Vitalik Buterin says the days of 1000% price growth in Cryptos are gone. He didn’t say anything about 500% price for something that is extraordinary and not blockchain based
Its interesting that people say the golden days are over during the downturns and ETH is going through a large downturn. Then when it all explodes then people say it’ll reach fanciful amounts.
To Ethereum disciples that may mean something
The entire crypto market valuation is a fifth of Apple’s… lots of room for growth.
I stumbled upon this video of Jesse Lund (IBM head of Blockchain solutions) its old April 2018 still I am very surprised by how much interest he claims banks actually have in Blockchain.
Opened my eyes somewhat.
Blockchain would be a reasonable solution for keeping a ledger of inter bank transactions. They need only to solve the forever increasing size of the blockchain. Of course being a highly regulated arena they could simply have monthly or yearly blockchains. Each bank keeps a copy and the regulatory bodies keep one too.
Alos, banks traditionally have have lots of legacy batch processing systems, often from multiple inherited systems. I suspect a blockchain would help to integrate some of these systems, while maintaining loose coupling between them.
I still don’t understand why. Just as you said, banks are a “highly regulated arena” so I can’t find the part where nobody can trust anybody, which is the problem blockchains solve.
Banks are generally interested in private blockchains, where only they and their partner organisations can participate, so it’s not really a trustless system at all, rather one that records transactions in a way that all participants agree on.
Well each bank has to keep a ledger of these transactions and a blockchain would solve the trust issue and one bank cannot claim “computer glitch” for not processing a transaction and other such garbage that goes on today. Usually so the unethical bank can play with the money on the money market till the sending bank complains (ie customer complains and 5 days later something is done)
Anyhow this was just a suggestion of why they might be considering (private to the banking system) blocakchains. Not that it is a perfect solution for it and that it should be used for that.
Weren’t we talking about interbank transactions? I’m highly skeptical banks ever claim “oh sorry we didn’t notice” or “we had a computer glitch” to other banks. It’s not kindergarten.
This is already solved though… Anyway, I’ll leave it at that. Blockchains are cool so let the children play.
Yeah, it’s a solution looking for a problem in most cases.
I once sent my father a cheque to pay my mortgage. Only 2 or 3 yrs ago now. It was for under £500. Somehow my balance reduced by 20,000 and i was in the red for 19500 ish.
After calling them it was all fixed, but they tried to claim it was processed properly and was my error.
So, they clearly do mess up.
Not to mention the 7 days waiting on some interbank transfers. And sometimes worse if cheques are from different banks.
I’ve also had money withdrawn from my account and redeposited days later. “Bank Error” that they automatically fixed up before I got my monthly statement. The way it happened I suspect that a wrong account number was entered by the teller when processing someone elses transfer and not the bank dipping into my funds.
Neither of these fall under the kind of interbank transactions that that blockchain solution would be about. Unless I’m badly mistaken, that would be about the periodic settlements between banks, not small time transactions between accounts held at those banks by customers.
Compare this to an airline. They will not include their passenger manifest when they pay for the fuel.
The new approach could even pave the way for “100 percent self-sufficiency in power, heat, and water, and 50 percent self-sufficiency in food production”
Tomorrow is an important day in the EU about the future of internet.
Let’s ‘spam’ some articles about the SAFE Network
Settlement between banks in different jurisdictions may be an interesting use case. Wiring money to different countries is still pretty slow and expensive… or at least it was when I was wiring money from the UK to Japan back in the mtgox days! IIRC, it cost £50 and took about a (nail biting) week.
You’re not paying for the cost of sending that money overseas. You’re paying a fee because they can charge you a fee. That fee won’t magically disappear because they switch to The Magical Blockchain (which, by the way, is less efficient than whatever they have now). Interbank settlements won’t be quicker because a blockchain based solution has nothing to it that could make them quicker.