3 ms·
Dude. That $2 trillion is all of finance. Finance is a hell of a lot more than preventing double spends (which don’t exist outside of bitcoin). On a per tran
by spookthesunset 7y ago
Dude. That $2 trillion is all of finance. Finance is a hell of a lot more than preventing double spends (which don’t exist outside of bitcoin). On a per transaction and even global domestic product basis, the cost of our financial system is tiny. By comparison the cost of bitcoins financial system by any metric is astronomical.
- aey 7y agoRead the report, it's 2 trillion of revenue for payments only, not all of finance. That report doesn't cover trading, derivatives, mortgages, etc... 1 trillion of payments revenue comes from credit lines, about 1 trillion is fees moving money around. Bitcoin is just one settlement layer. There is no reason for my day to day transactions to settle there. My day to day payments can be settlement on a chain with much higher throughput and faster finality and different security assumptions. There is also no reason why I can't lend my funds to 100m user credit cards directly without a middleman through software either. So whats the cost comparison of moving $100,000 out of China into the the US via bitcoin vs the traditional banking system?