| > Blockchains are unnecessary in a world with trusted entities and functional legal frameworks. This is such bullshit. In practice the banking system is a messed up piece of old crap. Let me illustrate my point from my experience a few weeks ago: Had to transfer 20 euro's from my account to my sons account, same European bank. In fact, my sons account is also under my supervision. It was on a Saturday, so guess what: no transfers in the weekend! Had to wait until Monday for the money to go through. Yeah, if Monday was a Holiday, we had to wait until Tuesday. Is that the efficiency your "trusted entities" can come up with? Don't get me started on "instant cross border transfers". If a well known bank can't handle 20 euro's from one account to another, then what do you expect cross-bank, cross-border does? In contrast, look at the Nano cryptocurrency: 0 fees, sub second transfers, any amount, anywhere in the world. Your theory of "trusted entities" all sounds nice, but in practice it's old bureaucratic bullshit. Thanks to blockchain the technology has a solution. Only now is still proper adoption. |
I can transfer euros from my bank to a bank in a different EU country within seconds at no cost around the clock all days of the year.