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>> “The idea is to set up a payment network outside the current banking structure.” <<
Not sure that is legal.
If it is, why are not all of the systems “outside the current banking structure?”
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Ever pay a kid for doing your lawn ? That’s not inside the banking network. Barter isn’t inside the banking network.
There are several problems with banks: massive, established overhead, entrenched bureaucracies, and utter lack of privacy. Which is why many people prefer to deal on a cash-only basis. . .