41–50 of 92 posts
Even with all cryptocurrencies prices roller coaster and continuous scams they are 100x times better still than traditional banks - less paperwork, everything automated as much as possible, often even faster. No COBOL and online clients from 1990.
Earlier quoted context omitted.
For every proposed crypto use case, there already exists a better solution that does not use crypto currency technology.
Transferring money across countries without the government seizing or controlling it. Can you list what non-cryptocurrency technology provides a better solution for that? There are several countries with permanent or temporary restrictions (I think Russia and Ukraine are recent examples).
Countries on the up-and-up are welcome to use Wise. [1] The ones that aren't are broadly cut off from the global financial networks for very good reasons. Either way, if you disagree with those reasons you're free to lobby for changes - but the ability to exclude them is overwhelmingly a good thing.
I'm sick of hearing about what crypto "could" do. I used BTC to pay for a few lunches back when transaction fees were in the cents rather than hundreds (?) of dollars or worse, and it was pretty neat, but it's clear today that the crypto ecosystem has largely become a paradise for grifters, scammers, fraudsters, and straight-up criminals, and (more generally) just another way for the rich and sophisticated to get ric…
Lightning Network is just a centralized company acting as a middleman, occasionally (if ever) committing changes to the blockchain right? If that is the case, then theoretically Visa and Paypal are already lightning networks, just without the periodic bitcoin commits. If so, wouldn't that mean that if Visa and Paypal are banned from letting country X citizens send funds to someone in country Y, wouldn't the gov of X…
It's a so called "layer 2" network (Bitcoin network being the layer 1).
Everyone can run a Lightning Network Node on e.g. a RaspberryPi.
One opens "Channels" to other Nodes. Multiple nodes and channels build a network and can transfer Bitcoin/Satoshis for relatively little costs from A to B.
Network nodes can charge a fee for routing payments (or data more generally speaking).
There are different implementations of a Lightning Network node. LND is probably the most used one today. But there is also C-Lightning.
Lightning Network is just a centralized company acting as a middleman, occasionally (if ever) committing changes to the blockchain right? If that is the case, then theoretically Visa and Paypal are already lightning networks, just without the periodic bitcoin commits. If so, wouldn't that mean that if Visa and Paypal are banned from letting country X citizens send funds to someone in country Y, wouldn't the gov of X…
If there is a transaction, someone wants to be a middleman. If there is a flow, someone wants to be a middleman. . it seems universal.
"Let’s say you want to make a $100 payment to a merchant. Using your credit card would cost the merchant $3, which is then passed along to you via hidden costs. " You also get 1-3 credit card points, which for you is extra money that you wouldn't get if you were to pay for this with Bitcoin or, for that matter, cash. Also if the merchant screws you and sends you the wrong or a broken item, you can dispute the charge…
Not to mention in Europe credit card fees are capped to 0.2% of transaction value. Americans at getting screwed with their "reward" cards.
Earlier quoted context omitted.
For every proposed crypto use case, there already exists a better solution that does not use crypto currency technology.
Transferring money across countries without the government seizing or controlling it. Can you list what non-cryptocurrency technology provides a better solution for that? There are several countries with permanent or temporary restrictions (I think Russia and Ukraine are recent examples).
Even with all cryptocurrencies prices roller coaster and continuous scams they are 100x times better still than traditional banks - less paperwork, everything automated as much as possible, often even faster. No COBOL and online clients from 1990.
I'm sick of hearing about what crypto "could" do. I used BTC to pay for a few lunches back when transaction fees were in the cents rather than hundreds (?) of dollars or worse, and it was pretty neat, but it's clear today that the crypto ecosystem has largely become a paradise for grifters, scammers, fraudsters, and straight-up criminals, and (more generally) just another way for the rich and sophisticated to get ric…
I’m scratching my head after reading this. Bitcoin doesn’t have “gas fees”. That’s an Ethereum thing (the term and the fee being very high). I’ve read online that Bitcoin transaction fees are in cents. Perhaps someone more knowledgeable can confirm how it is nowadays.