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Access isn't free, but anyone can write to it without permission. That makes it public. Individuals couldn't compete with SWIFT because they had no way to coor

by natrius 11y ago

Access isn't free, but anyone can write to it without permission. That makes it public. Individuals couldn't compete with SWIFT because they had no way to coordinate their actions. Public databases change that. The first phase will be financial institutions using blockchains to lower their costs. The second phase will be financial institutions pursuing new business models around blockchains anyone can access every time they use Apple Pay. The genie is out of the bottle. Middlemen are no longer necessary for anything.

dogma1138 11y ago
Again you think that those blockchains will be publicly accessible which is incorrect, they'll have their own blockchains for their own settlement, maybe they'll have some sub-chains in the long run for end-users but still you can bet your house on that they'll find a way to ensure that users can't simply join the blockchain "fully" (e.g. find a way to separate wallets from mining, like BC does with mining pools for example but for another reason) like they can currently with Bitcoin. And having a non-free access make it non-public by definition sorry. Bitcoin is moderated by the amount of effort needed to perform certain operation, some take very little like generating your key and address tomorrow they can change that to a point where only the large bitcoin farms could do it would you still call it a public system? If so so is SWIFTNet sure you just need a couple of billion and to open a bank but hey any one can join.... BTW you see a similar thing today, BC is "complicated" this is why things like coinbase become more and more popular, people don't keep their bitcoins in their own wallets anymore they use a 3rd party mostly in the form of various bitcoin exchanges. If a "public" based system has already degraded into pretty much a hierarchy what do you think a system designed by the financial sector will turn out like?
- Synaesthesia 11y ago
  Yes but the price to write to the Blockchain is so low, a few cents that it's really accessible to everyone. I think Bitcoin is still a very significant development purely because it's completely independent from the existing global financial system.
  - dogma1138 11y ago
    That's a choice not a fact, not to mention that they can simply block off the blockchain from the internet just like they do with SWIFTNet and other financial networks.
- m-i-l 11y ago
  That is correct. The major financial organisations currently working on "blockchain technologies" aren't working with the Bitcoin blockchain - they're typically working on private (or consortium) blockchains e.g. for clearing house like functionality.

by natrius 11y ago

dogma1138 11y ago

Again you think that those blockchains will be publicly accessible which is incorrect, they'll have their own blockchains for their own settlement, maybe they'll have some sub-chains in the long run for end-users but still you can bet your house on that they'll find a way to ensure that users can't simply join the blockchain "fully" (e.g. find a way to separate wallets from mining, like BC does with mining pools for example but for another reason) like they can currently with Bitcoin. And having a non-free access make it non-public by definition sorry. Bitcoin is moderated by the amount of effort needed to perform certain operation, some take very little like generating your key and address tomorrow they can change that to a point where only the large bitcoin farms could do it would you still call it a public system? If so so is SWIFTNet sure you just need a couple of billion and to open a bank but hey any one can join.... BTW you see a similar thing today, BC is "complicated" this is why things like coinbase become more and more popular, people don't keep their bitcoins in their own wallets anymore they use a 3rd party mostly in the form of various bitcoin exchanges. If a "public" based system has already degraded into pretty much a hierarchy what do you think a system designed by the financial sector will turn out like?

Synaesthesia 11y ago
Yes but the price to write to the Blockchain is so low, a few cents that it's really accessible to everyone. I think Bitcoin is still a very significant development purely because it's completely independent from the existing global financial system.
- dogma1138 11y ago
  That's a choice not a fact, not to mention that they can simply block off the blockchain from the internet just like they do with SWIFTNet and other financial networks.
m-i-l 11y ago
That is correct. The major financial organisations currently working on "blockchain technologies" aren't working with the Bitcoin blockchain - they're typically working on private (or consortium) blockchains e.g. for clearing house like functionality.