Blockchain banking - no fees?

[razz]

Not sure that I completely understand all of this but thought it worth sharing the concepts. How will the banks' share value be impacted by this service? How long will it take to get most consumers using it? What are the pitfalls or vulnerabilities? Nothing is ever as simple as this article suggests.
Is this close to happening?


http://www.cbc.ca/news/opinion/blockchain-competition-1.3837018

Quotes:
Blockchain is open-source software (free to anyone who wants to code with or improve it) that provides unhackable, authenticated and indelible records of transactions — something that, until recently, only banks could approximate at scale...

This means that banks ("your payment will be processed on the next business day") aren't needed to confirm that money has gone from account A to account B. The security (and delay, and cost) of bank authentication isn't required. Unfortunately, that's also how many banks make much of their profit. Transaction fees, anyone?"

[ToomuchStuff]

How many of us are using bitcoin on a regular basis?
How much of what it eliminates is legally required to prevent fraud, which the consumer isn't responsible for?

[LDAHL]

Is anything truly "unhackable"?

[jp1]

How many of us are using bitcoin on a regular basis?
How much of what it eliminates is legally required to prevent fraud, which the consumer isn't responsible for?

The thing is that the legal requirement is of institutions to report "suspicious" transactions. If there's no "there" there, is there still a requirement to notify? If someone creates a blockchain program that allows people to "deposit" money into the program and then send it via blockchain can the government really stop it from happening? Probably not. At least under current law since there wouldn't be any centralized organization to go after the way there is with banks. But getting people to trust and use such a software system as opposed to the safety and security that is assumed when one uses a regulated bank may be an uphill battle, although I could certainly see people opening the account and then only putting money in at the time they intend to spend it. At least at first until the system shows itself to be reliable and trustable. I'd be willing to give it a try but I don't think I'd be putting my life savings in anytime soon.

[ToomuchStuff]

The thing is that the legal requirement is of institutions to report "suspicious" transactions. If there's no "there" there, is there still a requirement to notify? If someone creates a blockchain program that allows people to "deposit" money into the program and then send it via blockchain can the government really stop it from happening? Probably not. At least under current law since there wouldn't be any centralized organization to go after the way there is with banks. But getting people to trust and use such a software system as opposed to the safety and security that is assumed when one uses a regulated bank may be an uphill battle, although I could certainly see people opening the account and then only putting money in at the time they intend to spend it. At least at first until the system shows itself to be reliable and trustable. I'd be willing to give it a try but I don't think I'd be putting my life savings in anytime soon.


You might want to look up the Silk Road discussion we had a while back. People would certainly have less recourse when they fell for phishing, or spyware/hacking etc. then they do with traditional banking.

[bae]

Is anything truly "unhackable"?

Yes.

[ToomuchStuff]

Yes.


Let me guess, the currency of Yap again?:laff: