Bitcoin Technology Piques Interest on Wall Street
1–10 of 39 posts
Re: Bitcoin Technology Piques Interest on Wall Street
#2I can't believe that there's any possibility of banks doing anything of value on the Bitcoin blockchain when they could easily coopt the blockchain tech and set up trusted miners. The public immutable ledger with full transaction history is obviously interesting to Wall St. but what are the chances any of these banks will trust anything of value to the current ideological devs of a ~$3B commodity controlled entirely by unknown Chinese miners? The underlying notional of anything interesting on Wall St. is measured in trillions.. Can you imagine them suffering through the squabbling with the block size debate or hoping that miners don't collude to roll back the last month's transactions?
Re: Bitcoin Technology Piques Interest on Wall Street
#3I can't believe that there's any possibility of banks doing anything of value on the Bitcoin blockchain when they could easily coopt the blockchain tech and set up trusted miners. The public immutable ledger with full transaction history is obviously interesting to Wall St. but what are the chances any of these banks will trust anything of value to the current ideological devs of a ~$3B commodity controlled entirely…
What if instead of coopting the tech, they add their resources to the existing blockchain, making it more robust?
Re: Bitcoin Technology Piques Interest on Wall Street
#4I can't believe that there's any possibility of banks doing anything of value on the Bitcoin blockchain when they could easily coopt the blockchain tech and set up trusted miners. The public immutable ledger with full transaction history is obviously interesting to Wall St. but what are the chances any of these banks will trust anything of value to the current ideological devs of a ~$3B commodity controlled entirely…
What if instead of coopting the tech, they add their resources to the existing blockchain, making it more robust?
The entire point of the above comment is that the bitcoin community and software is not trustworthy for their purposes.
Re: Bitcoin Technology Piques Interest on Wall Street
#5Earlier quoted context omitted.
What if instead of coopting the tech, they add their resources to the existing blockchain, making it more robust?
The entire point of the above comment is that the bitcoin community and software is not trustworthy for their purposes.
Not today, but maybe tomorrow if banks start mining themselves and dedicate developers to the project.
Re: Bitcoin Technology Piques Interest on Wall Street
#6Earlier quoted context omitted.
The entire point of the above comment is that the bitcoin community and software is not trustworthy for their purposes.
Not today, but maybe tomorrow if banks start mining themselves and dedicate developers to the project.
Yes, but they could start their own closed blockchain instead of mining for Bitcoin.
Re: Bitcoin Technology Piques Interest on Wall Street
#7Bitcoin's underlying problem as a monetary system is the same that exists with commodity based currencies like gold.
Almost all economical models that exists out there always reach a point of indeterminacy. What happens when there is massive inequality in the bitcoin world ?
Money has one important purpose :
1) Efficient allocation of labor for society's benefit.
To achieve it we need to establish something that can be used as a source of value.
Bitcoin solves the problem of source of value but we know from history that it doesn't always solve the problem of efficient labor productivity.
Since by definition society requires centralization to direct its purpose. FDR during the great depression had the same problem of a lot of people having liquidity with no need to direct it for labor productivity.
If we lived in a bitcoin world it would be impossible for governments to mobilize itself to direct resources to solve social problems.
"You became rich from digging oil from the ground and making computers ? Too bad I need your money to solve Climate Change and feed the poor"
The blockchain is interesting - I think it can solve public trust issues like when it comes to e-voting and reaching decentralized concession. But when it comes to economics it just seems silly that a completely decentralized system makes sense.
Re: Bitcoin Technology Piques Interest on Wall Street
#8I can't believe that there's any possibility of banks doing anything of value on the Bitcoin blockchain when they could easily coopt the blockchain tech and set up trusted miners. The public immutable ledger with full transaction history is obviously interesting to Wall St. but what are the chances any of these banks will trust anything of value to the current ideological devs of a ~$3B commodity controlled entirely…
A couple of weeks ago I talked to the CEO of startup in NYC building a proprietary blockchain-like protocol/product for banks.
According to him if a bank interacts with the bitcoin blockchain in any way (mining and/or posting transactions), they are violating a host of AML and KYC regulations because they do not know the identity of other players on the network.
Apparently the claim could be made that the bank is collaborating with all other miners/transaction creators, and the bank must know certain information about these people. Also if someone posted a transaction from Iran, and the bank helped mine that transaction, that's a big problem.
I don't know if his logic is correct, but it seems many of those in the bitcoin community are underestimating the regulation hurdle that wall street will need to figure out.
Re: Bitcoin Technology Piques Interest on Wall Street
#9Earlier quoted context omitted.
Not today, but maybe tomorrow if banks start mining themselves and dedicate developers to the project.
Yes, but they could start their own closed blockchain instead of mining for Bitcoin.
Or they could just maintain their own ledgers for 1 billionth the computational cost.
Re: Bitcoin Technology Piques Interest on Wall Street
#10I can't believe that there's any possibility of banks doing anything of value on the Bitcoin blockchain when they could easily coopt the blockchain tech and set up trusted miners. The public immutable ledger with full transaction history is obviously interesting to Wall St. but what are the chances any of these banks will trust anything of value to the current ideological devs of a ~$3B commodity controlled entirely…
A couple of weeks ago I talked to the CEO of startup in NYC building a proprietary blockchain-like protocol/product for banks. According to him if a bank interacts with the bitcoin blockchain in any way (mining and/or posting transactions), they are violating a host of AML and KYC regulations because they do not know the identity of other players on the network. Apparently the claim could be made that the bank is col…
It seems to me that some are overstating their case and believing their bullshit in order to sell the banks a rotten tomato when a perfectly healthy potato exists.
Sort of how years ago some people/companies would claim that using Linux in enterprise would cause all sorts of issues for said companies in order to sell their own propritary and nonopen solution.....