Nasdaq makes first share trade using blockchain technology

Jonbvn

mwpt wrote: »

Thanks. Good points about the energy that is currently expended to protect any fiat currency. For the record, I did not criticise blockchain. I am deeply suspicious of bitcoin though.

The blockchain technology is indeed very smart. I was merely questioning the energy requirements in order to keep the network valid, as opposed to other methods of digital transfers.

The space isn't mature yet, so we may see the technology morph before it becomes widely adopted.

mwpt,

I think you are right to question the energy consumed to maintain the BTC blockchain network. Around 250 to 500W/day is required to mine BTC. Have a look at the lengths some people are going to mine BTC https://bitcointalk.org/index.php?topic=1072474.0

mwpt

Jonbvn wrote: »

mwpt,

I think you are right to question the energy consumed to maintain the BTC blockchain network. Around 250 to 500W/day is required to mine BTC. Have a look at the lengths some people are going to mine BTC https://bitcointalk.org/index.php?topic=1072474.0

Thanks jonbvn. I've seen some similar articles about mining in Iceland, etc.

Generali

Bitcoin will never replace state issued fiat money.

There is absolutely no way the state will give up soignerage without a huge fight.

Jonbvn

Generali wrote: »

Bitcoin will never replace state issued fiat money.

There is absolutely no way the state will give up soignerage without a huge fight.

I think a fight to the death is inevitable. The word is seigniorage https://en.wikipedia.org/wiki/Seigniorage

padington

Generali wrote: »

Bitcoin will never replace state issued fiat money.

There is absolutely no way the state will give up soignerage without a huge fight.

There's a great chance national currencies start using the blockchain though and a great chance that blockchain digital upstarts will seriously disrupt some traditional banking establishments.

BobQ

I do not understand the detail of blockchain but I wonder if it provides more scope for transactions that cannot be traced which avoid taxation? But I imagine its all been worked through if the BoE is involved.

TheeMaskedTurnip

mwpt wrote: »

Where did I criticise it (the technology)? Your post is bland and contains no information.

Did you not post "I'm suspicious of bitcoin (not blockchain), because you have a currency that is essentially inflationary rather than deflationary. People hoard rather than spend bitcoins so all other nuances aside, this seems like a flawed currency to me."

If you knew anything of the crypto currency scene you'd know that people are only hoarding at present as they await wider merchant adoption.

Generali

Jonbvn wrote: »

I think a fight to the death is inevitable. The word is seigniorage https://en.wikipedia.org/wiki/Seigniorage

Sorry, phone typing.

mwpt

TheeMaskedTurnip wrote: »

If you knew anything of the crypto currency scene you'd know that people are only hoarding at present as they await wider merchant adoption.

At the moment it is being used primarily as speculation but bitcoin is inherently inflationary if the means to broaden it is to sub-divide. That means your 1 BTC becomes more valuable over time. Why would I spend my 1 BTC when it offers better returns than other investments? I'd rather spend my current fiat money. I do not see where this point ends, if as everything I read suggests that sub-dividing is the method of making sure the supply continues to grow.

Also, BTC cannot be used to pay taxes. This is obviously crucial, and no government is going to accept it as a replacement because it undermines their ability to control the money supply. So it fails probably the most important test for a currency (paying taxes).

Next, it obviously relies on blockchain, which is expending vast and increasing amounts of energy to validate transactions. Surely this energy is already far far greater than a few simple secure messages over the wire that we traditionally use. What a waste. And it's only growing.

The cost of transferring money in traditional methods can and has come down in price, with competition. So that isn't an argument to me either.

Then you have this:
https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.t1urskuye

So, I stand by my criticism of bitcoin as a currency which you mistook as a criticism for the blockchain technology.