Comment by wyldfire
7 days ago
> It just hasn't happened because the vibes are wrong and it appears that they'll stay wrong for a while.
No. A civil society needs to be able to issue judgments that override transactions / seize assets. And therefore they cannot have automatons determining where the assets belong.
When criminals are caught with their hand in the cookie jar, we can't just shrug and say "gee I wish we had a way to get that money back."
I'm a big fan of bitcoin and to some extent cryptocurrency. I think it has real value. But I'm not deluded enough to think it can somehow replace all ledgers everywhere.
I'm not proposing that this all happen on an L1, of course you need some time for various parties to decide whether settlement should proceed. Nor am I saying that all ledgers everywhere would benefit from this change.
I'm just saying that many businesses would benefit (or become feasible in the first place) if the time between service-rendered and payment-pending were sub-second and built into the product and instead of relying on month-long-billing cycles. It would also be beneficial if the infrastructure for handling that process were common to both parties rather than having each of them track it separately hoping they agree on what is owed after the fact.