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I didn't expect the Bitcoin economy to kick out a pretty thought-provoking essay on the nature of trust in a corporate memo, but they did, so see this screenshot of the memo.
You'll see examples of this *all over* if you look for them.
You'll see examples of this *all over* if you look for them.
A random example for you: settlement times go up as inter-institutional trust goes up.
The Bitcoin economy wears on its sleeve that it trusts no one, and has ~1 hour settlement.
Banks in the US settle e.g. checks in X days.
In Japan, interbank payments can take Y months.
The Bitcoin economy wears on its sleeve that it trusts no one, and has ~1 hour settlement.
Banks in the US settle e.g. checks in X days.
In Japan, interbank payments can take Y months.
And the nations of Japan and the United States signed a piece of paper in like 2007 which says, among many other things, "We're going to net out a 7 figure liability about Patrick in, hmm, 2060 or so. No big deal, we know you're good for it."
(The paper was the US Japan Social Security Totalization Agreement and yeah that's approximately the per-retiree cost and mechanism for covering a citizen of one that spends their entire working career in the other.)
