Blockchains, cryptocurrencies and the future...

[moXJO]

I am getting a very uncomfortable about the blockchain. Instead of our saviour I am increasingly starting to think that it is our demise.

It's a big danger the way it's going. Every transaction is recorded, so it's an authoritarian paradise.

Government control over money at that level would be nightmarish.


CBDCs are already here. It will make trade easier. But I suspect the greater intention is to pop the US dollars stranglehold.

Next 10 years are the flip to the new world order of things. Some great profit potentials, but also some huge hits to standard of living.

 

[noirua]

Bear market will last until crypto apps are actually useful: Mark Cuban

Cuban thinks a consolidation of the industry will also happen eventually, with blockchains merging to increase their user base to generate better ideas.

cointelegraph.com

 

[noirua]

Binance to Acquire FTX in a ‘Full Acquisition’ Deal

In a seemingly surprising turn of events, Binance CEO Changpeng Zhao (popularly called CZ) announced that Binance has signed a non-binding letter of intent (LOI) intended to fully acquire competitor crypto exchange FTX. He said Binance would be conducting full due diligence (DD) in the coming...

www.securities.io

 

[noirua]

 

[mullokintyre]

The ASX has surprisingly cancelled its project to move the ASX to a distributed ledger system.
From Coindesk

The Australian Securities Exchange (ASX) has cancelled its much-delayed blockchain replacement to its aged Clearing House Electronic Subregister System (CHESS).
The ASX said the decision has been taken "in light of the solution uncertainty" and will incur a charge of AUD $250 million ($168 million) in a statement Thursday.
A report by consultancy Accenture identified "significant challenges" with the the design of the blockchain system, such as uncertainty over how ASX requirements interact with the application and underlying ledger.

250 mill down the drain. That is a level of write off normally associated with one of the tiers of government.
Mick

 

[JohnDe]

The ASX has surprisingly cancelled its project to move the ASX to a distributed ledger system.
From Coindesk

250 mill down the drain. That is a level of write off normally associated with one of the tiers of government.
Mick

Six years & the first exchange to attempt the project, warning bells went off a long time. And to think that people received performance bonuses. Ridiculous!

 

[The Triangle]

Six years & the first exchange to attempt the project, warning bells went off a long time. And to think that people received performance bonuses. Ridiculous!

ASX won't be the last to write off hundreds of millions if not billions on failed pie in the sky blockchain projects. I think a lot of old white men across the western world have been sold (conned?) the dream of a business functioning on blockchain without any actual understanding of how or why it will work and be better. The world needs to stop f-ing around wasting time, money, and energy on this crypto blockchain ?.

Funny that most articles don't say Peter Hiom who was looking after the ASX blockchain junk several years ago now works for Motive Partners - which was founded by the woman who... well I'll let you read the rest and form your own conclusion.

‘Highly unlikely’: ASX exec rules out further delays for blockchain project

The executive now responsible for the highly anticipated CHESS replacement system says it would take a major crisis for it to miss its 2023 deadline

www.smh.com.au

Oh and that didn't age well did it...

 

[Dona Ferentes]

The ASX has surprisingly cancelled its project to move the ASX to a distributed ledger system

250 mill down the drain. That is a level of write off normally associated with one of the tiers of government.

Plus compensation for the costs incurred by brokers that had to develop upgrades alongside as test models were released (prematurely). perhaps another hundred million

 

[noirua]

Cryptography in Blockchain: Types & Applications [2023] LAST UPDATED: OCT 31, 2022 Https://www.upgrad.com/blog/cryptography-in-blockchain/#:~:text=Blockchains%20generally%20use%20the%20SHA,algorithm%20as%20their%20hash%20function. How does cryptography work? Cryptography is mainly used to provide security by changing data, particularly texts, into some secret language which the user can later change back into the original form. Here, the data or text to be changed is called Plain text, and the secret or revised text is called the ciphertext. The process of changing the plain text into ciphertext is called encryption. The encryption process helps users maintain the data on the net and devices as the encrypted text cannot be understood by ordinary people. The encrypted text appears as an intelligent message and requires a key to decrypt or unscramble the message. The process of changing the encrypted text back into plain text using a key is known as decryption. In cryptography, the process of decryption is essential since the message should be decrypted only by authorized users.​

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