1 sat \ 2 replies \ @k00b 16 Nov 2021
I feel like we won't have open banking if it requires banks to agree on an open standard. They aren't incentivized. If we are going to get there it's likely some company like Stripe providing backend infrastructure to the majority of banks (which they adopt because it's cost efficient) and then Stripe adopts the standard.
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1 sat \ 1 reply \ @abetusk OP 16 Nov 2021
Or someone provides an open standard on top of Bitcoin which then eats the banks lunch.
Without cryptocurrency, your path for Stripe or some other equivalent service seems reasonable. With Bitcoin, this might be another use case where it could have been possible in fiat but cryptocurrency is able to execute on the idea because it's a better fit with the ecosystem and Bitcoin doesn't have all the baggage that comes from perverse incentives that the banking industry has.
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1 sat \ 0 replies \ @k00b 16 Nov 2021
True. Doing this with Bitcoin would be an interesting project area. What you'd need I guess is some kind of wallet + accounting layer - users can run such a system at home or banks could run it for users. The real gotcha is a marketplace problem: not only users have to adopt such a solution, but retailers too because bank-like statements identify who you're paying. Alternatively, users could "label" their transactions but no one wants to do that manually.
This might be something NYDIG is working on absent the open part.
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