The Blockchain is indentical to a Fiat Ledgered System,

erre

legendary

Activity: 1694

Merit: 1207

Quote from: arbitrage001 on November 19, 2014, 04:01:47 AM

Quote from: lihuajkl on November 16, 2014, 09:17:17 AM

There are critical differences as well,such as decentralization, cryptology, anonymity etc.

I think most people are beginning to see bitcoin is not anonymous and becoming increasing centralized.

As for cryptology, there are many other coins offering the same feature.

Btc is not anonymous by itself, but it can be anonymous if proprely used. FIAT transaction cannot be anon, unless you use physical cash.
Also, decentralization can be achieved with btc, with fiat u need a central bank, no matter what.
these are big differences..

arbitrage001

legendary

Activity: 1067

Merit: 1000

Quote from: lihuajkl on November 16, 2014, 09:17:17 AM

There are critical differences as well,such as decentralization, cryptology, anonymity etc.

I think most people are beginning to see bitcoin is not anonymous and becoming increasing centralized.

As for cryptology, there are many other coins offering the same feature.

hua_hui

legendary

Activity: 1386

Merit: 1016

Quote

its basically an automated process where every time a person uses fiat they note the serial number on a website either where they received the fiat

I don't think so. The serial number of note will be impossible to be recorded once you are spending them. Any bank notes' whereabouts is unknown to any one.

teukon

legendary

Activity: 1246

Merit: 1011

Quote from: Bitcoinpro on November 16, 2014, 12:38:16 AM

its basically an automated process where every time a person uses fiat they note the serial number on a website...

There is no analogue to a bank note's serial number in Bitcoin. In your "fiat ledgered system" it would be theoretically possible to check the entire history of any particular bank note (which addresses it's visited). The same simply cannot be done in general for Bitcoin's UTXOs (unspent transaction outputs). Indeed, asking of a UTXO which addresses the corresponding bitcoins have visited doesn't even truly make sense.

ScreamnShout

full member

Activity: 206

Merit: 100

Quote from: Bitcoinpro on November 16, 2014, 12:46:34 AM

Quote from: ?? on ??

Wut?

no Fiat ledgered system exists if thats WUT u mean, im saying in essence thats what a blockchain is

a secured ledgered system, thats how anyone has ever described it, so your fake confusion is way over the top!

im just trying to compare it to what it would be if it was done with fiat, the only reason a fiat

ledger could not replicate it is because its not secured by networking and cryptography

Any bank will use a ledger to keep track of the balance in each of their customers' accounts. The difference between a bank's ledger and the blockchain is that for all intensive purposes it is not possible to spend money without a private key with the blockchain while there are more potential ways to spend money with the banking system

twiifm

hero member

Activity: 784

Merit: 500

Double entry accounting is how our credit money system works. You might be able to use blockchain for this. But the difference is that bitcoin is artificially limited, credit has no limit

erre

legendary

Activity: 1694

Merit: 1207

Quote from: Bitcoinpro on November 16, 2014, 12:38:16 AM

its basically an automated process where every time a person uses fiat they note the serial number on a website either where they received the fiat

ATM, Bank, Supermaket, Casino

or where they spent it

Supermarket, Drugs, Booze, Plane Ticket, Rent, Casino

this would also keep track of money creation, through house loans, printing etc

also its reverse functionality is to be able to keep track of assets so if you also ledgered what

items your money was spend on, ie food, fuel, rent, gold etc

This is surely one feature of the blockchain : you can track money history (not people, that would be much more complicated).

thejaytiesto

legendary

Activity: 1358

Merit: 1014

Quote from: lihuajkl on November 16, 2014, 09:17:17 AM

There are critical differences as well,such as decentralization, cryptology, anonymity etc.

if Bitcoin is anonymous, then why there is people putting effort into stuff like Darkwallet etc..

lihuajkl

legendary

Activity: 1596

Merit: 1000

There are critical differences as well,such as decentralization, cryptology, anonymity etc.

Bitcoinpro

legendary

Activity: 1358

Merit: 1000

Quote from: ?? on ??

Wut?

http://www.youtube.com/watch?v=ultLPNj-a8Y

Bitcoinpro

legendary

Activity: 1358

Merit: 1000

Quote from: ?? on ??

Wut?

no Fiat ledgered system exists if thats WUT u mean, im saying in essence thats what a blockchain is

a secured ledgered system, thats how anyone has ever described it, so your fake confusion is way over the top!

im just trying to compare it to what it would be if it was done with fiat, the only reason a fiat

ledger could not replicate it is because its not secured by networking and cryptography

Bitcoinpro

legendary

Activity: 1358

Merit: 1000

its basically an automated process where every time a person uses fiat they note the serial number on a website either where they received the fiat

ATM, Bank, Supermaket, Casino

or where they spent it

Supermarket, Drugs, Booze, Plane Ticket, Rent, Casino

this would also keep track of money creation, through house loans, printing etc

also its reverse functionality is to be able to keep track of assets so if you also ledgered what

items your money was spend on, ie food, fuel, rent, gold etc

Topic: The Blockchain is indentical to a Fiat Ledgered System, (Read 1635 times)