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Very related. For those who don't know Szabo is as close to the anonymous founder of Bitcoin as it is possible to get. Nick Szabo: If banks want benefits of bl

by maesho 11y ago

Very related. For those who don't know Szabo is as close to the anonymous founder of Bitcoin as it is possible to get. Nick Szabo: If banks want benefits of blockchains they must go permissionless https://uk.news.yahoo.com/nick-szabo-banks-want-benefits-085631141.html#Sgnss1N https://uk.news.yahoo.com/nick-szabo-banks-want-benefits-085... "So they keep trying to re-inject points of control, and thus points of vulnerability, into blockchains, e.g. through 'permissioning'; but this nullifies their main benefits, which come from removing points of vulnerability."

joeyspn 11y ago
It makes sense what Sa.... (cough) Szabo says in that article... If the big guys really want to build a true "Internet of Money/Assets" two basic things will be required: 1. A common standard 2. Global openness Surely they can build their own walled garden, but I think they're missing the point with this. With a walled garden you're just taking 1/100000 of the HUGE pie, improving current financial processes but not coming up with new radical innovations. A simple payment/monetisation standard embedded in objects (IoT) would be an example of a bigger piece of pie. IMO they should just push for an open standard and use private ledger contracts on top of Ethereum, but I doubt they'll go this way. Most likely they'll just fork and run with it.
- woah 11y ago
  What's the iot reference for? How does putting Bitcoin implementations into random pieces of plastic (like a "smart cup") figure into your analysis at all?
  - joeyspn 11y ago
    If you've been following the crypto 2.0 space you'll know that a lot of ideas have popped up for IoT and embedded smart contracts. For instance, washing machines or fridges that detect that are running low on X and automatically place an order for delivery. IBM and Samsung have been exploring this kind of IoT applications with Ethereum's blockchain [0]. A private blockchain (like the one the banking industry presumably would deploy) can do 1 of 1000000 possible applications for the technology, but a global and open blockchain could channel all under the same protocol (something like TCP/IP), maximising interoperation among player in several industries. I'm just trying to reflect that these 9 big guys could be making a short-termed shortsightedness mistake trying to protect their business placing a fence. As Szabo said, it's the moment to be more open. [0] https://www.youtube.com/watch?v=U1XOPIqyP7A https://www.youtube.com/watch?v=U1XOPIqyP7A
maaku 11y ago
Szabo is not Satoshi. Szabo wouldn't create a digital money system with an economic model he fundamentally disagrees with.

by maesho 11y ago

joeyspn 11y ago

It makes sense what Sa.... (cough) Szabo says in that article... If the big guys really want to build a true "Internet of Money/Assets" two basic things will be required: 1. A common standard 2. Global openness Surely they can build their own walled garden, but I think they're missing the point with this. With a walled garden you're just taking 1/100000 of the HUGE pie, improving current financial processes but not coming up with new radical innovations. A simple payment/monetisation standard embedded in objects (IoT) would be an example of a bigger piece of pie. IMO they should just push for an open standard and use private ledger contracts on top of Ethereum, but I doubt they'll go this way. Most likely they'll just fork and run with it.

woah 11y ago
What's the iot reference for? How does putting Bitcoin implementations into random pieces of plastic (like a "smart cup") figure into your analysis at all?
- joeyspn 11y ago
  If you've been following the crypto 2.0 space you'll know that a lot of ideas have popped up for IoT and embedded smart contracts. For instance, washing machines or fridges that detect that are running low on X and automatically place an order for delivery. IBM and Samsung have been exploring this kind of IoT applications with Ethereum's blockchain [0]. A private blockchain (like the one the banking industry presumably would deploy) can do 1 of 1000000 possible applications for the technology, but a global and open blockchain could channel all under the same protocol (something like TCP/IP), maximising interoperation among player in several industries. I'm just trying to reflect that these 9 big guys could be making a short-termed shortsightedness mistake trying to protect their business placing a fence. As Szabo said, it's the moment to be more open. [0] https://www.youtube.com/watch?v=U1XOPIqyP7A https://www.youtube.com/watch?v=U1XOPIqyP7A

maaku 11y ago

Szabo is not Satoshi. Szabo wouldn't create a digital money system with an economic model he fundamentally disagrees with.