4 ms·
But then what's the difference with the existing solutions involving central banks?
by jeremycarter 5y ago
But then what's the difference with the existing solutions involving central banks?
- gruez 5y agoBecause layer 2 solutions (eg. LN) are trustless. ie. it doesn't involve you depositing your coins with some third party and trusting that they don't run off with them.
- jeremycarter 5y agoAnd you've personally lost money from government regulated financial institutions?
- gruez 5y ago1. I'm fortunate to live in a country with a stable enough banking system that I haven't ...yet. Others are not so lucky. 2. whether you "lost money" is also the wrong question to ask. eg. if there was a massive bank failure and the government decided to bail them out by printing massive amounts of cash, you'd technically gotten your money back but you still "lost" money. 3. this feels like a derail/moving the goalposts and eventually devolving to arguments about monetary policy, intrinsic value, and whether the state should have a monopoly on currencies.
- mistrial9 5y agomy USA bank re-arranged the order of my checks and ATM on a certain day in december of 2007 to create an overdraft, which then was charged large fees, several times. At a similar time, around dec 2007, I stood next to a BofA customer being told that his cash deposit at the BofA window, would be credited on the next business day. I believe that there are documented cases much, much larger, but involving commercial transactions, that ended up with large losses also.
- mantenpanther 5y agoThat it's not centralized?
- jeremycarter 5y agoWhy does it have to be decentralized again?
- mantenpanther 5y agoMany reasons!