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The “economist” who is behind USA regulatory attack on crypto is the same guy who crashed the economy in 2008! Gary Gorton whose paper compares crypto to wildcat banking, was in AIG and devised faulty models that failed to account for mortgage defaults, leading to a $185 Bn Taxpayer bailout of AIG.
What is Blockchain Finance ? Blockchain & International Commercial Shipping
Just watched the "Insider Job" and it is absolutely infuriating!
Anyone familiar with a crypto called AIG? Is it a scam or is it legit?
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Agree with you. I guess my point is that stock brokers are not 100% protected. And, they can do some shady stuff. Not to the extent of FTX. Wall of shame include: AIG, Lehman Brothers
Is this gonna be a game where you keep asking these things hoping for a gotcha moment, and I keep giving you the list, and then you're just gonna keep deflecting because you never really cared about the answer? Because those companies I listed do exist, and have used blockchain, smart contract, and crypto, so there's not really a gotcha moment here. So here we go, and all this is documented on their site and news articles: -Mayo Clinic using Safe, a digital platform that runs on Hedera smart contract to enhance medical record management in a safer way, improving the security, cutting out the middle man, and reduces the cost compared to traditional systems. -Encrypgen uses smart contracts to transfer patient data. Assist in making more secure, more transparent, and more tustless management of clinic trial data. It uses blockchain and smart contracts to facilitate genome data access. -IBM is doing a ton of different things. I'll use the hyperledger fabric, which is very much in line with what I was talking about making information and data more useful, valuable, and trustworthy. What's data if you can't trust it and can't tell what's correct? -Maersk and PWC using chains like Vechain for their logisitcs. Without blockchain, you had to trust the data and information of a shipment, going through different ports, different ways to track the shipment, and having to trust these different ports, warehouses, and countries, with staffs that don't work directly for you. Vechain simplifies the process, and removes corruption, misinformation, fudged numbers, and even things getting lost due to centralized tracking. A lot of different medical companies (like the ones I listed) are using blockchain for more efficient medical records, healthcare logistics, etc....Blockchain makes those records immutable, incorruptible, more efficient. Everything is now verifiable. There's chains like Medifind used for that. -Microsoft, among many other things, is using the Ethereum blockchain for Azure and its cloud servicecs. -AIG using smart contract on the Ethereum blockchain to reduce costs, and increase -transparency. -Arbol allows farmers and businesses to use Ethereum smart contract and Chainlink in providing enhanced insurances coverage for weather events, that uses live weather data through Chainlink oracle, and can give quick instant settlements, removing the inefficiency and middlemen of traditional systems, while removing fraud and corruption. -Insurwave, used with Ernest Young, uses smart contract to help automate insurance execution, cut out inefficiencies and middlemen. -Home depot has been using smart contract in processing vendor contracts to be more efficient, more transparent in providing all the same information to retailers, and cut out discrepancies. -Nestle has been using smart contract to better track their supply chain and enhance transparency to better tackle fraud. Using smart contract to create more automation in the supply chain system, and executing payments instantly.
lol there's literally been application and usage for the past decade, not just in decentralized finance, but application that has been in uses for years in various industry like in the medical field (I know this one gets mentioned to death but there's a reason for it), insurance, agriculture, energy industry, real estate, law, etc... It's been used (and I'm not talking about "partnerships", I'm talking about actual utility), by companies like IBM, Microsoft, AWS, Alphabet, Apple, Tencent, Tesla, Nestle, Alibaba, Johnson & Johnson, Walmart, P&G, AIG, Aegon, Pepsico, Nvidia, Intel, Walt Diseny, Unilever, Samsung, Verizon, Honeywell, Comcast, JP Morgan, Oracle, Cisco, Exxon, Shell, UnitedHealth, UPS, Home Depot, Pfizer, Shopify, Metlife, Siemens, Qualcomm, etc... Those companies don't seem to think it's a joke.
Do you call IBM, Microsoft, Amazon, Nvidia, AIG, Walmart, JPMorgan, Siemens, Honeywell, Tesla, scams for using smart contract, blockchain, and crypto for their business? Because those are just a few of the companies who have been using the innovation for their business. Or do you calling improved security, efficiency, money saving, decentralization, removing the need for trust, reducing corruption a scam? Because those are the solutions that crypto technologies have provided to those companies. Believe it or not, crypto is more than just Hex, Safemoon, FTX, and Luna.
Only AIG has dropped one of its blockchain projects for automated cancelled flight insurance, but kept everything else.
Maersk, IBM, Honeywell, Siemens, JPMorgan, Shell, Microsoft, InBev, AIG, Aegon, JLL, Brookfield, etc...
Other than the company I work for? It's been used in the medical field (from medical research to improving patient data), in oil exploration, in agriculture, food and beverage, hospitality, humanitarian aid, by insurance companies like AIG, it's used in real estate, legal services, art, logistics, supply chains, trade, etc...just to name a few. The use case is so vast, but it's essentially anything that can benefit from blockchain and wants to use a function or a programe on the blockchain. If you want to know if a smart contract can be useful or beneficial in a system ask yourself these: -Does it need improved security? -Does it need efficiency from removing middlemen? -Will it benefit from being trustless and reducing the element of corruption? If you answer yes to any of those, then smart contract might potentially have some use for you or your system...if done correctly.
for instance a broker can create fake shares to make sure you have something to buy. it's called liquidity. then they have many days to actually "locate" the share they sold you. what if then that broker bought call options and said "we could always buy this stock now so that's just like locating it." even though the price might be impossibly high on the last day of locate window? what if they could just buy more call options on that last day? or what if that broker could "buy" the stock on a non-registered exchange or a dark pool and hide and "self-report" that he did that? would you be allowed to buy in a dark pool at all as a citizen? less alone self report it? how could this possibly go wrong? what is the limit? a million dollars? a trillion dollars? what if they could buy insurance instead of having your stock, roll up that insurance at AIG and then have AIG tank. would that be too big too fail? would you be allowed to take out a loan for a few million, then buy some cheap insurance that you may not pay it back? then have your banker wink and hand over the money?
No excuse, they just closed off withdrawls due to bank runs. The first was if I remember right, when bear steins went belly up. The others were when Lehman went under, then AIG freaked markets out. ATM's were put of cash, branches had special hours, and online withdrawls were halted. This was Wachovia first then wash mutual, then finally my savings at an online only bank ING Direct, which is now capital one 360.
warren has always been terrible. She is one of those people who does not realize they are racists. "Ohh honey, you just don't understand WHY I need to do this for you, you would not be able to comprehend it, but its not your fault, see, I have super smart research to show why you are the way you are." Runs on campaigns of punishing the people who caused '09 but then just works for them. People got arrested and put in jail for crypto stuff they did less than 12 months ago. It has been more than 12 years and how many people from AIG and similar companies went to jail?
I got the point. The point is moot. It names no sense. And the tangent that btc created access to the underworld, is also wrong and crazy lol. If you look at a USD money supply chart, you’ll notice ENDLESS printing (adding to the supply, decreasing the value) since 2008. BTC (finite supply) was created in response to the fascist corruption of bailing out companies like AIG, adding to the supply and making Americans pay for it. You’re suggesting they created something that could foil their plan of getting taxpayers to pay for their schemes. You are an idiot.
Who committed a crime? AIG sold OTC swaps sans-regulation. They held all of the contracts themselves. OTC swaps are now regulated. Loan fraud? I'm pretty sure some people went down for bad mortgages but not too many. It was a bit confused because both the originator and person taking the loan were lying in most cases. If both sides lied, who do you arrest? Arresting everyone is not necessarily productive.
It's actually typically more efficient and secure. We've already seen how it cut out a lot of steps, time, auditing, extra work, in its application in the supply chain industry. Cutting time, resources, and cost. The decentralization not only removes the issue of trust and corruption, but also provides a more effective way to authenticate. That's why one of the fastest growing place it's being used, other than the financial field, is the medical field, in dealing with information from medical trials, medical research, to patients records, helping share information more quickly and more accurately. And one specific application that stems out of the is Self-Sovereignty Identity. Blockchains like Ethereum have been able to solve the issue of having identity information online being vulnerable and being at the mercy of a centralized identity. SSI gives you control back over your online identity and information, control who you want to share that information with, etc... To answer your question with a specific example, major insurance companies like AIG have started to use Ethereum smart contract, to remove a lot of human error, remove corruption and the need to put trust in a person, cut out middlemen, use a more secure network, not have a single point of failure network, and provide more transparency. Here's more details on how smart contracts work for an insurance: https://www.scnsoft.com/insurance/smart-contracts