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But banks can upgrade security protocols, in theory, to quantum resistant encryption. Bitcoin's protocol is frozen.

Banks themselves can (like the main stores). But the end users are still using basic pins. Also, most banks have begun using ripple/xrp for intra-bank transfers. So there is also whatever vulnerabilities THAT has.

Beyond that… the banks are also compromised with H1B Chinese and indians, technocrats, and other insider threats to the point that I’m not sure any encryption will make them safe. Encryption doesn’t matter if you cannot trust the admins.

I do worry about BTC, don’t get me wrong. Long term, some new technology may make BTC simply too vulnerable to be useful, even if it isn’t current level quantum computing.

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Discussion

~finpel-dorred 4mo ago

Yeah. It will be interesting to see how things develop.

How commonly is ripple used?

Josephus 4mo ago

The banks try to hide how much they are using it. But it is basically the standard for all of the major US banks now. Could be even more broadly ubiquitous.

~finpel-dorred 4mo ago

Really?

Josephus 4mo ago

Yes. That’s why that coin is spiking so high. Its value, besides the usual speculators, is basically being propped up by the big banks buying it up largely to use for this purpose.

~finpel-dorred 4mo ago

What's the theory for how banks will use it if its dollar price is so volatile?

Josephus 4mo ago

The banks use them for transfers within the bank (eg: you transfer money from your checking to your savings). So the dollar price doesn’t really matter since it is always being converted right back to dollars. It is more there to make a proper log of transactions with better security features than what the banks themselves could come up with on their own.

~finpel-dorred 4mo ago

Oh, interesting.