Moving money internationally • Hacker News Board

Re: Moving money internationally

#51

Post by tshaddox » Thu, Mar 03, 2022, 2:22 AM UTC

panarky wrote: post #24

solveit wrote: post #13

Earlier quoted context omitted.

Patio11 on this: https://www.kalzumeus.com/2020/04/21/japan-coronavirus/

Almost 11,000 words later and his assessment is: "The core result was correct." "This prediction was correct." "I doubt every claim is exactly correct." He refused to even acknowledge how wrong he was, much less grapple with how his methods of research and reasoning got it so wrong.

I’ve scanned that 5 mile long article and can’t find any description of what their predictions where other than “it’s going to be worse than what people are saying in March 2020.” What am I missing?

Re: Moving money internationally

#52

Post by lokar » Thu, Mar 03, 2022, 2:25 AM UTC

im3w1l wrote: post #48

JumpCrisscross wrote: post #25

Earlier quoted context omitted.

> can easily bypass SWIFT restrictions and transact with the affected Russian banks directly “Easily” is the squishy bit here. If they’re settling in dollars, probably not, unless someone’s carting around paper dollars. (This has been done.) If they’re settling in rubles or yuan, for most definitions of “easily,” yes.

What about just... not settling. Like instead, just keep track of which sides owes the other how many dollars, and ensure it doesn't get crazy imbalanced. Or very similarly transact in dollar denominated Chinese/Russian issued bonds.

The flow won't balance out. One side will run a deficit, as that grows the other side will see growing credit risk. At some point you need to settle.

Re: Moving money internationally

#53

Post by [deleted] » Thu, Mar 03, 2022, 2:27 AM UTC

capableweb wrote: post #2

Is it just me or is patio11 becoming more and more full of himself? I used to enjoy his writing a lot, but after joining Stripe it seems that something has changed. "I work for the Internet at Stripe" he says without further explanation. Unless "Internet at Stripe" is some internal Stripe group (then please explain what that is), he should have just written that he works at Stripe, full stop. Otherwise anyone could s…

[deleted]

Re: Moving money internationally

#54

Post by zaptheimpaler » Thu, Mar 03, 2022, 2:28 AM UTC

ipaddr wrote: post #50

zaptheimpaler wrote: post #23

Earlier quoted context omitted.

I don't even understand what this criticism means. Does joking about his job title somehow mean he's full of himself? Would it be better if he said "Individual Contributor, Content & Communications at Stripe"? Some people think its arrogant to state your full job title too, like "what gives them the right to presume I care about their job so much?" or something? IDK, i genuinely don't understand but would like to.. E…

The impression is of self importance. The way it is stated it gives the impression he works at a company that allows the internet to exist. It reminds me of a time when stripe was the underdog against paypal and everyone championed them. Fast forward we have thought leaders from stripe thinking they work at the internet. Even paypal never pretended that. By replacing paypal with stripe did we end up with a worse payp…

ohhh ok i see. thanks for replying, i really appreciate it. im going to think about that.

Re: Moving money internationally

#55

Post by ohmanjjj » Thu, Mar 03, 2022, 2:28 AM UTC

panarky wrote: post #4

capableweb wrote: post #2

Is it just me or is patio11 becoming more and more full of himself? I used to enjoy his writing a lot, but after joining Stripe it seems that something has changed. "I work for the Internet at Stripe" he says without further explanation. Unless "Internet at Stripe" is some internal Stripe group (then please explain what that is), he should have just written that he works at Stripe, full stop. Otherwise anyone could s…

He made a giant ruckus complete with mysterious tweets with hashes of secret documents to claim that Japan was going to have mass casualties from their ostensibly botched covid response. It's okay to make a giant ruckus about something important that you believe nobody is paying attention to. And it's okay to be wrong about that. But it would be nice to see him publicly reckon with how he got it so wrong, and how he'…

I am willing to bet Patrick sleeps while wearing a Covid mask.

Re: Moving money internationally

#56

Post by barry-cotter » Thu, Mar 03, 2022, 2:30 AM UTC

ohmanjjj wrote: post #55

panarky wrote: post #4

Earlier quoted context omitted.

He made a giant ruckus complete with mysterious tweets with hashes of secret documents to claim that Japan was going to have mass casualties from their ostensibly botched covid response. It's okay to make a giant ruckus about something important that you believe nobody is paying attention to. And it's okay to be wrong about that. But it would be nice to see him publicly reckon with how he got it so wrong, and how he'…

I am willing to bet Patrick sleeps while wearing a Covid mask.

I kind of doubt it. His entire family got covid already.

Re: Moving money internationally

#57

Post by ihumanable » Thu, Mar 03, 2022, 2:31 AM UTC

olegious wrote: post #46

netsharc wrote: post #27

Earlier quoted context omitted.

Crypto is a planet-destroying ponzi-scheme, but in a collapsed economy like Russia, I wonder if everyone can just have virtual wallets where you can buy goods by sending the seller some "coins". Which is basically the WeChat payment system, or how the Brazilian Real got established: https://www.npr.org/sections/money/2010/10/04/130329523/how-... We already just exchange "coins" electronically, but with the Visa or Ma…

As soon as I hear something like “planet destroying” within the crypto context, I stop reading because that tells me the person knows nothing about the current state of crypto.

I'm curious about this, I try to stay up on what's going on in the crypto world and it's my understanding that the vast majority of crypto blockchains are still using proof-of-work, which is what I imagine "planet destroying" is in reference to.

Per wikipedia https://en.wikipedia.org/wiki/Proof_of_stake

The biggest proof-of-stake blockchains by market capitalization in 2021 were Cardano, Avalanche, Polkadot and Solana. Other prominent PoS platforms include Tron, EOS, Algorand, and Tezos.

There have been repeated proposals for Ethereum to switch from a PoW to PoS mechanism. In April 2021, the Ethereum Foundation announced that it planned to switch to a PoS system by the end of 2021. This has since been pushed back to the second quarter of 2022.

---

So if most of crypto transactions are conducted on proof-of-work chains, which do require burning large amounts of electricity, why would this make you think someone doesn't know about the current state of crypto. What exactly about the current state of crypto is incompatible with this critique?

Re: Moving money internationally

#58

Post by everfree » Thu, Mar 03, 2022, 2:37 AM UTC

netsharc wrote: post #27

paxys wrote: post #17

Earlier quoted context omitted.

The transfer part is straightforward, but the hassle with crypto is usually trying to convert it to/from the local currency at either end.

Crypto is a planet-destroying ponzi-scheme, but in a collapsed economy like Russia, I wonder if everyone can just have virtual wallets where you can buy goods by sending the seller some "coins". Which is basically the WeChat payment system, or how the Brazilian Real got established: https://www.npr.org/sections/money/2010/10/04/130329523/how-... We already just exchange "coins" electronically, but with the Visa or Ma…

The phrase "ponzi scheme" has been thrown around liberally in regards to cryptocurrency, especially on this forum, but I've never heard a convincing argument that it actually fits the definition.

Re: Moving money internationally

#59

Post by izzydata » Thu, Mar 03, 2022, 2:48 AM UTC

pinephoneguy wrote: post #9

Last time I sent money to someone internationally Etherium really was pretty convenient. The Coinbase fees were a little high but otherwise it was near instantaneous, I already had some anyway, and I didn't have to deal with any real hassle.

If your only goal is to send digital value across the planet why would anyone use Ethereum or Bitcoin? There are a ton of alternatives that cost fractions of a penny in transaction fees.

Re: Moving money internationally

#60

Post by Nursie » Thu, Mar 03, 2022, 2:49 AM UTC

olegious wrote: post #46

netsharc wrote: post #27

Earlier quoted context omitted.

Crypto is a planet-destroying ponzi-scheme, but in a collapsed economy like Russia, I wonder if everyone can just have virtual wallets where you can buy goods by sending the seller some "coins". Which is basically the WeChat payment system, or how the Brazilian Real got established: https://www.npr.org/sections/money/2010/10/04/130329523/how-... We already just exchange "coins" electronically, but with the Visa or Ma…

As soon as I hear something like “planet destroying” within the crypto context, I stop reading because that tells me the person knows nothing about the current state of crypto.

How so?

Because it looks to me like the current state of crypto is worse than ever - https://digiconomist.net/bitcoin-less-green-than-ever-before...

Emissions on a par with Greece. And just for one coin. Ethereum is still going to PoS any day now, totally, just a few months off. Like it has been for several years.

So what is it about "the current state of crypto" that you think you know better than these?