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8note parent
design wise, crypto looks most like banks being wallets and blockchains being a way for banks to agree on interbank transfers
hcknwscommenter
Because there is no energy efficient way to do an interbank transfer right? Right?
ty6853
Without KYC or AML, no.
AlotOfReading
Crypto does not exempt you from KYC and AML requirements.
ty6853
I didn't claim there was an exemption, but exemption or not the ways still exist. I'm claiming in practical reality bypassing kyc and aml is far more practical with crypto. Your comment is 99% academic without the context of reality.
tim333
It kind of does if the transfer is not between regulated entities. If you transfer crypto from one private wallet to another who is going to know you as a client?
nwah1
Banks like to be able to reverse transactions. As do courts.
MacsHeadroom
Banks mostly deal in stablecoin which tend to be reversible, freezable, etc by court order since they're permissioned not permissionless.
nwah1
But in that case you just have a really inefficient database, and the entire point of the Rube Goldberg apparatus is gone. You don't need to solve the Byzantine Generals problem with a trustless system when you are trusting someone.

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