Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Wall Street rethinks blockchain projects as euphoria meets reality

reuters.com

Post reply on HN
Print view View original

371–380 of 487 posts

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#371

Post by s73v3r_ »

stale2002 wrote: post #346
nosuchthing wrote: post #320

Earlier quoted context omitted.

Oligarchs and old money would love to maintain ownership of capital economies and deflationary currency exaggerates and encourages that. The point of a small limited inflation is to encourage a healthy flow of capital into services, workers, and development of activities. http://econfaculty.gmu.edu/bcaplan/whyaust.htm

OK, but the point is that the people who want to use inflationary currencies already have lots of options. Good for them. They are free to use those. And those of us who prefer deflationary ones should be free to use those as well. I don't get why the mere existence of alternatives pisses off economists and the like so much. If inflationary currencies are so great, then that's fine, feel free to go use those, and tho…

You don't really have a choice, though. If you want to do business with most people, you're going to be doing it in inflationary currencies.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#372

Post by nrhk »

ealloc wrote: post #23
onion-soup wrote: post #9

Earlier quoted context omitted.

Sending money without fees and delay? Have you ever tried a normal bank transfer? How long did it take? Have you ever tried, say, nano? It literally takes seconds and 0 fees. Here is some value.

Bitcoin has both fees and delays. You can see what they are now: https://bitinfocharts.com/comparison/bitcoin-transactionfees... https://blockchain.info/charts/avg-confirmation-time Who knows what they would be if bitcoin was actually used to buy things.

He's not talking about Bitcoin, do people realize there's literally 1000+ projects (Most irrelevant) with some clear innovation going on. We're already way past bitcoin and PoW as the future of blockchain tech.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#373

Post by nrhk »

hyprCoin wrote: post #197
nwah1 wrote: post #19

Earlier quoted context omitted.

The delays have little to do with technology, and a lot to do with regulations and bureaucracy. Largely put in place to combat money laundering, fraud, terrorist financing, etc etc. Yes, there's some small banks that have horrible APIs and shoddy servers, but for most transfers the delays come down to things that if cryptocurrency were ever mainstreamed would be tacked onto it. That is why it takes time to get approv…

There is literally no place to tack on a middleman with nano/btc. Yes it will take some rethinking of how we combat what society conceives as improper use of funds.

Why can't you build on top of these protocols, nothing is stopping them from being underlying technology that new banks and financial institutions can be built on top of.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#374

Post by ricardobeat »

captn3m0 wrote: post #260
DSingularity wrote: post #220

Earlier quoted context omitted.

Hehe. Thats actually a nice artifact, thanks bitcoin. Now individuals can consider the potential of ideas to pan out and participate in funding them. Sure, sounds good -- I'll throw in 1,000$. Suddenly 1,000 like-minded individuals can satisfy the need of projects. Of course thats not always so popular here ;-). I should just mind my own business and focus on the coding right? Anyhow. I do think you are right. The in…

You an achieve the same results from writing things to a git repo and publishing it. Any edits on previous commits would result in the entire repo being changed. Publish it to the world, push every commit hash on twitter/RSS/Email. Done. Or just use a merkle hash tree like CT logs do: https://en.wikipedia.org/wiki/Certificate_Transparency#Certi...

A merkle hash tree is what all of those (Git, Bitcoin and CT) use. BT just made it distributed.

Funnily enough, CT was devised around four years after bitcoin and mentions it in their introduction article: https://queue.acm.org/detail.cfm?id=2668154

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#375

Post by s73v3r_ »

paulgb wrote: post #164
chrisco255 wrote: post #150

Earlier quoted context omitted.

Not really. Network effects matter. Otherwise we would see social networks and other free services replaced on the regular.

> Otherwise we would see social networks and other free services replaced on the regular. Don't we? I can think of a dozen or more social networks of one sort or another that I've belonged to in the last decade or so.

How many of those do you still use on a regular basis?

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#376

Post by nrhk »

bduerst wrote: post #340
DINKDINK wrote: post #290

Earlier quoted context omitted.

>Payment is still instant unless there is a dispute If that was the case a merchant could withdraw cash immediately after someone paid them with a credit card. Which patently isn't the case. So no, Payment cards are not instant.

The payment happens and confirms instantly. Withdrawal of funds from the payment processor is not the payment, because payments are not limited by 'time to cash liquidity'.

Right and is there a problem with making our world more liquid?

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#377

Post by [deleted] »

throwawaylolx wrote: post #367
toomuchtodo wrote: post #359

Earlier quoted context omitted.

Explain to me where this is a valid use case. I think that’s where we disagree. I don’t see the need for anonymous electronic payments.

>Explain to me where this is a valid use case Random examples: - Brendan Eich was purged for being found to have donated to anti-gay marriage campaigns. Therefore, donating anonymously is obviously desirable for many people as your current beliefs may affect your career when the general rhetoric changes. Similarly, anonymous donations, which are very common, may be your preferred choice simply because you don't want…

[deleted]

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#378

Post by freedomben »

s73v3r_ wrote: post #371
stale2002 wrote: post #346

Earlier quoted context omitted.

OK, but the point is that the people who want to use inflationary currencies already have lots of options. Good for them. They are free to use those. And those of us who prefer deflationary ones should be free to use those as well. I don't get why the mere existence of alternatives pisses off economists and the like so much. If inflationary currencies are so great, then that's fine, feel free to go use those, and tho…

You don't really have a choice, though. If you want to do business with most people, you're going to be doing it in inflationary currencies.

But is that the way it should be? Also, this isn't universally true. There are some vendors that started accepting Bitcoin as payment. Some of them stopped accepting it a few months ago when transaction fees were insane, but there are still some that do. You can even get debit cards that automatically convert to fiat on the backend, so the consumer can hold crypto and pay in fiat.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#380

Post by arisAlexis »

arisAlexis wrote: post #16
nwah1 wrote: post #7

It is interesting that even in an article like this that they still say things like "for all its potential, blockchain is still in its early days." It is sticking with the unfounded assumption that it will be a success in the future, if only it is given more time. In technological terms, it is old. Innumerable efforts have been attempted, yielding almost no fruit. At what point are the fundamental assumptions going t…

governmemts are thinking of putting assets and laws on Blockchain, stock exchanges are waiting for scalability to start putting everything on the blockchain. Immutable government records already exist. Where do you base your argument?

wow at hate squad. only a few people can downvote and boy they are blockchain haters. my comment stands quite on its own.
Post reply on HN