Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers

Re:Celsius Execs Cashed Out $40M in Crypto Before Halting Wi... by mountainofdeath on Thursday October 06, 2022 @01:30PM (#33111254)

This already exists though and is a technical solution to an economic problem. The reason the money transfer fees exist, slow confirmation, etc is there is no incentive to do so otherwise.

Crypto transfers for say USD->EUR via USD->BTC->EUR are just adding extra foreign exchange legs in the hope that the BTC holders on either end will give you a better deal.

[ Parent | on HN ]

Re:Celsius Execs Cashed Out $40M in Crypto Before Halting Wi... by moralestapia on Thursday October 06, 2022 @01:36PM (#33111334)

>This already exists though and is a technical solution to an economic problem.

Immediately followed by:

>The reason the money transfer fees exist, slow confirmation, etc is there is no incentive to do so otherwise.

Huh? Is it solved or not? It's unclear to me where do you stand.

de facto, moving ETH->ETH is faster and cheaper than using the standard forex infrastructure.

[ Parent | on HN ]