[Cryptography] Digital currencies
brk7bx at virginia.edu
Tue Jun 21 17:14:26 EDT 2016
On Tue, 2016-06-21 at 18:43 +0200, Jeff Burdges wrote:
> On Mon, 2016-06-20 at 20:02 -0400, Benjamin Kreuter wrote:
> > Ignoring, of course, the massive difference in scale here. Bitcoin
> > does not even come close to the total number of transactions that
> > even
> > a small credit card processor will handle in a given day.
> Agreed. At the same time, there is an enormous cost built into
> Credit Cards because they operate through debt.
How do debit cards fit into this world view? My statement is equally
true for debit cards, and even for ACH and SWIFT. Bitcoin handles
something like 200,000 transactions per day when last I checked. SWIFT
transmitted an average of 18,000,000 payment messages per day in 2012
and has grown since then.
Debt is a red herring here. The issue is with processing transactions,
regardless of what those transaction represent or how those
transactions are organized.
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