[Cryptography] Proof of Work is the worst way to do a BlockChain

[jamesd at echeque.com]

On 23/02/2018 17:12, Ersin Taskin wrote:
> Therefore the collapse was not
> due to the mortgage thing. The basic reason the banks collapsed was 
> banks having to little reserve fraction and giving loans to their 
> fraudelent sister companies with the hope to grow these companies and 
> pay back.

In the aftermath of the Great Minority Mortgage Meltdown, there no end 
of people saying "No, it was not due to minorities, it was not due to 
mortgages, it was due to derivatives (which is sort of true, but the 
problem with the derivatives was that the underlying mortgages were 
ninja loans: "no income, no job, no assets")

So, you did not have a problem with dud mortgages in Turkey.  Just some 
other problem.  But it does not sound like having banks operate one's 
monetary system is such a great idea, here or in Turkey.

Banks, notaries, accountants, lawyers, judges, they are all in the trust 
business - and sooner or later a scandal hits, and they run to the 
government - an organization not all that famous for trustworthiness.