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A comment on MasterCard to open up network to cryptocurrencies. Parent comment

Re:MasterCard to open up network to cryptocurrencies by u678u on Thursday February 11, 2021 @12:01PM (#26104024)
No if you have millions or billions basic wire transfers are instant and cheap. It is more interesting for if you have a few hundred or a few thousand dollars, where a $10-$50 fee is significant. Or you want to bypass regulations or bureaucracy eg send money to a friend in Argentina or Lebanon which have currency controls.
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Re:MasterCard to open up network to cryptocurrencies by whatshisface on Thursday February 11, 2021 @01:20PM (#26105168)
Bitcoin's use as a way of bypassing currency controls is one of the best arguments against it, because governments, already prone to suspicion towards anything that might upset their monetary policy, will have no quarter towards anything that upsets their laws.
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Re:MasterCard to open up network to cryptocurrencies by Alupis on Thursday February 11, 2021 @01:54PM (#26105599)
That, and folks like Elon Musk perpetrating blatant Pump 'n Dump Schemes[1].

Eventually it'll be regulated after a bunch of opportunistic "investors" get hosed - which ironically, will make the dump even worse.

[1] https://www.valuethemarkets.com/2021/02/09/if-dogecoin-is-a-...

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Re:MasterCard to open up network to cryptocurrencies by cacarr on Thursday February 11, 2021 @04:08PM (#26107204)
The dump doesn't seem to have happened yet, though. DOGE has stabilized at about $.07, down from ~$.08.
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Re:MasterCard to open up network to cryptocurrencies by red_trumpet on Thursday February 11, 2021 @01:57PM (#26105635)
That's just not true. Every Bitcoin transaction is conserved in the blockchain, so a government can easily reconstruct the money flow.
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Re:MasterCard to open up network to cryptocurrencies by smartties on Thursday February 11, 2021 @02:27PM (#26105967)
And the transactions made on the exchange ? and decentralized exchange ? Can they all be tracked and reconstructed ?
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Re:MasterCard to open up network to cryptocurrencies by faffe on Thursday February 11, 2021 @05:10PM (#26108066)
BTC is not anonymous. In theory, it is possible to track all the transactions. That the main reason why others crypto like Monero or Dash had emerged
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Re:MasterCard to open up network to cryptocurrencies by heavyset_go on Thursday February 11, 2021 @07:42PM (#26109517)
Pretty sure exchanges need to follow KYC laws.
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Re:MasterCard to open up network to cryptocurrencies by anonisko on Thursday February 11, 2021 @04:06PM (#26107176)
https://twitter.com/JackMallers/status/1346867753253220356
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Re:MasterCard to open up network to cryptocurrencies by ur-whale on Thursday February 11, 2021 @01:58PM (#26105642)
> basic wire transfers are instant and cheap

This is woefully incorrect. Wire transfers are neither instant nor cheap, depending on the source and destination country.

If you wire from US to US, or EU to EU, they yeah, maybe.

The moment you move large sums across borders, especially to /from countries that aren't in the US's "good guys" list (as dumb and childish as that sounds, this is typical language in USistan for politicians and media), things gets very tricky.

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Re:MasterCard to open up network to cryptocurrencies by heavyset_go on Thursday February 11, 2021 @07:41PM (#26109513)
It costs a few dollars to transfer money via Western Union, and the receiver can pick up the money almost instantly.
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