Sounds like a pyramid scheme. And if their database gets hacked, someone has a nice list of potential targets.
If I need to pay someone a dollar, there are many ways to do so without inventing a new currency. The old payment systems in the USA are slowly getting modernised, just look at Zelle: Nearly instant transfers between US banks! Five years ago it was quicker to write a cheque than do a straight transfer. The technology that powers it will soon be in the hands of merchants.
It's ironic that the guy founding this ended up selling his company to PayPal, a payment system that came into prominence because it was accepted as a method of payment by its parent company, eBay. Crucially though, there was no conversion: You had to pay a dollar, a dollar left your bank account. I'm still waiting on Amazon to become a fully fledged bank
There's a reason every bank on the planet is investigating blockchain - you've an open ledger of every single transaction. You *can't* falsify transactions on a distributed blockchain.Everything can work like that, if you can build it , you can take it apart.
There's a reason every bank on the planet is investigating blockchain - you've an open ledger of every single transaction. You *can't* falsify transactions on a distributed blockchain.
But you "feel" that way, so that's how you're going to keep feeling. Meh.
Explain what you're whittering about please. Including clarification of 'locked out', and 'own tech'.Are you suggesting someone couldnt temporarily wipe out a countrys digital cash..because if they cant then we are locked out of our own tech.
Guy who worked for IMF and american central bank down on tech which proposes the replacement of these not exactly whiter-than-white institutions, which themselves have overseen the biggest concentration of wealth into the smallest number of hands in history non-shocker.