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All traditional methods use gatekeepers that control the flow of money. If you can't do what you want with your money is it really yours? The Trustless nature o

All traditional methods use gatekeepers that control the flow of money. If you can't do what you want with your money is it really yours? The Trustless nature of BTC involves a seeming waste of energy, but you get a lot in return (like ownership of your money).

fancyfredbot 5y ago
Sure, but my point was not really about trust. My point is that speed is easier to achieve without Blockchain than with it. It's strange that the centralised solution is slower.
- sneak 5y ago
  The centralized, heavily regulated solution is slower. If they could impose all the regulation they want on permissionless, trustless p2p decentralized networks, those would be slow and massively expensive, too. Fortunately, they haven't the power. They can attack the edges (and ultimately every centralized stablecoin can be attacked) but they can't stop, say, uniswap.
- anonporridge 5y ago
  The removal of human trust is the source of the speed. It's effectively the automation of slow, human intermediaries in the financial network that allows you to create a programmable money that runs 24/7 and is open and permissionless to boot. And with this programmable network, we can see an explosion of innovation, because nobody needs to wait around for a person to approve anything you want to try.
- baby 5y ago
  That’s because the current system is not centralized, the current system is heavily decentralized. It basically is based on a lot of different banks trying to partner with one another. Blockchains are distributed databases, and as such they emulate a centralized server. That’s why it’s faster.
- mgamache 5y ago
  You do realize that currency settlement takes 1-2 days, right? "Spot foreign exchange transactions usually settle two business days after the execution date" https://www.investopedia.com/terms/s/settlementdate.asp#:~:text=Most%20stocks%20and%20bonds%20settle,days%20after%20the%20execution%20date https://www.investopedia.com/terms/s/settlementdate.asp#:~:t.... Real-time gross settlement is the instant way of transferring money between banks. Try and send $100K to someone and getting it done same day. Most people don't have access to that system. https://en.wikipedia.org/wiki/Real-time_gross_settlement https://en.wikipedia.org/wiki/Real-time_gross_settlement
baby 5y ago
> The Trustless nature of BTC involves a seeming waste of energy, but you get a lot in return (like ownership of your money). You get that too with proof of stake. Bitcoin really only has the branding of being the first mover, and as such as a strong chance of remaining the digital gold (not a digital currency that’s fast and easy to transact)
- stat 5y ago
  Have you heard of the lightning network?

fancyfredbot 5y ago

Sure, but my point was not really about trust. My point is that speed is easier to achieve without Blockchain than with it. It's strange that the centralised solution is slower.

sneak 5y ago
The centralized, heavily regulated solution is slower. If they could impose all the regulation they want on permissionless, trustless p2p decentralized networks, those would be slow and massively expensive, too. Fortunately, they haven't the power. They can attack the edges (and ultimately every centralized stablecoin can be attacked) but they can't stop, say, uniswap.
anonporridge 5y ago
The removal of human trust is the source of the speed. It's effectively the automation of slow, human intermediaries in the financial network that allows you to create a programmable money that runs 24/7 and is open and permissionless to boot. And with this programmable network, we can see an explosion of innovation, because nobody needs to wait around for a person to approve anything you want to try.
baby 5y ago
That’s because the current system is not centralized, the current system is heavily decentralized. It basically is based on a lot of different banks trying to partner with one another. Blockchains are distributed databases, and as such they emulate a centralized server. That’s why it’s faster.
mgamache 5y ago
You do realize that currency settlement takes 1-2 days, right? "Spot foreign exchange transactions usually settle two business days after the execution date" https://www.investopedia.com/terms/s/settlementdate.asp#:~:text=Most%20stocks%20and%20bonds%20settle,days%20after%20the%20execution%20date https://www.investopedia.com/terms/s/settlementdate.asp#:~:t.... Real-time gross settlement is the instant way of transferring money between banks. Try and send $100K to someone and getting it done same day. Most people don't have access to that system. https://en.wikipedia.org/wiki/Real-time_gross_settlement https://en.wikipedia.org/wiki/Real-time_gross_settlement

baby 5y ago

> The Trustless nature of BTC involves a seeming waste of energy, but you get a lot in return (like ownership of your money). You get that too with proof of stake. Bitcoin really only has the branding of being the first mover, and as such as a strong chance of remaining the digital gold (not a digital currency that’s fast and easy to transact)

stat 5y ago
Have you heard of the lightning network?