Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Crypto Winter, or Crypto Ice Age?

technollama.co.uk

Post reply on HN
Print view View original

101–110 of 167 posts

Re: Crypto Winter, or Crypto Ice Age?

#101

Post by anony23 »

gaspard234 wrote: post #72
axg11 wrote: post #37

Earlier quoted context omitted.

Do you live in North America? I would challenge anyone in Canada/US that claims it's easier to initiate a wire transfer (with zero ability to track progress) vs. send USDC to an ETH address.

I'll take you up on that challenge. I can open open up my Wells Fargo app and initiate a wire transfer within 5 minutes. In fact, I sent $1000 to a home contractors bank account earlier this week for no fee. And yes, WF sent me email updates of the status. I will concede it took 1 business day though. How do I send USDC within 5 mins? I would have to 1) Open an account on a crypto exchange app 2) Go through the KYC p…

If you count the time for opening an exchange account and doing kyc, you should do the same when you talk about your bank. You only have to open the exchange account once just like you do for your bank. After that it's definitely cheaper and faster to send crypto. Whether or not it's as secure depends on what bank we are comparing to.

Re: Crypto Winter, or Crypto Ice Age?

#102

Post by anony23 »

drdrek wrote: post #62

Saddest thing about Crypto even more than the energy cost is the human minds it consumed. I heard people saying that Crypto is what bright graduate students want to focus on and that just too bad. If you want to finance the un-financed or create decentralized finance go into fintech, crypto is just a bad implementation of fintech... If you want to change the world go into Biotech or Energy tech.. the next thing to ch…

Crypto IS a subset of fintech.

Re: Crypto Winter, or Crypto Ice Age?

#103

Post by sidpatil »

pavlov wrote: post #22
axg11 wrote: post #13

I live in Canada and recently invested a small amount in a startup via AngelList RUV. There were two funding options: (1) wire transfer, (2) transfer USDC via Ethereum network. One of these options is cheaper, faster, and more flexible than the other. Crypto has long been criticized for being gambling and lacking utility. I think utility is finally trickling in, although currently in limited settings. If you look at…

Wire transfers in North America are literally 40 years behind the evolution of bank transfers in EU and UK. Sending money in Europe is free and increasingly often instantaneous 24/7. It will be very difficult for crypto to reach the level of convenience available on unified infrastructure created through sensible regulation. Lacking that, maybe Americans will have to keep settling for all these clunky, incompatible i…

> Lacking that, maybe Americans will have to keep settling for all these clunky, incompatible intermediated patchwork solutions like Zelle and Venmo and USDC-on-Ethereum and whatever.

FedNow is supposed to launch in 2023.

https://www.frbservices.org/financial-services/fednow/about....

Re: Crypto Winter, or Crypto Ice Age?

#104

Post by gamblor956 »

axg11 wrote: post #37
aNoob7000 wrote: post #23

Earlier quoted context omitted.

It is easier for me to call my bank and initiate a wire transfer than it is to transfer money via USDC. I think the assumption a lot of people in crypto make is that everyone has a crypto account/wallet setup.

Do you live in North America? I would challenge anyone in Canada/US that claims it's easier to initiate a wire transfer (with zero ability to track progress) vs. send USDC to an ETH address.

Done.

Opened bank website, selected "Transfer Money", entered the recipient and confirmed the amount. Got an email notification, and when the wire transfer clears we will receive a second email. This is pretty standard for the major US banks.

It's like people in crypto have never actually tried to use existing money transfer methods and just make up problems that don't actually exist.

Re: Crypto Winter, or Crypto Ice Age?

#105

Post by skyyler »

anony23 wrote: post #102
drdrek wrote: post #62

Saddest thing about Crypto even more than the energy cost is the human minds it consumed. I heard people saying that Crypto is what bright graduate students want to focus on and that just too bad. If you want to finance the un-financed or create decentralized finance go into fintech, crypto is just a bad implementation of fintech... If you want to change the world go into Biotech or Energy tech.. the next thing to ch…

Crypto IS a subset of fintech.

Yes, the comment you're replying to said that it is a bad implementation of fintech.

Re: Crypto Winter, or Crypto Ice Age?

#106

Post by ChadNauseam »

nailer wrote: post #52
dcolkitt wrote: post #38

Earlier quoted context omitted.

Just raised a funding round, and about half the investors used USDC and half used wire transfers. On "famously expensive and slow" Ethereum, the USDC transfers took 15 seconds and cost under $2. Oh and even better, I was able to just use a simple human readable [X].eth address, instead of an incomprehensible string of routing number digits.

Gas is pretty cheap right now as there's little network activity due to crypto winter - people are holding their crypto. And yes 15 seconds is slow. Indeed, a human readable address is nice if you trust whoever gave it to you (ENS is naming not identity, someone else can register dcolkitt.eth or dcolkit.eth or dcollkit.eth if they like). There's some good bits and some bad bits. Not advocating for or against crypto.

If you think 15 seconds for Ethereum is slow, you'll hate wire transfers

Re: Crypto Winter, or Crypto Ice Age?

#108

Post by yunohn »

dcolkitt wrote: post #47
pavlov wrote: post #22

Earlier quoted context omitted.

Wire transfers in North America are literally 40 years behind the evolution of bank transfers in EU and UK. Sending money in Europe is free and increasingly often instantaneous 24/7. It will be very difficult for crypto to reach the level of convenience available on unified infrastructure created through sensible regulation. Lacking that, maybe Americans will have to keep settling for all these clunky, incompatible i…

But that's the point, crypto is a coordination mechanism that in most cases serves as an alternative when you don't have effective and trustworthy centralized institutions. It's pretty clear that (in this case) European financial regulators did a good job coordinating an effective and efficient electronic money transmission system. But the whole world is not Sweden. Even in America, which is relatively first world wi…

If it’s mainly about transferring money between participants, what is the point of each token having its own speculative value? Shouldn’t crypto be just stablecoins then?

Re: Crypto Winter, or Crypto Ice Age?

#109

Post by Jetrel »

acdha wrote: post #75
axg11 wrote: post #35

Earlier quoted context omitted.

With one single integration, AngelList can receive USDC from anyone, anywhere in the world. It doesn't matter if you can transfer CHF very cheaply locally.

Kind of like how having a bank account allows you to receive wire transfers from anyone? Anything will sound simple if you leave out most of the hard parts like meeting legal requirements, fraud protection, etc. (better hope the reason USDC is cagey about their assets isn’t because they’re hiding something) It’s true that US banks are slower at transfers but most people don’t hit that often enough to balance out the…

Yeah.

I get pretty tilted when people complain about the banking system, because most of the "problems" they're complaining about are features. A really good metaphor is a programmer complaining about being forced to use a version control system, and wishing they could just dispense with all this pointless waste of time. "All this thing does is cause me trouble" — well, yeah, because you've never experienced the problems it utterly eradicated.

It's a Chesterton's fence issue at best. At worst, it's wolves repealing the laws that prohibit eating sheep.

Re: Crypto Winter, or Crypto Ice Age?

#110

Post by ciupicri »

pavlov wrote: post #22
axg11 wrote: post #13

I live in Canada and recently invested a small amount in a startup via AngelList RUV. There were two funding options: (1) wire transfer, (2) transfer USDC via Ethereum network. One of these options is cheaper, faster, and more flexible than the other. Crypto has long been criticized for being gambling and lacking utility. I think utility is finally trickling in, although currently in limited settings. If you look at…

Wire transfers in North America are literally 40 years behind the evolution of bank transfers in EU and UK. Sending money in Europe is free and increasingly often instantaneous 24/7. It will be very difficult for crypto to reach the level of convenience available on unified infrastructure created through sensible regulation. Lacking that, maybe Americans will have to keep settling for all these clunky, incompatible i…

We must have different definitions of Europe because I live in Romania (which has been a member of the European Union since 2007) and yet even national transfers are not instantaneous if you're doing them in the evening, not to mention the weekend. And don't get me started with transfers to other European countries.

I also think you meant cheap, not free. By the way I find it funny that some banks tax the receiver, so in order to get money, you have to lose money :-)

Post reply on HN