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Crypto Winter, or Crypto Ice Age?

technollama.co.uk

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Re: Crypto Winter, or Crypto Ice Age?

#161

Post by ciupicri »

7steps2much wrote: post #146
ciupicri wrote: post #143

Earlier quoted context omitted.

Including for companies?

Can't speak for the UK, but at least in Austria a company bank account is no different from a personal bank account, at least as far as technology is concerned. That said, I know at least a couple of (admittedly rather large/corporate) companies that explicitly opted out of instant transfers for some reason.

I can't comment on technologies, but the user interface for a business user might be different from that for a home user.

As for fees, they tend to lure individuals with free this, free that, while taking kidneys and other organs from businesses.

Re: Crypto Winter, or Crypto Ice Age?

#162

Post by whatisweb3 »

beepbeepcabbage wrote: post #159
whatisweb3 wrote: post #135

Earlier quoted context omitted.

What is your preferred way to transfer funds that can be received instantly in Canada, US, South America, UK and Europe? Transferability is a basic primitive of crypto but not the only feature. Others like decentralized escrow and multi-signatory wallets achieve new functionality that is non trivial in traditional banking system.

I pay friends in the us regularly via Wise and PayPal and it arrives within seconds every time - all while crypto is folding, doing layoffs, running away with people's money etc.. it's not even a competition. I will take wise + Ideal any day over any crypto or US bank I have ever used.

Crypto is doing layoffs? It is a decentralized network; nobody is being “laid off” of Bitcoin or Ethereum.

The value fluctuates but this is where users would typically send USDC or DAI which is pegged to the dollar.

My crypto transfers also arrive in seconds and there is no US company extracting rent, blocking my funds, asking for third party data, or dictating how a payment protocol should operate.

Re: Crypto Winter, or Crypto Ice Age?

#163

Post by nprateem »

Wertigoyr wrote: post #150
nprateem wrote: post #136

Earlier quoted context omitted.

Escrow is handled on the blockchain with a smart contract. There are no trusted third parties. https://academy.particl.io/en/latest/in-depth/indepth_escrow...

Sooo I write a smart contract and say you pay 10€ when you buy ice cream? Who proofs that the smart contract is fulfilled? Or let's asked different: how does a smart contract solves the trust issue from items not on the Blockchain?

You obviously didn't bother reading the link. Both parties add collateral ideally equal to the item price: so the buyer pays 2x the price and the seller pays the list price and sends the item. If the buyer is happy they've received the right item without issue both click a button to release their collateral back to themselves and the buyer's money to the seller. If not they have to agree how much to release to each other since they both have skin in the game.

So in your example you can sell an ice cream for £10. When I buy it for that I pay £20 and you pay £10 and send the item. I eat it and we're both £20 down. So I want my £10 back and click a button. It then releases £20 back to you - the item price and your collateral, and my £10 collateral back to me.

Re: Crypto Winter, or Crypto Ice Age?

#164

Post by nprateem »

paulryanrogers wrote: post #144
nprateem wrote: post #136

Earlier quoted context omitted.

Escrow is handled on the blockchain with a smart contract. There are no trusted third parties. https://academy.particl.io/en/latest/in-depth/indepth_escrow...

Aren't the authors of the smart contact a third party? Unless they're so simple a layperson can inspect, read, and understand them.

It's like any open source project that can be inspected, and it's not in the interests of the project or stakers to screw users. There's testing on testnet to catch bugs

Re: Crypto Winter, or Crypto Ice Age?

#165

Post by Wertigoyr »

nprateem wrote: post #163
Wertigoyr wrote: post #150

Earlier quoted context omitted.

Sooo I write a smart contract and say you pay 10€ when you buy ice cream? Who proofs that the smart contract is fulfilled? Or let's asked different: how does a smart contract solves the trust issue from items not on the Blockchain?

You obviously didn't bother reading the link. Both parties add collateral ideally equal to the item price: so the buyer pays 2x the price and the seller pays the list price and sends the item. If the buyer is happy they've received the right item without issue both click a button to release their collateral back to themselves and the buyer's money to the seller. If not they have to agree how much to release to each o…

I did read it but you are right my comment doesn't reflect it.

I always thought that this part of a smart contract is ridiculous as it binds the same amount of capital as the transaction is worth on both sides.

It also doesn't fix the issue if someone with much more money than you wants to f** you over.

It also does assume you would find a good solution together just because of the capital invested but you know there are plenty of people who are not able to negotiate proper.

It just doesn't solve the issue and it doesn't solve issues like if the shipment is lost on sea. Or it's getting stolen.

A independent 3th party actually helps solving those issues.

Re: Crypto Winter, or Crypto Ice Age?

#166

Post by nprateem »

Wertigoyr wrote: post #165
nprateem wrote: post #163

Earlier quoted context omitted.

You obviously didn't bother reading the link. Both parties add collateral ideally equal to the item price: so the buyer pays 2x the price and the seller pays the list price and sends the item. If the buyer is happy they've received the right item without issue both click a button to release their collateral back to themselves and the buyer's money to the seller. If not they have to agree how much to release to each o…

I did read it but you are right my comment doesn't reflect it. I always thought that this part of a smart contract is ridiculous as it binds the same amount of capital as the transaction is worth on both sides. It also doesn't fix the issue if someone with much more money than you wants to f** you over. It also does assume you would find a good solution together just because of the capital invested but you know there…

Nothing is perfect but I think in the majority of cases it'll work as well as a trustable third party but without requiring one. If someone with much more money wants to screw people over at least they'll be paying a non-nominal amount. For bigger items that kind of attack would get expensive quickly.

The amount of collateral is configurable by sellers, and since buyers will soon be able to message sellers that means it's negotiable.

Re: Crypto Winter, or Crypto Ice Age?

#167

Post by Wertigoyr »

nprateem wrote: post #166
Wertigoyr wrote: post #165

Earlier quoted context omitted.

I did read it but you are right my comment doesn't reflect it. I always thought that this part of a smart contract is ridiculous as it binds the same amount of capital as the transaction is worth on both sides. It also doesn't fix the issue if someone with much more money than you wants to f** you over. It also does assume you would find a good solution together just because of the capital invested but you know there…

Nothing is perfect but I think in the majority of cases it'll work as well as a trustable third party but without requiring one. If someone with much more money wants to screw people over at least they'll be paying a non-nominal amount. For bigger items that kind of attack would get expensive quickly. The amount of collateral is configurable by sellers, and since buyers will soon be able to message sellers that means…

I don't think this works.

Normal companies with plenty of transactions per day don't have the motivation or money to put that much additional capital into the system.

Of course for a few transactions per month no one cares but I assume the goal is bigger than just a few transactions.

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