Because Bitcoin especially (through the Tether fraud) and cryptocurrency more generally is a pyramid scheme, of course Wall Street and venture capital need it to go mass market. It's the only road to getting out of their current investment at a profithttps://www.politico.com/news/2021/05/30/bitcoin-investment-wall-street-lobbying-491399 …
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There’s very little difference between that and a bank account.
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Correct! The goal of these initiatives is basically to simplify the implementation, e.g. https://ripple.com/insights/ripple-pilots-a-private-ledger-for-central-banks-launching-cbdcs/ … You need a lot less due diligence and direct regulation (e.g. in the form of auditing) when the *whole* financial system is cryptographically verifiable
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The financial sector has strict rules for maintain immutable, tamper proof records, which is why things like WORM tape cartridges and Amazon Managed Blockchain exist. Even a fully digital currency would likely use a blockchain on the back end, so why add an extra layer?
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Here’s a good example of a technology that “is cryptographically coherent and verifiable, just like blockchains,” but much simpler: https://github.com/codenotary/immudb … The database is centralized, but the decentralized clients and gateways audit for anomalies, which adds trust
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