11 ms·

Blockchain Challenge by Bank of England

75 points by jimsojim 11y ago

brighton36 11y ago
The bank of england has no capacity to determine what a good blockchain idea is. And if it did - there's no damn way the winners would want their prize. This is hilarious
- kitd 11y ago
  Edgy. I assume you mean "capability"? If so, the BoE has about as much as anyone else. And wouldn't it be up to the entrants to decide whether they want the reward? Sure they might not enjoy it, but it would certainly be educational.
  - brighton36 11y ago
    There's maybe 100 people in the world who have a good concept of what a good blockchain project is, and they are all in very, very high demand - and principally working on Bitcoin projects. I don't think the BoE has this capacity, as demonstrated by the design of this landing page. I'd be willing to bet that the BoE thinks blockchains are for checksumming.
kordless 11y ago
> What could you win? Firstly, your whole team will get an exclusive invitation to visit the Bank. You’ll meet some of the key people in our Projects, Data and Technology team. My advice would be to not share your ideas with anyone who would take ownership of them when the possible "reward" is minimal.
- jchendy 11y ago
  If you keep reading, you'll see: > You’ll win a six-week paid internship if you’re in your first, second or penultimate year of study. I don't know much about UK culture, but it's possible that this is quite valuable.
  - CydeWeys 11y ago
    I'm already employed full time as a software engineer, as I suspect are most other readers here. This doesn't appeal to me at all. Also, if I really had a cool idea that I could execute on that could potentially change the world of finance, why would I give it up for a measly six week paid internship? I'd do a start-up, of course.
    - lagudragu 11y ago
      Students would be interested as this is a nice addition on their initial portfolio. I agree though on the marginality of the price for the potential value of the idea.
      - CydeWeys 11y ago
        I failed to notice at first that the challenge was targeted specifically at students.
    - dTal 11y ago
      Ideas are cheap. The work to make a successful startup, that's the hard part. I have more ideas than I could ever possibly spin into companies, even if I were that sort of person - most of them I'm happy to give away entirely if it means they actually get implemented instead of forgotten. If I had an idea that I thought could change the world of finance for the better, then I would accept that I know bugger-all about finance and push that idea towards the nearest person who did know something. Not everything is about personal gain.
      - deleted 11y ago
        [deleted]
smashed 11y ago
Give us your best Blockchain based idea and a working proof of concept and "win" a visit to the bank and a 6 week internship (if you are eligible). Is it me or that does not sound really great?
- Rugoretto 11y ago
  I guess this is their equivalent of the Federal reserve bank? I could see it as valuable for someone who might want to make some potentially valuable connections among regulators. Maybe especially students that might want to make a future career in policy/govt in that country and combine it with their love/knowledge of Digital currencies. At least I can see myself being open to an equivalent offer from the Feds
  - vegabook 11y ago
    The Bank of England is one of the very best places you could start to make contacts and learn about finance, in the world's capital of international finance.
- chowes 11y ago
  Well, that's assuming that both a) the best idea is worth something on the free market, and b) the person submitting would possess the know how to take their PoC and capitalize on it themselves. Hopefully, anyone that fits in A&B would agree with you and wouldn't submit. For everyone else, this seems like a fun way to add to their resume.
CydeWeys 11y ago
I love how blockchain has been completely de-branded out of Bitcoin, as if Bitcoin is some heinous forbidden term that can only be associated with criminality and must not be mentioned even once. The blockchain, of course, is the entire raison d'etre of Bitcoin. It's the innovation that makes Bitcoin work as a decentralized currency. Everything else Bitcoin does -- signature verification, P2P, cryptographic hashing, public-key cryptography, etc. -- was on a well-trammeled path. The blockchain is the break-through, and to disassociate it in this way is misleading and petty.
- retube 11y ago
  The separation of "bitcoin" and "blockchain" is not only correct, but further more it's a good thing people/media are becoming aware of the distinction between the blockchain as a protocol and bitcoin as an application (one of potentially thousands) based on this protocol. Big finance doesn't give a sh*t about bitcoin. They don't see it as a threat, it barely registers. What they do see is the enormous applications and potential cost-savings that blockchains could enable - in areas like settlements, transaction signing, new products and so on. Hence coverage is moving from "Bitcoin" to "Blockchain".
  - CydeWeys 11y ago
    The blockchain is only useful if you need decentralization across pseudo-anonymous actors. This doesn't apply to Big Finance. The blockchain is also only useful with a large mining base, because security is achieved through having a large aggregate hashing power that cannot be overpowered by a bad actor. That is why almost all Bitcoin competitors are worthless -- they have nowhere near the hashing power, and are thus nowhere near as secure. The network effects here are huge. Having multiple blockchains is like running multiple competing power distribution networks across the country operating at different voltages. It makes more sense to standardize and have everything operate on one good one. And that's what Bitcoin already is.
    - seanalltogether 11y ago
      This is like saying AT&T should have no interest in VOIP because they already have a PSTN protocols. Banking systems are full of very antiquated technologies hobbled together to allow them to work. They would be dumb not to investigate the benefits of blockchain type systems. Even if the system is limited to trusted parties and forgoes the whole mining incentive, there's still a lot of value there.
awwman 11y ago
AWWWWW thats a cute prize in return ... so cute ..
martinald 11y ago
Guys, it's on their 'early careers' website. I don't think this is them trying to be YCombinator. I think it's quite a cool little idea for them to get people from non-traditional backgrounds into the BoE. Most crypto people would never think of applying to the BoE for an internship normally I don't think.
moondowner 11y ago
Ah, I love it when people share challenges moments before they close.
peteretep 11y ago
It's worth pointing out for non-UK readers that "Bank of England" is not like "Bank of America", it's like "The Federal Reserve".
- markhall 11y ago
  important context, thanks for providing
- tdkl 11y ago
  The founders of FED just repeated the scam that fueled Bank of England [1]. Andrew Jackson must be fed up with rolling in his grave. [2] [1] http://www.darkpolitricks.com/2013/01/who-owns-the-bank-of-england/ http://www.darkpolitricks.com/2013/01/who-owns-the-bank-of-e... [2] https://en.wikipedia.org/wiki/Bank_War https://en.wikipedia.org/wiki/Bank_War
  - btilly 11y ago
    Andrew Jackson is also the guy who thought it fine to ignore the Supreme Court's ruling that under established treaty the Cherokee owned their land, sent the US Army in to evict them, and wound up killing a third of their population. I'm not exactly a fan of his public policy positions.
    - coherentpony 11y ago
      Sure, but it's possible to disagree with someone's opinions or policies on one topic and laud them on another.
      - btilly 11y ago
        That is true. However in that case, you should agree and disagree on the positions based on the merits of the arguments for the position, and not the authority of the person. Therefore I may happen to agree with Andrew Jackson on some things, but appealing to Andrew Jackson as an argument for those things is still a bad argument.
    - 11y ago
johansch 11y ago
Why are we promoting job ads for banks?
kamilszybalski 11y ago
Would be interested if they supported something like this - https://stampery.com https://stampery.com
Cshelton 11y ago
I encourage any students reading this: While this seems like a great opportunity for some, and not so for others, I urge you to think it over yourself first. Yes, this could actually be a very good opportunity for the right student to get an internship/possible job in a market that will be extremely hot. It it's a good way for BoE to find students that want to get involved in this industry. On the other side, please know that this is not the only way. The community in many growing blockchains is very good. There are many resources that are available and free for you to explore your idea and create something new that is actually YOURS. I'm not saying you should try and do something on your own out of school, it is perfectly okay to get a regular job, and this might be what you want. However it is also perfectly okay for you to not participate and expand on your idea on your own or with partners. There are/will be many opportunities and positions out there in this industry in the near future, this is not your only option. EDIT: Another interesting point is the time frame which this challenge is allowing. I do not know when it was announced, but I'm assuming based on the timer that, when it started, the time given is 24 hours. It seems odd to me. This is a challenge that should be given more time, especially given how many students are wrapping up their semester and will be heavily involved in projects/finals right now.

75 points by jimsojim 11y ago

The bank of england has no capacity to determine what a good blockchain idea is. And if it did - there's no damn way the winners would want their prize. This is hilarious

kitd 11y ago
Edgy. I assume you mean "capability"? If so, the BoE has about as much as anyone else. And wouldn't it be up to the entrants to decide whether they want the reward? Sure they might not enjoy it, but it would certainly be educational.
- brighton36 11y ago
  There's maybe 100 people in the world who have a good concept of what a good blockchain project is, and they are all in very, very high demand - and principally working on Bitcoin projects. I don't think the BoE has this capacity, as demonstrated by the design of this landing page. I'd be willing to bet that the BoE thinks blockchains are for checksumming.

kordless 11y ago

> What could you win? Firstly, your whole team will get an exclusive invitation to visit the Bank. You’ll meet some of the key people in our Projects, Data and Technology team. My advice would be to not share your ideas with anyone who would take ownership of them when the possible "reward" is minimal.

jchendy 11y ago
If you keep reading, you'll see: > You’ll win a six-week paid internship if you’re in your first, second or penultimate year of study. I don't know much about UK culture, but it's possible that this is quite valuable.
- CydeWeys 11y ago
  I'm already employed full time as a software engineer, as I suspect are most other readers here. This doesn't appeal to me at all. Also, if I really had a cool idea that I could execute on that could potentially change the world of finance, why would I give it up for a measly six week paid internship? I'd do a start-up, of course.
  - lagudragu 11y ago
    Students would be interested as this is a nice addition on their initial portfolio. I agree though on the marginality of the price for the potential value of the idea.
    - CydeWeys 11y ago
      I failed to notice at first that the challenge was targeted specifically at students.
  - dTal 11y ago
    Ideas are cheap. The work to make a successful startup, that's the hard part. I have more ideas than I could ever possibly spin into companies, even if I were that sort of person - most of them I'm happy to give away entirely if it means they actually get implemented instead of forgotten. If I had an idea that I thought could change the world of finance for the better, then I would accept that I know bugger-all about finance and push that idea towards the nearest person who did know something. Not everything is about personal gain.
    - deleted 11y ago
      [deleted]

smashed 11y ago

Give us your best Blockchain based idea and a working proof of concept and "win" a visit to the bank and a 6 week internship (if you are eligible). Is it me or that does not sound really great?

Rugoretto 11y ago
I guess this is their equivalent of the Federal reserve bank? I could see it as valuable for someone who might want to make some potentially valuable connections among regulators. Maybe especially students that might want to make a future career in policy/govt in that country and combine it with their love/knowledge of Digital currencies. At least I can see myself being open to an equivalent offer from the Feds
- vegabook 11y ago
  The Bank of England is one of the very best places you could start to make contacts and learn about finance, in the world's capital of international finance.
chowes 11y ago
Well, that's assuming that both a) the best idea is worth something on the free market, and b) the person submitting would possess the know how to take their PoC and capitalize on it themselves. Hopefully, anyone that fits in A&B would agree with you and wouldn't submit. For everyone else, this seems like a fun way to add to their resume.

CydeWeys 11y ago

I love how blockchain has been completely de-branded out of Bitcoin, as if Bitcoin is some heinous forbidden term that can only be associated with criminality and must not be mentioned even once. The blockchain, of course, is the entire raison d'etre of Bitcoin. It's the innovation that makes Bitcoin work as a decentralized currency. Everything else Bitcoin does -- signature verification, P2P, cryptographic hashing, public-key cryptography, etc. -- was on a well-trammeled path. The blockchain is the break-through, and to disassociate it in this way is misleading and petty.

retube 11y ago
The separation of "bitcoin" and "blockchain" is not only correct, but further more it's a good thing people/media are becoming aware of the distinction between the blockchain as a protocol and bitcoin as an application (one of potentially thousands) based on this protocol. Big finance doesn't give a sh*t about bitcoin. They don't see it as a threat, it barely registers. What they do see is the enormous applications and potential cost-savings that blockchains could enable - in areas like settlements, transaction signing, new products and so on. Hence coverage is moving from "Bitcoin" to "Blockchain".
- CydeWeys 11y ago
  The blockchain is only useful if you need decentralization across pseudo-anonymous actors. This doesn't apply to Big Finance. The blockchain is also only useful with a large mining base, because security is achieved through having a large aggregate hashing power that cannot be overpowered by a bad actor. That is why almost all Bitcoin competitors are worthless -- they have nowhere near the hashing power, and are thus nowhere near as secure. The network effects here are huge. Having multiple blockchains is like running multiple competing power distribution networks across the country operating at different voltages. It makes more sense to standardize and have everything operate on one good one. And that's what Bitcoin already is.
  - seanalltogether 11y ago
    This is like saying AT&T should have no interest in VOIP because they already have a PSTN protocols. Banking systems are full of very antiquated technologies hobbled together to allow them to work. They would be dumb not to investigate the benefits of blockchain type systems. Even if the system is limited to trusted parties and forgoes the whole mining incentive, there's still a lot of value there.

awwman 11y ago

AWWWWW thats a cute prize in return ... so cute ..

martinald 11y ago

Guys, it's on their 'early careers' website. I don't think this is them trying to be YCombinator. I think it's quite a cool little idea for them to get people from non-traditional backgrounds into the BoE. Most crypto people would never think of applying to the BoE for an internship normally I don't think.

moondowner 11y ago

Ah, I love it when people share challenges moments before they close.

peteretep 11y ago

It's worth pointing out for non-UK readers that "Bank of England" is not like "Bank of America", it's like "The Federal Reserve".

markhall 11y ago
important context, thanks for providing
tdkl 11y ago
The founders of FED just repeated the scam that fueled Bank of England [1]. Andrew Jackson must be fed up with rolling in his grave. [2] [1] http://www.darkpolitricks.com/2013/01/who-owns-the-bank-of-england/ http://www.darkpolitricks.com/2013/01/who-owns-the-bank-of-e... [2] https://en.wikipedia.org/wiki/Bank_War https://en.wikipedia.org/wiki/Bank_War
- btilly 11y ago
  Andrew Jackson is also the guy who thought it fine to ignore the Supreme Court's ruling that under established treaty the Cherokee owned their land, sent the US Army in to evict them, and wound up killing a third of their population. I'm not exactly a fan of his public policy positions.
  - coherentpony 11y ago
    Sure, but it's possible to disagree with someone's opinions or policies on one topic and laud them on another.
    - btilly 11y ago
      That is true. However in that case, you should agree and disagree on the positions based on the merits of the arguments for the position, and not the authority of the person. Therefore I may happen to agree with Andrew Jackson on some things, but appealing to Andrew Jackson as an argument for those things is still a bad argument.
  - 11y ago

johansch 11y ago

Why are we promoting job ads for banks?

kamilszybalski 11y ago

Would be interested if they supported something like this - https://stampery.com https://stampery.com

Cshelton 11y ago

I encourage any students reading this: While this seems like a great opportunity for some, and not so for others, I urge you to think it over yourself first. Yes, this could actually be a very good opportunity for the right student to get an internship/possible job in a market that will be extremely hot. It it's a good way for BoE to find students that want to get involved in this industry. On the other side, please know that this is not the only way. The community in many growing blockchains is very good. There are many resources that are available and free for you to explore your idea and create something new that is actually YOURS. I'm not saying you should try and do something on your own out of school, it is perfectly okay to get a regular job, and this might be what you want. However it is also perfectly okay for you to not participate and expand on your idea on your own or with partners. There are/will be many opportunities and positions out there in this industry in the near future, this is not your only option. EDIT: Another interesting point is the time frame which this challenge is allowing. I do not know when it was announced, but I'm assuming based on the timer that, when it started, the time given is 24 hours. It seems odd to me. This is a challenge that should be given more time, especially given how many students are wrapping up their semester and will be heavily involved in projects/finals right now.