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
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
Comments
Be the first to add a comment
Log in to comment