[2015-12-25] PrivatBank: Blockchain is Great, but We Put Our Stake on Bitcoin

[LiteCoinGuy]

PrivatBank: Blockchain is Great, but We Put Our Stake on Bitcoin

Dmitri Donets, deputy chairman of e-business center at PrivatBank presented an extended speech on the bank’s cryptocurrency-related intents at Blockchain Conference Kyiv.

Last week PrivatBank became the first Ukrainian bank to integrate bitcoin as a settlement tool. As of December 14, it has been available to several customers of the bank, while as of December 20 any entrepreneur has had an option of accepting bitcoins for goods and services.

http://forklog.net/privatbank-blockchai ... n-bitcoin/



this is the next phase: "Blockchain is Great, but We Put Our Stake on Bitcoin"

[arnoudk]

I believe that in time only trustless chains will remain.

It may take a few iterations and a long time before we get there... but all trust is abused at some point or another if enough value is at stake. If trust is low, or if you forsee a situation where trust is low, you would opt for the trustless option. Just remember that in 2008 banks were not willing to trust their money with another bank because they were uncertain if those other banks were truthful. It is simply not accurate to say banks would trust each other and that a shared and trusted ledger would be OK in all cases.

Great news about this PrivatBank offering. It really does make sense that they would proceed with caution.