If your requirements are fulfilled by today’s relational databases, you’d be insane to use a blockchain.
So am I saying that blockchains are useless? Absolutely not. But before you embark on that shiny blockchain project, you need to have a very clear idea of why you are using a blockchain. There are a bunch of conditions that need to be fulfilled. And if they’re not, you should go back to the drawing board. Maybe you can define the project better. Or maybe you can save everyone a load of time and money, because you don’t need a blockchain at all.
Decentralization vs Incoordination – Tadge Dryja (MIT DCI)BPASE ’17, January 26th 2017, Stanford UniversityStanford Cyber Initiative
The conference will explore the use of formal methods, empirical analysis, and risk modeling to better understand security and systemic risk in blockchain protocols. The conference aims to foster multidisciplinary collaboration among practitioners and researchers in blockchain protocols, distributed systems, cryptography, computer security, and risk management.
The fact that Bitcoin was designed to confound human decision-making is a feature, not a flaw. The core protocol is tasked with enforcing the single rule most crucial to the cryptocurrency’s value: no counterfeit spending. By contrast, the U.S. dollar is burdened with effecting monetary policy, enforcing sanctions, fighting crime and much more. The more functions a currency has, the more things there are to argue over, and the more likely the community will be to fracture. Bitcoin’s uncompromising focus allows it to serve a broader user base.In blockchains, anarchy is the worst form of governance except for all the others. That said, it’s still possible that Bitcoin didn’t get things right the first time around. As more people get involved, coordinating decisions will become even more difficult, and Bitcoin’s inflexibility may prove too limiting. 1 Even Ethereum, which once executed a $55 million loss recovery on three days’ notice, is finding it difficult to repeat the procedure 18 months later. Any decentralized cryptocurrency has a limited window in which to coordinate decisions. So let the creative experiments begin.
Ads for cryptocurrencies, ICOs, wallets and exchanges will be blocked from June to prevent scams, following Facebook’s move in January
The main contribution of this paper lies in the synthesis of information economics in finance – as related to the mechanisms of money and quasi-money creation in the banking and shadow banking sector – and the mechanism of money creation in cryptocurrency ecosystem. In particular, drawing lessons from the literature on ‘safe assets’ and building on Holmstrom’s seminal work (2015), this paper highlights striking differences in the basic information economics of cryptocurrencies as opposed to fiat currencies (including the monetary aggregates). The main finding of this paper is that, Bitcoin trumps central bank money and private and quasi-private money – created by the banking and shadow banking system – on account of its informational foundations. The superior information economics of Bitcoin, which is built on symmetric (common) knowledge as to the inner workings of Bitcoin Blockchain, as opposed to that of fiat currencies, which is built on symmetric ignorance as to the underlying collateral, would make Bitcoin a new ‘safe’ asset holding the promise of maturing into a viable store of value, a potential medium of exchange, and a unit of account. By comparing the information economics of central, commercial and shadow bank money with that of Bitcoin, we highlight important aspects of information economics of Bitcoin that would inform any pending regulatory intervention in the cryptocurrency ecosystem.
This paper furthers the discussion on the “leisures of blockchains” by examining the case of blockchain narcotization in Potcoin, with the attendant challenges of legality, economics, legitimacy, technology, and its grounding in cryptoanarchist thought.
The European Union is ready to regulate cyptocurrencies if risks from the sector are not tackled at the global level.The global investment craze over bitcoin and other cryptocurrencies over the past year have seen wild gyrations in their valuations.G20 finance ministers will meet in March, with cryptocurrencies slated to be on the agenda.
50 Cent denies reports he is a bitcoin millionaireThe rapper, still ironing out a bankruptcy case, said he’d promoted the false reports because they were ‘favourable to my image’