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Re:Report on Stablecoins [pdf] by mgamache on Monday November 01, 2021 @04:57PM (#29073014)
All traditional methods use gatekeepers that control the flow of money. If you can't do what you want with your money is it really yours? The Trustless nature of BTC involves a seeming waste of energy, but you get a lot in return (like ownership of your money).
Re:Report on Stablecoins [pdf] by baby on Monday November 01, 2021 @11:30PM (#29076630)
> The Trustless nature of BTC involves a seeming waste of energy, but you get a lot in return (like ownership of your money).

You get that too with proof of stake. Bitcoin really only has the branding of being the first mover, and as such as a strong chance of remaining the digital gold (not a digital currency that’s fast and easy to transact)

Re:Report on Stablecoins [pdf] by stat on Tuesday November 02, 2021 @03:23PM (#29086223)
Have you heard of the lightning network?
Re:Report on Stablecoins [pdf] by fancyfredbot on Monday November 01, 2021 @05:26PM (#29073339)
Sure, but my point was not really about trust. My point is that speed is easier to achieve without Blockchain than with it. It's strange that the centralised solution is slower.
Re:Report on Stablecoins [pdf] by anonporridge on Monday November 01, 2021 @10:11PM (#29076050)
The removal of human trust is the source of the speed.

It's effectively the automation of slow, human intermediaries in the financial network that allows you to create a programmable money that runs 24/7 and is open and permissionless to boot.

And with this programmable network, we can see an explosion of innovation, because nobody needs to wait around for a person to approve anything you want to try.

Re:Report on Stablecoins [pdf] by mgamache on Tuesday November 02, 2021 @11:09AM (#29082399)
You do realize that currency settlement takes 1-2 days, right?

"Spot foreign exchange transactions usually settle two business days after the execution date"

https://www.investopedia.com/terms/s/settlementdate.asp#:~:t....

Real-time gross settlement is the instant way of transferring money between banks. Try and send $100K to someone and getting it done same day. Most people don't have access to that system. https://en.wikipedia.org/wiki/Real-time_gross_settlement

Re:Report on Stablecoins [pdf] by baby on Monday November 01, 2021 @11:31PM (#29076641)
That’s because the current system is not centralized, the current system is heavily decentralized. It basically is based on a lot of different banks trying to partner with one another. Blockchains are distributed databases, and as such they emulate a centralized server. That’s why it’s faster.
Re:Report on Stablecoins [pdf] by sneak on Monday November 01, 2021 @08:00PM (#29075062)
The centralized, heavily regulated solution is slower.

If they could impose all the regulation they want on permissionless, trustless p2p decentralized networks, those would be slow and massively expensive, too.

Fortunately, they haven't the power. They can attack the edges (and ultimately every centralized stablecoin can be attacked) but they can't stop, say, uniswap.