A quick breakdown of what SWIFT is and why it matters

Re:A quick breakdown of what SWIFT is and why it matters by majormajor on Friday February 25, 2022 @02:25PM (#30471124)

You mean that "real" banks have issued loans of 10M+ and not gotten repayed by people/companies who went bankrupt or such? Certainly!

Banks do their due diligence for a reason, but they don't always get it right. And a certain amount of "bad loans" is expected anyway. Part of the fees and interest they charge is to cover that.

But that's very different than simply printing yourself 10 million dollars. Or even just ten dollars.

It's also different from you starting a bank and saying you loan me 10 million dollars. I now have a statement saying I have 10M in your bank. I try to take that to a "real" bank to cash out. It's not gonna work.

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Re:A quick breakdown of what SWIFT is and why it matters by andrewaylett on Monday February 28, 2022 @10:51AM (#30501190)

Unless, it seems, you call them "Tether". Which is one of the reasons why I remain unconvinced that Blockchain _actually_ enables a financial system requiring less trust than the current mainstream financial system.

[ Parent | on HN ]