What you’re trying to communicate is that private blockchains are insecure by design I mean block chains that are built within the banks okay we can take another software that is being used I mean as example like open source projects okay so like HTTP server let’s take an jinkx or a passion it’s been used by big corporations like Google.
Oracle whoever including banks that have a lot of private information and so what prevents the banks from taking open source grown copy of the Bitcoin code and launching it inside well I’ll tell you what.
What stops them I think here’s the problem what happens if you take Apache and you install it in a bank and you put it behind an intranet and you use it internally I’ll tell you what happens you fall behind on the patches.
You stop doing funner ability tests you stop exposing it to external vulnerability test that you didn’t order that just.
Came your way okay so and as you do that it gets denatured it gets weaker and weaker and weaker and weaker until eventually you’re running Apache but.
It’s three versions behind it’s vulnerable to anything and someone comes in breaks through the bubble breaks through the perimeter and takes that Apache for a ride and that’s because you weren’t under pressure to live in the wild and when the pressure goes away so do the standards I would be happy to see Bitcoin as the one-world currency and you probably know that I’ve also.
Been working towards this direction.
During last five years or so but meanwhile we have big banks and corporations existing within the countries and Google is a good example of like using a lot of open source software and.
Using it properly right agree with that yes so both our stuff runs pretty much out there so this while we have not yet shifted to like completely decentralized anarchists like picture of world with only one currency we will have the banks and Bitcoin solves some problem for them I mean private blockchain solves problem of synchronizing synchronizing transactions between the branches like not losing.
Transactions and so on so they they have a choice either to like not solve this problem or try to apply this solution they have a lot more choices of that I mean just today Greg was talking about liquid which is a side chain for doing exactly that’s between exchanges now where are.
Exchanges today today they run a my sequel database that stores entries for the account value of every customer we saw what happens with Willy bot and GOx with that particular issue right this is an incremental improvement now how does.
That differ from a permission ledger well the main difference.
Is that if you think Citibank is going to run their permission ledger on internet connected machines and open to everyone.
To scrutinise you’re sorely mistaken what they’re going to do is they’re going to hide it behind the tall wall and they’re going to run it among their five six seven eight Bank Lea friends and what that’s going to do is it’s going to mean that that software is going to be weak and it’s going to get weaker because all of the lessons we’re learning in the wild won’t get applied there.
Until the whistleblower runs a little Trojan and maleate s– the transactions of they’re.