Comment by darioush | Hacker News Reader

Comment by darioush | Hacker News Reader

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What is insisting that Blockchain does nothing useful?

It provides the following features which everyday financial institutions do not:

- 24/7 operation. Did you ever try to start a transfer on the weekend? - Near instant results. No more waiting several business days to get your own money. - Transactions will not trigger "account reviews", potentially locking you out from accessing your funds for an indefinite time, since you were traveling or otherwise spending your money in a way you usually don't. - Transparency on what data is retained about you and who it is sold to. - Authentication with cryptographic signature not SMS

All modern Blockchains will do the above without sending you paper mail or requiring you to update your income and address all the time.

None of that requires a blockchain.

Blockchain provides no advantage for any of those features over a centralized authority.

Can you provide an example of a centralized authority providing a service with these features that is widely adopted? Because there are blockchains that provide these features currently, and central authority finance has had a lot more time to figure things out.

yes.

And then you copy paste the wrong account number or amount, and you're screwed as transactions are irreversible, and there's no central authority which can revert that.

Oh and money laundering

Right because money launderers prefer a permanent public record of all their TXs?

Seriously I don't get the money laundering angle on chains.

Maybe in early days it was assumed chain analysis would be difficult, these days many contractors specialize in on-chain analytics and governments are investing in this too (as they should).

In fact I would LOVE to see traditional banks settlements as public record, y'know for all that money laundering that never happens on their books ;)

Tell me you've never used Zelle in the US or a bank wire without telling me you've never used Zelle in the US or a bank wire.

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