What stops GS from replacing their fee-based offerings with a blockchain solution? Could this really be as obvious in hindsight as looking at Sears in the 90s not developing an online catalog?
> What stops GS from replacing their fee-based offerings with a blockchain solution?
What does that sentence even mean? To me this is right up there with "I'll create a GUI interface with Visual Basic and see if I can track an IP address."
It literally means what the words say. What stops Goldman Sachs from replacing whatever mechanism they use to process payments with some coin. I would gladly accept the answer ‘because it doesn’t make sense’. Didn’t realize I’d get so much heat for this though.
I’m literally not sure, hence the question. I don’t know much about blockchain other than its sort of an answer to the Byzantine generals problem? It was a legit question.
For one thing, there is no solution to the Byzantine generals problem, this has been proven mathematically.
Cryptocurrencies sidestep it by saying "whoever is the luckiest (aka 'owns more GPUs') gets to decide the truth".
Traditional banks handle the problem by not having Byzantine generals: there is one and only one trusted authority who is compelled by law to keep clean and clear books. If a bank has a Byzantine problem that needs solving, they've already done something illegal.
