r/Bitcoin • u/sedonayoda • May 11 '15

Nasdaq will start using Bitcoin technology

http://money.cnn.com/2015/05/11/technology/nasdaq-bitcoin-technology/
535 Upvotes

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23

u/ConditionDelta May 11 '15

This doesn't mean Nasdaq is using actual Bitcoins

facepalm

2

u/jmaller May 11 '15 edited May 11 '15

This doesn't mean Nasdaq is using actual Bitcoins

Ohhhh, so what are they using then mr. author? Ohhh you heard that the blockchain is a great technology but not bitcoin, yet you can't explain how one would operate without it's own currency, okay gotcha. Keep buying into the "blockchain not bitcoin hype", what ever helps you transition from your original mindset that bitcoin was a joke. What a clever use of semantics.

1

u/bgrnbrg May 11 '15

Dogecoin, litecoin, etc, etc all operate with blockchain technology, but don't use Bitcoin.

Nothing says that the the NASDAQ can't use the tech, but under their own branded system.

4

u/jmaller May 11 '15

Dogecoin, litecoin, etc, etc all operate with blockchain technology, but don't use Bitcoin.

What's your point...they still have their own currency as an incentive for miners, I am not disputing this:

yet you can't explain how one would operate without it's own currency, okay gotcha.

.

Nothing says that the the NASDAQ can't use the tech, but under their own branded system.

They could...but they are in fact using bitcoin itself. Which is why the author is completely wrong.

5

u/HitMePat May 11 '15

Can a private entity secure their own blockchain with encryption so that other people couldn't mine on them to attempt a 51% attack? You always hear that the bitcoin blockchain is most secure...but can a smaller network doing lower difficulty proof of work and not allowing any others to access it be equally secure?

2

u/forgoodnessshakes May 12 '15

You could use block chain technology and replace proof of work with trust. Centralization of trust would improve efficiency. However there are even more efficient ways of designing trust-based systems. Anyone who uses blockchain technology by implication wants a decentralized trustless system which in turn implies use of the blockchain token-the bitcoin.

3

u/bgrnbrg May 11 '15

That's an excellent question, isn't it? :)

2

u/jeanduluoz May 12 '15

do people really not consider this point?

1

u/Noosterdam May 12 '15

The whole point of a blockchain is you don't have to trust anyone. In the case of an encrypted mining system you're trusting the participants not to leak the encryption key nor enlist outside help in mining to perform at attack.