2013-04-14 Moneyness - Why the Fed is More Likely To Adopt Bitcoin

[BkkCoins]

Interesting article about adapting the blockchain for the Fedwire system.

http://jpkoning.blogspot.com/2013/04/why-fed-is-more-likely-to-adopt-bitcoin.html

At the end he points readers to 3 blogger who actually know Bitcoin in depth. This alone is useful as there are so many that write without knowing.

[cypher-punk]

Bit of a surprise to me. Maybe only certain features are helpful for them. But then again, the economist guy is not known to be any sort of intelligent lifeform, he has proven that over and over.

[BkkCoins]

Bit of a surprise to me. Maybe only certain features are helpful for them. But then again, the economist guy is not known to be any sort of intelligent lifeform, he has proven that over and over.

He's talking about using the underlying distributed ledger (the blockchain) as a method of storing Fedwire trades that are currently centralized. ie. using the technology but nothing to do with using bitcoins or creating a new currency.

[grondilu]

Bit of a surprise to me. Maybe only certain features are helpful for them. But then again, the economist guy is not known to be any sort of intelligent lifeform, he has proven that over and over.

He's talking about using the underlying distributed ledger (the blockchain) as a method of storing Fedwire trades that are currently centralized. ie. using the technology but nothing to do with using bitcoins or creating a new currency.

If they use the idea of gathering transactions in blocks and validating them after a proof-of-work  is applied to them, they basically use bitcoin.  Not the currency, but the payment system.

We imagined they might do something like that very early in this forum.

[cypher-punk]

If they do, it crashes their ponzi scheme which they run with U.S. treasury bills.
They better think twice. But fucking Krugman is not into even thinking once.

[grondilu]

If they do, it crashes their ponzi scheme which they run with U.S. treasury bills.

Why?  I may have rred this article quickly, but I don't think they meant the transactions would be publicly broadcasted on internet or anything.

The network would be distributed, but it would still be private.

[cypher-punk]

If they do, it crashes their ponzi scheme which they run with U.S. treasury bills.

Why?  I may have rred this article quickly, but I don't think they meant the transactions would be publicly broadcasted on internet or anything.

The network would be distributed, but it would still be private.

I thought my Krugman line was the spiciest to quote... anyhow - even if private, it would expose the ponzi to a higher degree, thus crashing the ponzi at an earlier time!

[BkkCoins]

I thought my Krugman line was the spiciest to quote... anyhow - even if private, it would expose the ponzi to a higher degree, thus crashing the ponzi at an earlier time!

This makes no sense at all - it's like you're posting on the wrong thread. Using a distributed ledger for recording private data has nothing whatsoever to do with anything ponzi like.

[casascius]

Seems to me the article is better titled "Why the Fed is more likely to value a distributed database architecture".  The argument made in the article has little to do with the Fed adopting Bitcoin.

[BkkCoins]

Seems to me the article is better titled "Why the Fed is more likely to value a distributed database architecture".  The argument made in the article has little to do with the Fed adopting Bitcoin.

Yes. Quite right. It's quite sensationalist for what is really just discussing the underlying data technology.

[cypherdoc]

Interesting article about adapting the blockchain for the Fedwire system.

http://jpkoning.blogspot.com/2013/04/why-fed-is-more-likely-to-adopt-bitcoin.html

At the end he points readers to 3 blogger who actually know Bitcoin in depth. This alone is useful as there are so many that write without knowing.

Popescu?  gimme a break.