dkoston

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61.
by dkoston 8y ago
Likely that OP used the browser on their mobile phone alongside other apps
62.
by dkoston 8y ago
I think we are talking about the same issue in different ways. What’s clear is that this is either about internal efficiency at JPMC or marketing hype. This has no benefits for retail banking customers, unless JPMC provides new benefits (ch
63.
by dkoston 8y ago
> Those are systems for transferring money from JP Morgan to another bank. This system doesn't do that; it can only transfer money from JP Morgan to JP Morgan. In theory, anyone who passes KYC can transfer money in token format to a
64.
by dkoston 8y ago
That is wrong. Please re-read the article.
65.
by dkoston 8y ago
This system is both accounting and transfers. All their other transfer systems (ACH, wire, Zelle) are run by third parties. As mentioned, we don’t know what the cost of building their own transfer system would be. In the long term, using so
66.
by dkoston 8y ago
“Unlike bitcoin, only big institutional clients of J.P. Morgan that have undergone regulatory checks, like corporations, banks and broker-dealers can use the tokens.” JPMC still controls who is allowed to exchange tokens. Which means that y
67.
by dkoston 8y ago
I think maybe it wasn’t clear that I was responding to your comment about no innovation was made versus that blockchain was required. The innovation is that JPMC actually has an internal accounting and settlement system they can trust, not
68.
by dkoston 8y ago
That’s a purely technical perspective on the situation. One could make the same argument about gRPC versus SOAP versus XML. What would have been a more constructive response was: This looks like JPMC is trying to profit off hype by building
69.
by dkoston 8y ago
HTTP wasn’t needed for you to send that comment to hacker news, they could have used other technologies instead. What’s your point?
70.
by dkoston 8y ago
edit: didn’t like my analogy I’d prefer you posted something constructive rather than just saying “doesn’t need blockchain”. Of course it doesn’t. Storing data doesn’t require a relational database, or a key value store either. All have pro
71.
by dkoston 8y ago
I wanted to reply to my above comment to clarify because people are somehow thinking that just because I wanted to take the time to explain what this is that I support it. I probably don’t. This is an internal accounting system used by JPMC
72.
by dkoston 8y ago
JPMC will have to track the redemptions on a blockchain ir database to prevent double spend. As mentioned above, this is an internal efficiency system for JPMC, it doesn’t provide any consumer benefits unless they pass on the reduced costs
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by dkoston 8y ago
Nope. JPMC doesn’t give you actual token access. This system doesn’t work like public crypto. It’s all behind the scenes. As such, it’s mostly marketing hype and adds value only for JPMC, not the consumer
74.
by dkoston 8y ago
maybe there was ambiguity in my post but I’m saying that this adds an additional layer of trust outside the database which is the signed token In this case you’re trusting JPMC, the database, their engineers, the cryptography, etc. For this
75.
by dkoston 8y ago
Correct. Especially since it’s centralized, they could have used any secure form of asymmetric encryption to offer the same guarantees
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by dkoston 8y ago
The blockchain signs each dollar. You could have done this instead by making each dollar a PGP signature and allowing trusted parties to decrypt the signature and claim the dollar. Honestly though, if the chain isn’t public, JPMC can update
77.
by dkoston 8y ago
Before: - you want to transfer $100,000 to another bank - you do a wire or ACH - that’s risky so someone has to verify that you actually have $100,000 After: - each of your dollars are digitally signed using cryptography - to transfer them,
78.
by dkoston 8y ago
Another point I want to make that I think a lot of people on HN miss is that you cannot do this with a database alone. This is the equivalent of a token table where the token is a cryptographic hash. However, it’s the cryptography that you
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by dkoston 8y ago
I felt it was incredibly self-serving to make the token JPMC only. An arcade is only as good as the games inside. If your token only works at JPMC, that’s a pretty weak banking arcade.
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by dkoston 8y ago
So you can prove to me that my account balance at JPMC is actually $100 when I do a wire or do you take JPMC’s word for it when you see the wire details? Whether or not the validation will be public could mean you still have to trust JPMC b
81.
by dkoston 8y ago
Unless I am mistaken, DTCC doesn’t provide any trust for internal account balances at JPMC. It only provides trust for the details of transfers. These tokens provide trust before and after transfers. The tokens themselves actually provide n
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by dkoston 8y ago
I’m going to try to distill this down to it’s easiest form. - JPMC will now create a digital signature (token) for every dollar that enters its network. - Those digital signatures can be exchanged by any trusted authority - JPMC will exchan
83.
by dkoston 8y ago
As mentioned, your internet connected thermostat works based on settings that are stored locally. It’s not making a http request every second asking “should i change the temperature?” The original poster clearly woke up angry and wanted som
84.
by dkoston 8y ago
Came here to say the same thing. Having to click back and forth in history to see the changes is time consuming. Function over flash please
85.
by dkoston 8y ago
Having a schedule and routine is massively important and can outweigh the benefits/detriments of other choices like whether or not you eat breakfast. If you are going to eat breakfast, be wary of the stuff that's marketed as break
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by dkoston 8y ago
Yea, I'm not trying to argue that eating right after exercise is not important. I just don't believe it's essential. Your body will use nutrients from the post-workout meal to help rebuild muscle and help your body recover so
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by dkoston 8y ago
I exercise shortly after getting up 5 days a week. I don't eat food until hours later. Depending on your exercise goals, you may want to eat before or after exercise but it certainly isn't essential. https://www.healthl
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by dkoston 8y ago
Crucial Conversations and Crucial Confrontations/Accountability I read these books when I first got into management and they changed so many things about the way I communicate with others. Everything in the books is obvious but things
89.
by dkoston 8y ago
It's surprising to me that so many people recommend eating breakfast. There's no specific value add to eating early in the morning. There are tons of value adds to constraining the hours you eat during each day ("intermittent
90.
by dkoston 8y ago
Google TOS is pretty broad. However, one of the main factors here is that export controls could quickly come into play. Since Google is US-based, providing this service for those in embargoed countries could get you shut down quickly. They

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