[bko]

> But there is no such thing as a killer feature that can't be done better with what we have

When someone figures out how to custody financial assets on the blockchain (e.g. stocks, bonds, etc), then you can create exchanges that aren't regulated and are open 24-7. You can also create contracts that mimic synthetic derivatives.

Sure you may not like the idea but you don't have to use those exchanges. And sure things could blow up for some people, but if done correctly you wouldn't have counterparty risk and no cascading series of failures. And there would be much less appetite for bailouts if things do explode due to the murky legality and pseudonymity.

The legal and regulatory framework prevents financial innovation. Could it be done better offchain? Sure, just completely rewrite the laws

[malermeister]

That sounds exactly like

> "wE aWe vEWy close to bweakthrough"

as described by parent.

[bko]

No, it's just some legal entity that is bound by law to hold those securities in a trust that is legally owned by the contract. This is how stable coins work, although tether holds assets not necessarily the underlying currency. But other stable coins hold 1:1 reserves based on the currency they're meant to track.

Its centralized sure, the company could f up or commit fraud but there would likely be best standards and multiple options.

[anaganisk]

So basically its just the same old system with a new database?

[bko]

Did you read my original comment?

> When someone figures out how to custody financial assets on the blockchain (e.g. stocks, bonds, etc), then you can create exchanges that aren't regulated and are open 24-7.

The databases are outside of the purview of the state, so they're able to get around restrictions. Why can't you gamble online, depending on the state you're in? Why can't I send money to people in Iran? Why can't I invest in a start up if I'm not accredited?

[anaganisk]

What you are describing are regulatory hurdles, do you think MySQL automatically shuts down at 9PM? Do you think stock markets dont function on holidays because, their software refuses to? Do u think govts will silently and watch while people are exercising their will on blockchain. Brother we’ve gone thru that already. Its called the internet, internet was decentralised and unregulated. Once govts and corporates started sniffing money and propaganda. It became Ad Powered, regulated, censored and controlled. Whats stopping ethereum from being taken over by US and run only smart contracts allowed by them. All pipe dreams with optimism and failure to learn from past. For me blockchain fintech is just a clumsy database for a solved problem.