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georgesC | 5 years ago

Bitcoin solved the double spending problem in a decentralized system. This has numerous consequences, among them the possibility of creating a currency that doesn't rely on a centralized authority, trust minimization, immutability, etc. To me this has the potential to automate many jobs.

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hannasanarion|5 years ago

Not relying on a centralized authority, trust minimalization, and immutability are all bad things for a monetary system. The ability to dispute and undo transactions and track fraud is a crucial feature of banking systems that blockchain eliminates by design.

Blockchain will not automate any jobs because it is technologically no different from a database. The fact that transactions are recorded digitally is not a new invention, banks have been doing that since the 60s.

georgesC|5 years ago

A blockchain is a database. But a regular database doesn't really minimize trust, that's the point of public blockchains.

The need of not relying on a centralized entity or third parties in the digital space does exist.