I'm not sure the Hawala comparison is accurate; Hawala relies on essentially net neutral flows between nodes [exchanges] and trust-based credits and debits (not

I'm not sure the Hawala comparison is accurate; Hawala relies on essentially net neutral flows between nodes [exchanges] and trust-based credits and debits (not credit in the sense of literal credit, but credit in the strict ledger sense). This is in place of an actual transfer, which is what happens with crypto assets (unless Patrick is referring here to some specific decentralized exchange mechanism) - a transfer is made from one digital wallet (the original owners) to an exchange's, and from there presumably traded to someone else who is coming in with a fiat asset.