Re:DeFi100 team steal $32m, post abusive message to victims ...
by arbol on Thursday May 27, 2021 @03:34PM
(#27307181)
Obviously bitcoin wouldn't be used for this kind of operation. Again, we're at proof of concept stage. The reason Blockchain would be preferred over traditional finance for proving transactions is because traditional finance would have difficultly integrating disparate systems and potential for histories to be manipulated. If everything is on-chain and verifiable then it makes this process a lot easier.
Re:DeFi100 team steal $32m, post abusive message to victims ...
by spiderfarmer on Sunday May 23, 2021 @06:30AM
(#27253954)
Right now it’s not very easy to loan money from an entity that doesn’t have a domestic presence. Defi could make some financial products more accessible to countries that don’t have that infrastructure yet.
The benefit you're suggesting, that all the restaurant's transactions would be on the blockchain and so lenders could automatically evaluate the risk, is at odds with my understanding that bitcoin has high transaction costs and slow speeds and it is therefore unlikely that all of a restaurant's patrons would ever be paying with on-chain transactions. Maybe they could pay with something like a Coinbase credit card, and Coinbase could make transaction histories available to lenders - but I have to imagine something like that exists in current finance with our current credit card companies.