Sunday, September 9, 2018

Trusted miners in action

Denmark’s largest bank is investigating whether companies with ties to Russia used it to launder money, examining $150 billion in transactions that flowed through a tiny branch in Estonia, according to people familiar with the matter.
The Dernmark bank is a correspondent bank in SWIFT terms, a trusted miner.  The Denmark bank found the ledger violations in Estonia.

Ripple's great idea was to automate the correspondent system.  My idea is to make a secure SWIFT interpreter for our cards, and we can make whatever trusted miner system we like. 

Theory says we only need to know the market share of laundries, we can price it and buy insurance. So, all we need from trusted miners is to make a claw back attempt ex post that we see enough to set insurance rates.

Guv regulators compete well in sandbox, trusted miner works, supported by membership system, prequals..

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