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So much for Blockchain's real life use cases (lemmy.ml)

submitted 4 months ago by [email protected] to c/[email protected]

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[–] [email protected] 5 points 4 months ago (20 children)

The Blockchain is amazingly useful, that's why the establishment did their best to make sure people associate with incels and little monkey pictures to ruin its credibility. A banking system running on Blockchain is one where the Pentagon can't lose trillions of dollars annually.

[–] [email protected] 24 points 4 months ago (14 children)

A banking system running on Blockchain

Is an astronomically terrible idea. It:

would use as much electricity as an entire country
payments/transfers would be both much slower AND much more expensive than via a bank
would have no protection against fraud. You got scammed? Your money's gone. You paid for something online and it never arrived? Too bad
would have no way to stop money laundering
would have no way to help people who forgot their password, they'd just lose their life savings permanently
would tie up a bunch of capital, preventing reinvestment and growth. There would be no way to get a bank loan to buy a house for example
the list goes on

[–] [email protected] -3 points 4 months ago

payments/transfers would be both much slower AND much more expensive than via a bank

Not necessarily. You could have a federated system, where only big players like banks participate in larger blockchain, like banks already do with forex and wire transfers and pay ridiculous fees to clearing agencies, and clear out local transfers locally, possibly inside their own smaller and much faster blockchain.

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