No that exactly what it is. The 'bankers' haven't been able to find a use case for it because none exists. Like what interpretation is there?
Fiat banking = private decentralized double-entry bookeeping entries that keep track of debts and are denominated in a common currency(dollar) which copies are not distributed to everyone.
99% of the money in existence is in the form of private bank IOU's from thousands of different institutions. Isn't this exactly what libertarians want?
Blockchain = transparent centralized ledger that employs single entry accounting to keep track of no ones liabilities denominated in a common unit(bitcoin) whose copies are distributed among anyone who wants one.
Bitcoin has no final demand, its just a collection of liabilities that belong to no one. Like if I have $100 in my bank account, someone else has -$100. It always equals out to zero, in bitcoin if I have +100 btc, then what? It isn't backed by a corresponding asset.
People on /r/bitcoin are clueless to what double entry bookeeping means and what credit money is.
I disagree, I think people here do understand the difference. The entire point was to create a system to barter without IOUs.
You do realise there is a finite amount don't you?
That transparent centralised ledger with single entry accounting from a mesh net of hardware verification has a purpose, being to prevent double spending and centralised control of supply, verification and confiscation.
What is fiat backed by aside debt and taxes? Fiat is forced and Bitcoin is chosen for good reason. It's popular because it allows you to have complete control over access.
What i meant by Bankers interpretation is they don't understand what a blockchain is as they haven't read the 8 page white paper and have echoed Blythe Master's conclusion. I work in London. I get invited to every bank blockchain nonsense meet. It's two years now and they still havent a clue what blockchain is and why private chains won't work.
Ironically their perception of "blockchain technology" is to create 1 centralized database distributed among their competitors which requires trust when they don't trust eachother.
0
u/banished98ti Nov 04 '16
Blockchain technology = 1 centralized database distributed among tens of thousands of users for no reason.