use a blockchain, they said. Fabulous efficiency, they said. Will revolutionise stock trading in Australia, they said.
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https://www.ft.com/content/73bb10b2-0039-4326-a811-45b554219582
archive https://archive.is/eBDXX
https://www.ft.com/content/73bb10b2-0039-4326-a811-45b554219582
archive https://archive.is/eBDXX
Does Australia have High Frequency Trading (HFT)? If so, can you imagine the resources impact (electricity, computer, etc.) it would take to track that.
Well it wasn't implemented so kind of hard to know if it would have revolutionized the stock exchange but...
True blockchain has not yet been implemented apparently.
Edit why do crapto posts regularly breach containment?
To your edit, there do seem to be very many people emotionally invested in append-only ledger technology.
Well, if it had worked like "regular" crypto then just the complete transparency and 24/7 trading would have been a major revolution.
if it worked like regular crypto, we’d have a major revolution after a bunch of pension money got lost to poor opsec, a smart contract hack, fat fingering, or any of the other fucking stupid things that only happen in crypto
Which happens because of the open nature of some of the crypto networks, nothing says their solution would have been an open one (probably not in fact since the stock exchange doesn't let just anyone list their company).
But otherwise there's plenty of scams and pumps and dumps on the stick exchange even with the safety measures in place at the moment...
So the system would be centralized...
Also the fact that scams already exist on the stock market doesn't automatically greenlight crypto-ing the whole thing. Though I don't think that's exactly what they were trying to do, is it? Sounds like they just wanted to slap a trade ledger on a block chain? Centralizing that would defeat the whole purpose of a blockchain.
Also I just caught that you said decentralized cryptos are more likely to be scams? I'm not following that line of thought.
I wrote about this previously https://awful.systems/post/1695710
yeah it was literally to use it as the back-end database for the settlement system
tl;dr not even crypto exchanges do things this arse-backwards
I'm not saying it greenlights making it crypto, I'm pointing out that the system in place doesn't prevent scams anyway.
The advantage of the blockchain, even if it's centralized, would be the transparency. USDT is centralized, doesn't keep people from using it and it allows the central authority to freeze stolen/criminal assets if they need to, but it's stuff anyone can look into if they want.
I'm not saying decentralized cryptos are more likely to be scams, I'm saying open cryptos are more likely to be used for scams. There's no shitcoins used for pumps and dumps on the Bitcoin network because Bitcoin is the only thing being traded on it. The Ethereum, BNB and Polygon networks are open, anyone can create alternative coins on them in a couple of minutes, that's where the scams happen.
It would probably have been a centralized system though so much easier to control it.
A bit like USDT that is controlled by a company that has frozen assets on certain accounts in the past and replaced those frozen assets with new ones. They have control over the contract so they can just prevent certain wallets from interacting with it, making the coins useless as they're stuck in the wallet (need to interact with the contract in order to move coins around).
Well, just the fact that it's 100% transparent is a step forward compared to the stock exchange as it is at the moment and otherwise your comment also applies to the stock exchange as it is working now...
if you're gonna come in here and spew coiner bullshit at least make it entertaining for fuck’s sake
"we made the plane 100% transparent! now you can tell if the pilots are doing anything bad, it's a major step forward. also it doesn't really fly now"