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cypher-punk
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Activity: 14
Merit: 0
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April 15, 2013, 10:27:18 AM |
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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.
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BkkCoins (OP)
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April 15, 2013, 11:13:16 AM |
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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. |
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grondilu
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Activity: 1288
Merit: 1076
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April 15, 2013, 12:45:03 PM |
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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. |
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cypher-punk
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April 15, 2013, 01:04:55 PM |
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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.
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grondilu
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Activity: 1288
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April 15, 2013, 01:16:47 PM |
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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. |
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cypher-punk
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April 15, 2013, 01:20:19 PM |
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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! |
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BkkCoins (OP)
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April 15, 2013, 02:34:56 PM |
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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. |
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casascius
Mike Caldwell
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Activity: 1386
Merit: 1136
The Casascius 1oz 10BTC Silver Round (w/ Gold B)
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April 15, 2013, 02:37:27 PM |
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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.
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Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable. I never believe them. If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins. I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion. Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice. Don't keep coins online. Use paper or hardware wallets instead.
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BkkCoins (OP)
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April 15, 2013, 03:38:53 PM |
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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. |
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cypherdoc
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Activity: 1764
Merit: 1002
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April 15, 2013, 06:06:49 PM |
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