News for hackers. Stuff that matters.

A comment on UK government urged to use Bitcoin-style digital ledgers. Parent comment

Re:UK government urged to use Bitcoin-style digital ledgers by icebraining on Tuesday January 19, 2016 @01:26PM (#10932703)
OK, that's essentially what I got, but that seems to refute the idea that blockchain should be used to replace all accounting(!), which is something that I never saw anyone advocate for. Bitcoin is just electronic cash, and that's how it was presented. And which can be, or not, tracked by accounting systems.

It just reads like a poorly structured argument against a huge strawman.

[ Parent | on HN ]
Re:UK government urged to use Bitcoin-style digital ledgers by notahacker on Wednesday January 20, 2016 @02:23PM (#10940614)
It's not particularly well structured and veers in the direction of straw man.

But most arguments in favour of blockchains as a superior way of doing things are centred around the idea that replicating cash is the most important thing about building a monetary system, when cash is actually the least important (and most likely to be deprecated!) part of the monetary system the world today is built on. If you still need a separate authority or method of reaching consensus to reconcile debts, then making the record of who controls the assets independent and immutable is a bug of the monetary system rather than a feature.

[ Parent | on HN ]