Forwarded from CSW - Slack Channel (@RamonQuesada 🌷)
2/2
And, before this will ever be developed and used, banks need to know the same as any institutional investor would want to know which is can I recover

no recovery, no application


The importance of the alert key is to let the network know very quickly that something is wrong.

Equally fast, a false alert can be reversed or disputed

the cost of doing a recovery is going to never be small.

In the short term I cannot and I emphasise cannot see any recovery claim costing less than £50,000

Now, take that into account

proceeds of crime orders will be different and could be collated but, once some of the money has been used in commerce it will be protected from being grabbed and redistributed

as far as banks are concerned the custodial services will be created so that it is unlikely that any bank would ever have less than £50,000 in an account.

Remember, banks do not hold your money

The nature of banking is that you contract with them and give them your money for some other amount such as interest

you do not have money in a bank
you have a debt that the bank owes you

this is the same as bitcoin exchanges right now

you do not own the bitcoin in an exchange

Ever
you own a debt that the exchange has to repay

Ah
now you are talking about something called a depository

The Florentine Medicis would hold gold and issue deposit notes and this is analogous to what you're discussing

my wife's father was an executive at a major bank in Singapore, but the problem is the banks in the period between the 50s and the 70s are not the same thing as they are now

they have moved away from banking and customer service to quick returns in the financial market

banking really is not the problem

The problem is that most banks aren't banking

the small amounts will end up with proceeds of crime is orders. It won't recover everything, likely $0.60 on the dollar but this will be enough to dis-incentivise most crime

Right now, laundering money results in as little as 20% of the proceeds of crime

if you can take away more than that you make it uneconomical

exactly, thanks used to work in partnership with small businesses and firms to grow them

that is the model we need to get back to

but, this idea of bonuses based on short-term profit that often leads to long-term debt has developed since the 1980s

Banks DO NOT hold your money

They pool it

You own a debt

A bank cannot exist with under 50k accounts and deposits

The bank does not care if it is 5usd, you are not holding, they pool

CSW
Feb 27, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1614442861424100?thread_ts=1614442861.424100&cid=C5131HKFX
2/2
https://t.me/CSW_Slack/2479
Forwarded from CSW - Slack Channel (@RamonQuesada 🌷)
Forwarded from Pavel Durov
In 2022, Telegram is again among the top 5 most downloaded apps in the world (just like in 2021). Of these top 5 most popular apps, Telegram is the only one that doesn't spend billions on marketing to buy downloads. In a way, we are the only app that is on the list purely because it is genuinely loved by the people❤️‍🔥
How Bitcoin won the race…
Dr. Craig Wright

"This article was first published on Dr. Craig Wright’s blog, and we republished with permission from the author.

Many people falsely believe that Bitcoin is a cryptocurrency. Bitcoin is not encrypted. Bitcoin is the first digital cash system that presents cleartext and is completely traceable."

https://coingeek.com/how-bitcoin-won-the-race/