Author: Amir Taaki 2011-12-16 20:10:30
Published on: 2011-12-16T20:10:30+00:00
The author expresses their opinion that International Bank Account Numbers (IBANs) are not a good fit for Bitcoin. They argue that the entire banking system is a mess and banks are looking to alternative solutions for answers, as evidenced by Bitcoin Consultancy being invited to join a panel on bank 2.0 at the SWIFT conference. The author believes that IBAN was built by finance people rather than engineers or hackers and therefore has no place in Bitcoin. They also point out that the ECB's specification on SEPA payments highlights a system made to work alongside legacy systems that rely on inefficient people, with interchange fees dependent on an arbitrary test of merchant indifference and various antitrust regulations. In a separate email thread, another user argues that using Namecoin for aliases is over-engineering and suggests that the way to go is to make aliases as easy as possible so that everybody can implement them in their own solution. The user goes on to say that while they see potential in IIBAN (International Identifiers for Blockchain Addresses), it is currently only a theoretical concept and needs time to mature before being added to the Bitcoin client. Ultimately, the user argues that using a superior technology that is hard to implement or understand won't solve the situation because it will only end up being used in the standard client and nobody else will use it.
Updated on: 2023-06-04T21:50:11.574326+00:00