Comment by RHSeeger
Doesn't the anonymous-ness of crypto/zcash make it impossible for the bank to handle fraud (reversing of charges and such)?
My understanding is that banks, at least in the US, need to have fairly extensive knowledge relating to all transfers of money, both for fraud handling and for non-fraud (money laundering, etc). A transaction they can't know anything about other than "transfer X money to some recipient you can't know anything about" just doesn't seem realistic with the regulations involved.
Plus, even "transfer X money to some recipient you can't know anything about" is a message that you're sending _to_ the bank, that they have to be able to decode and read. And, presumably, you'd encrypt that message and expect the bank to decrypt it.
Honestly, I don't understand what argument is that you're not sending a message TO the bank, and they need to be able to read it in order to act on it, and they need to decrypt it to read it. The bank is the target of the message, they are one of the "ends" in E2EE.
I feel like I need an "Explain this like I'm 5", because clearly you believe differently than me... and I don't understand _how_ it can be otherwise.
Yes, banks have a bunch of regulations which means they can't run an end-to-end encrypted payment service.
That's an argument that their payment service is not end-to-end encrypted, not an argument that you can simply redefine the ends and say that it is.