Koa is awesome.
688 karma · joined August 26, 2008
Koa is awesome.
Synapse problem was fundamental and it stems from the same mistake OP is making: never ever build your own, homegrown ledger if you can avoid it.
A single record can (and will) be lost. Network issue, db issue, etc., some transactions will not make it to the db.
With double entry you at least have a chance of reconciling the lost transaction.
Putting this burden on banks is a thing pretty unique to the US. Not sure why anyone would be surprised to find out this does not work.
Gov licenses credit bureaus and runs its own one. Banks must report to all licensed bureaus and may choose which bureau to pull reports from. This means a report from any bureau is as good as from any other one.
Having a gov player in the market effectively creates a price ceiling, so a private bureau has to sell data for less than the government-run bureau. Private bureau has to keep innovating to justify its existence and thus keep creating new products which predict creditworthiness better and better. Credit report includes all the raw information, so banks are free to compute their own score and are not bound to anything stupidly archaic and awkward such as US FICO score, don't need to rely on any external score at all. It is the XXI century, computing a credit decision out of a few hundred datapoints takes milliseconds, costs nothing. So gov-run bureau sees a fraction of a % of the load yet effectively moderates the whole market. The largest private bureau is owned by banks (like VISA used to be) and thus is working in the best interests of the banks.
Many (if not all) problems we see in the US financial sector are the result of regulatory and legislative negligence. Just some lazy folks trying to run things the way there were in the 80es.
This explains why I read slower when I read in English.
At least that's my experience with GL.iNet MT2500A (Brume 2). I happily use their older travel routers though.