Comment Re: Typical. (Score 3, Interesting) 21
I think the problem is that the first step is actually "Make an expensive system that's free to use, that we don't know how to sustainably pay for."
I don't buy it. They've made it to massive scale without anyone going bankrupt; clearly no one is paying 0.3% of every transaction ($100 billion/year) to keep the current system afloat. The internet itself is evidence that you can have billions of secure, complex transactions where each party just pays a minimal amount for access to the network and no third party needs to be paid for every transaction (roughly $0.06 for a couple hundred bytes in this case).
This is just banks trying to muscle in on some nice-looking transactions.