I don't know how they plan to run this thing. If it's owned and operated by a single bank and just acts as an API to the bank, they can hard-fork it every day.

I don't know how they plan to run this thing. If it's owned and operated by a single bank and just acts as an API to the bank, they can hard-fork it every day. But that doesn't seem useful. If they plan to create a system where they don't own a majority, they lose the ability to hard-fork.