Blockchain And Accounting/Auditing

As someone who works at a B4 firm and on audits for tax provisions, I'm fairly skeptical.

You need to start seeing it diffently. If coin price dumps it means you can buy more before the crypto market enters another bullrun. Just accumulate over time.

Projects like REQ just keep getting better and better future prospects while at the same time they are getting cheaper. Meaning you will have a higher profit margin by buying it.

Just use your monthly paycheck to buy more and more until the bullmarket starts up sometime in 2021 or something.

Can you explain what you are sceptical of? Accountant here.

i get it now
grill is arishima alice from monobeno

>no page or announcement from Pwc itself
>the "quote" from Pwc is completely general and doesn't mention REQ at all
>all of the information on the blog is vague and doesn't describe the relationship of the partnership whatsoever

I'm SURE this isn't another one of the 9,000 bullshit partnerships in the crypto space.

No way. Impossible!

Don't be

blog.request.network/smart-financial-audits-on-the-blockchain-request-networks-yellow-paper-b3c7507b4650

ty

>no page or announcement from Pwc itself

twitter.com/PwC_France/status/978248098022658048

In fact PwC was earlier in announcing the partnership than Request Network themselves. That's how I knew about it.

can you tell me what the partnership actually is?

Quoting Robbin, Request’s Brand Manager, from his tg post: “We will work together with the PwC Blockchain Lab (who are based in the Paris office) to create the future of services such as smart auditing, accounting and in general business transformation. The PwC team will receive training from the Request Network foundation to be enable to onboard and educate their clients to blockchain and Request Network.”

so Pwc is patting REQ on the head and taking its ideas?

Better buy up.

Or selling a suite of accounting/auditing dapps which use Request Network as the underlying framework?

checked

PwC are going to work with the foundation to develop projects that will be 'the future of services such as smart auditing, accounting and in general business transformation' ON the request platform. This is what I'm getting anyway.

I'm an accountant but I don't work with pwc.

To understand the partnership and why it's important you need to understand a bit of accounting first.

en.wikipedia.org/wiki/History_of_accounting

What we are using now is "Double-entry" accounting. Request Network tries to be the first Triple-entry accounting and that would be revolutionary.

To let you understand how big such a step would be. When we went from single-entry to double-entry bookkeeping modern banking mechanisms were formed and the first Merchant states that started the Renaissance happened.

This is what the partnership will most likely focus on. pwc can save lots of money by adopting an automated triple-entry accounting platform which REQ will provide.

The reason why they can't start something like REQ technology themselves is because the ledger needs to be decentralized for it to support triple-entry accounting. The reasoning behind this is complicated and I don't feel like giving an entire lecture on accounting.

But this is quite big news. With this REQ has basically fortified itself as a leader in future accounting and would perhaps go into history books itself if they truly make the first triple-entry accounting system. Which would change finance as we know it.

Yeah this

REQ is a french, so pwc france operates only in france, because their clients are only french

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I'd just like to add that the only potential 'downfall' that independent reviewers of blockchain projects could find with Request Network was their lack of experience in the accounting and auditing industry, and the extensive knowledge that would be required to overhaul current systems. Well I'm pretty sure PwC can help there

So every single accounting job will be made obsolete?

Now you see why this space is hyped

Not only accounting also auditing,invoicing and most banking jobs outside of analysis.

Just be smart and buy yourself a bit of REQ. Or maybe not, it's your money after all.

Forgot to add this

request.network/assets/pdf/request_whitepaper.pdf

CTRL+F "Triple-entry accounting".

They even specify in their whitepaper that they want to tackle this.

Honestly people on Veeky Forums bought REQ for all the wrong reasons. I don't believe in REQ as a financial Dapp platform/payment portal will actually provide a lot of value.

The real tressure of REQ is their Triple-entry accounting feature.

99% of the revenue REQ will make will be through its accounting/auditing/invoicing features and only 1% will be the rest of its features.

People underestimate how much added value that would create to the global economy. We're talking about multiple trillions of dollars. Payment portals such are paypal are only worth tens of billions of dollars and ETH is also worth almost that much.

Meaning that EVEN if REQ totally replaces Paypal and becomes as big of a financial Dapp platform as ETH is right now it'll still only be ~$100-$200 billion of it's value while the triple-entry accounting would be somewhere between $5-$20 TRILLION in value if fully realized.

But don't take my word for it do your own research.

For me there are 2 major obstacles to overcome for REQ
1. Scaling. Ethereum needs to scale or Request is going to have to move to another blockchain
2. recording fiat transactions on the blockchain, how is this going to be done? inb4 MUH LINK just fuck off

why is this a good thing?

>why are cars a good thing? the horse and carriage riders will go out of business!

req is written in a way to be blockchain agnostic, could write an adapter to move to a faster blockchain. also muh link lmfao

Good thing I'm in tax strategy and not just audit. I figure we'll be relevant for at least 20 more years.

That's still a huge deal. If the technology proves itself it will surely attract wider adoption in their corporate structure.

Name any other altcoin with a partnership of this quality and magnitude?

Skateboardfags with their bogus preliminary deal with McDonald's Thailand (lol, like 12 restaurants) need not apply.

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Lower costs and overhead for companies. Faster calculations and results. Faster decision making on companies means a faster growing economy.

People just need to be re-educated to fill other functions within the economy. It's not like people in the finance sector don't know this or something. It's been looming above our heads ever since the 80s.

>recording fiat transactions on the blockchain, how is this going to be done? inb4 MUH LINK just fuck off

There are multiple solutions. Probably just in-house tokenized fiat. So Request Network will have a fiat on-ramp that will get represented by a token until the transactions are done. Request Network will have to legally guarantee the exchange back to fiat.

Of course there are easier solutions with oracles but you said "inb4 muh link" so I gave an alternative option.

I think it's closer to 10 years than 20 years but you'll probably have plenty of time to re-educate yourself and slowly change careers over time. It's not like you and me will be the only people so there will be tons of government programs etc to facilitate the transition and make it as smooth as possible.

I'm more worried about the transport industry, they have no skills outside of driving.

Only Vechain. It's funny because REQ and VEN are my only holds since months.

IOTA has VW and, by extension, Lamborghini.

Alright fair, but IOTA is already priced fucking astronomically, while REQ is trading like some literally who Pajeet shitcoins down at the bottom of CMC, so the growth potential and value proposition of REQ as an investment are fucking huge, while IOTA is already fully priced in.

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I swear this coin could partner with every big financial company in the world and all the G7 countries and the fucking thing would still drop in value

If we were decoupled out of btc req would be like 3$

I only had 6.25$ on the exchange but I picked up 28Req. I will be getting more asap once I move some more coins around.

But I found out about this earlier and thought welp time to get serious about this one and not just keeping it on my to get list.
I was going all in on OCN but this really does take masive priority

I've never bought crypto but I see promise in this. What's the safest "brokerage" site?

Binance is the best IMO. You will have to purchase ethereum or bitcoin on coinbase.com with a debit card, or do a wire transfer to some other fiat onramp (gdax, gemini) in order to buy REQ on binance though

I clicked on that wiki link and did not expect it to be so interesting. Thanks user.

Yeah people tend to have a really biased view on accounting and what it actually is, i'm used to that.

It would not have mattered if REQ had partnered with GOD - these stupid fucks are so hung up on the "sell the news meme".

Until a crypto team visits the HEAD OFFICE of a big4 company I won't get my hopes up.
Who the fuck cares that they got to meet some regional partners?

I don't know if you know this but pwc france is the spearhead of pwc's crypto initiative.

Their headquarters is in London. But due to Brexit and the favorable crypto laws in the EU their crypto spearhead was launched through France.

This is the best partnership REQ could have gotten from pwc.

Ven got a partnership with pwc China which is not nearly as prominent as pwc France.

Ask away if you have more questions.

I actually don't think accountants and audits are replaced. The blockchain is trustworthy and works but I think companies will want to double check the blockchain. It's a public ledger for a reason, has anyone actually verified that transactions are correct? So in that sense auditors job skills will change to that.
My mom is a tax accountant funny enough but I wasn't aware of double/triple entry thing and how big double was at the time and how big this is.

Do you think REQ will live up to their potential? What are your guesses and different levels of adoption/success you see req having, and in what timeframe?

To show you some more here is a map of the global state of crypto regulations.

as you can see France is regulated while the UK is not. At first this might make you think that the UK would be a better place. But in practice the regulations in France actually makes it so that companies know what to expect. In the UK laws could change at any moment and Brexit would pull it away from the EU market.

It would be basically impossible to do a crypto partnership with the headquarters of pwc due to it being in London.

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I think you should see mainstream adoption in the 3-5 year range.

I'm not really knowledgeable to address every point of REQ so I'll just focus on accounting and auditing. I'm as good as 100% sure that REQ will become a major player in this field and that alone should already put REQ in the #1 spot on coinmarketcap in 5 years time.

At the very least REQ seems to have the most potential out of the entire market right now. Honestly if you are investing in crypto you should probably own REQ.

I'm heavily biased though as maybe there is a better coin out there right now that I simply don't understand the value of due to not having the knowledge to appraise it properly.

whats up with china i thought they swore to never miss something like the industrial revolution again
fucking chinks banning crypto now and missing another revolution and tsunami of wealth

Main net still at end of month?

Delayed for month

Because the cultures/races are actually different. Chinese don't encourage or promote individualist will to triumph over adversity with innovation. Its not an accident the industrial revolution, tech revolution and crypto revolution began in western countries.

Think about literature. Western tradition has Odysseus, a man alone using innovation to survive. China doesn't have a comparison.

lies

Please lord baby allah be this

source?

bump

Qash and Req the god duo

Good comments, user, seriously. I'm a huge fan of REQ even though I couldn't sink too much money in it at the time. 7K as we're speaking, will try to get them to 10K.

One of my best friends is an accountant and he instantly recognized the project as something valuable so he bought in too.

Sure, REQ is quite ambitious and might not manage to do all the things they want to. Still it's one of the better projects on the market right now. I like the low key approach they have - no unneeded hyping and mania moments like a shitton of coins produce right now. This in itself is a good sign.

I'd be happy at $3 or $4 EOY, once they solidify they auditing position with more partnerships and integration, we can be looking at $10 from 2019 on.

haiti too

JNT and VEN are also partnered with PwC

>But don't take my word for it do your own research.
just called hr block representative.

The REQ team is suppressing the token price in order that millions of tokens are burnt as soon as mainnet is launched.

that's my main concern. do you think my tokens are safe on trezor?

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I have been all in for 3 months and not fucking selling till 2020 earliest.

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Your tokens are on the blockchain no matter what. What's stored in your Trezor is your private key.

can developers instead of tokens burn my private key by mistake?

as long as you bought req before last weeks snapshot to have your wallet updated to have burn guard v2.1.3. if not, rip

see

Wait wait wait. 3 months...You had these during the big pump in January? You passed up $40k so you could HODL all the way down to $5k? And you're acting like you're proud of it?! How fucking retarded are you? This is why the REQers are worse than LINKies.

ba ba

Explain what burning means. If i buy req and devs start to burn tokens, do they might burn my tokens in the process?
How they choose which tokens to burn?

i don't know how to check this. do you mind checking that for me? i can send you my address and private key in DM?

just your address should be fine. no need for the private key

i heard they follow the social networks and burn the tokens of the bashers.

dm sent!
thanks user

no problem

Uh you sent it to me by mistake. Just told the devs to burn every token. You're making us rich, user thanks.

he resent it to me and i double checked. user () count yourself lucky you barely made it in the snapshot

>he thinks 2.1.3 is safe
kek
you need at least version 14.7.2 Weird and Creepy Edition

AHHHHHHHHHHH FUCK YOURE RIGHT

thanks user. i should notify req blockchain office that my tokens are not for burning.

cc moneyskelly

sorry for that, i withdrew msg when i realized. (relieved smiley)

good advise. i think i'm gonna join EEA, that way i can protect my tokens the best way. those french fags devs will not fuck with the eea member

“Stace! What’s up girlfriend, long time no see! Let’s go get some coffee!”
>”Uh, you go girl, you’re looking so good! What have you been up to since I last saw you?”
“Well, I’ve been with thirty seven men, and aborted four fetuses, also, Stace, have you ever been with a dog?”
>”Well, actua-“
“Woah, Stace! That coffee shop has a “Pay With Request” sign on their window, let’s go to that one!”
>”Oh my God, isn’t that the creepy as shit app that uses that gay little “blockchain” LOL. I cringe so fucking hard just saying that word, it’s so fucking weird and outside of the bounds of normal discussion, I just fucking hate it and anyone that uses it. Let’s try their coffee Brittany”
>”Hi, we saw the pay with Request sign, we’d like to use that to pay. We’ll have two Slurp Juices!”
“Woah, Stace, holy shit. LOL. You’ll NEVER fucking believe what the Virgin designers of the app make you do now. LMAO.”
>”A FUCKIG PASSPORT PICTURE?!?!? THESE FUCKING CREEPS ARE COLLECTING PICTURES OF GIRLS FACES IN EXCHANGE FOR THEIR GAY LITTLE PAYMENT APP.”
“THAT. IS. SO. FUCKING. CREEPY.”
>”Oh my God, I’m about to throw up, I need to go to the bathroom, the image of the neckbeards that made this app jerking off to our passport pictures makes me want to fucking puke.”
“I’m drier than the fucking Sahara when looking at this app, let’s report this coffee shop to the FDA and never come back Stace! And let’s only use Venmo from now on!”

thanks user, that's great news. Screencapped

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I like that you wasted several minutes of your life to write this

France and most of africa

It's pasta

On another note my Porsche will be a green to blue fade

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Just wait till the market starts going up again. This shit is gonna pump reeeeeaaaaal nice

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Is there any fundamental reason REQ will increase in price with use of its dAPPs? Could be a LINK scenario...