IBM Signs 6 Banks To Issue Stablecoins and Use Stellar's XLM Cryptocurrency (coindesk.com) 50
IBM is taking its banking clients a step closer to cryptocurrency. From a report: Announced Monday, six international banks have signed letters of intent to issue stablecoins, or tokens backed by fiat currency, on World Wire, an IBM payment network that uses the Stellar public blockchain. The network promises to let regulated institutions move value across borders -- remittances or foreign exchange -- more quickly and cheaply than the legacy correspondent banking system. So far three of the banks have been identified -- Philippines-based RCBC, Brazil's Banco Bradesco, and Bank Busan of South Korea -- the rest, which are soon to be named, will offer digital versions of euros and Indonesian rupiah, "pending regulatory approvals and other reviews," IBM said. The network went live Monday, although while the banks await their regulators' blessings, the one stablecoin running on World Wire at the moment is a previously announced U.S. dollar-backed token created by Stronghold, a startup based in San Francisco.
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Yeah, good riddance to those democrats and liberals.
Just about everyone here (Score:1)
Is wrong about crypto currencies. They are here and they are growing and if you aren't in on them now you will be extremely sorry soon enough. I constantly see horrible posts about how pathetic they are here despite the fact many of them are opensource and are developing along very nicely. It's almost as if since it involves "money" that it's deemed terrible. Yes I know Bitcoin's PoW wastes energy.. pick one of the many many PoS or premined coins then. For example: XLM is an energy efficient premine.
It's
Re: Just about everyone here (Score:2)
The best part of crypto coins is anyone can have one.
Me I am only putting my money is the slashcoin. Where you gain value by posting + comments and lose value with - comments.
As the moderation needs block chain.
To date every single coin has fallen by the way side. Their ideas and reasons for existing as stupid as the number soft people paying for them.
Investment? Nope not unless you can deal Keith gold Rush. But long term all of them trend downward unless you get a big enough Spike to prop them up.
Re: Just about everyone here (Score:5, Insightful)
Re: Just about everyone here (Score:1)
Crypto currency is inefficient, therefore it will die
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Sure, sure.
Enjoy your Flooz and eCash fortunes
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Any of you old-timers remember Beenz?
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In case you missed something: this IS bank controlled. This is just a new way to transfer money using a payment processing network. What you are talking about is nonsense (speculation). And just because "Youtube" cofounder/Netflix developer are involved doesn't make it more worthwhile.
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Well, there are billions to be had in an alternative payment processing method that catches on. At first I was thinking "alternative to PayPal", but it's broader: an alternative to debit/credit cards (for those who pay off their credit cards every month).
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Is wrong about crypto currencies. They are here and they are growing and if you aren't in on them now you will be extremely sorry soon enough.
I am already sorry. Or rather I feel sorry for the utterly dumb fucks that just do not get it. Like you.
IBM is a year late to the blockchain hype party... (Score:5, Insightful)
...the cops have already been there and all the booze is gone.
So we have a handful of traditional, regulated banks trading tokens pegged to real currencies that are already traded around the world... on a blockchain!. Does that need to exist? Of course not! But it does, because in late 2017 Bitcoin was headed for $20k and one of IBM's many consultants told them that coinz were going to be the next totally tubular gotta-have-it thing.
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I work for one of the banks yet to be announced and I think this will actually be quite a major shake up. The reason that IBM is getting market share regarding this is mainly down to the belief that they provide additional security,
I understand why you'd need blockchain for that, but not why you'd need cryptocurrency. If it's pinned to and backed by the USD anyway, why not just use blockchain to track transfers of normal currency? Like by serial number...
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XLM isn't a cryptocurrency. It is issued by the network via inflation. Its purpose is to provide a basis for securing a stake in the network, and is not meant to be traded for value. Instead, the Stellar network (of which XLM is the base currency) allows defining and trading of assets. These assets can represent anything the issuer desires, and it is up to individual account holders to trust an asset.
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It's true we don't need this per-se. However, the tokens are the important bit of this - it means that those banks are no longer using actual currency, but are using tokens. It potentially paves the way for tokens not tied to an individual currency, but perhaps to a basket of all the currencies in the group, or maybe tied to some other thing (or not tied to anything at all).
A 'banking currency' alters the global power base quite a bit. It means that banks start to run national economies directly, rather tha
International Bitcoin Marketers (Score:2)
lol (Score:2)
How many bits in stablecoins secret? (Score:2)
Anyone know if it is below the 16 bit threshold?
Lightning doesn't route (Score:2)
Stellar has a few nice improvements on Ripple, but they're planning to scale using Lightning, which remains pre-alpha because it depends on open topics in Computer Science being solved to route effectively.
see: https://lightning.fail/ [lightning.fail] for more detailed explanations and analysis.
Meanwhile Ripple developed Cobalt because they need to scale today.
These national banks got snookered by IBM, sadly, but IBM can't control Ripple so they're not going to back it.