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Big Banks Interested in Bitcoin-like Software

posted by cmn32480 on Tuesday September 01 2015, @02:34AM   
from the we-only-want-your-network-not-your-currency dept.

Thexalon writes:

The New York Times reports that several large banks, as well as the Federal Reserve, Bank of England, and the Nasdaq exchange are working on reusing the software ideas from Bitcoin to facilitate high-finance money transfers.

The Bitcoin network, on the other hand, is run by a decentralized network of users who jointly keep track of transactions and update the records in real time, with no single user or company in charge. The records of all transactions are kept on a public ledger — essentially just a big, publicly available spreadsheet — known as the blockchain that is visible to anyone and has, at least so far, proven impossible to tamper with.

Much of the work being done inside banks, and in other industries, is looking at whether the blockchain technology can be used independent of the Bitcoin virtual currency, which was the first thing to be recorded on the blockchain ledger.

This is probably not what anyone involved in Bitcoin had in mind, but open-source software tends to adapt to new applications extremely easily.

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Original Submission

• Re:Perversion of the banks Re:Perversion of the banks (Score: -1, Flamebait) by Anonymous Coward on Tuesday September 01 2015, @03:24AM

  by Anonymous Coward on Tuesday September 01 2015, @03:24AM (#230629)

  OK then. If you don't trust banks, withdraw all your fucking money and stuff it under your mattress. Do it right now, or you're a hypocritical motherfucker. You're a motherfucker, aren't you? Aren't you? Motherfucker.

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• Re:Perversion of the banks Re:Perversion of the banks (Score: 0) by Anonymous Coward on Tuesday September 01 2015, @03:46AM

  by Anonymous Coward on Tuesday September 01 2015, @03:46AM (#230640)

  Or deposit it in a credit union.

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  • Re:Perversion of the banks Re:Perversion of the banks (Score: 0) by Anonymous Coward on Tuesday September 01 2015, @03:59AM

    by Anonymous Coward on Tuesday September 01 2015, @03:59AM (#230642)

    No no no credit unions are evil because they pay interest and usury is immoral. So here's the deal. We gonna do another Occupy except this time we're all going to dress up as Jesus and kick the holy shit out of every fucking bank and credit union with our mighty sandals of holiness.

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    • Re:Perversion of the banks (Score: 2) by frojack on Tuesday September 01 2015, @05:11AM

      by frojack (1554) on Tuesday September 01 2015, @05:11AM (#230664) Journal

      No no no credit unions are evil because they pay interest and usury is immoral.

      Usury is CHARGING interest. Paying interest isn't, especially when its a credit UNION, and the money goes to members.

      --
      No, you are mistaken. I've always had this sig.

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