The Dangers of a Blockchain Monoculture
At first there was bitcoin: the world’s most successful cryptocurrency to date. But lately there has been more and more talk about "the bitcoin blockchain", "the blockchain", "blockchain" or "blockchain technology". Bloomberg reports that Nasdaq is seeking to show progress using the much-hyped blockchain. LWN notes The Linux Foundation recently announced a project to "advance blockchain technology". The Washington Post lists bitcoin and the blockchain as one of six inventions of magnitude we haven’t seen since the printing press. VISA, Citi, and Nasdaq have invested $30m into a blockchain....
Related News
That didn't take long at all. Just after the news this morning that the European Union was warning consumers about the 'dangers' of bitcoin, Australia and New Zealand have too jumped on the bandwagon, with officials from the central banks of both countries calling bitcoin "interesting, but risky". The warnings? The usual. Doubts about the currency as a whole, the dangers of getting hacked, and of course, the possibility of use for tax evasion and crime (surely something that can't be done with fiat!). It now appears we've entered a full-fledged domino effect with government statements on....
Just when you thought the folks in Europe were in love with bitcoin, regulators at the European Banking Authority (more commonly known as EBA) have released a warning to European citizens on the dangers of bitcoin. Thankfully, the warning is designed to educate citizens on the possibility of theft and fraud, noting especially that those who dabble in bitcoin are not protected by EU regulations, and as such, should take caution when getting involved in the world of digital currencies. "Consumers should be aware that exchange platforms tend to be unregulated and are not banks that hold their....
How do consortiums/private Blockchains affect Bitcoin? Financial institutions are trying different ways of approaching Bitcoin’s blockchain. These technologies could be applied to our financial system by 2020. We are witnessing the development of Bitcoin and other cryptocurrencies known as alternatives. The path has certain obstacles, and the banking system tries to eliminate any possible dangers. Why Bitcoin cannot be used by financial institutions. In 2015 we have seen a many articles regarding the issue of public vs. private blockchain. The main argument as to why Bitcoin could not be....
The Federal Council of the Swiss government is to write a report on the dangers of bitcoin, examining the effects it could have on Switzerland's financial system and society in general. Jean Christophe Schwaab of the Swiss Socialist Party submitted the request for the report in a postulate back in September. At the time, he said he had submitted the request because he was concerned about the potential of bitcoin and other virtual currencies. Luzius Meisser, president of Bitcoin Association Switzerland, said Schwaab's postulate takes a wholly negative perspective, focusing on the risks of....
What made Apple such a successful company? You will not be so very far from the truth if you say Steve Jobs or his pursuit of perfectionism. At a young age, he learned the importance of “painting the back of the fence” as good as the front even if no one else will see it. […]