@drew

"So we're celebrating blockchains that achieve fast finality—irreversible consensus on the ledger state—for assets that aren't actually final because they can be rugged at any moment by the entity that issued them. You've built a high-performance consensus mechanism for tracking IOUs that the issuer can invalidate whenever they choose." well said. I think a lot of confusion comes from the fact that in most of the financial system the transaction is separate from the settlement. if you use a credit card, it takes seconds to go through but the merchant doesn't get their money for days (and it's at risk for chargebacks for months). w/ Bitcoin, the transaction and settlement happen at the same time.

0 reply

0 recast

1 reaction