On: Binance's books are a black box, filings show, as it tries to rally confidence

[legutierr]

Yeah, but what if that decentralized network of trustless computers already exists, and transaction costs relative to costs you would otherwise incur are very low?

The premise of your argument is that building a clearinghouse is cheaper and easier than using a blockchain. That seems laughable, honestly.

[RC_ITR → legutierr]

> Yeah, but what if that decentralized network of trustless computers already exists, and transactions costs relative to costs you would otherwise incur are very low?

Sure and what if unicorns were real? Horses would seem pretty boring then I bet.

> The premise of your argument is that building a clearinghouse is cheaper and easier than using a blockchain. That seems laughable, honestly.

I guess it’s good that we are both laughing at each other then.

[robjan → legutierr]

If you use the Blockchain you still need to legislate such that whatever is on the chain is legally binding then create an agency to enforce it.

[legutierr → robjan]

This should be possible to do only through standardizable contracts, with enforcement through arbitration and/or the courts.