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What do you think about a compromise system? Centralized entities that you give trust to, that are run by people, that "know" you - basically a bank - which is
by Ygor 10y ago
What do you think about a compromise system? Centralized entities that you give trust to, that are run by people, that "know" you - basically a bank - which is using bitcoin as a currency and infrastructure for dealing with that currency?
If you look at it from high above, it would be like replacing the implementation of the current banking system with a more modern stack, but still leaving a similar human interface with the same level of features.
Would this make sense?
- pjc50 10y agoWhat advantages would this have? There are some people arguing in this direction, with the construction of settlement blockchains, but obviously the proof-of-waste system would have to be discarded.
- lisper 10y agoI'm all for compromise, but I don't think it's possible to build a compromise system on top of bitcoin. I think the Right Answer is to have an auditable public ledger maintained by a trusted third party. This could be the government, or it could be a private party, but the key to making it work is to make electronic money storage and transfer a commodity provided by what is essentially a public utility.