Re:JP Morgan Unveils USD-Backed Cryptocurrency for B2B Payments
by treis on Thursday February 14, 2019 @01:31PM
(#19164444)
Obviously the customers are the businesses with money deposited at the bank.
Re:JP Morgan Unveils USD-Backed Cryptocurrency for B2B Payments
by root_axis on Thursday February 14, 2019 @01:37PM
(#19164511)
> If a bank's SWIFT credentials are compromised the attackers can transfer all the funds a bank controls. With a blockchain coin it would require the private key of the customer to send the coins.
Replace "SWIFT credentials" with "private key" and you have exactly the same scenario.
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Re:JP Morgan Unveils USD-Backed Cryptocurrency for B2B Payments
by root_axis on Thursday February 14, 2019 @01:56PM
(#19164709)
> You know if you're going to be wrong you should be less vociferous about it
Needless petty snark.
> Compromising SWIFT credentials allows you to send money from any account. Compromising a customer's private key would only allow you to send money that's in that one account.
If the "customers" are "banks" as you stated, then there is a 1:1 relationship between SWIFT credentials and private keys which allow one to sign transactions on behalf of the "customer" (bank).
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Re:JP Morgan Unveils USD-Backed Cryptocurrency for B2B Payments
by root_axis on Thursday February 14, 2019 @03:50PM
(#19165870)
> the customers are the businesses with money deposited at the bank.
Once again, this is a blockchain controlled by BANKS. Customer's of the bank do not participate in this. What are you not understanding?
> It's unfortunate you took it as snark and not advice
More needless petty snark. I'm done with this conversation.
There are no "customers", this is a private blockchain where only banks participate.