[jiofih]

Eh. This is how the banking system works.

Once some entities in the network become big enough, and transactions large enough to warrant credit checks and so on, what do you have? A bank. This is nothing more than an unregulated settlement system.

[rjmunro]

Yes, but that's a good thing. It handle's the microtransaction case in a small community cheaply (I paid the bill today, you can pay next week) but scales to being a service banks could join and offer.