Return-Path: Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org [172.17.192.35]) by mail.linuxfoundation.org (Postfix) with ESMTPS id A50A0BC7 for ; Tue, 13 Oct 2015 14:57:02 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from mail-vk0-f45.google.com (mail-vk0-f45.google.com [209.85.213.45]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id DFC4F1A8 for ; Tue, 13 Oct 2015 14:57:01 +0000 (UTC) Received: by vkha6 with SMTP id a6so11769744vkh.2 for ; Tue, 13 Oct 2015 07:57:01 -0700 (PDT) DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; s=20120113; h=mime-version:in-reply-to:references:date:message-id:subject:from:cc :content-type; bh=lDTmVsTBOyXUs9tvhhzUGM4zXrs6inei3gTN2zTLy7U=; b=Bsj97OoZnQDdpKk1xOB5tTv9VK3+3B+fvAKITmgCFqfFtZ+9Mr6/HVG56B++sRHsSr 68eRcV5rxp8Pd9c/fjKAIKVhEXr3RIv67Q5+1Y68yiZiCmalhRHRC82jnXkfgk9VrdJs r7V+h53HKveacxtsfv6lSXT+lz2USfumeNl5Wrwi8t+DFktN/VIlrkrLZdY+2JtwE0em Pe2Frah1Jhvf2wUBFnRItfXgmGgWws88z+i6EITFzJQiCpjTKTVQfad8ZGNw2k/act65 MwhaOvKjuEyM3WmmfNg5IgrTMCxmWFgAt2iVssd7RFyV6fJJUeuA8Sk/l9ElXQppKqvY hN3w== MIME-Version: 1.0 X-Received: by 10.31.58.199 with SMTP id h190mr14058277vka.105.1444748221033; Tue, 13 Oct 2015 07:57:01 -0700 (PDT) Received: by 10.103.76.207 with HTTP; Tue, 13 Oct 2015 07:57:00 -0700 (PDT) In-Reply-To: References: Date: Tue, 13 Oct 2015 15:57:00 +0100 Message-ID: From: Tier Nolan Cc: Bitcoin Dev Content-Type: multipart/alternative; boundary=001a11434ca281331d0521fda8f0 X-Spam-Status: No, score=0.4 required=5.0 tests=BAYES_00,DKIM_SIGNED, DKIM_VALID, DKIM_VALID_AU, FREEMAIL_FROM, HTML_MESSAGE, MALFORMED_FREEMAIL, MISSING_HEADERS,RCVD_IN_DNSWL_LOW autolearn=no version=3.3.1 X-Spam-Checker-Version: SpamAssassin 3.3.1 (2010-03-16) on smtp1.linux-foundation.org Subject: Re: [bitcoin-dev] Liquid X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.12 Precedence: list List-Id: Bitcoin Development Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Tue, 13 Oct 2015 14:57:02 -0000 --001a11434ca281331d0521fda8f0 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: quoted-printable It is interesting someone trying the sidechain approach. I guess having trusted third parties to manage the chain was not a short term thing? It looks like there is no POW for the Liquid sidechain. This is an area where the bitcoin could benefit by adding a way to transfer money to/from sidechain without requiring third parties. On Tue, Oct 13, 2015 at 3:27 PM, Benjamin via bitcoin-dev < bitcoin-dev@lists.linuxfoundation.org> wrote: > p.s. the links > > [1] https://blockstream.com/2015/10/12/introducing-liquid/ > [2] www.coindesk.com/blockstream-commercial-sidechain-bitcoin-exchanges/ > > On Tue, Oct 13, 2015 at 4:25 PM, Benjamin > wrote: > >> Hello all, >> >> I was very surprised to learn that Blockstream will implement Sidechains >> for exchanges [1], [2] and has been working on this privately. Can someb= ody >> explain this =E2=80=9Cannouncement=E2=80=9D? Just a few comments on this= =E2=80=9Cproposal=E2=80=9D. >> >> =E2=80=9CThis new construction establishes a security profile inherently= superior >> to existing methods of rapid transfer and settlement, and is directly >> applicable to other problems within existing financial institutions.=E2= =80=9D >> >> First of all, what does Bitcoin have to do with existing financial >> institutions? Secondly, what in do you mean by =E2=80=9Crapid transfer= =E2=80=9D and >> "settlement"? Bitcoin is anonymous, digital cash. There is no such thing= as >> settlement, there is only the transfer of digital cash and that's it >> (settlement is a bad word for this kind of transfer of property). If you >> make up new terms define them accurately and don't play the >> crypto-buzzword-bingo game. >> >> =E2=80=9CThis, in addition to increasing the security of funds normally = subject >> to explicit counterparty risk, fosters conditions that increase market >> liquidity and reduce capital requirements for on-blockchain business >> models.=E2=80=9D >> >> Again =E2=80=93 what does Bitcoin have to do with =E2=80=9Cmarket liquid= ity=E2=80=9D and =E2=80=9Ccapital >> requirements=E2=80=9D? >> >> =E2=80=9CBlockstream's innovative solutions are definitely a game change= r for the >> Bitcoin industry.=E2=80=9D >> >> Does Blockstream have commercial products now? >> >> "These initial launch partners include Bitfinex, BTCC, Kraken, Unocoin, >> and Xapo, and discussions are underway with another dozen major >> institutional traders and licensed exchanges. " >> >> ??? so many questions and no answers. >> >> Regards, >> Benjamin >> > > > _______________________________________________ > bitcoin-dev mailing list > bitcoin-dev@lists.linuxfoundation.org > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev > > --001a11434ca281331d0521fda8f0 Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: quoted-printable
It is interesting someone trying the sidechain a= pproach.

I guess having trusted third parties to manage the ch= ain was not a short term thing?=C2=A0 It looks like there is no POW for the= Liquid sidechain.

This is an area where the bitcoin coul= d benefit by adding a way to transfer money to/from sidechain without requi= ring third parties.

On Tue, Oct 13, 2015 at 3:27 PM, Benjamin via bitcoin-dev= <bitcoin-dev@lists.linuxfoundation.org>= wrote:
p.s. the links
<= /div>
On Tue, Oct 13, 2015 at 4:25 PM, Benjamin <benjamin.l.cordes@gmail.com> wrote:
Hello all,

<= div>I was very surprised to learn that Blockstream will implement Sidechain= s for exchanges [1], [2] and has been working on this privately. Can somebo= dy explain this =E2=80=9Cannouncement=E2=80=9D? Just a few comments on this= =E2=80=9Cproposal=E2=80=9D.
=C2=A0
=E2=80=9CThis new c= onstruction establishes a security profile inherently superior to existing = methods of rapid transfer and settlement, and is directly applicable to oth= er problems within existing financial institutions.=E2=80=9D

=
First of all, what does Bitcoin have to do with existing financi= al institutions? Secondly, what in do you mean by =E2=80=9Crapid transfer= =E2=80=9D and "settlement"? Bitcoin is anonymous, digital cash. T= here is no such thing as settlement, there is only the transfer of digital = cash and that's it (settlement is a bad word for this kind of transfer = of property). If you make up new terms define them accurately and don't= play the crypto-buzzword-bingo game.

=E2=80=9CThi= s, in addition to increasing the security of funds normally subject to expl= icit counterparty risk, fosters conditions that increase market liquidity a= nd reduce capital requirements for on-blockchain business models.=E2=80=9D<= /div>

Again =E2=80=93 what does Bitcoin have to do with = =E2=80=9Cmarket liquidity=E2=80=9D and =E2=80=9Ccapital requirements=E2=80= =9D?

=E2=80=9CBlockstream's innovative solutio= ns are definitely a game changer for the Bitcoin industry.=E2=80=9D

Does Blockstream have commercial products now?
=
"These initial launch partners include Bitfinex, BTCC, = Kraken, Unocoin, and Xapo, and discussions are underway with another dozen = major institutional traders and licensed exchanges. "
=
??? so many questions and no answers.

Regards,
Benjamin


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