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sbelak's profile
Simon Belak
Simon Belak
Simon Belak
@sbelak

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Simon Belak

@sbelak

Philosopher-hacker. Sometimes theatre director. Making myself obsolete at @Metabase

Joined February 2009

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    1. Bruce Fenton‏ @brucefenton Apr 3

      Bruce Fenton Retweeted Saifedean Ammous

      This is a good point and most alt coins will fail. However not all are seeking to be currency. Tokenized securities etc will be tokens as well. There could very well be trillions in alts even if Saifdean is correct. They just won't be currency.https://twitter.com/saifedean/status/980843666850959365 …

      Bruce Fenton added,

      Saifedean Ammous @saifedean
      Imagine a central bank creating a freely-trading currency for every sector of its economy: HomeCoin, CarCoin, LawyerCoin, DoctorCoin, etc. Altcoiners want you to believe this is how the internet's money will be. Completely insane, because the whole point of money is to be one.
      Show this thread
      12 replies 12 retweets 60 likes
    2. Saifedean Ammous‏ @saifedean Apr 3
      Replying to @brucefenton

      A security is not a currency, it is denominated in a currency. There will of course be securities, but none of these alts are securities, and a blockchain in inherently useless for a real world security, since it cannot possibly enforce ownership of real world assets.

      6 replies 6 retweets 29 likes
    3. Bruce Fenton‏ @brucefenton Apr 3
      Replying to @saifedean

      A security issued on a blockchain is 100x better than a paper one -- you are still centralized & have to trust the issuer but it can move with less friction and can be more easily held by users, giving them more control of their wealth

      5 replies 4 retweets 12 likes
    4. Bruce Fenton‏ @brucefenton Apr 3
      Replying to @brucefenton @saifedean

      It takes 3+ WEEKS to move securities between brokers now. Security tokens on a blockchain can cut that time down to 60 seconds.

      3 replies 0 retweets 5 likes
    5. Beautyon‏ @Beautyon_ Apr 3
      Replying to @brucefenton @saifedean

      It takes weeks because the State interferes with the process. Moving securities between brokers could be done on MySQL in a fraction of a second. "Tokens" and "Blockchain" aren't needed to do this accounting task at all. It's a solution in search of a problem.

      1 reply 3 retweets 8 likes
    6. Michael Culhane‏ @mike_cul5 Apr 3
      Replying to @Beautyon_ @brucefenton @saifedean

      “Solution in search of a problem” is a polite way to put it. I would say “scammer in search of a paycheck.”

      1 reply 0 retweets 3 likes
    7. Bruce Fenton‏ @brucefenton Apr 3
      Replying to @mike_cul5 @Beautyon_ @saifedean

      How come no one in the history of securities markets and databases has been able to successfully build one that works for this purpose then?

      1 reply 0 retweets 0 likes
    8. Beautyon‏ @Beautyon_ Apr 3
      Replying to @brucefenton @mike_cul5 @saifedean

      This is a variant of Argumentum ad crumenam. Bitcoin was possible immediately after Public Key Cryptography was invented, but took decades to emerge. Remember also, none of the actors in the stock field have an incentive to make clearing more efficient; theyre making a fortune.

      1 reply 0 retweets 2 likes
    9. Bruce Fenton‏ @brucefenton Apr 3
      Replying to @Beautyon_ @mike_cul5 @saifedean

      I'm saying that if it can be "done with a database" as people claim then why hasn't anyone done it?

      2 replies 0 retweets 1 like
    10. Beautyon‏ @Beautyon_ Apr 3
      Replying to @brucefenton @mike_cul5 @saifedean

      Perhaps there is no money to be made by them doing it. The system they have works, they're making a fortune, why change it, and have to pay a third party service provider? These prosaic use cases are all vapourware, and don't take reality into consideration at any level.

      1 reply 0 retweets 1 like
      Simon Belak‏ @sbelak Apr 3
      Replying to @Beautyon_ @brucefenton and

      Isn't that Argumentum ad crumenam as well? The exact same thing could be said about Bitcoin circa 2008. Bitcoin is in a lot of ways closer to @TheTedNelson's vision of hypertext than internet is. Just because it's damn good as money doesn't mean it's only good for that.

      5:44 AM - 3 Apr 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Beautyon‏ @Beautyon_ Apr 3
          Replying to @sbelak @brucefenton and

          No it isnt, because Bitcoin cannot be done with a simple database; it must be done with a block chain database. That arrangement was the breakthrough, for this single purpose, and it is not suitable for other purposes where MySQL+GPG will suffice.

          2 replies 0 retweets 1 like
        3. Simon Belak‏ @sbelak Apr 3
          Replying to @Beautyon_ @brucefenton and

          ... Bitcoin turns out the entire data-layer inside out (in kind of the same way Kafka does for databases, eg. https://engineering.linkedin.com/distributed-systems/log-what-every-software-engineer-should-know-about-real-time-datas-unifying …). There are a lot of trust dimensions that it flattens -- trust that I don't have bugs in my access control; trust in products I integrate with...

          1 reply 0 retweets 0 likes
        4. Beautyon‏ @Beautyon_ Apr 3
          Replying to @sbelak @brucefenton and

          How can it flatten it and turn it inside out simultaneously? It's more useful to speak plainly about the actual processes; analogising is why Blockchain not Bitcoin and confusion are widespread, so that people literally cant understand why they cant have what they were promised.

          2 replies 0 retweets 1 like
        5. Simon Belak‏ @sbelak Apr 3
          Replying to @Beautyon_ @brucefenton and

          These two operations very often go hand in hand. I wholeheartedly suggest you read that article on the log data structure I linked. It's one of my favourite technical articles, has absolutely nothing to do with anything blockchain but offers a great mental model.

          0 replies 0 retweets 0 likes
        6. End of conversation

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