why wouldn't you just leverage a stable coin if you are looking for speed?
The slowest part of this are the banks and the clearing houses. They essentially "trust" other institutions to a certain extent and vouch for the money until it officially arrives on the books. You should read up on FedNet
if you are worried about volatility there are less volatile options inside of crypto
It's funny watching crypto boosters realize there are actual benefits to institutional trust that are superior to cryptographic trust. These allow for high liquidity and allow participants to capture gains (or losses) practically in real time.
You misread my statement. The trust of banks is an illusion and actually slower than the consensus.
I don't "boost" crypto. I disagree that crypto is how we should buy our lattes.
If you live in a country where financial independence and control is not a reality this could be something greater than the corrupt system you are trying to extricate yourself from.
There is rampant corruption in crypto and although I feel easier to see, still a dangerous investment vehicle.
Is this the thing that changes the world? I think it did in some ways already. Is it the final iteration? I doubt it.
As a first cut, I am wholly impressed and I believe it can create something different.
> You misread my statement. The trust of banks is an illusion and actually slower than the consensus.
It doesn't matter. Trust makes the world go round.
Even if consensus took seconds to attain instead of minutes, it would still be too slow to maintain the liquidity of even current financial markets. We're talking 2-6 billion trades per day on NYSE alone, often concurrently - as low as 4.6 microseconds per execution. There is no way we'd be able to achieve that with the consensus state of the art.
Only through offline trust and batch reconciliation can we achieve this kind of liquidity.
You are under the assumption I believe that speculation in it's current form is a good thing. Friedman Doctrine never worked, he himself admitted it.
Crypto is not for buying your latte. It's for the people that cannot trust the system that issues the money to begin with. In your country perhaps it's not an issue. I am sure there are plenty of countries you can see that it is.
