"Blockchain technology" or fancy database with crypto veneer

[CryptAxe]

I don't mean to target Linq specifically, but I just saw this article on reddit http://www.coindesk.com/hands-on-with-l ... n-project/ It's been in the works for a while now, but members of the legacy financial system are basically wrapping up sql databases to simulate blockchain technology. This frustrates me for a few reasons but two key points (in my opinion) are that blockchains just don't work without Bitcoin, and that pretending that they have also created "blockchain technology" will cause confusion about the relationship between Bitcoin and the blockchain. Satoshi didn't get blockchains working and then just throw Bitcoins on top of that so he could make a bunch of money. Satoshi solved the biggest issue that had prevented earlier efforts at cryptocurrency by creating a blockchain powered by greed. A blockchain powered by the mysql database running on some bank's server would be just as bad, or maybe even worse because of the transparency of blockchains, than the system we are trying to improve.

[LiteCoinGuy]

banks are just starting to understand what bitcoin and the blockchain actually is. they begun that process in 2014 and have to learn alot more before they get it. let them waste gigantic sums on these "private blockchains". even if they gain a little bit from all of that, the first start of these systems is years away! just imagine where bitcoin is in 2020 when bank roll out their first crappy & buggy private "blockchain".

[LiteCoinGuy]

i found an article about private blockchains. also read the comments:

http://www.multichain.com/blog/2015/10/ ... databases/

[CryptAxe]

i found an article about private blockchains. also read the comments:

From the comments: "So the process is being driven by fear. That’s why they switched from the attitude of dismissing bitcoin to the famous motto, “bitcoin bad, blockchain good”" Yeah looks like you're right and by the time they figure all of this out it will be too late for moon tickets