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> Is the maximalist argument here that these companies are going to build out all this infrastructure, move the global financial system onto it, and then rip it

> Is the maximalist argument here that these companies are going to build out all this infrastructure, move the global financial system onto it, and then rip it apart and rewrite it to be entirely distributed afterwards I haven't heard anyone articulate this as their vision lol. I would think they distribute the systems somewhere between trading monkey JPEGs and actually moving the global financial system onto it. As to why start with it centralized, it's easier to get a POC working with the systems and conventions we have in place today than alongside rethinking all of the infrastructure at the same time. Work on the UI, trade some stupid goods that finance the development of these distributed systems, etc. I just don't understand the argument that this whole thing will or should be binary. Huge migrations like that fall over all the time. Gradual rollouts take longer but are generally safer and in this case probably the only option.

sbierwagen 5y ago
"You should check out my new car company, ThreeWheel. We're completely revolutionizing the business of getting around. The key innovation is that our cars have three wheels. This reduces tire cost, improves aerodynamics, and reduces rolling friction. Our three wheeled cars are the future of all wheeled transport!" "Okay." "But our prototype has four wheels, as a temporary prototype to test out the technology." "That doesn't seem like it tests the technology very well." "I don't see why you're quibbling about the details. We've sold thousands of ThreeWheels to people who are very enthusiastic about living in a three wheeled future!" "You've sold four wheeled cars to people who want three wheeled cars?" "They then resell them for tens of thousands of dollars more than they paid! They're ecstatically happy! Nobody is bigger fans of the three wheel car future than our customers." "Even though these cars, the cars they purchased, have four wheels." "Well, they could remove one wheel later, if they wanted." "Would that work?" "Oh no, absolutely not. You couldn't drive it at all, then. It would be much worse than a regular car. A lot of work remains to be done to gradually transition current ThreeWheels to a three wheeled form. We plan to send robots to each customer's garage to cut sections from the frame and re-weld them together. Then we need to swap out the steering rack, re-route the driveshaft, change suspension components, brakes..." "That sounds hard." "Yes, we think it will take hundreds of changes over years to move current generation ThreeWheels to a three wheeled mode." "Instead of just building three wheeled cars today?" "Wow John Cena bought a ThreeWheel and posted it on his instragram! My collection of ThreeWheels is going to explode in value! I love my job!"
- bertil 5y ago
  I thought you were going after Aptera and Arcimoto for a second and I was wondering what they had done to deserve to be associated with that debate…
- distrill 5y ago
  I'm sure this is funny but a much better example would be the Prius and electric vehicles.
  - spullara 5y ago
    ^ for sure.
    - kolanos 5y ago
      Someone should have told Toyota.
  - scarier 5y ago
    Was the Prius ever intended to be an evolutionary step toward widespread EV adoption?
    - bckr 5y ago
      Not GP but I have to say I love getting 50mpg in the city and having the same range as any gas powered car. So I don't quite see how Prius is a better example than the awesome analogy made above.
  - nappy 5y ago
    The Prius had user benefits right away.
  - manmal 5y ago
    Fun fact, Toyota is not a big fan of the transition to fully electric: https://www.theverge.com/2021/7/26/22594235/toyota-lobbying-dc-ev-congress-biden-donation https://www.theverge.com/2021/7/26/22594235/toyota-lobbying-...
grey-area 5y ago
Why would the global financial system move to a blockchain?
- bertil 5y ago
  If key financial institutions had more trust in a blockchain than in the Federal Reserve, and the European Central Bank, and the Bank of England, and maybe the Central Bank of Japan to hold an account of their assets.
  - acdha 5y ago
    Do we have any reason to think that would be the case, or they’d enrich the early adopters of one of the existing blockchains by using it rather than creating their own? Central banking doesn’t need to pay the overhead for trustless anonymity since all of the participants are known and have ongoing working relationships.

sbierwagen 5y ago

"You should check out my new car company, ThreeWheel. We're completely revolutionizing the business of getting around. The key innovation is that our cars have three wheels. This reduces tire cost, improves aerodynamics, and reduces rolling friction. Our three wheeled cars are the future of all wheeled transport!" "Okay." "But our prototype has four wheels, as a temporary prototype to test out the technology." "That doesn't seem like it tests the technology very well." "I don't see why you're quibbling about the details. We've sold thousands of ThreeWheels to people who are very enthusiastic about living in a three wheeled future!" "You've sold four wheeled cars to people who want three wheeled cars?" "They then resell them for tens of thousands of dollars more than they paid! They're ecstatically happy! Nobody is bigger fans of the three wheel car future than our customers." "Even though these cars, the cars they purchased, have four wheels." "Well, they could remove one wheel later, if they wanted." "Would that work?" "Oh no, absolutely not. You couldn't drive it at all, then. It would be much worse than a regular car. A lot of work remains to be done to gradually transition current ThreeWheels to a three wheeled form. We plan to send robots to each customer's garage to cut sections from the frame and re-weld them together. Then we need to swap out the steering rack, re-route the driveshaft, change suspension components, brakes..." "That sounds hard." "Yes, we think it will take hundreds of changes over years to move current generation ThreeWheels to a three wheeled mode." "Instead of just building three wheeled cars today?" "Wow John Cena bought a ThreeWheel and posted it on his instragram! My collection of ThreeWheels is going to explode in value! I love my job!"

bertil 5y ago
I thought you were going after Aptera and Arcimoto for a second and I was wondering what they had done to deserve to be associated with that debate…
distrill 5y ago
I'm sure this is funny but a much better example would be the Prius and electric vehicles.
- spullara 5y ago
  ^ for sure.
  - kolanos 5y ago
    Someone should have told Toyota.
- scarier 5y ago
  Was the Prius ever intended to be an evolutionary step toward widespread EV adoption?
  - bckr 5y ago
    Not GP but I have to say I love getting 50mpg in the city and having the same range as any gas powered car. So I don't quite see how Prius is a better example than the awesome analogy made above.
- nappy 5y ago
  The Prius had user benefits right away.
- manmal 5y ago
  Fun fact, Toyota is not a big fan of the transition to fully electric: https://www.theverge.com/2021/7/26/22594235/toyota-lobbying-dc-ev-congress-biden-donation https://www.theverge.com/2021/7/26/22594235/toyota-lobbying-...

grey-area 5y ago

Why would the global financial system move to a blockchain?

bertil 5y ago
If key financial institutions had more trust in a blockchain than in the Federal Reserve, and the European Central Bank, and the Bank of England, and maybe the Central Bank of Japan to hold an account of their assets.
- acdha 5y ago
  Do we have any reason to think that would be the case, or they’d enrich the early adopters of one of the existing blockchains by using it rather than creating their own? Central banking doesn’t need to pay the overhead for trustless anonymity since all of the participants are known and have ongoing working relationships.