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January 02, 2014, 12:14:36 PM |
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Obviously these need to be secure, so you should rule out all the usual scamcoin tech and figure on going with something built on top of Bitcoin on the theory that Bitcoin might manage to remain secure if any of the coins using its tech can ever manage to be secure; or consider whether it is worth waiting long enough to find out whether any of the alternative means of reaching consensus, such as Ripple, NXT and so on end up turning out to be secure.
It would be very very bad to try to set up the world's commodities stocks bonds etc markets to be PWNed overnight by a stupid internet meme, which DOGE has already shown us pretty much all the GPU-mined coins are totally insanely massively vulnerable.
(In case you don't know, out of the blue a meme conjured up more GPU power than pretty nearly every GPU mined coin, heck maybe even more that nearly all of the added together. Very likely almost all the CPU mined coins are equally vulnerable.
So you shoudl either go with a protocol built on top of bitcoin's blockchain or take the taime to wait and see whether any of the alternative systems such as RIpple etc end up turning out to be secure...
Another approach would be to embrace the fact that all of those types of assets - stocks, bonds, commodities and so on - all involve a trusted party to "back" them, without that trusted party they are worthless, thus they are intrinsically centralised, thus the best approach might well be to use something like Open Transactions instead of exposing them to the vulnerabilities associated with P2P systems. They don't need P2P, it adds vulnerabilities that are extraneous to their needs, thus is basically increases risk, in an industry that is adverse to risk.
Do not use the imbeciles here as a yardstick, telling yourself that obviously no one cares about risk, the thrill and fun of bucking the system and thumbing their noses at Big Brother by using P2P systems more than compensates them for the fact a stupid internet mem could PWN them overnight. In the real world real securities want and need real security.
-MarkM-
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