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design wise, crypto looks most like banks being wallets and blockchains being a way for banks to agree on interbank transfers
by 8note 2y ago
design wise, crypto looks most like banks being wallets and blockchains being a way for banks to agree on interbank transfers
- nwah1 2y agoBanks like to be able to reverse transactions. As do courts.
- MacsHeadroom 2y agoBanks mostly deal in stablecoin which tend to be reversible, freezable, etc by court order since they're permissioned not permissionless.
- nwah1 2y agoBut in that case you just have a really inefficient database, and the entire point of the Rube Goldberg apparatus is gone. You don't need to solve the Byzantine Generals problem with a trustless system when you are trusting someone.
- hcknwscommenter 2y agoBecause there is no energy efficient way to do an interbank transfer right? Right?
- ty6853 2y agoWithout KYC or AML, no.
- AlotOfReading 2y agoCrypto does not exempt you from KYC and AML requirements.
- ty6853 2y agoI didn't claim there was an exemption, but exemption or not the ways still exist. I'm claiming in practical reality bypassing kyc and aml is far more practical with crypto. Your comment is 99% academic without the context of reality.
- tim333 2y agoIt kind of does if the transfer is not between regulated entities. If you transfer crypto from one private wallet to another who is going to know you as a client?