And this is a new currency so de facto someone is responsible for regulating it: the blockchain is not going to do that in a regulated finacial environment that must be audited (all if which you ignore) and that’s the equivalent of mining

Richard Murphy says:
August 25 2016 at 2:15 pm
And when the transaction cannot be audited because it is locked in an encrypted ledger how many staff will be needed to work out what happened?

Oh dear God.

Rather the point of the blockchain is that anyone can read it.

Richard Murphy says:
August 25 2016 at 6:54 pm
Except you show that you know nothing about the real nature of money or tax when making such comments

14 thoughts on “Err, what?”

  1. I can’t be bothered to go to his site, but from the extracts it looks like he’s arguing with himself…. and accusing himself of being an idiot.

  2. With reference to another recent thread, it’s obvious Murphy didn’t read SciFi or fantasy as a kid. He can’t appreciate that blockchain is its own paradigm with its own self consistent internal logic, totally separate from what he’s used to. Essentially, he can’t see it from where he’s standing.
    Maybe someone should give him a few copies of tPratchett.
    That said, he himself lives in a fantasy world of his own creation. But it’s that badly written crap where the author repeatedly pulls another improbable coincidence out of nowhere to get his heroes out of the scrapes he’s written them into.

  3. So far he is completely in character. Gets something completely wrong, blusters, insults, doubles down, gets it more wrong, more bluster.

    Happens every time.

  4. But it’s that badly written crap where the author repeatedly pulls another improbable coincidence out of nowhere to get his heroes out of the scrapes he’s written them into.

    One of the things I’ve realised through watching the amusing YouTube channel CinemaSins is how many films rely on an incredible coincidence for the plot to advance. If a bank is being robbed in a modern Hollywood film, chances are the police chief in charge of the siege will find his daughter is inside taken hostage.

  5. His new approach – if it is one? – is quite interesting:

    He’s allowing comments to go through that he considers to be disobliging to demonstrate, I think, that his detractors must be wrong because they’re horrid to him.

    I can’t say I’m convinced but the novelty value is good.

  6. OMG. He doesnt understand the point of the blockchain encryption. The encryption doesnt prevent people reading it, it prevents people tampering with it. The ledger is visible just impossible to change.

    How does City University justify employing such a total ignoramus?

  7. @TimN
    That’s because they’re incapable of running multiple narrative threads will cross at points where they’re needed. In a book sense, you’re effectively writing two (or more) self contained novels. With the added difficulty of keeping them in narrative lock-step until they merge.
    It’s one reason novels have grown much larger since the old pulp days. Authors then wrote mostly single thread narratives. There’s a lot better writers around, these days.
    Of course, whether the standard of readership’s improved’s another matter. Multi-thread novels are more work to read. And beyond many people’s capabilities.

  8. When he said “Except you show that you know nothing about the real nature of money or tax when making such comments,” he said that to me, after I’d explained to him that ownership of blockchain currency was just the same as ownership of any other asset that’s not controlled by a central bank. That’s the gist of HMRC’s policy on BitCoin ownership and transfer. Not only did he come out with that, but he then locked his post so I couldn’t reply to him.

    I’m really glad that he took the time to carefully respond to the points I was making rather than just resorting to name-calling…

  9. Authors then wrote mostly single thread narratives.

    I guess so, but was that because they’d rather write a good single-thread story than a crap multi-thread one? And there are some superb multi-thread stories from previous eras: Lord of the Rings, War and Peace, some of the P.G. Wodehouse stories.

    There’s a lot better writers around, these days.

    You think so? Okay, I’m not very well read insofar as modern stuff goes, but the best-sellers I have read – such as the Girl with the Dragon Tattoo and its sequels – were not a patch on stuff from earlier eras, and the mult-thread aspect of those particular books ought to have been cut by a decent editor and the author told to stay on topic.

    I’d probably agree that a very good multi-thread story would beat a very good single-thread story, but the sheer difficulty of the former probably means few should attempt it. I’ve always thought the best storylines were ludicrously simple, anyway.

  10. TN – try Neal Stephenson. Cryptonomicon for starters, and if you like that, The Baroque Cycle.
    Cryptonomicon has some contrived plot points, more than ‘deus ex machina’-type coincidences. That aside, it’s a good multi-thread read.

  11. Bloke in Costa Rica

    How long do you think you’d have to sit Murphy down in front of a whiteboard and work through the mathematics of cryptofinance before he started to show a glimmer of understanding? Until the heat death of the universe, is my guess. He doesn’t even get the difference between encrypted and cryptographically signed, for God’s sake. What can you do with someone like that?

    The Jesuits had a phrase to describe Murphy’s attitude: invincible ignorance.

  12. Someone needs to go all Oliver Cromwell on Mr Murphy. As in tell him loudly and repeatedly until he acknowledges his complrehension

    “I beseech you, in the bowels of Christ, think it possible that you may be mistaken. “

  13. TN. You’d probably get a kick out of Eric Flints alternate history 1632 series. Mind you the number of viewpoints in that is now so large that it is becoming difficult to track. However each book tends to just have two ro three so that’s OK

Leave a Reply

Your email address will not be published. Required fields are marked *