Earlier quoted context omitted.
My question is why aren't there transfer companies that just use Bitcoin as an alternative to Swift? Like, you want to send $50 USD to me. You give person A $50, he sends person B $50 worth of Bitcoin, and person B gives me $50 worth of USD. Why do you even need to know about Bitcoin at all? Why isn't it just a cheap(ish) financial resolution layer?
AIUI, it's because the expensive part is not basically updating an internal database when money changes hands (no sending of BTC required), the expensive part is, to take WU as an example, operating half a million brick and mortar locations in 200+ countries.
It’s easier and cheaper to use bank wires than Bitcoin
191–200 of 225 posts
Re: It’s easier and cheaper to use bank wires than Bitcoin
#192Earlier quoted context omitted.
I never suggested storing your savings in bitcoin. I'm saying the future of storing value is in commodities and equities represented on a blockchain - along with a real time settlement layer allowing people to charge and pay in any denomination of their hearts desire. Heck, you could even pay in certificates of USD represented on the Blockchain if you like.
Without the value aspect of it, what would incentivize people to perform proof of work? Work costs money: like electricity isn't free at the scale of the BTC Network. It costs thousands of dollars of electricity to run those BTC mining rigs to verify the ledger. ---------- If you're saying the future of "blockchains" is just a cryptographically signed ledger, without any proof of work or BTCs being assigned, I think…
Re: It’s easier and cheaper to use bank wires than Bitcoin
#193You can't separate the currency from the ecosystem for anything but academic purposes. The ecosystem is a mess. A commonly cited benefit of crypto-currencies is that they'll eliminate friction and fees in the system, and I think this is only because the systems don't exist. People want security, verifiability, and reversibility when dealing with money. There has to exist companies to do this whether they are Citibank…
This reminds me of Uber and Ryanair. They scrape out of sight properties and claim lower prices when it's just playing on words. Later when people realize they quite wanted the full thing, the magic disappear. A decade of memory loss disguised as innovation. Not even a new error.
People do enjoy complaining but I quite like being able to fly cheap without paying for stuff I don't need. Admittedly it was more appalling when you couldn't even pay for your ticket without paying a fee (unless you had one particular laser card) but the most onerous ones have been phased out.
Re: It’s easier and cheaper to use bank wires than Bitcoin
#194All this to open a day trading account in the Bahamas with a company so flaky that they can't offer accounts to US persons or even to Bahamas persons. It's one of those "trade offshore with high leverage" companies. "High leverage" means high interest charges, which means the return on investment drops. (Their site is vague about interest charges. Not a good sign.) For day trading, the "house edge" is improved. This…
FATCA means plenty of legitimate financial institutions want nothing to do with US persons.
Re: It’s easier and cheaper to use bank wires than Bitcoin
#195Earlier quoted context omitted.
Seems like this guy should have had some idea what he was doing before he trusted $6k to it. He's also bitching about an overall 4% fee, which isn't a whole lot.
It's freaking huge when you consider a wire transfer would have been less than 1%.
Re: It’s easier and cheaper to use bank wires than Bitcoin
#196Re: It’s easier and cheaper to use bank wires than Bitcoin
#197Earlier quoted context omitted.
AIUI, it's because the expensive part is not basically updating an internal database when money changes hands (no sending of BTC required), the expensive part is, to take WU as an example, operating half a million brick and mortar locations in 200+ countries.
Well what I'm saying is that it doesn't have to be the internal database. It can be a completely decentralised system. I send you $50 and you open an app and just walk up to the first money guy that you see on the street. Why do we need physical banks?
Re: It’s easier and cheaper to use bank wires than Bitcoin
#198It's falling apart even more than anyone cares to admit: * Blocks are now so full that transactions have stopped flowing and there's no solutions that will address any of this without forcing any of the thousands of systems already built on top of Bitcoin to migrate = slow confirmations = massively higher fees * Slow confirmations for every day payments = credit card use-case somewhat ruled out * Double-spending is n…
You understand that there's more data in the world than is practical for all of us to store... The solution is to pick and choose which pieces need to be globally visible (ie, on-chain) and which do not. When I play poker I don't wire-transfer the result of each hand, that's what the chips are for.
> Blocks are now so full that transactions have stopped flowing
You mean, near-zero fee transactions... Because blocks are being published, and they're full of transactions.
Nobody ever said it was going to be free, it's just been small enough to tolerate the odd free-rider. That phase is coming to an end.
> But the real problem here is really the fact that the development team have refused to increase the block size even though this was always intended in the design of Bitcoin by Satoashi and even though there are plenty of resources to do it.
If transactions were free why wouldn't I backup my photos into the blockchain?
If we expand the blocks now we'll just end up with the same amount of waste and the same whining. If we let the fee rise first, then expand the blocks to balance both fee and network cost, we'll end up with something stable.
Also, Satoshi was wrong about some things. Why are you trying to treat "him" like a god?
> A hostile dev community that is so utterly clueless when it comes to real world business that their choices have managed to cripple the entire system.
No, that's exactly backwards. Bitcoin is an open system, not a startup incubator. It's not bitcoin's responsibility to support your business, it's your business' responsibility to function on the infrastructure available. Going to large blocks would benefit some companies who don't like paying for infrastructure. It'd keep their free-ride going longer, but at the cost of all the other players.
> Community is an echo chamber of ignorance that blindly believes that all advances outside of Bitcoin are traitorous, incorrect, and not worth knowing about; Outright hostile towards new users with an air of technology snobbery that makes the Linux community seem like a welcoming party at an Apple store.
Well, if you're judging by the response you've gotten, there may be confounding factors your analysis has missed... What reaction should an anti-vaxxer receive at a medical-policy conference when they stand up and declare that science has failed, etc?
Re: It’s easier and cheaper to use bank wires than Bitcoin
#199Earlier quoted context omitted.
The argument here is that the protocol itself is independent and can run on the internet like bittorrent, IRC, SMTP, XMPP etc. This is not about the physical laws and resources governing the internet.
Have you tried torrenting anything recently?
Re: It’s easier and cheaper to use bank wires than Bitcoin
#200To make matters worse crypto currencies like bitcoin appear to incentivize early adopters to act in bad faith like a pyramid scheme. That they are open to monopolization by those who have disproportionate access to cheap electricty and resources can't help build trust.
So the early adopters have every incentive to spin it and on cue they talk it up deceptively on decentralization, anonymity and control as if the protocol develops itself and is not under the control of an inner cotorie.
Aren't governments and financial systems supposed to work for us and if they aren't is the solution to make sure they do, or a flawed technology workaround that benefits early adopters and concentrates power and influence in the hands of a few? The cure seems worse than the disease.