Wednesday, April 08, 2015

Consensus


"I suspect capital will do well in any variant of the current political order, it'd be nice if money-transfer was easier, cheaper and better automatable, and I'm not expecting banks to vanish anytime soon..."

"Bitcoin throws a whole pile of obnoxious goldbug monetary theory and ponzi scheme incentives into the mix ..."
"...in order to resist sybil attacks... [it] burned a small country worth of oil, and produced a "transaction processing" network with extremely confusing and non-obvious failure modes that can sustain about the same rate of account-updates as, say, a team of human slide-rule operators."
Stellar Consensus Protocol