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Banks don't have problems transferring money today... are you sure about that? Because I've worked in fintech for 20 years now and I'm convinced that is not the

Banks don't have problems transferring money today... are you sure about that? Because I've worked in fintech for 20 years now and I'm convinced that is not the case. The role of banks as identity providers exists today, you need a bank account to access certain services. Banks actually make for great KYC providers. I don't understand how you don't know this but still want to have a discussion on this topic...

village-idiot 8y ago
My bank verifies my government issued ID. The government is the provider of ID, the bank just verifies that. Some other services might leverage the banks for this too, but in no way does this mean that the bank is providing the ID. I also have never seen anyone else verify my ID with my bank. I have seen them verify income, but that’s not surprising since that’s where I store my money. When someone demands to know who I am, they usually require my drivers license, passport, or SSN, none of which are bank issued. And again, consumers send money all the time, using banks and other regular financial institutions. If they couldn’t send money, the economy would have ground to a halt. So again: why should I want to switch to bitcoin, or have my bank built on bitcoin? It’s perfectly reasonable to say that banks are going to make protocol changes under the hood to make things smoother, that happens all the time. But to say we’re going to use a whole new currency needs justification to the end users who will notice the change.
- decentralised 8y ago
  Have you ever presented a bank statement as proof of address? How about using a bank card to make a security deposit? What really gets to me is how uninformed you are and how strongly you manifest your opinions.. https://www.google.com/search?q=banks+as+identity+providers&oq=banks+as+identity+providers&aqs=chrome..69i57.5240j0j1&sourceid=chrome&ie=UTF-8 https://www.google.com/search?q=banks+as+identity+providers&...

village-idiot 8y ago

My bank verifies my government issued ID. The government is the provider of ID, the bank just verifies that. Some other services might leverage the banks for this too, but in no way does this mean that the bank is providing the ID. I also have never seen anyone else verify my ID with my bank. I have seen them verify income, but that’s not surprising since that’s where I store my money. When someone demands to know who I am, they usually require my drivers license, passport, or SSN, none of which are bank issued. And again, consumers send money all the time, using banks and other regular financial institutions. If they couldn’t send money, the economy would have ground to a halt. So again: why should I want to switch to bitcoin, or have my bank built on bitcoin? It’s perfectly reasonable to say that banks are going to make protocol changes under the hood to make things smoother, that happens all the time. But to say we’re going to use a whole new currency needs justification to the end users who will notice the change.

decentralised 8y ago
Have you ever presented a bank statement as proof of address? How about using a bank card to make a security deposit? What really gets to me is how uninformed you are and how strongly you manifest your opinions.. https://www.google.com/search?q=banks+as+identity+providers&oq=banks+as+identity+providers&aqs=chrome..69i57.5240j0j1&sourceid=chrome&ie=UTF-8 https://www.google.com/search?q=banks+as+identity+providers&...