Tech and Banking Giants Ditch Bitcoin for Their Own Blockchain

Post by brighton36 » Fri, Dec 18, 2015, 1:49 AM UTC

sanswork wrote: post #82

brighton36 wrote: post #78

Earlier quoted context omitted.

It means the security is non existent. Read any of the andrew poelstra papers for details on how and why. Subjective truth has been around for decades. No one cared about it , because its not useful. The only reason blockchains are useful now is because they enable value transmission between untrusted parties. (Which private chains don't do) The only reason blockchain is a buzzword now is so that consultants can bilk…

No it doesn't mean that at all. Just because you are unable to think up a system doesn't mean it's impossible. A basic and secure enough system is trivially easy. Which paper? It is no less truthful than bitcoin. It need not be more mutable than bitcoin. It is just different. >The only reason blockchains are useful now is because they enable value transmission between untrusted parties. Right because of how current b…

Post by brighton36 » Fri, Dec 18, 2015, 1:58 AM UTC

sanswork wrote: post #91

brighton36 wrote: post #89

Earlier quoted context omitted.

Look into paxos and raft attacks. You don't know enough about this science to promote it as the cure for what ails you. As for sharing information - youre right... if you don't use blocks

"RR is trivial to DOS look at these two other schemes and the fact you didn't means you don't know what you're talking about". I think we're done here. You're not doing anything but saying Nu uh! and calling me a liar.

Post by nickpsecurity » Fri, Dec 18, 2015, 2:12 AM UTC

sanswork wrote: post #69

nickpsecurity wrote: post #59

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Every time Ive ever heard blockchain on here it was a Bitcoin- or Xcoin-centric view involving mining. I always countered with stuff like you just said from old research into distributed, fault-tolerant DB or SCM design. I had no idea until now that there was even parallel blockchain work with no proof of work. So there might be a greater press problem at work here not bringing out knowledge of other aspects of block…

I think the main press issue is that these other chains aren't really for public use so there is little benefit to pushing for press unless you're a company that develops them trying to find clients and we do actually see a lot of stories about this in the financial news.

Post by sanswork » Fri, Dec 18, 2015, 2:28 AM UTC

zik wrote: post #64

roymurdock wrote: post #36

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I think I was turned off because I envisioned a much grander future for blockchain tech than a glorified clearinghouse for big banks. Banks will never use a public network (like Bitcoin) to manage inter-bank transfers. They'll take the underlying technology and create a custom, private network where they can tweak protocols to their liking. The hard part will be for the banks to form a board to oversee the network, b…

I doubt their private blockchain will work for the very same reason they want a private blockchain - they're not trustworthy. The bitcoin blockchain is secured by the large number of disparate people mututally checking the system. When it's just banks involved the number of players is reduced by many orders of magnitude and it becomes very much easier to game the system. The incentive to steal large amounts of money…

Post by sanswork » Fri, Dec 18, 2015, 2:34 AM UTC

yc1010 wrote: post #63

logfromblammo wrote: post #49

Earlier quoted context omitted.

No reasons? The nature of the Bitcoin's SHA-256 POW means that individuals can no longer meaningfully contribute to the integrity of the chain, and this responsibility is increasingly held by fewer individuals with access to (relatively) expensive specialized ASIC machines. The Bitcoin system has (relatively) few legit trade opportunities yet, but is well used by scammers and black marketeers. The median person has l…

There is not reason to use this web thing (thats fully of dirty porn and nerds) for shopping when we have paper catalogues There is no need to send email when you can send a fax There is no need to carry a brick with you to make calls There is no need for plastic cards when one can use cash And so on, just because YOU do not grasp advantages and possibilities that bitcoin has brought along, does mean the rest of us d…