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locking is needed to order transactions, mysql already has acid transactions. i use mysql metaphorically to describe a single centralized database protected by

locking is needed to order transactions, mysql already has acid transactions. i use mysql metaphorically to describe a single centralized database protected by single entity that controls all the writes. we already have such payment systems: visa, mastercard, paypal, venmo, etc. blockchain and miners only make sense if you need and actually maintain decentralization. if you don't and/or can't - miners (and validators in PoS systems) are useless overhead.

anonymouse008 5y ago
Thank you, I had never heard of ACID -- yeah, centralized vs. decentralized becomes fairly philosophical (eco vs. democratized arguments, etc). To build on the discussion, I'm more amazed at blockchain's capabilities as a cooperation engine outside of the normal channels. To that end, I'm really surprised we haven't seen significant attrition in the current legal system to smart contract systems. I guess the lack of adoption more highlights just how 'customized' a 'standard' contract or dispute is in the real world.
- keymone 5y ago
  blockchains are great in environments where parties can't audit and trust each other but need write access to the same database. so far it remains an open question whether blockchains will ever be useful for anything other than settlement ledger (and things you can build on top of that). i don't believe the hype of using blockchains to track some logistical or supply chain data will prove useful simply because all these international corporations already have a system to resolve conflicts and enforce contracts - law.
  - anonymouse008 5y ago
    Right -- many friends are lawyers and they basically say law is a slow grinding gear. So, my naive thought is that any improvement in speed should be a deterrent for the mischievous. And thinking out loud, it sounds like if blockchain were used to run financial operations for a company, we could make the infamous audits for Luckin Coffee's and GSX's a thing of the past. Or at least after one mistake (the LC coupon issue was an interesting hack to avoid detection), update the contract, then all future instances are robust to the same issues. GAAP Rules and Arm's Length Transactions could be factually monitored too... interesting
    - keymone 5y ago
      i'm not saying there will never be a valid use case for blockchain beyond bitcoin, i'm just skeptical about the hype of recent years where it's applied left and right to everything. so far all the use cases i've heard of could be replaced with a centralized database maintained by a consortium of interested parties.

anonymouse008 5y ago

Thank you, I had never heard of ACID -- yeah, centralized vs. decentralized becomes fairly philosophical (eco vs. democratized arguments, etc). To build on the discussion, I'm more amazed at blockchain's capabilities as a cooperation engine outside of the normal channels. To that end, I'm really surprised we haven't seen significant attrition in the current legal system to smart contract systems. I guess the lack of adoption more highlights just how 'customized' a 'standard' contract or dispute is in the real world.

keymone 5y ago
blockchains are great in environments where parties can't audit and trust each other but need write access to the same database. so far it remains an open question whether blockchains will ever be useful for anything other than settlement ledger (and things you can build on top of that). i don't believe the hype of using blockchains to track some logistical or supply chain data will prove useful simply because all these international corporations already have a system to resolve conflicts and enforce contracts - law.
- anonymouse008 5y ago
  Right -- many friends are lawyers and they basically say law is a slow grinding gear. So, my naive thought is that any improvement in speed should be a deterrent for the mischievous. And thinking out loud, it sounds like if blockchain were used to run financial operations for a company, we could make the infamous audits for Luckin Coffee's and GSX's a thing of the past. Or at least after one mistake (the LC coupon issue was an interesting hack to avoid detection), update the contract, then all future instances are robust to the same issues. GAAP Rules and Arm's Length Transactions could be factually monitored too... interesting
  - keymone 5y ago
    i'm not saying there will never be a valid use case for blockchain beyond bitcoin, i'm just skeptical about the hype of recent years where it's applied left and right to everything. so far all the use cases i've heard of could be replaced with a centralized database maintained by a consortium of interested parties.