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How Keeta processes 11M financial transactions per second with Spanner

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Re: How Keeta processes 11M financial transactions per second with Spanner

#31

Post by ETH_start »

troupo wrote: post #17
gigatexal wrote: post #8

Oh cool a blockchain crypto thing that will actually be compliant and do KYC and such and not take forever to settle things. If crypto destroys the fx money changer companies that charge egregious fees and makes it such that I can send money to friends and family without delay and fees I’d be all for that. Maybe sane officials will let the US Federal Reserve launch a digital dollar and finally fix all the middle men…

Ah yes. A "blockchain" that checks notes isn't a blockchain (uses their own implementation of a DAG) and checks notes is running on a single product by a single company. The actual disruptor here is Google Spanner which actually handles all the ACID required. > If crypto destroys the fx money changer companies that charge egregious fees and makes it such that I can send money to friends and family without delay and f…

[dead]

Re: How Keeta processes 11M financial transactions per second with Spanner

#33

Post by delusional »

OutOfHere wrote: post #24
gigatexal wrote: post #22

Earlier quoted context omitted.

Exactly. But is USDT doing KYC?

No, and the user never asked for KYC. It is an encumbrance to everyone, and the self-custody crypto world does away with it.

If your money replacement involves dismanteling the little protection we have against money laundering and banking AlQueda (amonst others). I'm going to put you in the "Bad Blockchain" bucket.

I am sure you can make a more efficient banking system if you don't do any checks at all. That's not an interesting observation.

Re: How Keeta processes 11M financial transactions per second with Spanner

#34

Post by gigatexal »

OutOfHere wrote: post #24
gigatexal wrote: post #22

Earlier quoted context omitted.

Exactly. But is USDT doing KYC?

No, and the user never asked for KYC. It is an encumbrance to everyone, and the self-custody crypto world does away with it.

> If your money replacement involves dismanteling the little protection we have against money laundering and banking AlQueda (amonst others). I'm going to put you in the "Bad Blockchain" bucket. I am sure you can make a more efficient banking system if you don't do any checks at all. That's not an interesting observation.

Yup. Most crypto maximalists are unknowingly (knowingly?) aligned with terrorists and other criminals looking for anonymity online skirting existing banking rules.

Re: How Keeta processes 11M financial transactions per second with Spanner

#35

Post by OutOfHere »

delusional wrote: post #33
OutOfHere wrote: post #24

Earlier quoted context omitted.

No, and the user never asked for KYC. It is an encumbrance to everyone, and the self-custody crypto world does away with it.

If your money replacement involves dismanteling the little protection we have against money laundering and banking AlQueda (amonst others). I'm going to put you in the "Bad Blockchain" bucket. I am sure you can make a more efficient banking system if you don't do any checks at all. That's not an interesting observation.

Money laundering is an ill-defined made-up concept. Anyone can get accused of it without evidence and suffer disastrous consequences, without the actions. If is a discriminatory act used by fascists to deny people their rights. Who are you to tell anyone how they can spend their money. You are so full of hate that you think other people must do as you say and be servile to you, even if it means taking their liberties away without cause. Well they won't.

Re: How Keeta processes 11M financial transactions per second with Spanner

#36

Post by OutOfHere »

gigatexal wrote: post #34
OutOfHere wrote: post #24

Earlier quoted context omitted.

No, and the user never asked for KYC. It is an encumbrance to everyone, and the self-custody crypto world does away with it.

> If your money replacement involves dismanteling the little protection we have against money laundering and banking AlQueda (amonst others). I'm going to put you in the "Bad Blockchain" bucket. I am sure you can make a more efficient banking system if you don't do any checks at all. That's not an interesting observation. Yup. Most crypto maximalists are unknowingly (knowingly?) aligned with terrorists and other crim…

That's complete nonsense, although they do reasonably believe that money transmission is a fundamental human right. In contrast, bad people like you would charge them for oxygen if they could.

Re: How Keeta processes 11M financial transactions per second with Spanner

#37

Post by OutOfHere »

ceejayoz wrote: post #28
OutOfHere wrote: post #26

Earlier quoted context omitted.

It is true, but with major caveats. Firstly, one has to submit strong evidence, call them repeatedly, and wait for many months. It is not a pleasant experience. Secondly, in the real world, any vendor like Amazon or Ebay or Uber or Lyft will immediately freeze the user's account if a dispute is initiated, barring the user from using the service. This is a substantially worse outcome for the user.

> Firstly, one has to submit strong evidence, call them repeatedly, and wait for many months. You should get an Amex. (I've had little issue with various Visa/MC issuing banks, though. Quick and easy.) > Secondly, in the real world, any vendor like Amazon or Ebay or Uber or Lyft will immediately freeze the user's account if a dispute is initiated, barring the user from using the service. In most cases, shady vendors…

I don't order from shady vendors.

Re: How Keeta processes 11M financial transactions per second with Spanner

#38

Post by OutOfHere »

yunohn wrote: post #32
OutOfHere wrote: post #19

KYC compliance is not a feature. It is a liability. Identity data is both leaked and abused all the time. Google had a data breach just two weeks ago.

Could you provide a source for Google’s “KYC data” breach?

KYC data is PII data. I'm referring to Google's Salesforce breach, which most certainly included substantial PII data.

Moreover, other companies like Coinbase that do KYC have had their KYC data stolen this year as well, putting the lives of asset holders at risk.

Re: How Keeta processes 11M financial transactions per second with Spanner

#39

Post by gigatexal »

OutOfHere wrote: post #36
gigatexal wrote: post #34

Earlier quoted context omitted.

> If your money replacement involves dismanteling the little protection we have against money laundering and banking AlQueda (amonst others). I'm going to put you in the "Bad Blockchain" bucket. I am sure you can make a more efficient banking system if you don't do any checks at all. That's not an interesting observation. Yup. Most crypto maximalists are unknowingly (knowingly?) aligned with terrorists and other crim…

That's complete nonsense, although they do reasonably believe that money transmission is a fundamental human right. In contrast, bad people like you would charge them for oxygen if they could.

Crypto: monero, ICOs, stable coins, grift, extortion, Ponzi schemes.

I don’t want to charge people for money. I’m just leery of the I must be anonymous in everything crowd. I’m pro encryption, I’m also pro KYC and other anti money laundering programs — I do think the industry could be disrupted a bit though the exchange fees are egregious. Most of it is just going to profit margin and by activities that are just rent seeking.

Re: How Keeta processes 11M financial transactions per second with Spanner

#40

Post by OutOfHere »

gigatexal wrote: post #39
OutOfHere wrote: post #36

Earlier quoted context omitted.

That's complete nonsense, although they do reasonably believe that money transmission is a fundamental human right. In contrast, bad people like you would charge them for oxygen if they could.

Crypto: monero, ICOs, stable coins, grift, extortion, Ponzi schemes. I don’t want to charge people for money. I’m just leery of the I must be anonymous in everything crowd. I’m pro encryption, I’m also pro KYC and other anti money laundering programs — I do think the industry could be disrupted a bit though the exchange fees are egregious. Most of it is just going to profit margin and by activities that are just rent…

You're leery because you've been privileged in that you have not been victimized or unfairly targeted for your actions. Money laundering is a fake/made-up liberty-stealing concept by corrupt people that want to enslave others and tell them what they cannot do. If you think that Monero and stablecoins are equivalent to the other things you named, you are not even very educated.

Are you aware of the Coinbase customer data leak that happened this year? It revealed cryptocurrency balances, names, and home addresses. It was a disaster for the customers who will now risk kidnappings and death threats from extortionists. This nightmare was a direct result of KYC. It would have been a non-issue without KYC in a stablecoin economy.

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