In defense of cryptocurrency
blog.cryptographyengineering.com
In defense of cryptocurrency
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Re: In defense of cryptocurrency
#2If you think Mastercard and Visa fees are too high, fees are higher on Bitcoin.
It's like the way Amway victims will try to sell you an $8 tube of toothpaste, "draw circles" to show that 7 people get a cut from that tube of toothpaste and then say "How does Amway bring you great prices on quality products?" (tap whiteboard) "By eliminating the middleman!"
Re: In defense of cryptocurrency
#3If you think Mastercard and Visa fees are too high, fees are higher on Bitcoin. It's like the way Amway victims will try to sell you an $8 tube of toothpaste, "draw circles" to show that 7 people get a cut from that tube of toothpaste and then say "How does Amway bring you great prices on quality products?" (tap whiteboard) "By eliminating the middleman!"
> If you think Mastercard and Visa fees are too high, fees are higher on Bitcoin.
Source for this misinformation?
https://ycharts.com/indicators/bitcoin_average_transaction_f...
Remember that for bitcoin value transaction size is not a factor in the transaction fee. So if you want to transmit a billion dollars worth of bitcoin around the world, it is the same exact fee.
Unlike credit card transactions, which are a percentage of size.
Let's also remember that work is being done to do low cost smaller transactions on L2 networks.
Re: In defense of cryptocurrency
#4If you think Mastercard and Visa fees are too high, fees are higher on Bitcoin. It's like the way Amway victims will try to sell you an $8 tube of toothpaste, "draw circles" to show that 7 people get a cut from that tube of toothpaste and then say "How does Amway bring you great prices on quality products?" (tap whiteboard) "By eliminating the middleman!"
Not really...the fees for Bitcoin, Ethereum and other L2 options are flat fees and are well under Visa/MC fees most of the time. Might want to look at Western Union and the like too...way way under those fees.
Current transaction fee (for 1 cent or a billion dollars)
Bitcoin - $1.62 per transaction
Ethereum - $3.50 per transaction
Ethereum L2 - as low as 12 cents
Here are credit card fees by comparison (lowest fees assuming you have high volume):
Visa 1.29% + $0.05
Mastercard 1.29% + $0.05
Discover 1.48% + $0.05
American Express 1.58% + $0.10
https://www.fool.com/the-ascent/research/average-credit-card...
Re: In defense of cryptocurrency
#5It is dishonest to mention
> proof-of-time-and-space construction used by Chia
as reason to reduce importance of induced waste. Chia just wastes something different and is not improvement in any form.
Re: In defense of cryptocurrency
#6If you think Mastercard and Visa fees are too high, fees are higher on Bitcoin. It's like the way Amway victims will try to sell you an $8 tube of toothpaste, "draw circles" to show that 7 people get a cut from that tube of toothpaste and then say "How does Amway bring you great prices on quality products?" (tap whiteboard) "By eliminating the middleman!"
> If you think Mastercard and Visa fees are too high, fees are higher on Bitcoin. Source for this misinformation? https://ycharts.com/indicators/bitcoin_average_transaction_f... Remember that for bitcoin value transaction size is not a factor in the transaction fee. So if you want to transmit a billion dollars worth of bitcoin around the world, it is the same exact fee. Unlike credit card transactions, which are a pe…
> Source for this misinformation?
It spent half of 2021 in the 10 dollar range.
> Remember that for bitcoin value transaction size is not a factor in the transaction fee. So if you want to transmit a billion dollars worth of bitcoin around the world, it is the same exact fee.
You don't use a credit card to send huge amounts in the first place.
Personally I need to do ten and hundred dollar transactions. One or two dollars for bitcoin would not be terrible for the latter, but it's still a lot more than a debit card ($0.21 + 0.05%), with no advantage to me over debit. I think that's a better comparison than the complex situation credit cards are in.
Re: In defense of cryptocurrency
#7If you think Mastercard and Visa fees are too high, fees are higher on Bitcoin. It's like the way Amway victims will try to sell you an $8 tube of toothpaste, "draw circles" to show that 7 people get a cut from that tube of toothpaste and then say "How does Amway bring you great prices on quality products?" (tap whiteboard) "By eliminating the middleman!"
Not really...the fees for Bitcoin, Ethereum and other L2 options are flat fees and are well under Visa/MC fees most of the time. Might want to look at Western Union and the like too...way way under those fees. Current transaction fee (for 1 cent or a billion dollars) Bitcoin - $1.62 per transaction Ethereum - $3.50 per transaction Ethereum L2 - as low as 12 cents https://l2fees.info/ Here are credit card fees by comp…
Well, L2 systems aren't on a blockchain at all, so do they even count?
If we get to cherry-pick from whatever money transfer systems exist, it's worth remembering that bank transfers within the Eurozone area are free and practically immediate. What crypto can beat that? Clearly you don't need cryptocurrency to deliver a service that's ideal for consumers, as regulation has achieved it in Europe.
Re: In defense of cryptocurrency
#8If you think Mastercard and Visa fees are too high, fees are higher on Bitcoin. It's like the way Amway victims will try to sell you an $8 tube of toothpaste, "draw circles" to show that 7 people get a cut from that tube of toothpaste and then say "How does Amway bring you great prices on quality products?" (tap whiteboard) "By eliminating the middleman!"
Not really...the fees for Bitcoin, Ethereum and other L2 options are flat fees and are well under Visa/MC fees most of the time. Might want to look at Western Union and the like too...way way under those fees. Current transaction fee (for 1 cent or a billion dollars) Bitcoin - $1.62 per transaction Ethereum - $3.50 per transaction Ethereum L2 - as low as 12 cents https://l2fees.info/ Here are credit card fees by comp…
From article itself:
> That’s why it recently cost $22 (!) to send a single token transaction on Ethereum
So Ethereum has prices ranging from 3.5$ to 22$? Great.
And vast, vast majority of my transactions would be costlier on Ethereum. I am rarely paying over 267$ in one transaction. 22$ per transactions would result in typical grocery shopping doubling in price. 3.5$ would be noticeable.
Also, in bank transfers that I use I am simply not paying anything at all (within European Union).
> well under Visa/MC fees most of the time
That is simply untrue, and depends on how much you transfer.
Re: In defense of cryptocurrency
#9It is dishonest to mention > proof-of-time-and-space construction used by Chia as reason to reduce importance of induced waste. Chia just wastes something different and is not improvement in any form.
It's dishonest to call the author dishonest for this one sentence. They mention Chia in passing at the end of a paragraph on proof-of-work alternatives.
Re: In defense of cryptocurrency
#10As we speak, regulators are being captured by the bad cryptocurrencies; if we allow that to play out then of course regulators won't come up with nuanced policies. It'll be mining and gambling for everyone, everwhere.
We'd be better off banning it all now then later adding a carve-out for non-PoW, non-deflationary, reversible, scalable, private, actual digital cash.