SoylentNews is people
SoylentNews is powered by your submissions, so send in your scoop. Only 16 submissions in the queue.
SoylentNews
posted by
janrinok
on Wednesday June 27 2018, @12:22AM
from the my-bubble-is-bigger-than-yours dept.
from the my-bubble-is-bigger-than-yours dept.
As reported in the Evening Standard, the Bank of International Settlements published an annual report with four criteria to continue economic growth. However, it was rather overshadowed by a statement in the appendix (reported here, here, here, here, here and elsewhere) where cryptographic currency was described as a "combination of a bubble, a Ponzi scheme and an environmental disaster".
I agree and so does a Canadian electricity company.
This discussion has been archived.
No new comments can be posted.
Bank of International Settlements: Bitcoin is a Bubble, a Ponzi Scheme and an Environmental Disaster
|
Log In/Create an Account
| Top
| 67 comments
| Search Discussion
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
Fraud is the homage that force pays to reason.
-- Charles Curtis, "A Commonplace Book"
(Score: 3, Interesting) by coolgopher on Wednesday June 27 2018, @04:26AM (3 children)
But what to replace proof-of-work with? Proof-of-stake has rightly been attacked as yet another way of making the rich richer.
(Score: 1, Informative) by Anonymous Coward on Wednesday June 27 2018, @05:41AM (1 child)
You need just better control over central bankers. Transitioning to electronic credits will allow you to trace emission of that particular coin. Publish the numbers, and anyone will be able to detect that their coins came from an undeclared emission. Today we do not have this system; cash has numbers, but it's too difficult (and no longer needed, as cash is obsolete) to track them automatically.
But it is already clear that blockchains are not a good replacement to credits (coins). Transactions should have negligible cost. Credits must operate online and offline. Payments must be processed in thousands of threads by thousands of banks. Payments should be private (known to the payer and to the bank's computer.) Payments should be traceable and recallable, with metadata. There should be no "black holes" (wrong wallets) that eat money forever. We discovered these and other issues during the bitcoin experiment. Time to end it.
(Score: 2) by JoeMerchant on Wednesday June 27 2018, @12:14PM
Proof of work based blockchains. If your blockchain establishes a level of credit, you can hand someone a cryptographic "promise to pay" - same as a paper check, but with a prima facie credit history included. If that credit history is "worth" $10,000 or more, the receiver of a $10 payment for lunch might accept it without a recent network check of credit, because who's going to blow $10K worth of credit just to scam on a $10 payment?
This only works if the creditor (merchant) has some prior acquaintance with the creditee (customer), either directly or through some co-signing agency like Visa, MasterCard, etc.
🌻🌻 [google.com]
(Score: 3, Insightful) by JoeMerchant on Wednesday June 27 2018, @12:06PM
How about dropping the figleaf of anonymity and standing behind transactions with some kind of identity and credit history?
🌻🌻 [google.com]