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Blockchain here refers not to the distributed database technology loosely coupled with Bitcoin but rather "assert the existence of a database; simultaneous adop

by patio11 10y ago

Blockchain here refers not to the distributed database technology loosely coupled with Bitcoin but rather "assert the existence of a database; simultaneous adoption of it across all parties that matter in the financial industry sure would be swell now wouldn't it." Which is true. Databases are pretty useful things. It's a shame banks never thought of adopting one before.

arjunnarayan 10y ago
"Another aspect of blockchain, as I often emphasize, is sociological: Blockchains are cool. If you announce that you are updating the database software used by a consortium of banks to track derivatives trades, the New York Times will not write an article about it. If you say that you are blockchaining the blockchain software used by a blockchain of blockchains to blockchain blockchain blockchains, the New York Times will blockchain a blockchain about it." https://www.bloomberg.com/view/articles/2017-01-10/bank-blockchains-and-an-alibaba-box https://www.bloomberg.com/view/articles/2017-01-10/bank-bloc...
- patio11 10y ago
  It's basically impossible for me to have any insight on the financial markets which has not already been said, better, by Matt Levine.
  - eternalban 10y ago
    He omitted to mention dark pools & how blockchains can help there. https://en.wikipedia.org/wiki/Dark_liquidity https://en.wikipedia.org/wiki/Dark_liquidity [p.s.] The "social" angle was the most ridiculous thing I've ever [read]. Yeah, let's pour in tons of money to build a tech so it gets printed in the New York Times. Is this guy for real?
- bduerst 10y ago
  This is tangental, but his analysis of Uber seems to be spot on: >Eventually there will be self-driving cars, and there's no special reason to think that Uber will be the best at building them, or that its dominant position in the ride-hailing-app space will protect it from better self-driving-car businesses.
wslh 10y ago
Indeed private blockchains never had a real relationship with the Bitcoin innovation. The Bitcoin innovation was a secure solution for performing transactions in a trustless/distributed/descentralized (e.g. the double spending problem in P2P transactions). The private blockchains are not trustless, so... this innovation doesn't applies. Now, what we call private blockchains/distributed ledgers are basically a way to have a common workflow with [smart] contracts between different entities. This is a real alternative to just publishing APIs and orchestrating them. But I think there is a "first mile problem" here: even if this technology solves some problems, how can you make different organizations to adopt a single technology? More when there are multiple competing projects.

by patio11 10y ago

arjunnarayan 10y ago

"Another aspect of blockchain, as I often emphasize, is sociological: Blockchains are cool. If you announce that you are updating the database software used by a consortium of banks to track derivatives trades, the New York Times will not write an article about it. If you say that you are blockchaining the blockchain software used by a blockchain of blockchains to blockchain blockchain blockchains, the New York Times will blockchain a blockchain about it." https://www.bloomberg.com/view/articles/2017-01-10/bank-blockchains-and-an-alibaba-box https://www.bloomberg.com/view/articles/2017-01-10/bank-bloc...

patio11 10y ago
It's basically impossible for me to have any insight on the financial markets which has not already been said, better, by Matt Levine.
- eternalban 10y ago
  He omitted to mention dark pools & how blockchains can help there. https://en.wikipedia.org/wiki/Dark_liquidity https://en.wikipedia.org/wiki/Dark_liquidity [p.s.] The "social" angle was the most ridiculous thing I've ever [read]. Yeah, let's pour in tons of money to build a tech so it gets printed in the New York Times. Is this guy for real?
bduerst 10y ago
This is tangental, but his analysis of Uber seems to be spot on: >Eventually there will be self-driving cars, and there's no special reason to think that Uber will be the best at building them, or that its dominant position in the ride-hailing-app space will protect it from better self-driving-car businesses.

wslh 10y ago

Indeed private blockchains never had a real relationship with the Bitcoin innovation. The Bitcoin innovation was a secure solution for performing transactions in a trustless/distributed/descentralized (e.g. the double spending problem in P2P transactions). The private blockchains are not trustless, so... this innovation doesn't applies. Now, what we call private blockchains/distributed ledgers are basically a way to have a common workflow with [smart] contracts between different entities. This is a real alternative to just publishing APIs and orchestrating them. But I think there is a "first mile problem" here: even if this technology solves some problems, how can you make different organizations to adopt a single technology? More when there are multiple competing projects.