Quote:
Originally Posted by Quoth
Indeed all true. Also Blockchain itself, apart from the total evil of bitcoin mining helping to destroy the planet, is ABSOLUTELY NOT SCALEABLE. It doesn't even work on a theoretical basis. It's only a niche and the transaction time is terrible. It gets worse FASTER than users doing transactions are added.
Compare CPU and electricity costs per transaction for IBAN (totally secure and independent), PayPal, random credit card and ANY Cryptocurrency. The cryptocurrency essentially is only working at all because compared with the other three almost no-one is using it. Most of those are speculators or criminals.
|
i was curious enough to go look at what happened to the digital certificates of ~1999 plans. Even my own laggard bank sank millions into an interbank consortium that was going to bring about the great new digital money thing, but it just crashed and burned. as did Mondex ( a midland bank- Nat west bank anonymous digital money trial
this one:
Friday 30 October 1998 | 00:00 CET | News
Barclays Bank has joined eight other banks, including Citibank and Deutsche Bank, and CertCo, security vendor, in a consortium which will issue digital certificates for secure online trading in order to encourage business-to-business E-commerce. The consortium will use software from CertCo Software (US), vendor, based on the Public Key Infrastructure technology. The scheme will be managed by a profit-making group which has not yet been set up. The group will install infrastructure in late-1998 and launch a trial service in early-1999.
it was going to replace SWIFT but it never did. had it worked, banks would, a have sold and managed digital IDs for companies to use for e-commerce as per this article.
https://www.thalesgroup.com/en/marke...gital-identity
and in ~2018 Fran Rooney, the ex CEO of Baltimore Technologies tried to establish irelands first cryptocurrency - Mongo- which is now on the dead coins list