8 ms·

No details on the implementation, but something like this would be great, because currently the fastest way to find out if an economic data print is good or bad

No details on the implementation, but something like this would be great, because currently the fastest way to find out if an economic data print is good or bad is to watch the stock market, and then the numbers turn up in the news and tweets ~2 minutes later. It's not clear where (and maybe not easily accessible) to get these numbers at -exactly- the moment they release.

baron816 1y ago
WTF are you talking about? All this data is freely available on government websites such as https://www.bls.gov/ https://www.bls.gov/ and in easily downloaded formats. Putting it on the blockchain is pointless.
- longitudinal93 1y ago
  Putting it into a public blockchain prevents it from being altered after the fact.
  - miltonlost 1y ago
    Revisions to initial economic data is common, though, once other slower statistics are compiled into a final GDP/CPI number. The initial month-over-month or QoQ are estimates.
  - elil17 1y ago
    So does archive.org
  - slipperydippery 1y ago
    Is that an actual problem we've had? Nb announced revisions aren't a problem at all, and not one that "blockchain" prevents anyway (you can publish new stuff on a blockchain, no problem)
  - bogwog 1y ago
    Do you think the government would be able to get away with altering data after the fact? If they released it, someone downloaded it, and would be able to easily spot changes. It could even be (and probably is) automated. And either way, what does the blockchain offer if the government comes out and says that some previously published numbers were incorrect, and they publish new ones? You'll have two competing versions of the same data, with one considered obsolete because the government says so. And none of this matters if they're altering the data before publishing.
  - blitzar 1y ago
    Why alter it when you can call it fake news and fire the person who published it and hire a new person who is commited to "Fair and Balanced" data* *data is for 'entertainment' purposes only - Names, characters, places, and incidents either are the product of the author's imagination or are used fictitiously, and any resemblance to actual persons, living or dead, or actual data is entirely coincidental.
  - xenophonf 1y ago
    It doesn't prevent altering the data before it gets published, though. Garbage in, garbage out. https://thehill.com/homenews/administration/5432523-trump-fires-bls-commissioner/ https://thehill.com/homenews/administration/5432523-trump-fi...
  - littlestymaar 1y ago
    It doesn't prevents the government from firing BLS administrators for reporting correct figures though.
- Workaccount2 1y ago
  In my experience it takes a few minutes for the website to update. It comes off like there is a hidden API to request the documents, and then everyone else gets it once the front-end website finishing propagating the update or something.
  - baron816 1y ago
    Reporting agencies will get the headline figures a few minutes early under embargo. They have very strict rules on handling that information. If there’s any issues with releases, they’re not going to be resolved by putting them on a blockchain
rco8786 1y ago
> It's not clear where (and maybe not easily accessible) to get these numbers at -exactly- the moment they release. This is all publicly available to everyone at the exact same time. How do you think the market is moving in response, if this info is not available?
- Workaccount2 1y ago
  Because the website doesn't immediately update. The blockchain approaches something dynamic, where the update is broadcast to everyone at the same time, not just broadcast to those who know where to ask for it at the right time. It seems similar to people who harvest the URL of a product before launch, so they don't have to wait for the slow website.
  - rco8786 1y ago
    I guess. It doesn't seem like people who want/need this data in instant real-time are having trouble getting it.
JumpCrisscross 1y ago
On what planet does putting these data on a blockchain hinder insider trading?
blitzar 1y ago
> if an economic data print is good or bad is to watch the stock market, and then the numbers turn up in the news and tweets ~2 minutes later I can get the number on the internet within a fraction of a second. Back when bots were allowed on twitter I could get it faster than bloomberg.
- Workaccount2 1y ago
  It should just be served up to anyone who is actively listening at ~8:30:000. Exactly like what a blockchain would do. Broadcast a new block to everyone at the same time.
  - blitzar 1y ago
    A bit oldskool but go retro and try a tv "broadcast" ... anyone who is actively listening at 8:30:000 gets it served to them. I am getting strong "tech bros invent the bus in 2025" vibes. Putting Founder, CEO, Cereal Entrepreneur on your linkedin bio doesnt make you instantly a genius.
    - Workaccount2 1y ago
      I'm not pushing for a blockchain, I'm pushing for any other way than it is currently done.
      - blitzar 1y ago
        You are right it is not a bus. Its a vehicle that holds idk like 20 people or maybe even a bigger one that holds 100 or so. It will go from one point to another, along a pre-determined route, stopping at designated places along the way. People can get on and off at any one of the places it stops at. Its reimagining the way we travel, its going to change the world. A similar thing is in the works that goes on fixed metal rails, the details havent all been figured out yet nor what to call it, but expect exciting news soon.
  - BenjiWiebe 1y ago
    A blockchain doesn't, unless all peers are directly connected to all other peers. Otherwise, a transaction has to propagate through the network. For Bitcoin, for the last couple years, looks like it's typically 15ish seconds to reach 90% of the network and 5ish to reach 50% of the network. A centralized server could send updates to directly connected clients much faster than that. https://www.dsn.kastel.kit.edu/bitcoin/#propdelaytx https://www.dsn.kastel.kit.edu/bitcoin/#propdelaytx

baron816 1y ago

WTF are you talking about? All this data is freely available on government websites such as https://www.bls.gov/ https://www.bls.gov/ and in easily downloaded formats. Putting it on the blockchain is pointless.

longitudinal93 1y ago
Putting it into a public blockchain prevents it from being altered after the fact.
- miltonlost 1y ago
  Revisions to initial economic data is common, though, once other slower statistics are compiled into a final GDP/CPI number. The initial month-over-month or QoQ are estimates.
- elil17 1y ago
  So does archive.org
- slipperydippery 1y ago
  Is that an actual problem we've had? Nb announced revisions aren't a problem at all, and not one that "blockchain" prevents anyway (you can publish new stuff on a blockchain, no problem)
- bogwog 1y ago
  Do you think the government would be able to get away with altering data after the fact? If they released it, someone downloaded it, and would be able to easily spot changes. It could even be (and probably is) automated. And either way, what does the blockchain offer if the government comes out and says that some previously published numbers were incorrect, and they publish new ones? You'll have two competing versions of the same data, with one considered obsolete because the government says so. And none of this matters if they're altering the data before publishing.
- blitzar 1y ago
  Why alter it when you can call it fake news and fire the person who published it and hire a new person who is commited to "Fair and Balanced" data* *data is for 'entertainment' purposes only - Names, characters, places, and incidents either are the product of the author's imagination or are used fictitiously, and any resemblance to actual persons, living or dead, or actual data is entirely coincidental.
- xenophonf 1y ago
  It doesn't prevent altering the data before it gets published, though. Garbage in, garbage out. https://thehill.com/homenews/administration/5432523-trump-fires-bls-commissioner/ https://thehill.com/homenews/administration/5432523-trump-fi...
- littlestymaar 1y ago
  It doesn't prevents the government from firing BLS administrators for reporting correct figures though.
Workaccount2 1y ago
In my experience it takes a few minutes for the website to update. It comes off like there is a hidden API to request the documents, and then everyone else gets it once the front-end website finishing propagating the update or something.
- baron816 1y ago
  Reporting agencies will get the headline figures a few minutes early under embargo. They have very strict rules on handling that information. If there’s any issues with releases, they’re not going to be resolved by putting them on a blockchain

rco8786 1y ago

> It's not clear where (and maybe not easily accessible) to get these numbers at -exactly- the moment they release. This is all publicly available to everyone at the exact same time. How do you think the market is moving in response, if this info is not available?

Workaccount2 1y ago
Because the website doesn't immediately update. The blockchain approaches something dynamic, where the update is broadcast to everyone at the same time, not just broadcast to those who know where to ask for it at the right time. It seems similar to people who harvest the URL of a product before launch, so they don't have to wait for the slow website.
- rco8786 1y ago
  I guess. It doesn't seem like people who want/need this data in instant real-time are having trouble getting it.

JumpCrisscross 1y ago

On what planet does putting these data on a blockchain hinder insider trading?

blitzar 1y ago

> if an economic data print is good or bad is to watch the stock market, and then the numbers turn up in the news and tweets ~2 minutes later I can get the number on the internet within a fraction of a second. Back when bots were allowed on twitter I could get it faster than bloomberg.

Workaccount2 1y ago
It should just be served up to anyone who is actively listening at ~8:30:000. Exactly like what a blockchain would do. Broadcast a new block to everyone at the same time.
- blitzar 1y ago
  A bit oldskool but go retro and try a tv "broadcast" ... anyone who is actively listening at 8:30:000 gets it served to them. I am getting strong "tech bros invent the bus in 2025" vibes. Putting Founder, CEO, Cereal Entrepreneur on your linkedin bio doesnt make you instantly a genius.
  - Workaccount2 1y ago
    I'm not pushing for a blockchain, I'm pushing for any other way than it is currently done.
    - blitzar 1y ago
      You are right it is not a bus. Its a vehicle that holds idk like 20 people or maybe even a bigger one that holds 100 or so. It will go from one point to another, along a pre-determined route, stopping at designated places along the way. People can get on and off at any one of the places it stops at. Its reimagining the way we travel, its going to change the world. A similar thing is in the works that goes on fixed metal rails, the details havent all been figured out yet nor what to call it, but expect exciting news soon.
- BenjiWiebe 1y ago
  A blockchain doesn't, unless all peers are directly connected to all other peers. Otherwise, a transaction has to propagate through the network. For Bitcoin, for the last couple years, looks like it's typically 15ish seconds to reach 90% of the network and 5ish to reach 50% of the network. A centralized server could send updates to directly connected clients much faster than that. https://www.dsn.kastel.kit.edu/bitcoin/#propdelaytx https://www.dsn.kastel.kit.edu/bitcoin/#propdelaytx