| > In my opinion the value is in the network and the ability to move money instantly (or at very least faster than traditional methods), securely, to anywhere in the world for a fraction of a cent. That ability alone is valuable and hasn't existed until now. I spent some time working in a relatively-unknown but high volume clearing bank. Banks can and do move billions instantly, and have done so for years through SWIFT and ACH. It takes literal seconds for a confirmation to pass through different clearing networks around the world. Even today, we're seeing banks improve their correspondence networks with each other. For example, you could have a Transferwise Account where you receive USD and convert to GBP. If you wanted to move that to a Monzo account, you can do so instantly as Transferwise and Monzo have accounts either with each other or in the same institution. The bank debits and credits each counterparty immediately. At the end of the day, it nets its position, then sends its report to the central bank, netting positions between other participants. Looking at crypto from the outside, I really don't see the added value based on existing infrastructure. It seems more like a proof of concept rather than a viable long-term asset. |