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Don’t companies like TransferWise already do international payments electronically without the need for a blockchain? I definitely support lowering the amount o
by shsjxjbsbs 7y ago
Don’t companies like TransferWise already do international payments electronically without the need for a blockchain? I definitely support lowering the amount of human labor required for payments, but I don’t see the need for many coal plants worth of computers randomly hashing a bunch of junk over and over again when a normal efficient server can do it.
Every bitcoin exchange I’ve used required me to physically write something on paper and show it to a human, so it seems like the human labor in the banking system is a regulatory issue, not a technical one.
- iopq 7y agoMaybe to sign up, but to actually make trades it's just taking orders off the book.
- shsjxjbsbs 7y agoSure, but why do I need a blockchain for that? Can’t the service trusted by the government to enforce KYC regulation also run a normal commodity server to process transactions, without burning the earth?
- stordoff 7y ago> Every bitcoin exchange I’ve used required me to physically write something on paper and show it to a human I'm curious - what did you have to write? Is it just part of proof of identity, or something more?
- leppr 7y agoUsually the date and name of the exchange, to comply with "Know Your Customer" regulations and fight duplicate accounts.