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Does anyone trust back office developers at major banks to implement a cohesive, industrywide blockchain-based replacement for 30 or 40 years of settlement and

Does anyone trust back office developers at major banks to implement a cohesive, industrywide blockchain-based replacement for 30 or 40 years of settlement and clearance technology? I sure as hell don't, and I work in the space: we'll get too distracted writing AbstractBlockchainFactoryFactories to do right by the problem.

diskcat 11y ago
You don't have to trust them. That's the great thing about the free market.
- danharaj 11y ago
  Transaction costs are non-trivial and determine in large part the structure of a market.
deleted 11y ago
[deleted]
nstj 11y ago
> AbstractBlockchainFactoryFactories scary but true
mring33621 11y ago
That's not really fair to our AbstractBlockchainProxyDelegate!
- nstj 11y ago
  Cue the creation of the "Satoshi Pattern"
  - kchoudhu 11y ago
    I believe you are looking for the term 'ponzi scheme'
ChemicalWarfare 11y ago
"trust" is too strong of a word here (do you trust that your bank has their act together 100%?), but I don't see how these developers would be less trustworthy than the bitcoin core dev team or ripple labs etc etc. If anything, the banks and financial industry in general are reasonably rigid and not very interested in chasing "the next best thing" just for the sake of it. A very obvious outcome of this approach is the ridiculous amount of time it takes to clear an ACH transaction domestically for example. I guess my point is when it comes to implementing changes the banks are no less trustworthy then most of the other players in the financial industry.
- jessaustin 11y ago
  ...the ridiculous amount of time it takes to clear an ACH transaction domestically for example. My impression is that this has more to do with banks' desire to book transactions at just the right time (e.g. to maximize fees charged or minimize leverage ratio) than with technical limitations.
  - ChemicalWarfare 11y ago
    ACH flow is basically a set of batches executed by the parties involved in a sequential manner, taking about a day each with cutoff times sometimes as early as 2PM EST to boot. This system dates to the 70s. Mexican SPEI system for example is almost real time (they too have a cut off time I think it's 5 PM EST).
carterschonwald 11y ago
Idk, in my case I'm just building a modern programming language that can model this stuff properly https://github.com/hopper-lang/hopper https://github.com/hopper-lang/hopper No abstract beans or buns or factories involved. Lots of lambdas though.

diskcat 11y ago

You don't have to trust them. That's the great thing about the free market.

danharaj 11y ago
Transaction costs are non-trivial and determine in large part the structure of a market.

deleted 11y ago

[deleted]

nstj 11y ago

> AbstractBlockchainFactoryFactories scary but true

mring33621 11y ago

That's not really fair to our AbstractBlockchainProxyDelegate!

nstj 11y ago
Cue the creation of the "Satoshi Pattern"
- kchoudhu 11y ago
  I believe you are looking for the term 'ponzi scheme'

ChemicalWarfare 11y ago

"trust" is too strong of a word here (do you trust that your bank has their act together 100%?), but I don't see how these developers would be less trustworthy than the bitcoin core dev team or ripple labs etc etc. If anything, the banks and financial industry in general are reasonably rigid and not very interested in chasing "the next best thing" just for the sake of it. A very obvious outcome of this approach is the ridiculous amount of time it takes to clear an ACH transaction domestically for example. I guess my point is when it comes to implementing changes the banks are no less trustworthy then most of the other players in the financial industry.

jessaustin 11y ago
...the ridiculous amount of time it takes to clear an ACH transaction domestically for example. My impression is that this has more to do with banks' desire to book transactions at just the right time (e.g. to maximize fees charged or minimize leverage ratio) than with technical limitations.
- ChemicalWarfare 11y ago
  ACH flow is basically a set of batches executed by the parties involved in a sequential manner, taking about a day each with cutoff times sometimes as early as 2PM EST to boot. This system dates to the 70s. Mexican SPEI system for example is almost real time (they too have a cut off time I think it's 5 PM EST).

carterschonwald 11y ago

Idk, in my case I'm just building a modern programming language that can model this stuff properly https://github.com/hopper-lang/hopper https://github.com/hopper-lang/hopper No abstract beans or buns or factories involved. Lots of lambdas though.