http://www.zerohedge.com/news/2014-12-17/who-are-three-biggest-data-companies-world-1-google-2-fed-3-jp-morganecb
As
many already know, I've created a startup called Veritaseum that
specializes in using the programmable aspects of digital currencies to
create "Smart Contracts" to disintermediate legacy businesses that
extract rents without adding the requisite value to justify said rents.
Many
of my clients, followers and business partners thought me insane to
pursue such a path. I considered this a good thing. Why? Because the
crowd is very rarely, if every, successful. The true solutions to real
problems are seldom percieved by the masses until after the fact. The
masses include the management of big industry, and big finance in this
particular situation.
Let's reference the first sentence that describes my startup to make my assertion evident.
" I've created a startup called Veritaseum that specializes in using the programmable aspects of digital currencies..."
As per Wikipedia:
Digital currency or digital money is an internet based medium of exchange (i.e.,
distinct from physical, such as banknotes and coins) that exhibits
properties similar to physical currencies, however, allows for
instantaneous transactions and borderless transfer-of-ownership. Both
virtual currencies and cryptocurrencies are types of digital currencies,
but the converse is incorrect. Like traditional money these currencies may be used to buy physical goods and
services but could also be restricted to certain communities such as
for example for use inside an on-line game or social network.[1] Digital currencies such as bitcoin are known as "decentralized digital currencies," meaning that there is no central point of control over the money supply.
Let
me make this clear. Nearly all currency and currency transactions, and
money are in digitial form in the developed world. This is not a
"bitcoin" thing! It is not an "UltraCoin" thing. It's a MONEY thing!
Click here to listen to the Fed itself explain how they act as a data company, to the tune of $1.7 trillion. Now, on to the rest of the company description...
...to create "Smart Contracts"...
As per Wikipedia:
Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract,
or that obviate the need for a contractual clause. Smart contracts
usually also have a user interface and often emulate the logic of
contractual clauses. Proponents of smart contracts claim that many kinds
of contractual clauses may thus be made partially or fully
self-executing, self-enforcing, or both. Smart contracts aim to provide
security superior to traditional contract law and to reduce other transaction costs associated with contracting.
Digital rights management schemes are smart contracts for copyright licenses, as are financial cryptography schemes for financial contracts. Admission control schemes, token bucketalgorithms, and other quality of service mechanisms help facilitate network service level agreements. Some P2P networks
need mechanisms to ensure that remote strangers contribute as well as
consume resources, without requiring the overhead of actual legal
contracts. Two examples of such protocols are the storage trading
protocol in fl?d backup[1] and the Mojo Nation filesharing auction.
Cryptographic authentication of one product part by another has been
used, in lieu of a contract between manufacturer and consumer, to
enforce tying strategies.[2]
The
major difference between the digital currency whose blockchain
UltraCoin is set against (the Bitcoin blockchain) and the more prominent
digital currencies (ex. USD, EUR) is that there is a Blockchain and
programmable capabilities. We can program the money and create
safeguards that don't exist in today's legacy banking system.
If
banks truly are data companies, as opposed to those big marble
buildings whose employees offer toasters in exchange for grandmothers
opening up savings accounts, then they really need to change their modus
operandi, not to mention dramatically alter their business models.
While
banks globally have almost reached their long-term average of 10
percent return on equity, most have valuations showing investors aren’t
optimistic about their prospects for growth, according to the report.
Customers will increasingly use mobile services as more than 12,000
startups are focused on banking businesses, McKinsey said.
Pressure
is coming from “FinTech” startups, whose focus has moved beyond
processing transactions to areas such as personal investments and
lending, the authors wrote. The six largest of these non-bank
“attackers” have more combined revenue than the 20th-largest global
retail bank, according to the report.
“While
the number of FinTechs is large, most provide more of an opportunity
than a threat to global banks, which can build on their ideas, set up
joint ventures, and sometimes acquire these firms to deepen or broaden
their offerings and capabilities,” McKinsey wrote in the report.
Well,
I don't know about that. Until banks realize that they are essentially
massive data companies, currently prone to hacking and manipulation
without utilizing the advanced aspects of the very technology that they
are forced to depend on, I believe the last portion of my company
description will be the most pertinent. Think back to the early '90s
when the big newpaper companies thought they were tech savvy by taking a
picture of the front page of their rag and posting it on their websites
to be read. Big difference between that and YouTube, Google, Facebook
and today's digital media, no? Well, the banking industry is just as
archaic, but charging more than ever for their products and services...
As
you can see from the chart above, banking products and services pricing
has outstripped every consumer staple in price appreciation since the
1997 base year sans the two year period where the US put over $1
trillion in bailout aid into the industry (which essentially makes the
services even more expensive, during said period, to the tax paying,
savings orientated consumer)!
Again, I believe the last portion of my company description will be the most pertinent:
...to disintermediate legacy businesses that extract rents without adding the requisite value to justify said rents.
As per Wikipedia:
In economics, economic rent is any payment to a factor of production in
excess of the cost needed to bring that factor into production. In
classical economics, economic rent is any payment made (including
imputed value) or benefit received for non-produced inputs such as
location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents). In neoclassical economics,
economic rent also includes income gained by beneficiaries of other
contrived exclusivity, such as labor guilds and unofficial corruption.
Economic rent should not be confused with producer surplus, or normal profit, both of which involve productive human action. Economic rent is also independent of opportunity cost, unlike economic profit,
where opportunity cost is an essential component. Economic rent should
be viewed as unearned revenue, whereas economic profit is a narrower
term describing surplus income greater than the next best risk-adjusted
alternative. Unlike economic profit, economic rent cannot be eliminated
by competition, since all value from natural resources and locations
yield economic rent.
Visit Ultra-Coin.com and download the most advanced implementation of smart contracts and digital currencies available to the public.
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