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by spolu
3259 days ago
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I agree that pure credit networks left with no supervision have been quite bad historically, but it also appear in our new online world as one of the less cumbersome way to move value at scale. What changed since then I think is the amount of information we have on each actor of the credit network which may lead to other outcomes at scale. Also sub part of the network may be quite safe, as an example the subnet that allows BTC wallet users to pay on Stripe merchants with one hop through gdax or any other exchange. |
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true, seems like the more something in finance resembles a utility (like a pure conduit or short term store of cash / tokens) the safer it seems to be. altho i guess even those types of agents can get infected if enuf shennanigans are going on around them (e.g. money market's breaking the buck in 2008-2009)
> BTC wallet users to pay on Stripe merchants with one hop through gdax or any other exchange
thats pretty cool. so thats how stripe's btc processing works? dump the btc for usd (for example) at market via some exchange routing algo? then forward the fiat so the merch never has to handle any cryptocurrency?