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I dont understand why people hype up cryptocurrency for this purpose. The whole reason for existence of cryptocurrency is a way to achieve consensus without hav
by hatsunearu 9y ago
I dont understand why people hype up cryptocurrency for this purpose. The whole reason for existence of cryptocurrency is a way to achieve consensus without having a real central authority.
What's wrong with having the bank as a central authority in their own banking system?
- tomschlick 9y agoI was referring to transfers between banks. I believe currently they go through the Federal Reserve in batches. A more distributed system could allow banks to transfer directly to/from each other in near real time.
- zodiac 9y agoA centralised system would also "allow banks to transfer directly to/from each other in near real time"
- mhluongo 9y agoThat wouldn't be "direct", it would be through a trusted third party... Who has banking hours, could censor the transaction, etc.
- tscs37 9y agoThat shouldn't be an issue if all parties trust the Third party. It is only an issue if there is sufficient lack of trust that the involved fear such a thing would happen. Otherwise a block chain is overkill.
- hatsunearu 9y agoFiat currency REQUIRES the trust of the central bank, so that's not an issue.