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 3 months ago '16        #13
Negusis  topics gone triple plat - Number 1 spot x1
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 Raymon said
What did mark Cuban say about cardamom?

Also, these people seem to think about crypto in a whole different way, I still don't know what smart contracts are, I'm just investing and hoping I can make some money
One of the problems with Charles is he talks like a con man.

For instance, when Cuban asked "what does ADA actually do?"

Instead of Charles just addressing what it actually does, Charles response was, "Why do you come by the ranch and I'll show you."

And Cuban took that as con man talk. Which it is. I don't think Charles is a con man, but he talks like one unfortunately.

Also, if you don't know what smart contracts are, you should not be putting money into anything smart contract related. I can give you a quick crash course if you actually want to know.

Official definition

A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement.
So, to apply that definition to real world usage, say you want something from McDonald's, you get on you get on their app and make your order. That order is pushed through computer programming and either you go pick it up or they deliver it to you. Same thing, but smart contracts are working to have less errors, more accuracy and speed.

Another real world example, say you want to have a lawyer create a business agreement for you. Instead of having to go to meet the lawyer, sit down and explain a bunch of detail, you can put the parameters into a smart contract program and basically have an agreement spit out to you within 24 or less. Less time, less money, more speed and accuracy. It's basically having a lawyer without having to deal with the lawyer prices and red tape.

This can apply to mortgage applications, business deals, employment documents, contractor documents, lease contracts, etc.

Another example is to look at a company called Figure. They are currently using blockchain technology to significantly speed up their loan process. For example, their mortgage applications are being processed within 72 hours. The average mortgage application today takes about 30 days. If you're lucky and quick, it could take 14 days.

Their home equity lines are getting processed within 24 hours now. Regular time is 2 to 4 weeks.

Last edited by Negusis; 05-16-2021 at 07:26 AM.. Reason: edit