Coinbase Wants to Be Too Big to Fail

Re:Coinbase Wants to Be Too Big to Fail by illumin8 on Thursday September 27, 2018 @07:09PM (#18089673)

I've sent many Bitcoin transactions into the 6 figures of USD recently, and never paid more than $0.25 for a transaction fee. Think about this: What does your bank charge for a wire transfer? Mine wants to charge $37. And how long does it take to complete? Mine takes days.

Compare this to $0.25 and a 10 minute delivery time. It's honestly not even close.

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Re:Coinbase Wants to Be Too Big to Fail by richardknop on Friday September 28, 2018 @04:23AM (#18091793)

As another poster mentioned, this is argument against your bank, not for Bitcoin. Many banks (for example most EU banks) charge zero fees and wire transfers are instant.

It's just incompetence of banking system that this is not supported more widely but there are no technical reasons why it cannot be like this globally for all banks.

So this is not a long term moat for BTC as banks can just become competent one day and this advantage disappears.

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Re:Coinbase Wants to Be Too Big to Fail by poolbath1 on Friday September 28, 2018 @11:13AM (#18094025)

The whole point of Bitcoin was to form an alternative to banks so that they don’t become all powerful. If banks become better actors as a result, that’s good for Bitcoin.

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Re:Coinbase Wants to Be Too Big to Fail by illumin8 on Friday September 28, 2018 @08:15PM (#18097993)

I've only had experience with the US banking system. It seems like this is much better in other countries.

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Re:Coinbase Wants to Be Too Big to Fail by digianarchist on Friday September 28, 2018 @08:39AM (#18092818)

The UK faster payments system is instant. Sorry US/Canada your payments systems are just slow and expensive.

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Re:Coinbase Wants to Be Too Big to Fail by kalleboo on Friday September 28, 2018 @12:22AM (#18091049)

> What does your bank charge for a wire transfer?

Free

> And how long does it take to complete?

Seconds

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Re:Coinbase Wants to Be Too Big to Fail by illumin8 on Friday September 28, 2018 @08:15PM (#18097987)

I wish I lived in Europe... /sigh

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Re:Coinbase Wants to Be Too Big to Fail by smaili on Thursday September 27, 2018 @07:12PM (#18089692)

To be fair, at peak BTC I recall seeing people claiming confirmation times of in the hours.

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Re:Coinbase Wants to Be Too Big to Fail by illumin8 on Thursday September 27, 2018 @09:12PM (#18090253)

You're taking almost 10 years of fast Bitcoin confirmation times and focusing on a narrowly small number of weeks or months that things were congested...

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