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I'm a consultant dev/architect in a small financial jurisdiction*, I don't generally work in the finance sector, but a lot of people here do. A lot of our income tax revenue comes from the middle management and lower tiers of fiduciary business and FinTech is literally the replacement of those people with software. The industry spokesmen of course love this, and are championing FinTech at every turn, because they are almost universally employed at the executive level, at no risk of redundancy. Now, everyone here has leapt on the blockchain bandwagon and thanks to the current hardon for "FinTech" the government and commercial bodies are cheering them on. I accept that blockchain methodology has some legitimate niche cases beyond drugs and Chinese money laundering, but right now local dev departments are being told to bake it in to any loving thing so they can claim to be using the latest buzzword. I went to a talk recently about the possibilities of using blockchain for business and ended up as a defacto speaker because I was the only one with any loving clue as to the specific benefits and pitfalls. Anyway that's my rant. Anyone else getting hosed off pushing back against this? *Guernsey, if you care
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Mar 2, 2017 14:50
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right as I read this post I received an email about how some germans were trying to do something with managing energy using the blockchain. and no you're not alone in being pissed at middle management, MBAs and executives that think as long as you throw some combination of MACHIN LEARNING, NEURAL NETWORK, IOT and BLOCKCHAIN into a powerpoint everything is sorted. Blockchain in particular is just a solution looking for a non-existing problem..
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Mar 2, 2017 15:46
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ReelBigLizard posted:I accept that blockchain methodology has some legitimate niche cases beyond drugs and Chinese money laundering, nope. there is nothing useful you can do with a blockchain that couldn't be done far more cheaply and efficiently with a centralized database.
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Mar 2, 2017 16:28
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The IEX spinoff tradewindmarkets has a good case, the ledger is to store gold transactions and so if the exchange dies you can still prove ownership.
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Mar 2, 2017 16:31
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MrMoo posted:The IEX spinoff tradewindmarkets has a good case, the ledger is to store gold transactions and so if the exchange dies you can still prove ownership. you can more easily prove ownership with a cryptographically signed receipt. no need for a blockchain.
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Mar 2, 2017 16:39
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ReelBigLizard posted:I'm a consultant dev/architect in a small financial jurisdiction*, I don't generally work in the finance sector, but a lot of people here do. A lot of our income tax revenue comes from the middle management and lower tiers of fiduciary business and FinTech is literally the replacement of those people with software. The industry spokesmen of course love this, and are championing FinTech at every turn, because they are almost universally employed at the executive level, at no risk of redundancy. Now, everyone here has leapt on the blockchain bandwagon and thanks to the current hardon for "FinTech" the government and commercial bodies are cheering them on. lol working for the wrong companies I see
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Mar 2, 2017 16:46
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I mean good the block chain is infallible
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Mar 2, 2017 16:47
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The Management posted:you can more easily prove ownership with a cryptographically signed receipt. no need for a blockchain. This was the correct answer to most of the proposed ideas at the blockchain 'conference'. The Management posted:couldn't be done far more cheaply and efficiently with a centralized database. This filled in the gaps My Linux Rig posted:lol working for the wrong companies I see Maybe. The fiduciary businesses are almost universally garbage to deal with and don't pay nearly what my current clients do though.
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Mar 2, 2017 17:06
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The Management posted:you can more easily prove ownership with a cryptographically signed receipt. no need for a blockchain. No, that only proves you have purchased once, the idea of the blockchain is that it proves that you haven't turned around and immediately resold it. All transactions are on the ledger.
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Mar 2, 2017 17:08
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collateral management is likely to actually get real-world blockchain solutions in time csd's too not so much in any useful technical sense, but more flexible trust relationships does make some sense in that area
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Mar 2, 2017 17:46
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MrMoo posted:No, that only proves you have purchased once, the idea of the blockchain is that it proves that you haven't turned around and immediately resold it. All transactions are on the ledger. if someone else wants to assert ownership they can show their receipt dated later than yours. if you want to prove that you sold it you can show that same receipt. if you want to prove that you didn't sell it you can get a signed copy of the ledger.
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Mar 2, 2017 20:48
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i agree op i hate finland and all of their wood block highrise technology gently caress all those fintech nutukkaat wearing jack pine savages
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Mar 2, 2017 21:25
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Cybernetic Vermin posted:collateral management is likely to actually get real-world blockchain solutions in time collateral management is a loving disasterzone but there is already a "trustless" solution for it i.e. central clearing. twice this week i have had conversations where someone has gone "hmmm maybe even...blockchain" and iv'e rolled my eyes and said its a solution looking for a problem The Management posted:you can more easily prove ownership with a cryptographically signed receipt. no need for a blockchain. it's this. this is the correct answer.
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Mar 2, 2017 21:49
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does blockchain require being as lovely as bitcoin or does it suffer from additional implementation issues
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Mar 2, 2017 21:51
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also making labor redundant is universally good. bring on full socialism
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Mar 2, 2017 21:51
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ReelBigLizard posted:*Guernsey, if you care lmfbo no tax haven jurisdiction will ever get anywhere close implement anything as transparent as a blockchain
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Mar 2, 2017 23:00
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Bloody posted:does blockchain require being as lovely as bitcoin or does it suffer from additional implementation issues block chains without bitcoins are entirely pointless. there is no incentive to mine unless you're trying to manipulate the network, which you can easily do because, again, no one else has incentive to mine. also bitcoins are pointless
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Mar 3, 2017 01:35
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The Management posted:if someone else wants to assert ownership they can show their receipt dated later than yours. if you want to prove that you sold it you can show that same receipt. if you want to prove that you didn't sell it you can get a signed copy of the ledger. *bonghit* but what if everyone proactively shared cryptographically signed receipts
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Mar 3, 2017 02:44
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sha1, but with blochchain
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Mar 3, 2017 02:59
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Cocoa Crispies posted:*bonghit* why would I want everyone else's receipts? and why do I have to wait to do a transaction? and if it turns out to be voided if the blockchain forks do I get my stuff back?
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Mar 3, 2017 03:03
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The Management posted:also bitcoins are pointless bitcoin mining would be a reasonable venture for a botnet master
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Mar 3, 2017 03:03
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vodkat posted:lmfbo no tax haven jurisdiction will ever get anywhere close implement anything as transparent as a blockchain Eh, it's not the 80s any more. Guernsey is more transparent than the UK now (not a huge feat I'll grant you). I don't really have a dog in this fight either, I think the industry is a blight on the island. And... they did. This thread was triggered by the latest hype storm over Northern Trust implementing a block chain based trust system.
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Mar 3, 2017 08:33
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im just glad i dont encounter ppl spouting bitcoin/blockchain bs irl. oh except one time an insufferable rando at the pub started talking to me and preaching so i told him to respectfully blow it out his rear end. op im sorry for your situation. may you return to the sw8 embrace of the crypt
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Mar 3, 2017 09:58
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Finish your story op
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Mar 3, 2017 10:19
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