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If its bank transfers between trusted entities why do you need blockchain?
by adrr 4y ago
If its bank transfers between trusted entities why do you need blockchain?
- GartzenDeHaes 4y agoThis is called the ACH network and there's no way to trace, undue, or recall transactions. It has been used in bank robberies [1] and numerous financial institutions and payment processors who are not banks use it, not all of whom are trustworthy. [1] https://www.kaspersky.com/about/press-releases/2015_the-great-bank-robbery-carbanak-cybergang-steals--1bn-from-100-financial-institutions-worldwide https://www.kaspersky.com/about/press-releases/2015_the-grea...
- colechristensen 4y agoACH is only for internal US transfers and is absolutely reversible. Your linked article is not about that. There is of course a time limit.
- deleted 4y ago[deleted]
- adrr 4y agoACH can be clawed back. It moves money via the FED. You can’t access it unless you’re a bank.