[josefx]

> blockchain allows essentially instantaneous completion of transactions between unrelated parties with no clearing house.

Wait, aren't blockchain transactions hilariously slow and depend on an internet connection?

> Clearinghouses make a lot of money just guaranteeing transactions. That is friction in the system.

Aren't popular blockchains using transaction fees to pay for validation?

> Wire transfers, ACH, cashiers checks, etc all have the same issues.

Seems to also apply to bitcoin.