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use a blockchain, they said. Fabulous efficiency, they said. Will revolutionise stock trading in Australia, they said. (www.ft.com)
submitted 4 months ago by dgerard@awful.systems to c/buttcoin@awful.systems
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[-] SkyezOpen@lemmy.world 8 points 4 months ago* (last edited 4 months ago)

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 7 points 4 months ago

I wrote about this previously https://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

this post was submitted on 14 Aug 2024
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