this post was submitted on 10 Apr 2025
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Showerthoughts
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A "Showerthought" is a simple term used to describe the thoughts that pop into your head while you're doing everyday things like taking a shower, driving, or just daydreaming. The most popular seem to be lighthearted clever little truths, hidden in daily life.
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- Both “200” and “160” are 2 minutes in microwave math
- When you’re a kid, you don’t realize you’re also watching your mom and dad grow up.
- More dreams have been destroyed by alarm clocks than anything else
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Someone is a luddite. Crypto is now used by banks and credit card companies for xfer.
Except no it's absolutely not. They use systems such as ACH and the Federal Reserve Wire Network. For international transfers, they use systems like the SWIFT network.
Why add a crypto middleman to transactions like those?
Because 1) blockchain is far more secure than the older methods of xfer, 2) blockchain is faster than the current methods, and 3) blockchain is cheaper than the current methods.
I work with a few banks who are actively using this already and others who are developing the technology. Not sure where you get your information, but I can tell you first hand that banks and credit card company absolutely are using crypto right now.
Who is running the nodes?
angry goose noises
🪿 WHO IS RUNNING THE NODES?
You may work with banks that are experimenting with it, but it's not going to replace things like SWIFT any time soon.
Banks are not typically replacing Swift, they are using Swift with a blockchain validator.
OK, I'll bite... Do you have any links to specific banks detailing their use of blockchain to make transfers to other banks?
https://www.swift.com/news-events/press-releases/swift-unlocks-potential-tokenisation-successful-blockchain-experiments
https://www.swift.com/news-events/press-releases/global-banks-use-swift-trialling-live-digital-asset-transactions-2025
https://www.fintechfutures.com/blockchain-crypto-digital-assets/more-banks-nuzzle-up-to-swift-s-nostro-blockchain-project
https://www.jpmorgan.com/kinexys/index
https://www.ulam.io/blog/blockchain-in-banking-use-cases-and-examples
Well. I stand at least somewhat corrected. The SWIFT usage seems experimental right now, but Kinexys is clearly in use in production.
Where did you get this made up fantasy from?
The news... also... banks that I work with. https://www.finextra.com/newsarticle/44961/hsbc-and-ant-international-laud-results-of-blockchain-based-tokenized-deposit-transfers
The "tokenization" you hear credit card companies using like Mastercard is cryptography. It isn't cryptocurrency or blockchain. When people say "crypto" isn't being used, they mean blockchain in this case.
https://www.mastercard.com/news/perspectives/2024/what-is-tokenization/
So Mastercard is not doing blockchain, but plenty others are. https://www.finextra.com/newsarticle/44961/hsbc-and-ant-international-laud-results-of-blockchain-based-tokenized-deposit-transfers
Is this the right article? It said they just did a test.
Presumably you're talking about CBDCs, but it's not what you claim. It's a state issued currency from a central bank and only some countries have adopted it, while others have rejected it. It is not applied across the board or used to transfer/exchange currencies in any way. A lot of them also do not even use distributed ledgers or blockchain. In the USA, some states have even banned the use of CBDCs.
https://en.wikipedia.org/wiki/Central_bank_digital_currency
I'm talking about stuff like this: https://www.finextra.com/newsarticle/44961/hsbc-and-ant-international-laud-results-of-blockchain-based-tokenized-deposit-transfers
From the article:
The article also talks about how this is an experimental thing in Hong Kong. It's a testing environment, not a production case.
There are a number of banks working on this. Not just testing but in production, now.
"Working on" implies pre-production, at least to my understanding.
Then again if game companies can do Early Access, why not banks?