84. Does anyone need a blockchain?
We. Are. Here. Today we bring you: Dormant funds, the SEC still won’t let crypto be and do you really need a blockchain?
Simon's in the studio joined by Colin who's finally left his field. But they're not alone. Sara Feenan, Business Development Manager at Clearmatics, Anthony Macey Blockchain/DLT at Barclays and Ville Sointu, Head of Emerging Technologies at Nordea Bank.
First up, There Is No Such Thing As 'Dormant Funds' In Banking 02:02
Simon and Colin explain how the money doesn't really exist with an intriguing AirBnB analogy. Anthony Macey explains how nostra vostra accounts work and what they really are, as well as a little tangent from Simon and Colin on the linguistic history of the phrase. Colin dives into the similarities between the strategy suggested and the 2008 financial crisis. And the group as a whole go over why this might not be the treasure trove others are suggesting it may be.
There’s no good reason to trust Blockchain technology 11:35
Anthony points out that the movement of trust is more valuable than the article suggests and how blockchain scales up socialised trust and where banks come in to the equation. Simon shares his views on how you could get five or six banks to agree to one thing using blockchain. Anthony thinks there might be a misunderstanding at the heart of the article. Sara points out that while there may be an issue with the code in a particular blockchain the goal isn't to use the same code globally, in an ideal world there'd be multiple implementations of the same blockchain.
SEC Commissioner Says Bitcoin ETF Will Be Approved ‘Eventually’ 30:31
Sara explains that the article didn't really suggest that a Bitcoin ETF will actually be approved, bitcoin ETFs have been tried many times before and failed. Market manipulation and the risk to investors remains high and it doesn't seem as though that issue has been solved.
Hester Peirce: tokens sold for use in a functioning network are not securities 38:48
Simon likens tokens to postage stamps and how they can shapeshift in value, even though the underlying asset itself can change, its usage and its value can vary depending on who you're talking to and what they plan on using it for.
We've got a great Tweet of the Week from @jack on lightning 47:44
Colin explains lightning on the blockchain and how it reinvented netting. Anthony asks if this is why Twitter expanded its character limit.
All this and so much more on this week's episode of Blockchain Insider. And why not send us your best tweets? See if you can get a shout out on the show!
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This week's episode of Blockchain Insider was produced by Laura Watkins and Petrit Berisha. Edited by Alex Woodhouse.
Special Guests: Anthony Macey and Ville Sointu.