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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

#41

Post by gigatexal »

OutOfHere wrote: post #40
gigatexal wrote: post #39

Earlier quoted context omitted.

Crypto: monero, ICOs, stable coins, grift, extortion, Ponzi schemes. I don’t want to charge people for money. I’m just leery of the I must be anonymous in everything crowd. I’m pro encryption, I’m also pro KYC and other anti money laundering programs — I do think the industry could be disrupted a bit though the exchange fees are egregious. Most of it is just going to profit margin and by activities that are just rent…

You're leery because you've been privileged in that you have not been victimized or unfairly targeted for your actions. Money laundering is a fake/made-up liberty-stealing concept by corrupt people that want to enslave others and tell them what they cannot do. If you think that Monero and stablecoins are equivalent to the other things you named, you are not even very educated. Are you aware of the Coinbase customer d…

Please spare me the tears. At risk groups, minorities, etc have over the years gained many protections and will continue to do so. You write as if crypto is the only thing around to save the lives of these folks when it's instead used for grey and black market things mostly.

I was hoping we could find common ground in destroying the margins the payment processors rake in ... and still do KYC while still knowing that crypto is otherwise used for quick gains and is more or less just a Ponzi scheme.

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

#42

Post by OutOfHere »

gigatexal wrote: post #41
OutOfHere wrote: post #40

Earlier quoted context omitted.

You're leery because you've been privileged in that you have not been victimized or unfairly targeted for your actions. Money laundering is a fake/made-up liberty-stealing concept by corrupt people that want to enslave others and tell them what they cannot do. If you think that Monero and stablecoins are equivalent to the other things you named, you are not even very educated. Are you aware of the Coinbase customer d…

Please spare me the tears. At risk groups, minorities, etc have over the years gained many protections and will continue to do so. You write as if crypto is the only thing around to save the lives of these folks when it's instead used for grey and black market things mostly. I was hoping we could find common ground in destroying the margins the payment processors rake in ... and still do KYC while still knowing that…

You get to share your beliefs, but don't get to force or impose your beliefs on others. If the people don't care for KYC, the people will get what they want. You do not represent the growing percentage of crypto users.

The biggest ponzi, larger than all other ponzis combined, is the exponentially growing debt of the national currency. It is destined to devalue the national currency.

Your assertion about cryptocurrency being used mostly for a particular market is self-suiting nonsense.

The world is full of those who want to be enslavers and those who want to be free. You are in the former group.

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

#43

Post by OutOfHere »

yunohn wrote: post #29
miki123211 wrote: post #16

Earlier quoted context omitted.

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 competit…

Your comment shows how little you know about stablecoins, the legislation that passed this year, and what's coming with the planned introduction of stablecoins by major retailers. Your extreme ignorance does not give you the right to preach nonsense.

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

#44

Post by yunohn »

OutOfHere wrote: post #38
yunohn wrote: post #32

Earlier quoted context omitted.

Could you provide a source for Google’s “KYC data” breach?

KYC data is PII data. I'm referring to Google's Salesforce breach, which most certainly included substantial PII data. Moreover, other companies like Coinbase that do KYC have had their KYC data stolen this year as well, putting the lives of asset holders at risk.

KYC data is by definition PII data, but the opposite is definitely not true. You can have PII data without it being relevant to nor mandated by KYC regulations.

Please understand that the muddying of terms only harms your argument, instead of strengthening it.

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

#45

Post by yunohn »

OutOfHere wrote: post #43
yunohn wrote: post #29

Earlier quoted context omitted.

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 competit…

Your comment shows how little you know about stablecoins, the legislation that passed this year, and what's coming with the planned introduction of stablecoins by major retailers. Your extreme ignorance does not give you the right to preach nonsense.

Your response would be well served with a link to an article/blog that explains why I am so obviously wrong about forex fee disruption? Maybe even a short summary of how exactly the hand waving you’re doing correlates to the opinion I posted?

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

#46

Post by gigatexal »

OutOfHere wrote: post #42
gigatexal wrote: post #41

Earlier quoted context omitted.

Please spare me the tears. At risk groups, minorities, etc have over the years gained many protections and will continue to do so. You write as if crypto is the only thing around to save the lives of these folks when it's instead used for grey and black market things mostly. I was hoping we could find common ground in destroying the margins the payment processors rake in ... and still do KYC while still knowing that…

You get to share your beliefs, but don't get to force or impose your beliefs on others. If the people don't care for KYC, the people will get what they want. You do not represent the growing percentage of crypto users. The biggest ponzi, larger than all other ponzis combined, is the exponentially growing debt of the national currency. It is destined to devalue the national currency. Your assertion about cryptocurrenc…

“Enslavers” “exponential” … so doomsday of you. My points were made yet not countered with evidence. I could very well be wrong. We will never know. ;-)

KYC is among others the law of the land for financial institutions. Even if not don’t you want to know you’re not aiding terrorists or sex traffickers or drug cartels in washing their money and funding crimes that harm or kill people?

Some freedoms are traded in a civil society for civility. What did you do before crypto? Not bank? Not buy anything? Never use a credit card? Always pay cash? Live off the grid?

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

#47

Post by ceejayoz »

OutOfHere wrote: post #37
ceejayoz wrote: post #28

Earlier quoted context omitted.

> 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…

I don't order from shady vendors.

I wish I had a time machine!

This would explain your apparent confusion around the chargeback process.

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

#48

Post by OutOfHere »

yunohn wrote: post #45
OutOfHere wrote: post #43

Earlier quoted context omitted.

Your comment shows how little you know about stablecoins, the legislation that passed this year, and what's coming with the planned introduction of stablecoins by major retailers. Your extreme ignorance does not give you the right to preach nonsense.

Your response would be well served with a link to an article/blog that explains why I am so obviously wrong about forex fee disruption? Maybe even a short summary of how exactly the hand waving you’re doing correlates to the opinion I posted?

The simplest way in which crypto solves forex, at least in a narrow sense, is by the vendor accepting payment in a stablecoin, such as in one that matches the price of USD or EUR 1:1. Examples are USDT and DEUR. The transaction fees are very low, and there are no pumps and dumps. Swap fees between different stablecoins also are a lot lower than what a bank would charge as a forex fee.

One is of course always free to use real cryptocurrency too, e.g. BTC and XMR, although they are subject to pumps and dumps, although the price rises over time.

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

#49

Post by OutOfHere »

yunohn wrote: post #44
OutOfHere wrote: post #38

Earlier quoted context omitted.

KYC data is PII data. I'm referring to Google's Salesforce breach, which most certainly included substantial PII data. Moreover, other companies like Coinbase that do KYC have had their KYC data stolen this year as well, putting the lives of asset holders at risk.

KYC data is by definition PII data, but the opposite is definitely not true. You can have PII data without it being relevant to nor mandated by KYC regulations. Please understand that the muddying of terms only harms your argument, instead of strengthening it.

That difference matters only to the institution. To the user, however, the risk and damage from the leak of any type of serious PII is one and the same in that it is a risk to be avoided.

In other words, the technicality you state is the difference between the user getting punched in the guts versus in the gonads. Both are to be avoided.

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

#50

Post by OutOfHere »

gigatexal wrote: post #46
OutOfHere wrote: post #42

Earlier quoted context omitted.

You get to share your beliefs, but don't get to force or impose your beliefs on others. If the people don't care for KYC, the people will get what they want. You do not represent the growing percentage of crypto users. The biggest ponzi, larger than all other ponzis combined, is the exponentially growing debt of the national currency. It is destined to devalue the national currency. Your assertion about cryptocurrenc…

“Enslavers” “exponential” … so doomsday of you. My points were made yet not countered with evidence. I could very well be wrong. We will never know. ;-) KYC is among others the law of the land for financial institutions. Even if not don’t you want to know you’re not aiding terrorists or sex traffickers or drug cartels in washing their money and funding crimes that harm or kill people? Some freedoms are traded in a ci…

It is a statistical fact that the growth of the US national debt, and that of many countries, is exponential in its grwoth. This will have ramifications that will heavily affect everyone holding dollars. Just plot it and see the equation. Of course those who choose to remain clueless will indeed never know.

KYC is the law for financial institutions, one that it would be in their best interest to lobby against. It is also not the law for self-custody crypto, and certainly not for users, not that it could ever be one since it would be impossible to enforce anyway. The users have no interest in it.

Your nonsense of aiding terrorists, traffickers, cartels, is just that -- plain nonsense. This is because just as with cash, the usage of cryptocurrency is orthogonal to the criminal activities. The law increasingly wants practically every freedom traded away, not for civility, but for repression. They are the ones harming more people as of late, with an increasingly undemocratic and oppressive agenda. Moreover, the government already heavily tracks the usage of non-privacy cryptocurrencies; its is like a dream for them.

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