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Who Are The Three Biggest Data Companies In the World? 1) Google 2) the Fed 3) JP Morgan/ECB

Reggie Middleton's picture




 

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.

banks hacked

Bloomberg reports:

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...

banking prices normalized and adjusted for inflation

 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)!

banking prices compared to inflation adjusted income

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.

disintermediation

 As per Wikipedia:

In economicseconomic 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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Wed, 12/17/2014 - 13:46 | 5563639 Mi Naem
Mi Naem's picture

Sound very interesting, but if you are successful, it will more likely be Google buyout bait for the intellectual property patents, which they will promptly shitcan.

Big Pharma and others have done this for a while. 

Wed, 12/17/2014 - 13:13 | 5563452 Fun Facts
Fun Facts's picture

The FED can pump a lot of data through those fiber optic lines from the West Creek Operations Center to the CME to support their ponzi scheme.

Wed, 12/17/2014 - 13:05 | 5563397 KnuckleDragger-X
KnuckleDragger-X's picture

GS, JPM and Citi make a large percentage of their profits by being the man in the middle. If this starts taking off I expect the mega-banks try to get congress to make it illegal but a lot of corporations would love to get out from under their thumb. The battle could be epic especially since the big banks tactics would be thrown into the light.

Wed, 12/17/2014 - 12:06 | 5563030 screw face
screw face's picture

noted

Wed, 12/17/2014 - 11:33 | 5562878 Bindar Dundat
Bindar Dundat's picture

Bang on Reggie!  We are still wiith you even if the majority of ZH readers will try to "Fight against the dying of the light"

They said the same things about TV, the telphone, and the internet......

 

Wed, 12/17/2014 - 12:49 | 5563302 SilverSavant
SilverSavant's picture

Most people are afraid of change and try to ignore it as long as possible.   Then, when it is beating their head and shoulders to a bloody pulp, they quit ignoring it and look for someone to blame.  This will all be Reggie's fault, since he isn't part of the establishment. 

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