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Re: OECD Working Paper: "The Bitcoin Question"

From: Melvin Carvalho <melvincarvalho@gmail.com>
Date: Mon, 8 Sep 2014 16:20:50 +0200
Message-ID: <CAKaEYhKQCrX2xuk1eFf9wo3GstKUvhovwrrY00cOrqEPYvZ7QQ@mail.gmail.com>
To: Joseph Potvin <jpotvin@opman.ca>
Cc: Web Payments CG <public-webpayments@w3.org>
On 8 September 2014 15:44, Joseph Potvin <jpotvin@opman.ca> wrote:

> Working paper:
> http://www.oecd.org/daf/fin/financial-markets/The-Bitcoin-Question-2014.pdf
> By OECD's Director, Financial and Enterprise Affairs, and Special Advisor
> to the Secretary-General on Financial Markets.
> http://www.oecd.org/finance/financial-markets/adrianblundell-wignall.htm
>
> Too bad this OECD "working paper" not include a request for feedback via
> some venue, the way the US Fed openly solicited comments on its paper via
> an expliciat call for submissions.
>
>
Leaving further criticism aside, one technical matter is interesting.  And
I believe soluble using techniques pioneered in this group:

"The biggest problem for the Bitcoin approach is the need to re-calculate
the full Block Chain history to verify the validity of all current
transactions – which becomes increasingly computer intensive and costly–if
full security is to be assured. While miners are rewarded in this
verification activity, other approaches are looking to provide new
alternatives to the Block Chain. This scalability problem is something
Bitcoin will have to solve but it isn’t yet clear how this can be done. "

This is indeed a big challenge for crypto currencies.  The scalability.
However two methods that are tried and tested are Fielding's REST, and
Berners-Lee's WWW.  They form the foundation of all the work done in web
payments.

I think this article here, "The Power of the API" may lead to a basis for
the solution to this issue:

http://bitmarknews.com/2014/08/25/bitmarks-future-the-power-of-the-api/


>
> --
> Joseph Potvin
> Operations Manager | Gestionnaire des opérations
> The Opman Company | La compagnie Opman
> jpotvin@opman.ca
> Mobile: 819-593-5983
>
Received on Monday, 8 September 2014 14:21:22 UTC

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