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A comment on Bitcoin Is Time. Parent comment

Re:Bitcoin Is Time by hannasanarion on Tuesday March 02, 2021 @03:10PM (#26319940)
The USD (and more importantly, the banking system), also allows for efficient high-volume transfers, reversibility, ID verification, and fraud investigation. None of this is possible with blockchain, by design.
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Re:Bitcoin Is Time by cwkoss on Tuesday March 02, 2021 @03:21PM (#26320074)
I'd argue that USD in isolation doesn't support those use cases: the banking system does.

There is no reason a parallel banking system with all of the same features cannot built with Bitcoin being used as the denomination. I think this future is increasing likely (probably much to the chagrin of decentralization advocates) as Bitcoin increases in value and number of holders.

efficient high-volume transfers - risky and expensive to do with cash, really requires a hawala-like middleman (often a bank)

reversibility - not true of cash, only true within the context of softer credit systems. You could build a "Venmo backed by Bitcoin" where funds cannot be withdrawn for the reversibility period if you thought there was market demand for it.

ID verification - subject to discretion of counterparty

fraud investigation - Bitcoin is likely much better than USD for this because of it's traceability.

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Re:Bitcoin Is Time by fredfoobar on Tuesday March 02, 2021 @09:17PM (#26323898)
You should tell that to Citibank then, poor guys can't get back their money they accidentally wired:

https://www.cnn.com/2021/02/16/business/citibank-revlon-laws...

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Re:Bitcoin Is Time by spiralx on Wednesday March 03, 2021 @01:33PM (#26332524)
Which is a case that made headlines because of how unusual it is for this money to not get returned - it relies on an ultra-specific set of circumstances and still could have been decided the other way.
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