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This is pointless. The gatekeeper to the private network is a centralized authority.
by root_axis 8y ago
This is pointless. The gatekeeper to the private network is a centralized authority.
- ddtaylor 8y agoYup. Most importantly, only JPM controls it's issuance, which means it's no different than a fiat currency or a gift card. One of the things Bitcoin proponents enjoy is the idea that it's a supply that cannot be printed frivolously.
- tombert 8y agoI was thinking this too; a large part of the original bitcoin paper is complaining about how centralized authorities like banks are problematic. I don't really see how adding another central authority makes any sense.
- Barrin92 8y agoAccording to the article at least the purpose is to increase the speed of transactions that the bank settles internally. I can't speak to how feasible this is because I'm not familiar with the tech, but I don't think anyone needs to adopt the politics of the original paper if they have found some other use.
- creeble 8y agoExactly true. The point of a blockchain is trust. If it is controlled by a single party, its sole value collapses. Except marketing value.
- SI_Rob 8y agoThus the motto of Blockchainism: "In Trust We Trust"
- treis 8y agoAfter the initial selection by JP Morgan new members would (presumably) be added by a consensus of the existing members. That would remove JPM as the sole gatekeeper.
- root_axis 8y agoWell you can presume whatever you like, the bottom line is that it's a JPM controlled network subject to the whims of JPM (including token insurance).