Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stiglitz Says

Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli... by mrgordon on Wednesday November 29, 2017 @11:21PM (#15813449)

I agree with SomeStupidPoint that at the current speeds it blows away both ACH and wire transfers if you need the transfer to happen pretty quickly but don't want to pay usurious fees.

Every major blockchain is trying to shard or find other solutions to increase scalability of confirmations. Most coins have it on the 2018 roadmap to deliver lots of these improvements which will bring the transaction times way down. If some coins stay slow, then others will be used instead for situations where you need to compete with the speed of a wire transfer.

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Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli... by andrioni on Thursday November 30, 2017 @02:28AM (#15814028)

Aren't the bitcoin transaction fees actually higher than what you would get with banks? I don't know how it works in the US, but I can do free almost-instant transfers inside Germany with no problems at all, including for online transactions (like Amazon).

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Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli... by zaarn on Thursday November 30, 2017 @03:43AM (#15814295)

For transfers under 500$ (roughly) the fees from a proper bank transfer will be more expensive.

SEPA has basically no fee and is usually next day, with SEPA SCT Inst it'll soon be 15 seconds (and no more than 20 seconds) with the same fees, after which bitcoin can't compete on that anymore.

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