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.
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.