Quote from: jbreher on August 05, 2015, 02:10:33 AM

Quote from: TrueBeliever on July 23, 2015, 05:48:44 AM

a bank can implement their own blockchain by deploying a server in each region. they can mine with the server CPU because it is not an arms race to get more hashing power.

Mmm Hmm. And how, pray tell, will these 'private' blockchains fare in terms of security, when Bitcoin is already secured by the largest application of computing power ever amassed by all of humanity against a single task?

I think the entire 'interested in blockchain, but not Bitcoin' trope will stand some serious revision.

Right now, the banks are making their first furtive steps at acknowledging that this technology will completely turn their world upside down. They've ruled the roost for a century, and are utterly unable to picture a world where they do not get to write the terms. They see the blockchain coming, and their hubris has them imagining that they can divorce the blockchain's benefits from the very thing that secures it.

Which step is denial?

I've also been wondering how these "private blockchains" will work. Are they just centralized database called "blockchain". If there are many players, how do we ensure consensus; how to prevent 51% attack?