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How Keeta processes 11M financial transactions per second with Spanner

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Re: How Keeta processes 11M financial transactions per second with Spanner

#21

Post by OutOfHere »

miki123211 wrote: post #16
gigatexal wrote: post #8

Oh cool a blockchain crypto thing that will actually be compliant and do KYC and such and not take forever to settle things. If crypto destroys the fx money changer companies that charge egregious fees and makes it such that I can send money to friends and family without delay and fees I’d be all for that. Maybe sane officials will let the US Federal Reserve launch a digital dollar and finally fix all the middle men…

There must be a reason why those fees exist, otherwise there would be a business opportunity for another greedy company to demand lower fees and take all the profit. I strongly suspect the reason is the regulations themselves. KYC implementations cost money, and so do fraud disputes. Traditional crypto provides neither, so the fees ther are much lower.

Fraud disputes are literally the only reason the fees were historically justified. These days however, various large companies strictly prohibit a user from engaging in any dispute, causing the user's account to be frozen if a dispute is initiated. This means there rarely any fraud dispute anymore, so paying a premium for it is typically a waste.

Re: How Keeta processes 11M financial transactions per second with Spanner

#22

Post by gigatexal »

OutOfHere wrote: post #20
delusional wrote: post #9

Earlier quoted context omitted.

The problem with a good "blockchain crypto thing" is that if they were going to be good anyway, there are much better/cheaper technologies for doing banking. Blockchain technology is not just a scam industry by happenstance. The technology is so bad at what it usefully does that it necessitates being a scam industry. If it was to compete with mainline banking, it would lose 10 times out of 10.

While Visa and MasterCard want 3%, using USDT lets me send an amount for a penny or two. Nick checks out.

Exactly. But is USDT doing KYC?

Re: How Keeta processes 11M financial transactions per second with Spanner

#23

Post by gigatexal »

troupo wrote: post #17
gigatexal wrote: post #8

Oh cool a blockchain crypto thing that will actually be compliant and do KYC and such and not take forever to settle things. If crypto destroys the fx money changer companies that charge egregious fees and makes it such that I can send money to friends and family without delay and fees I’d be all for that. Maybe sane officials will let the US Federal Reserve launch a digital dollar and finally fix all the middle men…

Ah yes. A "blockchain" that checks notes isn't a blockchain (uses their own implementation of a DAG) and checks notes is running on a single product by a single company. The actual disruptor here is Google Spanner which actually handles all the ACID required. > If crypto destroys the fx money changer companies that charge egregious fees and makes it such that I can send money to friends and family without delay and f…

Because most of crypto is run by grifters and charlatans pumping and dumping.

Re: How Keeta processes 11M financial transactions per second with Spanner

#24

Post by OutOfHere »

gigatexal wrote: post #22
OutOfHere wrote: post #20

Earlier quoted context omitted.

While Visa and MasterCard want 3%, using USDT lets me send an amount for a penny or two. Nick checks out.

Exactly. But is USDT doing KYC?

No, and the user never asked for KYC. It is an encumbrance to everyone, and the self-custody crypto world does away with it.

Re: How Keeta processes 11M financial transactions per second with Spanner

#25

Post by ceejayoz »

OutOfHere wrote: post #20
delusional wrote: post #9

Earlier quoted context omitted.

The problem with a good "blockchain crypto thing" is that if they were going to be good anyway, there are much better/cheaper technologies for doing banking. Blockchain technology is not just a scam industry by happenstance. The technology is so bad at what it usefully does that it necessitates being a scam industry. If it was to compete with mainline banking, it would lose 10 times out of 10.

While Visa and MasterCard want 3%, using USDT lets me send an amount for a penny or two. Nick checks out.

Visa and Mastercard will give me my money back when the vendor turns out to be shit, though.

Re: How Keeta processes 11M financial transactions per second with Spanner

#26

Post by OutOfHere »

ceejayoz wrote: post #25
OutOfHere wrote: post #20

Earlier quoted context omitted.

While Visa and MasterCard want 3%, using USDT lets me send an amount for a penny or two. Nick checks out.

Visa and Mastercard will give me my money back when the vendor turns out to be shit, though.

It is true, but with major caveats.

Firstly, one has to submit strong evidence, call them repeatedly, and wait for many months. It is not a pleasant experience.

Secondly, in the real world, any vendor like Amazon or Ebay or Uber or Lyft will immediately freeze the user's account if a dispute is initiated, barring the user from using the service. This is a substantially worse outcome for the user.

Re: How Keeta processes 11M financial transactions per second with Spanner

#28

Post by ceejayoz »

OutOfHere wrote: post #26
ceejayoz wrote: post #25

Earlier quoted context omitted.

Visa and Mastercard will give me my money back when the vendor turns out to be shit, though.

It is true, but with major caveats. Firstly, one has to submit strong evidence, call them repeatedly, and wait for many months. It is not a pleasant experience. Secondly, in the real world, any vendor like Amazon or Ebay or Uber or Lyft will immediately freeze the user's account if a dispute is initiated, barring the user from using the service. This is a substantially worse outcome for the user.

> Firstly, one has to submit strong evidence, call them repeatedly, and wait for many months.

You should get an Amex. (I've had little issue with various Visa/MC issuing banks, though. Quick and easy.)

> Secondly, in the real world, any vendor like Amazon or Ebay or Uber or Lyft will immediately freeze the user's account if a dispute is initiated, barring the user from using the service.

In most cases, shady vendors are a one-off concern. If I'm charging back, I'm probably not buying from them again.

Re: How Keeta processes 11M financial transactions per second with Spanner

#29

Post by yunohn »

miki123211 wrote: post #16
gigatexal wrote: post #8

Oh cool a blockchain crypto thing that will actually be compliant and do KYC and such and not take forever to settle things. If crypto destroys the fx money changer companies that charge egregious fees and makes it such that I can send money to friends and family without delay and fees I’d be all for that. Maybe sane officials will let the US Federal Reserve launch a digital dollar and finally fix all the middle men…

There must be a reason why those fees exist, otherwise there would be a business opportunity for another greedy company to demand lower fees and take all the profit. I strongly suspect the reason is the regulations themselves. KYC implementations cost money, and so do fraud disputes. Traditional crypto provides neither, so the fees ther are much lower.

I mean, this whole Forex fee horse has been beaten to death by crypto evangelists for the past decade, and yet, it seems “unsolvable”?

Wise used to be almost completely free (excl spread), but they also introduced small % based fees over 1-2 yrs ago. They have had and continue to have many competitors, all of whom are experimenting with pricing models all the time.

If crypto could solve this, or if a trad-fi competitor could disrupt this, they would have. But that is not a very satisfying story, so here we are…

Re: How Keeta processes 11M financial transactions per second with Spanner

#30

Post by yunohn »

OutOfHere wrote: post #26
ceejayoz wrote: post #25

Earlier quoted context omitted.

Visa and Mastercard will give me my money back when the vendor turns out to be shit, though.

It is true, but with major caveats. Firstly, one has to submit strong evidence, call them repeatedly, and wait for many months. It is not a pleasant experience. Secondly, in the real world, any vendor like Amazon or Ebay or Uber or Lyft will immediately freeze the user's account if a dispute is initiated, barring the user from using the service. This is a substantially worse outcome for the user.

This is provably untrue. I’ve disputed charges on Visa/Mastercard numerous times and had refunds and fraud claims honored every single time with minimal effort.
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