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by dsl
4565 days ago
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The entire system is designed so banks implicitly trust each other. As with anything else, as a business grows you eventually start cutting out middlemen to reduce costs. Eventually large players are treated effectively as banks themselves, and can push any transaction they want into the network. As long as things total out correctly at the end of the day between individual banks, nobody really gets in trouble. It ends up being a lot more complicated than that (as everything in banking is), but that is the general idea. |
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