Bankers Want A Piece Of Cyber Punk Blockchain Action
Submitted by: lalapancakes⚫ 6 months ago
The Bitcoin is a piece of new world iconism representing a cyber-punk protest of what is wrong with the current financial system. Fiat currency in the hands of the unsalvageable old and corrupt sums up the overall complaint for which the new currency serves. And while many can argue the Bitcoin is another fiat currency, those who’ve done well with it would argue it’s actually backed by the blockchain which is a lot more reliable than the Fed just printing more paper out, with zero attribution. Eight years later, enter the confused and shitty old crony bankers the Bitcoin sought to shut out.
Cue the Benny Hill soundtrack while investment company’s and old banks around the world are sadly confused about blockchain tech. They're pretty sure it's going to be a new way to bolster their companies without even understanding what it is, in the first place. At this juncture, I don't know why I'm writing for I-A-B when I could become filthy rich selling boxes filled with blocks and chains to 65-year-old white dudes.
“Earlier this year, even Blighty's Chief Scientist could be caught advocating that a GDS-built blockchain in the UK could help Her Majesty's Government ‘collect taxes, deliver benefits, issue passports, record land registries, assure the supply chain of goods and generally ensure the integrity of government records and services.'”
“A more pointed criticism, however, may be the unsuitability of the blockchain to store or process payments at all, because it is very slow and very expensive. In recording every Bitcoin transaction that has ever occurred, forever, it is meeting the business necessity of establishing trust and user belief in that digital currency.
The blockchain prevents double-spending in digital currencies by ensuring that everyone knows where every Bitcoin is all of the time. Transactions of Bitcoin take place by updating the blockchain so everyone knows that the Bitcoin in question is located somewhere new, with cryptographic hash values computed to validate its location.
While this novel method of preventing double-spending has been applauded, the protocol regarding the distribution of information along the blockchain also limits transactions to seven per second. Compared with the thousands of transactions per second conducted by the payments company VISA, this is cripplingly slow.”
“A blockchain advisor at Secure Trading, Mustafa Al-Bassam, who is also a doctoral researcher at UCL, told The Register that ‘sometimes industry receives investment because investors are excited by the buzzwords, despite the fact that blockchain might be incompatible with what they want.’”