Discussion
for those still following crypto, China's e-CNY payment system - their panic response to Facebook's Libra - has *pivoted* to being for commercial banks to trade between themselves
https://finance.sina.com.cn/roll/2025-12-29/doc-inhemqas8008548.shtml
this is the system that ended up being tenpay/alipay but without a point
it's also a "mixed blockchain architecture", which i think means a mix between (a) talking about it and (b) not actually using it
When you say trade between themselves, does that mean, they simply speculate on what other banks are going to pay for this digital tulip?
@GhostOnTheHalfShell no no it's just a fully backed stablecoin issue by the PBOC
now you might think this is logically pointless
So basically, they just add all the processing speed of a Blockchain transaction. Do I have it right?
@GhostOnTheHalfShell ah, it's cleverer than that: they generally do these things so there's a blockchain there, but the actual work is done with a database
some the blockchain isn't even there any more, except in the press releases
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@davidgerard Truly amazing.
Tricking a government into thinking the tech was the future was only a drive-by in the rush to trick investors into thinking it was the future, but they did it!
Imagine using a blockchain for something that can be done with a spreadsheet. Or a database if you're feeling fancy.