Re:A quick breakdown of what SWIFT is and why it matters
by neon_electro on Sunday February 27, 2022 @11:50AM
(#30490075)
I want to charitably assume that you're not being fatalist, but
>It seems to me like all societies are trending towards low trust.
is quite a starting point to make the rest of your points.
Your example of Ukraine is insightful and valid, but I imagine crypto fans and opponents alike would rather we not descend globally into a state of permanent war, where crypto would presumably be the only tool available to transact.
Re:A quick breakdown of what SWIFT is and why it matters
by JacobThreeThree on Monday February 28, 2022 @05:34PM
(#30506103)
>I want to charitably assume that you're not being fatalist, but
I think he's being a realist.
https://thehill.com/blogs/blog-briefing-room/news/590117-tru...
Since cryptocurrency was already mentioned recent examples of that can be seen in Ukraine. The traditional financial system there has been disrupted; you can’t get cash out of an ATM. If you have cryptocurrency you can still transact. I think I saw something earlier where a journalist was able to get out of the country by using crypto to buy a used car.
Sometimes inefficiencies are still worth it, especially when dealing with worst case scenarios. Just-in-time manufacturing and global supply chains are very efficient, but when they are disrupted the cost is enormous. Winterizing the energy grid in Texas is expensive and inefficient/expensive, but if they don’t you are accepting that people will freeze in a severe winter storm.