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All those Blockchain stuff are T-0, borderless and censorship-resistant. If the recent Robinhood saga can't change people's mind about Blockchain, I don't know

All those Blockchain stuff are T-0, borderless and censorship-resistant. If the recent Robinhood saga can't change people's mind about Blockchain, I don't know what will.

user3939382 6y ago
A couple years ago the DTCC was doing a PR push about introducing blockchain, but it kind of died down. If you search for 'dtcc blockchain' you can find it. It's unfortunate there's been so much hype and work put into applications of blockchain that aren't necessary when we have this problem.
hanniabu 6y ago
There's a lot of people that aren't comfortable with change and have cause them to build up cognitive dissonance around anything blockchain. They could be presented with all the information they're looking for to be proven wrong and they will just dismiss it as "yeah well the source is from someone in crypto, of course they'd say that they want their investment to go up".
vmception 6y ago
Exactly, the securities industry doesn't even need a decentralized blockchain, Quorum with its hot-swappable consensus models and EVM-compatibility for all existing smart contracts would be good enough! All the last week has really showed us is that the market is not prepared for modern realities. We could avoid 100% of this finger pointing by simply upgrading the technology. Instead we have Congress using precious time on our dime hauling in the wrong people (as usual) just because they are the face, while DTCC is laughing at them and won’t even issue a statement that could help clear things up.
- SilasX 6y ago
  >Exactly, the securities industry doesn't even need a decentralized blockchain, Quorum with its hot-swappable consensus models and EVM-compatibility for all existing smart contracts would be good enough! Right, but I still think the comparison is good because blockchain should establish the minimum performance, and the financial industry, which can allow centralization, should be able to do much better. In terms of securities, it doesn't. Bitcoin is settled within an hour (6 confirmations), without the requirement to put up collateral that scales O(n) with the value of the transaction (and volatility).
  - vmception 6y ago
    yeah, we're agreeing, I was mainly trying to avoid people derailing about proof of work throughput and bandwidth. a much more scalable private distributed ledger with kind of shitty chain security would be good enough to satisfy this industry. would be faster than now, and faster than bitcoin, and brokers wouldn't have to put up collateral for multiple business days.
Negitivefrags 6y ago
In many non-US countries the banking system is T-0 as well. It’s funny to watch all the plethora of payment options springing up in the US when it’s just such a simple fix from the banks. You don’t need a blockchain to do T-0 settlement. Why don’t they just do it. I don’t understand.
- KingMachiavelli 6y ago
  I assume you are talking about Europe here? At least the word on the street I hear about their banking system is that transferring ~$1000 is lightyears ahead of the US in terms of speed, cost, and ease of use. BUT transferring ~$30,000 (or some cutoff) is much harder than the US and bogged down by regulations. Do you have any personal insight into this in the EU?
  - Negitivefrags 6y ago
    I’m not in the EU so I can’t say. In NZ, I can transfer up to 500k online and inter-bank settlement is hourly. That’s just the limit on my account ( which I could raise, but haven’t). More than that and it’s a paper form. Settlement is still hourly but because humans are involved it takes longer to get the transaction into the system. Oh, and I should mention that you wouldn’t hesitate to publicly give out your bank account number here either.
  - dandellion 6y ago
    Some accounts have a limit of 10000€ per day for transferences. I've never had to transfer more than that but I guess you can do it over several days or visit your bank. I've done transferences with 4 different banks and never had to pay anything for them.
ska 6y ago
There's no need to bring blockchain into it. Other technologies are capable of T-0, it's a choice not to do it, not a technology limit. Aside: some blockchain is in practice T-? which isn't desirable here.

All those Blockchain stuff are T-0, borderless and censorship-resistant. If the recent Robinhood saga can't change people's mind about Blockchain, I don't know what will.

user3939382 6y ago

A couple years ago the DTCC was doing a PR push about introducing blockchain, but it kind of died down. If you search for 'dtcc blockchain' you can find it. It's unfortunate there's been so much hype and work put into applications of blockchain that aren't necessary when we have this problem.

hanniabu 6y ago

There's a lot of people that aren't comfortable with change and have cause them to build up cognitive dissonance around anything blockchain. They could be presented with all the information they're looking for to be proven wrong and they will just dismiss it as "yeah well the source is from someone in crypto, of course they'd say that they want their investment to go up".

vmception 6y ago

Exactly, the securities industry doesn't even need a decentralized blockchain, Quorum with its hot-swappable consensus models and EVM-compatibility for all existing smart contracts would be good enough! All the last week has really showed us is that the market is not prepared for modern realities. We could avoid 100% of this finger pointing by simply upgrading the technology. Instead we have Congress using precious time on our dime hauling in the wrong people (as usual) just because they are the face, while DTCC is laughing at them and won’t even issue a statement that could help clear things up.

SilasX 6y ago
>Exactly, the securities industry doesn't even need a decentralized blockchain, Quorum with its hot-swappable consensus models and EVM-compatibility for all existing smart contracts would be good enough! Right, but I still think the comparison is good because blockchain should establish the minimum performance, and the financial industry, which can allow centralization, should be able to do much better. In terms of securities, it doesn't. Bitcoin is settled within an hour (6 confirmations), without the requirement to put up collateral that scales O(n) with the value of the transaction (and volatility).
- vmception 6y ago
  yeah, we're agreeing, I was mainly trying to avoid people derailing about proof of work throughput and bandwidth. a much more scalable private distributed ledger with kind of shitty chain security would be good enough to satisfy this industry. would be faster than now, and faster than bitcoin, and brokers wouldn't have to put up collateral for multiple business days.

Negitivefrags 6y ago

In many non-US countries the banking system is T-0 as well. It’s funny to watch all the plethora of payment options springing up in the US when it’s just such a simple fix from the banks. You don’t need a blockchain to do T-0 settlement. Why don’t they just do it. I don’t understand.

KingMachiavelli 6y ago
I assume you are talking about Europe here? At least the word on the street I hear about their banking system is that transferring ~$1000 is lightyears ahead of the US in terms of speed, cost, and ease of use. BUT transferring ~$30,000 (or some cutoff) is much harder than the US and bogged down by regulations. Do you have any personal insight into this in the EU?
- Negitivefrags 6y ago
  I’m not in the EU so I can’t say. In NZ, I can transfer up to 500k online and inter-bank settlement is hourly. That’s just the limit on my account ( which I could raise, but haven’t). More than that and it’s a paper form. Settlement is still hourly but because humans are involved it takes longer to get the transaction into the system. Oh, and I should mention that you wouldn’t hesitate to publicly give out your bank account number here either.
- dandellion 6y ago
  Some accounts have a limit of 10000€ per day for transferences. I've never had to transfer more than that but I guess you can do it over several days or visit your bank. I've done transferences with 4 different banks and never had to pay anything for them.

ska 6y ago

There's no need to bring blockchain into it. Other technologies are capable of T-0, it's a choice not to do it, not a technology limit. Aside: some blockchain is in practice T-? which isn't desirable here.