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Of course it could. How could anyone who cares to lend individuals or small companies have so much of their own money that they can just do that with their time
by 0xCMP 8y ago
Of course it could. How could anyone who cares to lend individuals or small companies have so much of their own money that they can just do that with their time? They start this thing called a "bank" or "investment group" or "hedge fund" (etc.) and they use other people's money to invest or provide credit and either return an agreed amount over time (interest) or whatever they manage to gain - a fee (ROI - management fees, which is usually % of $ under management or % of profits gained (more rare)).
What you're suggesting is we get rid of credit and investing other people's money or, rather, that we use a system which makes that system impossible.
- AlexCoventry 8y agoFinancial organizations will be able to provide zero-knowledge proofs of their aggregate resource commitments, including distributions of credit score attestations. Organizations can lend to each other on the basis of those.
- spookthesunset 8y ago> Financial organizations will be able to provide zero-knowledge proofs of their aggregate resource commitments, including distributions of credit score attestations. Organizations can lend to each other on the basis of those. This is pure meaningless buzzwords. Blockchain doesn’t solve any problem in the financial space besides providing a means to conduct financial fraud.
- Karrot_Kream 8y agoGP referenced technology, you said the technology was "buzzwords" and then insulted Blockchain with ad hominem. Grow up. Zero-knowledge proofs can be provided to show trustless distributions of data (credit score attestations for example, or resource commitments), and can definitely lead to things like the ability to share trustless commitments. FWIW, only ZCash really uses zero-knowledge proofs right now, and even then just for private transactions (a subset of all transactions made in ZCash). Maybe read a bit before attacking something?
- someguydave 8y agoUnfortunately his comment is what passes as "sound analysis" on bitcoin and other cryptocurrencies for the moment. In a few decades statements like that will be cringe-worthy.
- AlexCoventry 8y agoIn a few years that statement will be completely mainstream. ZKPs are going to revolutionize finance and other accountability structures, with or without blockchain.