Re:Why I have zero faith in crypto venture capitalists
by doggosphere on Sunday June 13, 2021 @01:09PM
(#27494236)
Ironically, the only times I've wired money internationally was so I could deposit fiat to a crypto exchange.
Canada to Japan, Canada to Poland. Each time it takes more than 2 weeks to arrive or be accessible in my account.
Whenever I "wire" crypto, it shows up in my account and is accessible in hours.
Re:Why I have zero faith in crypto venture capitalists
by arcticbull on Sunday June 13, 2021 @05:26PM
(#27496661)
This is due to AML/KYC. The only reason you can do that with crypto is it's got the safety off.
Re:Why I have zero faith in crypto venture capitalists
by hanklazard on Sunday June 13, 2021 @08:47PM
(#27498099)
No, I'm not being disingenuous. I'm telling you that it can take a number of days (4 if a weekend is involved) for retail transfers between American bank accounts to clear. I'm very aware that this is a matter of updating a simple database record--that's why it's so frustrating and why many people are bypassing this system entirely with stablecoins.
Re:Why I have zero faith in crypto venture capitalists
by imagineerschool on Sunday June 13, 2021 @01:08PM
(#27494228)
They are being serious.
Crypto financial services are a huge step forward in environments with broken banking systems. The US is one such place.
You're living in comfort and wealth in a civilized nation with modern regulated banks, so your perspective is narrow.
Perhaps crypto is an improvement over some archaic US banking standards but in the UK transactions will clear basically immediately and cost nothing. A money transfer is asymptotically just updating a couple of database records in a transaction. Execution speed is a technical problem, and one that is not solved efficiently by cryptos.
Finally, most western countries offer an analogue of FDIC for bank accounts. Countries which don't have such a scheme in place need to install one, again its not something that cryptos solve in any (novel) way.
Same goes for half a dozen countries in Europe that I had the fortune to live in.