[2015-09-23] CD: Barry Silbert: Private Blockchains Will 'Capitulate' to Bitcoin

[LiteCoinGuy]

Barry Silbert: Private Blockchains Will 'Capitulate' to Bitcoin

Wall Street is increasingly expressing an enthusiasm for applications of bitcoin and blockchain technology, but according to venture capitalist Barry Silbert, the attention of the traditional financial community has so far fallen on its more problematic implementations.

http://www.coindesk.com/barry-silbert-private-blockchains-will-capitulate-to-bitcoin/

[Denker]

A really good article.I had a great read.

Quoting Silbert

"I'm surprised they honed in on that first. A private federated blockchain doesn't solve any major problems and ultimately I don't have a high level of optimism it's going to succeed. I'm surprised they haven't figured that out yet and I'm surprised they are doing that first."

We all know he is right regarding those private blockchains.
But I believe that banks could know they are on the wrong path, but at this point right now they don't want to except that they will have to use, adapt and adopt Bitcoin in a certain way.

[TraderTimm]

Just confirms what I've been saying.

I completely expected business and banking to build their own implementations, because most have the "not invented here" attitude in their corporate culture. Once they figure out that they're just replicating something that has been amply solved (and globally distributed), we'll be waiting with open arms as they are finally forced to acquire some Bitcoin for their tokenization efforts, or at the very least, have to use the global blockchain that Bitcoin is using.

Just watch, it will inexorably step in that direction, especially if one of their homebrew blockchains gets hacked/pwned by someone.

[LiteCoinGuy]

Just confirms what I've been saying.

I completely expected business and banking to build their own implementations, because most have the "not invented here" attitude in their corporate culture. Once they figure out that they're just replicating something that has been amply solved (and globally distributed), we'll be waiting with open arms as they are finally forced to acquire some Bitcoin for their tokenization efforts, or at the very least, have to use the global blockchain that Bitcoin is using.

Just watch, it will inexorably step in that direction, especially if one of their homebrew blockchains gets hacked/pwned by someone.

and hopefully we are ready for them then  (iam optimistic)