/biz/ - Business & Finance

efficient*

>>52670345
You know how there are braindead boomers in secure office jobs they can't be fired from and how they prefer the extremely inefficient paper way of processing documents instead of using the computer? Banks are the equivalent of those boomers, they don't want to change the system even though it would benefit them as well in the long run.

Good news is that technology will simply force them to adapt or perish, just like banks had to force themselves to turn digital because fintech would take over, just like that retard office boomer was forced to learn to use email etc.

>>52670345
>why aren't banks/exchanges/etc. all moving to blockchain technology?
Because up until recently it wasnt really possible to run their own decentralized Blockchains. Avalanche Subnets (and Chainlink Oracles) change this.
A Subnet is a sovereign network which defines its own rules regarding its membership and token economics. It is composed of a dynamic subset of Avalanche validators working together to achieve consensus on the state of one or more blockchains. Each blockchain is validated by exactly one Subnet, and a Subnet can have many blockchains. A validator may be a member of many Subnets.
Subnets are independent, they specify their own execution logic, determine their own fee regime, maintain their own state, facilitate their own networking, and provide their own security. They don’t share execution thread, storage1 or networking with other Subnets including the Primary Network, effectively allowing the network to scale up easily while enabling lower latency, higher transactions per second (TPS), and lower transaction costs provided by the Avalanche Consensus.
Subnets can have their own token economics with their own native tokens and fee markets. They can launch their own blockchains with customized virtual machines.

>>52670345
Because a delay in settlement time for moving money, securities, or even crypto gives ample room for fraud and chicanery that is incredibly profitable. The best example would be the stock market, where nobody actually owns shit and the shit they think they own is used to short the same companies they're investing in to make money. There is zero other reason for not going instant/same-day settlement than fraud. Period, point blank, anyone saying otherwise smells of gifelte fish.

>>52670345
This will come, but it takes time. Remember that up until the mid 1960s the american stock market was still using ticker tape to transmit data. Big financial isn't like tech where they can make sweeping changes with a fat update.

Also this >>52671112, the new system of blockchains and proof of reserve is inevitable, but we have to give the jews time to figure out how to scam the system behind the scenes. Once they can get their cut, they'll let things move forward so we can get ours.

>>52671047
>
Why would they even care about a decentralized network? All they need is a network with the banks as members. They don't need a public blockchain. They would choose a private blockchain. Just like how the SWIFT system is a good ol boys system..

>>52670345
bureaucracy

There's no fraud on the blockchain and the trail of embezzlement is immutably recorded.

it's due to regulation, blockchain is not compliant where ACH is

>>52671689
This. Jews first. Goyim second. Unless we start executing them en masse again.

>>52672031
Blockchain can be compliant like ACH, the issue is private vs public and then you get into the whole can of worms of who makes it and what kind of cut of the action they want. We have the technology to do zero day settlement, it's just been very conveniently delayed for year after year after year after year while all manner of fraudulent bullshit happens behind the scenes. Can't bail out the rest of the world with dozens of trillions of dollars every year for the last three fucking years under cover of secrecy with two year gag orders if you have a zero-day settlement system that everyone can see. Or any other myriad fuckery that I don't have enough characters to get into fully.
>>52671958
Depends entirely on the chain and how it is implemented and built. Even then exploits and shit people just didn't think about are still a thing. It'd still be better than the existing system but unless the switch can be made with zero hiccups at all and the same or more money going into the pockets of the powers that be as well it's not going to happen.