Friday, November 25, 2016

Savings and loan bots do not rely on block chain

Professor speaks:
I don’t think that bitcoin will be the only blockchain but blockchain without native digital asset, to me, that is nonsense. If you don’t have a currency or a coin which has some value to reward miners for distributed consensus, and then you have to appoint validators of transactions, why should you use a blockchain which is a sub-par data structure?

His point:  The distributed database structure makes no sense for existing bank structure since they will deal only with centralized databases anyway.

I can make the bigger point. A trading pit running a saving and loan bank will remember only the most significant trades anyway.  A standard savings and loan will be deliberately unfocused, a bit. The money outstanding is either tradeable, in which the system has a valuer; or outstanding money is not working and will take the even money bet by default.

Why not have a perfect vision of that past? Because traders do not trade on the infinite past in the trading pit.  The trading pit leaves infinity to the fools who want the task...

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