Comment on Crypto is now as stable as the US economy!

• kescusay@lemmy.world ⁨4⁩ ⁨weeks⁩ ago

  Except no it’s absolutely not. They use systems such as ACH and the Federal Reserve Wire Network. For international transfers, they use systems like the SWIFT network.

  Why add a crypto middleman to transactions like those?

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  • Terevos@lemm.ee ⁨4⁩ ⁨weeks⁩ ago

    Because 1) blockchain is far more secure than the older methods of xfer, 2) blockchain is faster than the current methods, and 3) blockchain is cheaper than the current methods.

    I work with a few banks who are actively using this already and others who are developing the technology. Not sure where you get your information, but I can tell you first hand that banks and credit card company absolutely are using crypto right now.

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    • 4am@lemm.ee ⁨4⁩ ⁨weeks⁩ ago

      Who is running the nodes?

      angry goose noises

      🪿 WHO IS RUNNING THE NODES?

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    • kescusay@lemmy.world ⁨4⁩ ⁨weeks⁩ ago

      You may work with banks that are experimenting with it, but it’s not going to replace things like SWIFT any time soon.

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      • Terevos@lemm.ee ⁨4⁩ ⁨weeks⁩ ago

        Banks are not typically replacing Swift, they are using Swift with a blockchain validator.

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• TachyonTele@lemm.ee ⁨4⁩ ⁨weeks⁩ ago

  Where did you het this made up fantasy from?

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  • Terevos@lemm.ee ⁨4⁩ ⁨weeks⁩ ago

    The news… also… banks that I work with. finextra.com/…/hsbc-and-ant-international-laud-re…

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• Sibshops@lemm.ee ⁨4⁩ ⁨weeks⁩ ago

  The “tokenization” you hear credit card companies using like Mastercard is cryptography, but it isn’t cryptocurrency or blockchain. When people say “crypto” isn’t being used, they mean blockchain in this case.

  Tokenization is when the number on your payment card is replaced with a ”stand-in” number that is saved in your phone or watch or the merchant’s site where you register your card. Tokenization protects your account by using that token instead of your real card number, which the merchant never sees or stores.

  www.mastercard.com/news/…/what-is-tokenization/

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  • Terevos@lemm.ee ⁨4⁩ ⁨weeks⁩ ago

    So Mastercard is not doing blockchain, but plenty others are. finextra.com/…/hsbc-and-ant-international-laud-re…

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    • Sibshops@lemm.ee ⁨4⁩ ⁨weeks⁩ ago

      Is this the right article? It said they just did a test.

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• madame_gaymes@programming.dev ⁨4⁩ ⁨weeks⁩ ago

  Presumably you’re talking about CBDCs, but it’s not what you claim. It’s a state issued currency from a central bank and only some countries have adopted it, while others have rejected it. It is not applied across the board or used to transfer/exchange currencies in any way. A lot of them also do not even use distributed ledgers or blockchain. In the USA, some states have even banned the use of CBDCs.

  en.wikipedia.org/…/Central_bank_digital_currency

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  • Terevos@lemm.ee ⁨4⁩ ⁨weeks⁩ ago

    I’m talking about stuff like this: finextra.com/…/hsbc-and-ant-international-laud-re…

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    • madame_gaymes@programming.dev ⁨4⁩ ⁨weeks⁩ ago

      From the article:

      Launched in March this year, Project Ensemble is the HKMA’s wholesale central bank digital currency (wCBDC) project aimed at fostering the development of tokenization in Hong Kong.

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      • Terevos@lemm.ee ⁨4⁩ ⁨weeks⁩ ago

        There are a number of banks working on this. Not just testing but in production, now.

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