Topic: LOL Antonopoulos Destroys Banks’ Blockchain Delusions Once Again (Read 1496 times)

You're obviously largely ignorant as to the nature of bitcoin, and I don't have the time to educate you.  Here's a book:   Mastering Bitcoin: Unlocking Digital Cryptocurrencies , by Andreas Antonopoulos Start there, educate yourself, do some research, then come back and troll.  Maybe I'll devote a few brain cells to your comments.

They probably don't even need proof of work mining.

This is how a bank or a central bank will create a blockchain with coins:

1. The government or central bank will instruct each major bank to install computers that can keep the blockchain for their coin.
2. So between the central bank and each smaller bank, and their branches, you now have 10,000 nodes.
3. Each bank will want their own mining hardware.
4. The central bank will pre-mine the equivalent fiat, and distribute that to the banks.
5. The central bank will then order all the other banks to accept fiat in exchange for the new coin at a fixed exchange rate, or 1 is to 1.
6. It is likely there are also 10,000 miners in addition to 10,000 nodes, as each branch of each bank will be ordered to maintain a running miner.
7. The block reward would be fixed to some low number, each bank has to "register" their miners with the central bank, and the central bank controls the generation of new coins.
8. Big corporations may also have their own nodes and miners, particularly big businesses and merchants.
9. Each bank may operate their own mining pool, and give incentives to miners, such as lower bank fees or something. Or maybe there will be one or two pools chosen by the central bank.

The normal citizens now have access to digital money which is equivalent in value to their fiat money. It is centralized by the central bank or by the country, but it is decentralized across all the banks and businesses in that country, and it is somewhat protected from interference by outside forces... somewhat.

At least, that's how I see a country or a bank would try to do their own country-coin.

Antonopoulos is a Bitcoin soldier, he always tries his best to keep Bitcoin in a good light & try to ridicule any kind of competition

He's a good guy, I like him.

They bang on about this wonderful new invention - the blockchain, but isn't TCP/IP a form of blockchain?

Yep, they can try whatever they like but they'll fail. Nothing they create will ever come close to being better y.than the Bitcoin Blockchain.

tis not just the Banks missing the point, tis 90% of the crypto community.

then we have all this tech startups etc trying to be the next generation of greedy bankers.

regulations    the whole modus operandi is to be indifferent to regulation; borderless p2p money, were money changes don't get their cut.

bitcoins just the distraction 

Here si my two cents. Banks see potencial in the blockchain for the two main reasons.

- fast , transparent and cheap asset transfers
- the fact that as long as there are two nodes alive that store a full copy of the "internal bank" blockchain you have no fear of loosing the ledger

I think banks have big fear of someone wipeing their data and backups as essentially the bank doesnt exist anymore if they loose their accounting book.

So i dont waste more words just watch video Andreas in the Five stage of grief video :  https://www.youtube.com/watch?v=43Ucj6_Erb0  at 10:30 he essentially talks about something related to what i wrote.

And a great weekend to everyone.

Their blockchain is "decentralized" within the banking system.

Your argument is just silly. If I were to invent a ball, because I wanted to kick something round, that doesn't mean people who decided to use balls to play baseball, basketball, tennis, etc etc etc are using balls "for the wrong reasons" and "missed the original idea".

It is quite different; you're just posting gibberish with that analogy. If Bitcoin was centralized in its current state, it would just be a very inefficient system (why would anyone use it?). If you don't value decentralization, you've come here for the wrong reasons and missed the original idea.

You can't just "copy" in a controllable way. They're not even sure what the exact definition of a blockchain is. In any case, a centralized blockchain defeats the purpose of having one (as it can be tampered with).

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Update: False analogy fallacy strikes again.

Banks will probably copy blockchain in a more controllable way for them.

That's about the same argument as the only people who don't value animal poop are people who don't need to eat.

Actually, it's a worse argument because the animal poop argument actually makes some sense.

Wrong. The only people who would not value decentralization are those who are either, in some way, profiting from the corrupt centralized system or those who are too ignorant to do anything about it.

This is why Bitcoin holds it's value, and has value in general. Once it loses decentralization, it will automatically lose e.g. censorship resistance and thus it would no longer be of any use.

Don't make generalizations like that. Blockchain technology will benefit the customer. the question is just how much. Obviously there are going to be entities which barely change their pricing, and entities who drastically reduce prices.

Let's see who will be more disillusioned in a few years, Banks or Bitcoin fanboys.

No they're not. Just because YOU value decentralization doesn't mean that it's valuable. Even if it was valuable, it doesn't mean that it's all of the value or even a big part of the value of the technology.

Really guys, it's like this.

Some guy, let's call him Satoshi Nakamoto found this huge field filled with animal poop. Under that layer of animal poop lies gold and diamonds.

Some guys in suits come and try to dig out all the gold and diamonds, while avoiding the animal poop.

Then some other guys (you guys) laugh at the guy in suits, because they're digging up worthless metals that doesn't do shit (pardon the pun) while they're missing the REAL value of Satoshi's discovery: the huge field of animal poop. I mean, the poop is super high quality, and will make perfect manure.

As always Andreas is great at pointing the flaws of banks but the problem is would they bother to learn at this stage (Bargaining)? I doubt and they'll do whatever they could to go with their plans and waste a lot of time. The thing is, they could try all they want, but one thing for sure the blockchain their trying to make, won't be near the blockchain that surrounds BTCitcoin due to the obvious differences.

Yep....the banks are missing where the value of the technology lies.  The value of the blockchain lies within its ability to empower those who support it.  The more support bitcoin gets, the more valuable it becomes, and the more empowered those who hold it.  It's valuable because it's NOT centralized.

No, that they already have. What they're proposing is not secured in the same way (at all) that Bitcoin is. It's a very weak attempt at distraction from what they see as a serious threat.

Bank using blockchain technology won't benefit customers one bit. It will only cut banks internal expenses and every fee you pay now will be the same after banks will incorporate blockchain tech.
It will be basically the same but - banks will advertise it as huge leap and progress and it won't be decentralized at all.

Like it or not banks will jump on blockchain technology, not for distracting the more naive bitcoiners but because of it's useful for them.