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These work if you either have a master fed account or have credit with some bank that does. You can't settle instantly with an entity that is not already known
by datadata 4y ago
These work if you either have a master fed account or have credit with some bank that does. You can't settle instantly with an entity that is not already known in the system.
- arcticbull 4y agoI can't see how that's a problem.
- datadata 4y agoDo you think a bearer asset like cash has zero use cases? Bitcoin allows settlement much like this with a party that doesn't need to be identified and already trusted by a central clearing house. Of course this can be dangerous and might not be desirable for every transaction, but there clearly a technological achievement to make it possible.
- arcticbull 4y agoNo, my point is that having to use an intermediary is not an issue. If you really don't want to be identified open an LLC.
- datadata 4y agoProposing opening an LLC is a pretty involved workaround that again requires more supervision and gatekeeping (e.g, for many people and many countries this is not even possible). Cash like settlement with any person on the planet without any intermediary is a pretty big technical achievement that absolutely was not possible before blockchain.