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.
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“Solution in search of a problem” is a polite way to put it. I would say “scammer in search of a paycheck.”
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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?
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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.
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I'm saying that if it can be "done with a database" as people claim then why hasn't anyone done it?
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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.
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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.1 reply 0 retweets 0 likes -
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.
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Replying to @Beautyon_ @brucefenton and
The second part is simply wrong. It's never MySQL+GPG but also a ton of code around it. And for some use cases the tradeoffs and affordances of Bitcoin will be good enough that it won't make sense to handroll.
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Replying to @sbelak @brucefenton and
I am saying that a stock controlling system can be written on top of LAMP using GPG as the tool to control and certify who owns what and who can move what stock, in case that was'nt clear. That is absolutely true.https://hackernoon.com/grundsaudaag-jour-de-la-marmotte-ground-hog-day-8570677dd90b …
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It did sound a bit more generic than that, but fine. I'm not wedded to this specific use case. The hype surrounding blockchain might will defeat gatekeepers that "MySQL+GPG" couldn't, or it might not. I agree it's not necessary, but Bitcoin is certainly capable of supporting it
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