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It's a concern even if you're using some other kind of ledger. Absolutely. With no insight or verification, the ledger type doesn't much matter. But the mere
by jqpabc123 3y ago
It's a concern even if you're using some other kind of ledger.
Absolutely. With no insight or verification, the ledger type doesn't much matter.
But the mere fact that they choose blockchain as a marketing gimmick makes this even more suspect in my mind.
- PaulHoule 3y agoMy takeaway from that conference is that permissioned blockchains would make sense for finance as we know it. There is no need to have 10,000 Bitcoin nodes but having 12 nodes run by the 12 branches of the Federal Reserve could make a lot of sense.
- jqpabc123 3y agoAlready in place. FedNow provides instant, low cost fiat payments and transfers run by the 12 nodes of the Federal Reserve --- minus blockchain. A privately controlled blockchain is really a duck out of water. If control is centralized (like with the Federal Reserve), blockchain becomes just another database --- a highly inefficient one. https://www.federalreserve.gov/paymentsystems/fednow_about.htm https://www.federalreserve.gov/paymentsystems/fednow_about.h...