Comments
mhhf1ve
7/10/2016 4:39:30 PM
User Rank Platinum
Re: Blockchain..
Thanks for the info. Ripple sounds intriguing, but as with all of these cryptocurrencies -- it needs to be battle-tested to see if it's really secure. Ethereum is still working on the security bug that allowed someone to siphon a large amount of cryptocurrency out of its DAO. These sorts of things are bound to happen in the early days as the bugs get worked out, so... it may be some time before banks or other institutions deploy any kind of blockchain or concensus algorithms. I suppose at some point we have to try to compare the existing banking method's security vs blockchains....
Ariella
7/10/2016 7:59:27 PM
User Rank Author
Re: Blockchain..
@mhhf1ve certainly, banking systems are not completely secure. As we learned when my daughter's wallet was stolen, if you get someone's debit card, you can use it for payments even without entering the PIN. True, the bank replenished that amount to the account, but if it wasn't out the money itself, then the merchant that sold goods to the person who got the card is out the money, and that person did get away with fraud because the police weren't interested in pursuing them despite having a clear trail of exactly where they shopped and when.
As for Ripple, from the start, it positioned itself somewhat differently from Bitcoin as a possible complement to rather than replacement for banks. Consequently, it has been accepted for payment transfers by a number of banks, as you can see from the articles here.
mhhf1ve
7/10/2016 8:44:19 PM
User Rank Platinum
Re: Blockchain..
I have no doubt that blockchain or consensus algorithms are going to make their way into major financial institutions... someday. The current systems of ACH and EFT are pretty archaic in comparison, but they have a history of workarounds that... do kinda work. I'm curious how much money is being sent globally as remittances using bitcoin or blockchain currencies -- and how effectively bitcoin (or ether or dogecoin whatever) is converted back into "real" currency. Volatility seems to be a big problem to adoption for the general public still.. but closed networks for banks might be a good use case for things like Ripple.
Ariella
7/10/2016 9:26:56 PM
User Rank Author
Re: Blockchain..
< I'm curious how much money is being sent globally as remittances using bitcoin or blockchain currencies -- and how effectively bitcoin (or ether or dogecoin whatever) is converted back into "real" currency. > @mhhf1ve interesting question. Honestly, I've never used Bitcoin myself, but I do know someone who said he used it to transfer the currency of his country into American dollars. I believe he said it was more cost-effective and faster to do it that way. However, because of the way in which bitcoin (the currency rather than the system itself) fluctuates many people use it as a speculative instrument. That actually impedes its usefulness as a currency, something that came up in the failure of certain people's plans to pay their employees in bitcoin (that I reported on in my article for CFO). However, the current focus on blockchain rather than Bitcoin as a currency system may determine a new form of influence than that which was originally envisioned by Bitcoin enthusiasts.
mpouraryan
7/10/2016 11:59:09 PM
User Rank Platinum
Re: Blockchain..
I would only note this: It is not a question but if, but when--the march to a cashless society cannot be stopped.
Ariella
7/11/2016 8:46:12 AM
User Rank Author
Re: Blockchain..
@mpouraryan well, it's an interesting thing about that. There are still a number of stores that take cash only, and some that insist on cash for transactions under a certain amount. There are still gas stations that charge less for payments made in cash. While you have that, there is motivation to keep cash around. However, in other parts of the world, there have definitely been movements away from paper respresentation of money. I believe Finland, for example, got rid of paper checks several years ago.
mpouraryan
7/11/2016 12:22:56 PM
User Rank Platinum
Re: Blockchain..
One thing is for sure: Between the rise of Mobile Payments (and the evolution of cell phone as one's wallet) and the evolution of BitCoin, we have scratched the surface. The question of Security and Reliability is a profound concern--for instance the rollout of the "Chip" for credit cards shows that the road is perilous at best.
Ariella
7/11/2016 12:41:35 PM
User Rank Author
Re: Blockchain..
@mpouraryan absolutely! We really need to advance on the security front.
mpouraryan
7/11/2016 12:43:08 PM
User Rank Platinum
Re: Blockchain..
The question is whether we can, though?
batye
7/12/2016 10:27:33 AM
User Rank Platinum
Re: Blockchain..
@Ariella I would say we need to rethink security from the ground up...
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