Yeah. I don’t really want to get into this kind of esoteric discussion, but there are a number of failure modes that fiat currencies can suffer. There is stuff central banks can do but it is limited by the underlying economy, and there is a vicious circle: if the economy tanks enough future tax receipts are mostly worthless, and if you then get…
this was not necessarily about Web portals IIRC and it predates serious forays into Internet banking;
a lot of the COBOL systems had gotten a bit long in the teeth and despite that they were still in the process of moving assembler stuff to COBOL, plus they liked the idea of workstation based processing rather than…
that’s a good point — wrote this from memory (my mum was a COBOL programmer in a bank, and complained about how that Java project did not get off the ground; must have been mid 90s, just when Java came out)
Thanks. On the overall economy it is of course a bit tricky: if you invest in Caterpillars to more efficiently dig holes then you’ll have to do a capital investment, but of course a lot of that investment ultimately shows up as wages at Caterpillar. But it is clear that capital (ie providing resources early, and taking the risk of not being paid back) should be remunerated, and its cost could change over time.
That’s of course not wrong, but this is not the point I am making here but an orthogonal one; the reason I wrote this post was to discuss the fact that not all gains in labour productivity might accrue to labour (where labour is everyone, including the highest earners).
A simple and effective solution builds up layers
thanks a lot for answering. I am glad I had actually understood correctly what you are doing and why you are doing it — your process of writing to the database first and doing the stitching later via voting is quite nice, but indeed it looked like it is incompatible with first neighbor chaining.
not sure, depends on the application I guess; but to the extent that you think about the chain as a settlement means rather than a trading venue, we now have significant higher latency than that and it seems to be no issue