Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

A quick breakdown of what SWIFT is and why it matters

twitter.com

Post reply on HN
Print view View original

491–496 of 496 posts

Re: A quick breakdown of what SWIFT is and why it matters

#491

Post by stjohnswarts »

anm89 wrote: post #157
rcpt wrote: post #32

Earlier quoted context omitted.

To be honest high oil prices would be a godsend.

for who? Is this some kind of environmental argument. If so I think that is very short sighted. Renewables aren't going to magically overcome all of their headwinds because oil get's more expesnive. All we are going to get is huge inflation and maybe a very marginal increase to the renewables time frame while we get a huge and costly headache in the short term.

I suspect the person suggesting it probably has a large income and only spends a tiny percentage of their income on fuel and food unlike a large portion of the world.

Re: A quick breakdown of what SWIFT is and why it matters

#492

Post by kevin_b_er »

imwillofficial wrote: post #243
morelisp wrote: post #234

Earlier quoted context omitted.

They did not condemn it but they also did not signal support like China did - I suspect Modi expected Putin to stop at Donbas and sees his best option right now as a ceasefire, which is what he's openly asked for as well. Unlike Russia's allies other than China, India cannot afford to be shut out of the US and supported by Russia, and unlike China, Europe and the US can impose fairly strict sanctions on India in the…

Are Russia and India tight?

Unknown but India and China are most definitely not tight

Re: A quick breakdown of what SWIFT is and why it matters

#493

Post by celticninja »

RustyBucket wrote: post #71
celticninja wrote: post #31

Earlier quoted context omitted.

It's still an effective sanction because the Russian alternative is a half baked approach. It can only handle a fraction of the daily required transactions, only 40% of Russian banks are signed up to use it and it can only process payments during office hours.

Russia, I think, has 11 timezones. So essentially it is office hours entire day.

Moscow office hours

Re: A quick breakdown of what SWIFT is and why it matters

#494

Post by neon_electro »

jrsj wrote: post #428
MereInterest wrote: post #389

Earlier quoted context omitted.

Any time a friend or relatives asks me to explain what cryptocurrency is, the trust aspect must be front and center, axiomatic to the entire ecosystem. There is not a single thing in the implementation that makes sense without first assuming a lack of trust amongst every single party. This is also why cryptocurrencies can never be made efficient, and will be a blight for as long as they exist. They are the logical ex…

It seems to me like all societies are trending towards low trust. Technology that can work in a low trust environment though can alleviate some of the pain that comes with that though. Since cryptocurrency was already mentioned recent examples of that can be seen in Ukraine. The traditional financial system there has been disrupted; you can’t get cash out of an ATM. If you have cryptocurrency you can still transact.…

I want to charitably assume that you're not being fatalist, but

>It seems to me like all societies are trending towards low trust.

is quite a starting point to make the rest of your points.

Your example of Ukraine is insightful and valid, but I imagine crypto fans and opponents alike would rather we not descend globally into a state of permanent war, where crypto would presumably be the only tool available to transact.

Re: A quick breakdown of what SWIFT is and why it matters

#495

Post by andrewaylett »

majormajor wrote: post #170
13415 wrote: post #159

Earlier quoted context omitted.

I'm sure you're right in principle but have to point out that ten million dollars is peanuts, people have loaned more than that and not given back.

You mean that "real" banks have issued loans of 10M+ and not gotten repayed by people/companies who went bankrupt or such? Certainly! Banks do their due diligence for a reason, but they don't always get it right. And a certain amount of "bad loans" is expected anyway. Part of the fees and interest they charge is to cover that. But that's very different than simply printing yourself 10 million dollars. Or even just te…

Unless, it seems, you call them "Tether". Which is one of the reasons why I remain unconvinced that Blockchain _actually_ enables a financial system requiring less trust than the current mainstream financial system.

Re: A quick breakdown of what SWIFT is and why it matters

#496

Post by JacobThreeThree »

neon_electro wrote: post #494
jrsj wrote: post #428

Earlier quoted context omitted.

It seems to me like all societies are trending towards low trust. Technology that can work in a low trust environment though can alleviate some of the pain that comes with that though. Since cryptocurrency was already mentioned recent examples of that can be seen in Ukraine. The traditional financial system there has been disrupted; you can’t get cash out of an ATM. If you have cryptocurrency you can still transact.…

I want to charitably assume that you're not being fatalist, but >It seems to me like all societies are trending towards low trust. is quite a starting point to make the rest of your points. Your example of Ukraine is insightful and valid, but I imagine crypto fans and opponents alike would rather we not descend globally into a state of permanent war, where crypto would presumably be the only tool available to transac…

>I want to charitably assume that you're not being fatalist, but

I think he's being a realist.

https://thehill.com/blogs/blog-briefing-room/news/590117-tru...

Post reply on HN