Re:Walmart filed patent for “Digital Currency via Blockchain”
by buttcoinslol on Saturday August 03, 2019 @02:42PM
(#20601917)
> Well if it’s on a publicly available blockchain, the difference is that the information on how much money is in circulation, how much is being created, is all open to the public and verifiable.
> The information on how much banks are holding onto in fractional reserves should therefore be available and make cooking the books more difficult and allowing audits to be more accurate and hopefully regulations could exist to keep banks better in check.
You should look into just how much regulation there is in banking, and the history of banking itself. All publicly traded banks are audited yearly, and yes I am aware of Enron/Arthur Andersen and the GFC of 07/08, among others.
No system is infallible, but investors trust US audited
company statements 100x more than chinese audited companies, for instance.
This information is available to the public about the USD supply as well: https://fred.stlouisfed.org/categories/24
> The information on how much banks are holding onto in fractional reserves should therefore be available and make cooking the books more difficult and allowing audits to be more accurate and hopefully regulations could exist to keep banks better in check.
You should look into just how much regulation there is in banking, and the history of banking itself. All publicly traded banks are audited yearly, and yes I am aware of Enron/Arthur Andersen and the GFC of 07/08, among others.
No system is infallible, but investors trust US audited company statements 100x more than chinese audited companies, for instance.