By Digital Dan
Thursday the 7th of December, 2017
The beauty of the Blockchain and its majesty, was that no network majority could collude in the corruption of the ledger, as this was truly distributed, and open, and free.
A full and detailed description of the Blockchain which guarantees the integrity of our true crypto-currency Bitcoin is quite frankly beyond me, but it did not take long for the jackals of finance and the worms of marketing to seize Satoshi’s badge of honour for themselves, and deploy some lucrative combination of its parts for their own digital currency: Ethereum.
Ethereum runs not on public confidence but on private bank servers, and if Bitcoin is held up by the goodwill of the Anonymous benefactors of the digital universe, then this entirely private crypto-currency is sustained entirely by the greed of hedge funds and bankers, and pegged as it is to the free currency of the Internet by a false association to the Blockchain, it has enjoyed a free reign over the desires of venture capitalists.
Now the ASX too has engaged in its own heresy against the Blockchain, announcing a #metoo transition to distributed ledgers.
So what of it if the ASX has found a way of perverting the Blockchain to lower transaction costs for institutional buyers. Surely any increase upon the transparency that market participants enjoy is all well and good?
It may very well be a great thing for stock buyers, but it is hardly the true Blockchain.
The Blockchain requires a large number of distributed ledgers, and a level of transparency that financial markets may well aspire to, but I doubt they will ever achieve, for if stock markets were ever truly distributed there would be no need for an ASX at all, or an NYSE, or any other exchange.
And perhaps in the future there may well be a true Blockchain of all financial exchanges, but not any time soon.
Until then the ASX claiming the Blockchain is no less a blasphemy than the bankers who claim Blockchain for their heretical crypto-Crypto bank-coin Ethereum.
Both alleged block-chains are inherently flawed in the only way that matters: a block-chain that relies on a central party for its existence is doomed from inception, and will inevitably be subverted, either by the party itself or by some outside bad actor, such as the State.
Do not claim the Blockchain in vain, you heathens. Whatever system is vulnerable will inevitably be hacked. And not all hackers wear white.