5 ms·

I’m impressed by the BTC obsession: this will definitely impact the banking sector as a whole even before. Quantum FUD, here we come.

• tsimionescu 6mo ago
  The banking sector can relatively trivially move to a new encryption scheme - this is one of the huge advantages of centralized systems. Also, the banking sector, rather than trying to provide anonymity/pseudonimity, has KYC - they can relatively simply disable remote access if they think a current system is no longer secure, and get everyone to come in to a physical office and get a secure version, after manually verifying they are the rightful holder of the account. Tldr; Bitcoin relies entirely on encryption, banking does not. So broken encryption is a catastrophe for Bitcoin, but just a bad week for banking.
  • zahlman 6mo ago
    > they can relatively simply disable remote access if they think a current system is no longer secure, and get everyone to come in to a physical office After all these years of it not being required? I think that's... very naive with regard to how clients would respond.
    • tsimionescu 6mo ago
      I'm not saying it would be pretty, but it would still be infinitely better than what migtn happen in Bitcoin land - where people will either be able to steal money from those wallets directly, or the owners will permanently lose access.
  • sMarsIntruder 6mo ago
    Upgrading decades old legacy systems? Good luck with that.
    • tsimionescu 6mo ago
      External access to banks is already using the latest versions of TLS, so no luck needed, they will just need to upgrade as they do constantly.