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Blockchain is perfect for its original use case, a distributed trustless database. The tradeoffs don't make any sense for a trusted system, i.e. replacing SWIFT
by ty_a 8y ago
Blockchain is perfect for its original use case, a distributed trustless database. The tradeoffs don't make any sense for a trusted system, i.e. replacing SWIFT or storing titles to property.
- jeremyjh 8y agoAll the evidence to date suggests that banks are much more capable of providing useful financial services than blockchains. Can you give a counter example of a real world use?
- aianus 8y agoDepend on what you mean by financial services. For example, no bank can beat crypto in price for remitting ~$1k to Southeast Asia within a couple of hours. I spent years as a digital nomad and there was no traditional fiat solution that came close. I couldn't even find a traditional solution that beat crypto for converting ~$10k USD in the US to CAD in Canada (although I did have to write a script to do this via crypto and it sometimes took a few days for the markets to align favourably). On the other hand, I highly doubt blockchain is going to beat banks at their main business of being a middleman between savers and borrowers.
- slededit 8y agoI moved from the US to Canada. Banks wanted to hold my transferred money for a month even though they got the cash within 3 days. with cryptocoins I wouldn't have had to move the money at all.