Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today, Ripple CEO compares Bitcoin to Napster while LMAX Exchange sees strong volumes in the first week of trading.
Speaking on a panel at Recode’s Code Conference, Brad Garlinghouse drew comparisons between Bitcoin and Napster. He sees Bitcoin as a transformative technology but has concerns over its ability to facilitate transactions and cooperate with regulators. Similarly, Napster was a transformative technology, but it was Spotify and iTunes that eventually survived.
The UK Exchange claims to have handled over $20 billion in transactions a day across a billion orders. LMAX launched the LMAX Digital exchange last week and is targeting the institutional client base.
Livingston does not think blockchain technology is going to create value for many use cases unless it serves as one of the most used digital currencies. He focuses on the subject of trust, while the ledger may not be changed the inputs may not be trustworthy. Using the tracking of a fish to table as an example, we are able to track the path but if the fisherman lies about where the fish came from than the blockchain implementation has little value.
Charlie Lee tweeted to the Litecoin community amid fears over the likelihood of a 51% attack. Lee is confident the network is secure citing the wide distribution of hashrate across numerous pools, high capital costs for launching an attack and increasing total hashrate.
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