Moreover, other companies like Coinbase that do KYC have had their KYC data stolen this year as well, putting the lives of asset holders at risk.
If crypto destroys the fx money changer companies that charge egregious fees and makes it such that I can send money to friends and family without delay and fees I’d be all for that.
Maybe sane officials will let the US Federal Reserve launch a digital dollar and finally fix all the middle men sucking no-value-added rents out of the financial system
Blockchain technology is not just a scam industry by happenstance. The technology is so bad at what it usefully does that it necessitates being a scam industry. If it was to compete with mainline banking, it would lose 10 times out of 10.
I strongly suspect the reason is the regulations themselves. KYC implementations cost money, and so do fraud disputes. Traditional crypto provides neither, so the fees ther are much lower.
Wise used to be almost completely free (excl spread), but they also introduced small % based fees over 1-2 yrs ago. They have had and continue to have many competitors, all of whom are experimenting with pricing models all the time.
If crypto could solve this, or if a trad-fi competitor could disrupt this, they would have. But that is not a very satisfying story, so here we are…
The actual disruptor here is Google Spanner which actually handles all the ACID required.
> If crypto destroys the fx money changer companies that charge egregious fees and makes it such that I can send money to friends and family without delay and fees I’d be all for that
Strange how this amazing ripe-for-the-taking idea has been said about crypto for 20 years now. And somehow it's always "too early, it's coming in the future"
"Tens of trillions of dollars worth of value are transferred across outdated financial systems daily — and Keeta Network has proven it has the speed, scale, and security to be the foundation for a new, interconnected ecosystem."
"Google Cloud was also instrumental in helping to prepare and execute Keeta’s stress test, providing world-class infrastructure and technical guidance that helped validate the network’s real-world performance"
I've been DYOR and I suspect that once a few companies start using their network, Keeta will quickly become indispensable because of their speed and low usage cost.
Also wonder if those companies who sell over Keeta will pass the savings on to consumers. hmmm :)
Thanks xescure
