use a blockchain, they said. Fabulous efficiency, they said. Will revolutionise stock trading in Australia, they said. (www.ft.com)
from dgerard@awful.systems to buttcoin@awful.systems on 14 Aug 2024 06:39
https://awful.systems/post/2134871

archive archive.is/eBDXX

#buttcoin

threaded - newest

Kecessa@sh.itjust.works on 14 Aug 2024 10:52 next collapse

Well it wasn’t implemented so kind of hard to know if it would have revolutionized the stock exchange but…

froztbyte@awful.systems on 14 Aug 2024 10:57 next collapse

do continue

Kecessa@sh.itjust.works on 14 Aug 2024 11:43 collapse

Well, if it had worked like “regular” crypto then just the complete transparency and 24/7 trading would have been a major revolution.

self@awful.systems on 14 Aug 2024 12:00 collapse

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

SkyezOpen@lemmy.world on 14 Aug 2024 12:14 next collapse

Can’t forget outright scams and pump and dumps.

Kecessa@sh.itjust.works on 14 Aug 2024 12:19 collapse

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…

SkyezOpen@lemmy.world on 14 Aug 2024 12:26 collapse

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.

dgerard@awful.systems on 14 Aug 2024 17:51 collapse

I wrote about this previously 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

Kecessa@sh.itjust.works on 14 Aug 2024 12:16 collapse

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).

self@awful.systems on 14 Aug 2024 12:21 collapse

that sounds a lot like a shitty database with extra steps

Kecessa@sh.itjust.works on 14 Aug 2024 12:32 collapse

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…

self@awful.systems on 14 Aug 2024 12:35 next collapse

if you’re gonna come in here and spew coiner bullshit at least make it entertaining for fuck’s sake

froztbyte@awful.systems on 14 Aug 2024 12:38 collapse

I was vacillating so, so hard on replying to this one

sc_griffith@awful.systems on 14 Aug 2024 14:50 collapse

“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”

froztbyte@awful.systems on 14 Aug 2024 15:28 collapse

the plane’s made of perspex and the wires are salt-soaked strings wrapped in liquorice strips for isolation but it’s fine, our designer signed off on it

gerikson@awful.systems on 14 Aug 2024 16:05 collapse

Wasn’t the space ship in Niven’s Ringworld series both literally indestructible and transparent? There’s no way I’m going back to check because Niven is one of those authors I realized decades after reading him was a dirty old man.

froztbyte@awful.systems on 14 Aug 2024 19:31 collapse

no idea, never read

gerikson@awful.systems on 14 Aug 2024 12:40 collapse

True blockchain has not yet been implemented apparently.

Edit why do crapto posts regularly breach containment?

froztbyte@awful.systems on 14 Aug 2024 12:46 next collapse

no true scottschain

cwood@awful.systems on 14 Aug 2024 15:38 collapse

To your edit, there do seem to be very many people emotionally invested in append-only ledger technology.

imadabouzu@awful.systems on 14 Aug 2024 23:37 collapse

I’m so happy for appends. ~and edits~

ramble81@lemm.ee on 14 Aug 2024 12:18 collapse

Does Australia have High Frequency Trading (HFT)? If so, can you imagine the resources impact (electricity, computer, etc.) it would take to track that.