First day of inside bitcoins Berlin: extremely interesting
When we arrived this morning, we were a bit afraid of the people that would be attending the Inside Bitcoins conference. First it is on a Thursday, so some people will not be able to attend or get a day off. Nevertheless at the beginning of the opening keynote the gorgeous room was filled up quite well.
Opening keynote by Chris Odom.
Chris Odom kicked off the Inside Bitcoins conference with his keynote; a practical distribution of risk. The co-founder and CTO of Monetas. After analyzing the current state of Bitcoin, like the 1,5/sec btc trading, and the problems Bitcoin faces, he moves to his company Monetas.
One of the main problems Bitcoin has is the trust and how it has been chattered over and over again by some people without scruples or professional attitude. Monetas is creating a kind of protection and security like the blockchain but with off chain purposes. This means that it also off chain possibility with signing, etc. This reduces the fraud risk to theoretically zero.
Blockchain and future of money.
The next speaker was Flavien Charlon, founder of coinprism and Preditious. He explained the uses of colored coins extremely well and how this all is incorporated within the coinsprism network. You can use colored coins for a whole variety of different things. For example, if you want to build up a business and are looking for some much-needed funding, you can create a colored coin for your business. But colored coins are much more than just funding. They also allow the creator of the coin to give out voting abilities to the “investors”.
“Regardless of what people’s opinions may be, colored coins do have a lot to offer and create a kind of versatility that may not be found with another crypto that is currently available” said Mr. Charlon.
Blockchain and the future of money.
The next speaker at the inside bitcoins conference was mr. Ferdinando M. Ametrano. He is the founder of Hayek money project and quantlib project. He talked about the current developments that have Bitcoin underwent in the recent years. Every aspect, like merchant adaptation, wallet downloads, technological innovation and even the price does show progress.
However everything can be improved upon, so there were some issues he addressed. He also picked in on some of the previous speakers observations, like security and versatility. “ We need to stop and focus on the speculative aspect of the price of Bitcoin. The community is only % years old, and we show a exponential growth in every aspect. This also includes the price, which is rising on the global scale” Mr. Ametrano told the visitors at Inside Bitcoins Berlin.
Solving real business problems with Blockchain
Everyone is praising the blockchain technology. Peter Kirby, president of Factom explained to us at inside bitcoins why that exactly is. Blockchain has real benefits for companies and businesses alike because it creates the openness and offers pseudo-anonymous options for data that companies want to publish.
This will reduce the possibility of fraud because everything, visible to the public or private, is stored on the blockchain or blockchain like storage mediums ( both offline and online).
The sound wallet.
The sound wallet is an interesting concept though a bit weird in the beginning, especially when some strange banshee-esque sound comes from the speakers at the Inside Bitcoins conference. The principle is that you encrypt your wallet with sound. That way if criminals break into your home and steal your PC or laptop, because you have a Bitcoin sticker splattered over your PC rig, they can’t get into your account because you encrypted your wallet with a certain sound.
Now it only works with vinyl and wav, but mp3 will not work. So the sound wallet merges analog and digital in a unique way. It will probably get a lot more attention because it improves on the security.
Bitcoin sucks… not really. Jeremy Gardner
The founder of College Cryptocurrency network and spokesperson of Augur was slated in the spot after the lunch break. As usual his astute observations and sometimes hard-hitting critique concerning Bitcoins. “Educations and collaboration with governments are the current highlights, which makes sense if we want Bitcoin to play with the big boys or have some relevant role in the world. Working against or antagonizing established banks or governments will not help Bitcoin at all,” Gardner told us.
Panel on the pro’s and con’s of Bitcoin investing.
This was quite interesting to hear the six people that were in the panel. Most agreed on the fact that price volatility is an everyday risk we all take. Some of the speakers told us that Bitcoin price drops because of a combination of several aspects. Profit-loss of the miners is one, speculation of groups are another, but there are others.
The fantastic six also imparted some great wisdom, like not focusing too much on price. Things like operational risk, catastrophic risk, and compliance risk are also a couple of aspects that are more important than just focusing in on the price.
We feel a movie coming on: Satoshi’s last will.
Aaron Koenig, our friendly bowler hat-wearing friend, is going to create a new bitcoin movie that is called the last will of Satoshi. You might have heard of him because he made the rise and the rise of Bitcoin.
Satoshi’s last will: a science fiction thriller about bitcoin will be recorded in Argentina and there is also a possibility for you all to be in the movie, it only cost about 100BTC.
Simplex: accepting credit cards with zero fraud.
This was again a triple A presentation. Fraud is in the news all the time. Bitcoin and credit cards are frequently used in the same sentence. Now Nimrod Lehavi, founder and CEO of Simplex and board member if the Israeli Bitcoin Association, created a service for credit cards. It will reduce the risk of fraud because they also get verified. If it isn’t verified, it will be rejected. On average about 25 % of the current credit card action are being rejected. OF those 25% about 80% is truly a fraud.
Who needs Bitcoin Exchanges?
Mr. Stanislav Wolf, VP product development Yacuna AG asks the question: who needs Bitcoin Exchange? Well, it is a love heat relation. We don’t need it but we can’t live without it. The fact that exchanges aren’t regulated and that many governments see it as “ fraudulent actions” or “trading with foreknowledge”. This can generate a lot of problems for users of exchanges. So regulations should be incorporated but also other systems.
For example user – multi gateway service-to asset exchange. It allows extra protection but p2p trading will be better than the current exchanges. With counterparty it is also a good alternative to Ethereum and others that are “on a chain”, or “cross chain”. Conclusion: the old exchanges are going to die out because there are other alternatives coming out in the near future or are already available at this time.
The bitcoin blockchain: meta protocol unleashed.
The last presentation of the first day of the inside Bitcoin Berlin conference is left to Mr. Hansen. Jacob Hansen is CEO and Co-Founder of Crowdcurity, situated in silicon valley. Looking at the intrinsic value, and the implementation of the Blockchain is being discussed in this presentation. Some say that Blockchain is the missing link protocol for transferring money and value.
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