71–80 of 83 posts
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I think given the prevailing network conditions of the past 6-12 months the statement that "Bitcoin is fast" needs a [citation needed] qualifier.
'relative speed' Much faster than ACH payments, wire tranfers.
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"Another aspect of blockchain, as I often emphasize, is sociological: Blockchains are cool. If you announce that you are updating the database software used by a consortium of banks to track derivatives trades, the New York Times will not write an article about it. If you say that you are blockchaining the blockchain software used by a blockchain of blockchains to blockchain blockchain blockchains, the New York Times…
It's basically impossible for me to have any insight on the financial markets which has not already been said, better, by Matt Levine.
https://en.wikipedia.org/wiki/Dark_liquidity
[p.s.] The "social" angle was the most ridiculous thing I've ever [read]. Yeah, let's pour in tons of money to build a tech so it gets printed in the New York Times. Is this guy for real?
Can anyone name a single success story about the use of blockchain technology to solve a specific problem, and how this problem was solved using blockchain technology (besides Bitcoin)?
Counterparty - create and register assets. Create secondary markets for those assets. STORJ - (storage in a southern dialect combined with startup lingo) - A Counterparty asset that is used as fuel for a decentralized unlimited cloud storage platform. Farmers offer storage, consumers upload shards of their files to a variety of different farmers. Encrypted, unlimited, redundant. I believe the STORJ company now has VC…
My point was precisely that you cannot, as far as I can see, separate blockchain technology from Bitcoin. My argument is that it's not blockchain technology that's useful, but rather a blockchain, in itself, that's useful. And it's useful because it's a distributed, proof-of-work timestamp server.
The value of Bitcoin comes not from the technology it uses, but from its incentive structure. An increase in the value of bitcoins feeds back into the system, resulting in an increase in security (hash rate) by way of an increase in the profitability of mining. Since Bitcoin's value comes from its time-stamping ability, and since this time-stamping is done using proof-of-work, it makes sense for an increase in the hash rate to also cause an increase in value, at least up to a certain point (provided no changes to the protocol are made to take advantage of the enormous hash rate of the current network).
Earlier quoted context omitted.
'relative speed' Much faster than ACH payments, wire tranfers.
Depends on which metric you look at. While Bitcoin has much faster settlement time than international wire transfers, it has slower throughput (~7 TPS max currently).
These numbers will not change until the blocksize is increased, which still looks unlikely.
Earlier quoted context omitted.
Counterparty - create and register assets. Create secondary markets for those assets. STORJ - (storage in a southern dialect combined with startup lingo) - A Counterparty asset that is used as fuel for a decentralized unlimited cloud storage platform. Farmers offer storage, consumers upload shards of their files to a variety of different farmers. Encrypted, unlimited, redundant. I believe the STORJ company now has VC…
> All of the above metalayers create transactions on the bitcoin network, and settle on that blockchain, so if that disqualifies them all because they use bitcoin underneath, then Dogecoin has a Counterparty layer as well :) My point was precisely that you cannot, as far as I can see, separate blockchain technology from Bitcoin. My argument is that it's not blockchain technology that's useful, but rather a blockchain…
Your question was vague.
Earlier quoted context omitted.
'relative speed' Much faster than ACH payments, wire tranfers.
Depends on which metric you look at. While Bitcoin has much faster settlement time than international wire transfers, it has slower throughput (~7 TPS max currently).
It'll be interesting to see what happens when(if?) Bitcoin upgrades to SegWit. This infrastructure is designed to support off-chain transactions while settling on the chain.
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Investment banks don't use Visa to transfer money and bitcoin isn't replacing electronic trading platforms.
Sure, my point is that where systems are optimised for speed Bitcoin is miles behind the curve. If a distributed ledger is simply updating to reflect the authoritative accounts of a centralised authority I'm not really seeing what trustlessness is adding to the reconciliation process either.
I realize I'm starting to sound like a crackpot so I'll just recommend the writings of a more well-respected crackpot Dee Hock (founder of Visa Inc.)
Oh god, not this again. Sounds like Accenture are looking to bring in more 'technical integration' clients (read: marks). Government and old financial being the favourites, given their deep pockets and technical illiteracy. If anyone is in a job that involves holding back some of this insanity, this decision-flow diagram might help: http://i.imgur.com/4nZ67Sq.png
I'd add do you need high level of transactions per second. If you need to reverse a hash every time you make a transaction, that's not going to be fast or efficient. Also do you need transaction anonymity. A blockchain is also a public ledger. You may hide behind a secret key but everyone can see what that secret key is doing and has done since the begining. As soon as Morgan Stanley notices that this big trade has t…
Can anyone name a single success story about the use of blockchain technology to solve a specific problem, and how this problem was solved using blockchain technology (besides Bitcoin)?
"OCBC Bank said Monday (Nov 14) it became the first bank in Southeast Asia to use blockchain technology to make local and cross-border inter-bank fund transfers."
Textbook use case for blockchain IMO.