FTX to file for U.S. bankruptcy, CEO resigns

Re:FTX to file for U.S. bankruptcy, CEO resigns by nunez on Friday November 11, 2022 @04:12PM (#33566921)

i thought it takes 15 minutes for txn's on bitcoin to clear?

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Re:FTX to file for U.S. bankruptcy, CEO resigns by three_seagrass on Friday November 11, 2022 @05:10PM (#33567561)

20 minutes minimum for bitcoin transactions, which is a long time to hold up the line at the grocery store. Occasionally this has been weeks or never.

For comparison, credit cards can verify in less than a second.

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Re:FTX to file for U.S. bankruptcy, CEO resigns by nunez on Friday November 11, 2022 @05:58PM (#33567970)

i thought that physical places that take bitcoin use (centralized, LOL) intermediaries to provide float for points off the top to cover for the extra long txn completion times

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Re:FTX to file for U.S. bankruptcy, CEO resigns by three_seagrass on Thursday November 17, 2022 @02:01PM (#33643862)

Yep, in those cases, bitcoin is having to rely on traditional payment systems to even marginally compete with traditional payment systems.

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