Cryptocurrency Is a Giant Ponzi Scheme

Re:Cryptocurrency Is a Giant Ponzi Scheme by oliwarner on Saturday January 22, 2022 @11:19AM (#30037949)

Urgh, I keep seeing this. It's nonsense. Use a bank and SWIFT and £20 later (bank dependant) you've sent as much money as you like.

The receiving account holder may need to declare the payment to their local tax authorities, but that's true of crypto too, it's just not automatic.

[ Parent | on HN ]

Re:Cryptocurrency Is a Giant Ponzi Scheme by jcburnham on Sunday January 23, 2022 @12:00AM (#30043769)

Of course you can use SWIFT, at the cost of bank fees, opaque exchange rates and waiting a week. You could also take a briefcase full of cash on a plane.

Whereas with crypto, you get transparent fees/rates, transaction confirmation in minutes, at any time of day, with a permanent cryptographic record of payment, and you don't unnecessarily leak information to the recipient's local tax authorities.

[ Parent | on HN ]

Re:Cryptocurrency Is a Giant Ponzi Scheme by oliwarner on Sunday January 23, 2022 @11:00AM (#30047144)

Transparent?! You've no idea what price the recipient will get for crypto sent.

I can hold foreign currency in my bank account (many banks allow this), so sending money in exact amounts internationally is trivial. And £20 isn't opaque or expensive. Much easier than putting a coin order in and then sending that.

Bypassing local law enforcement isn't a feature for me. These systems exist for reasons.

[ Parent | on HN ]