FX dealers I have dealt with definitely want to know who they are trading with. The information is extremely useful. It's not better for them not to know. If you lose trust in a counterparty, there is a reason.
Exchanges all over the world have membership comprised of people who voluntarily group together to create and enforce trust. Using a different denominator for transactions wont take away the forces that cause this state of affairs.
Re:Ethereum Isn't Fun Anymore
by tgsovlerkhgsel on Thursday February 25, 2021 @10:03PM
(#26270976)
How do you build initial trust though?
It also allows for a new kind of system where the money dealers act as access points to the network, and customers trust their local money dealer, but you don't need trust connections between the money dealers: If I want to send money to you from my remote village to yours, I ask you which money dealer you trust, go to my trusted money dealer, give him cash, and tell him that it is to go to your trusted money dealer.
The two money dealers don't have to trust each other for the transaction to work, and the transactions are much harder to disrupt than classic banking transactions.