4 ms·

so their distributed ledger consensus rule for all the peers is "check with central authority"? this is golden!

• stale2002 9y ago
  The purpose is to have a transparent ledger, in which "funny business" is immediately apparent. If a double spend is even attempted, everyone will know what is up. Here is a better way of thinking of it. Imagine if every bank had a database of the ledger, and announced what they believe the ledger is to everyone ever 10th of a second. This is effectively what "blockchain" technology is providing for the network.
  • cm2187 9y ago
    To me this is still a solution in search for a problem. When did we have the last major disagreement between two major international banks on a payment? Value of a collateral? Yes. Conflicts of lenders? Yes. Bank A saying they made the payment and Bank B saying that they never made the transaction? Between the likes of Barclays, Credit Suisse, HSBC, etc?
    • woodandsteel 9y ago
      Non-expert here. My understanding is the reason that sort of thing doesn't happen is because every bank has a vast army of employees it pays to ensure it doesn't happen, and with the blockchain you could fire the great majority of them.
      • candiodari 9y ago
        Ex-bank employee (developer on ATMs) here. This happens. Constantly. Even in automated systems. For a million different reasons.