Benjamin [ARCHIVE] on Nostr: 📅 Original date posted:2015-10-13 📝 Original message:Hello all, I was very ...

📅 Original date posted:2015-10-13
📝 Original message:Hello all,

I was very surprised to learn that Blockstream will implement Sidechains
for exchanges [1], [2] and has been working on this privately. Can somebody
explain this “announcement”? Just a few comments on this “proposal”.

“This new construction establishes a security profile inherently superior
to existing methods of rapid transfer and settlement, and is directly
applicable to other problems within existing financial institutions.”

First of all, what does Bitcoin have to do with existing financial
institutions? Secondly, what in do you mean by “rapid transfer” and
"settlement"? Bitcoin is anonymous, digital cash. There is no such thing as
settlement, there is only the transfer of digital cash and that's it
(settlement is a bad word for this kind of transfer of property). If you
make up new terms define them accurately and don't play the
crypto-buzzword-bingo game.

“This, in addition to increasing the security of funds normally subject to
explicit counterparty risk, fosters conditions that increase market
liquidity and reduce capital requirements for on-blockchain business
models.”

Again – what does Bitcoin have to do with “market liquidity” and “capital
requirements”?

“Blockstream's innovative solutions are definitely a game changer for the
Bitcoin industry.”

Does Blockstream have commercial products now?

"These initial launch partners include Bitfinex, BTCC, Kraken, Unocoin, and
Xapo, and discussions are underway with another dozen major institutional
traders and licensed exchanges. "

??? so many questions and no answers.

Regards,
Benjamin
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20151013/29ae869a/attachment.html>;