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
... 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...
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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.
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I'll grant you the danger of analogising is a very valid and lucid concern. I do think that Bitcoin would be well served by having people thinking the history and essence of technology to the same level of depth & discipline that maximalists have done for the monetary part.
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