. Has great projects and good communication, they do events to attend. They are in the right space. Take a look at that and hedge ya bets. I do believe a 30p share sometime this year.
'Unfortunately a series of bad strategic decisions, some better ones that were just poorly timed and a crash in the price of bitcoin led it to where it is today'
They expanded too fast at just the wrong time. It always felt unsustainable that they were HODLing their BTC whilst raising to pay for day to day business costs and leveraging on the BTC they held to expand. Fine if BTC was going to continue rising but of course it didn't and they were forced to sell their HODL at lows. Was just a massive gamble, when PW and other directors sold around 250 that was a pretty clear signal they knew what was to come.