Cryptocurrencies – An Assessment by Reserve Bank of India

Re:Cryptocurrencies – An Assessment by Reserve Bank of India by throw3838 on Wednesday February 16, 2022 @09:11AM (#30360139)

Blockchain does not make banking obsolete. We can already do business by moving raw currency around, but hardly anyone does that. There is a whole crypt banking sector that provides exchanges, custody, lending...

And if you take inflation overhead, consumed by miners and other services to keep BTC or ETH running (5% to 10% annually), there is not much advantage over existing banking.

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Re:Cryptocurrencies – An Assessment by Reserve Bank of India by nextaccountic on Wednesday February 16, 2022 @09:32AM (#30360423)

> Blockchain does not make banking obsolete

It doesn't, but Satoshi thought it would. See for example the Genesis block.

> There is a whole crypt banking sector that provides exchanges, custody, lending...

Back in the day, the idea was to make every citizen financially sovereign. It didn't work in practice because those services you mention are useful. (Just like crypto has trouble working as a payment infrastructure, because chargebacks are an useful and demanded service)

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