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Essentially, start making exchangers look more like banks, with manual interventions to evaluate whether transactions are valid. The bank system (and transacti
by jpmattia 12y ago
Essentially, start making exchangers look more like banks, with manual interventions to evaluate whether transactions are valid.
The bank system (and transaction clearance delays) evolved for good reason. I suspect that bitcoin will not achieve the validity of fiat until a similar set of checks and balances are put in place (at least for sizable transactions.)
- homakov 12y agoYes, I don't know how it works with banks but here it's essential to loosely couple your services. The main app shouldn't controll the funds/transactions app
- sp332 12y agoBank transactions are mostly reversible if someone screws up or commits fraud. (Edited for clarity)
- homakov 12y agoIsn't there protocol to call to another bank and ask them to send it back? Or at least get info about the account?
- shillster 12y agoAnother solution which has been proposed is to separate the role of "money gateway" and "exchange". If an exchange has a provable amount of currency on its books (of every trading on the given platform) and doesn't directly manage bank accounts, solvency "auditing" will be provable, happen in real time and the exchange would fail fast.