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Obviously it never had it that was my point. It was flowery wording for the bitcoin network having evolved from modern finance, in that its modern finance with features ripped out.



"Modern finance" has these features because they are at their core an old boy's network of people saying "yes this is definitely okay". On top of that, it is running on maybe two distinct networks globally, both of which are not immune to just going down.

It's then a bit disingenuous to say that it's "modern finance with features ripped out", I would say it's modern finance with a different set of priorities. Two of those priorities are reliability and verifiability, which are two features the current networks have absolutely none of.


Visa is not reliable? They successfully processed 99.9995% (5 nines) of the last 319 billion transactions. [1] Marketing suggests they're working to get that to 100%. It's also totally verifiable, as it needs to be audited by the various regulators and industry bodies. It's absolutely both of those.

To my knowledge, bitcoin just achieved 4 nines of uptime since the genesis block -- impressive in its own right to be sure.

Bitcoin may not be so verifiable itself, right, after all, the longest chain wins and over 50% of hash power is located in the PRC. I'd say a strongly worded memo from Beijing that a new longest chain needs to appear is a bigger weak point than the worlds largest payment network with 5 nines of reliability over the last few decades suddenly decides to stop working, or that they'd stop scribbling down transaction data and avoid getting audited/fined/shuttered.

That aside Bitcoin's real issue was never on-chain, but off-chain. Tether and Bitfinex aside, to get a real, truthful, accurate accounting of transactions within the bitcoin ecosystem the weak links by a country mile are the tumblers, the exchanges and so on. Their reporting data is, shall we say, far from tip top. Just ask QuadrigaCX.

Old boys network or not, the up and comer needs to be better, not "just different" or "measurably worse."

[1] https://www.datacenterknowledge.com/uptime/visa-s-uk-network...




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