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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

#51

Post by yunohn »

OutOfHere wrote: post #49
yunohn wrote: post #44

Earlier quoted context omitted.

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.

Sorry, but this is objectively not true. Like everything, nuance is crucial and our societal-legal system relies on it for a reason.

Leaking PII like names and phone numbers, versus KYC specific PII like ID proofs is a completely different ball game.

This argument is not about levels of harm, just your lack of understanding of nuance tbh.

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

#52

Post by yunohn »

OutOfHere wrote: post #48
yunohn wrote: post #45

Earlier quoted context omitted.

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…

It’s very unclear to me if you actually understood the discussion about forex fees.

One does not “solve” forex by trading in a common shared currency, that is already possible without stablecoins - it’s just that vendors often want their local currency and therein lies the problem.

Even if everyone moved to stable coins or Monopoly money, once you need to cash out in IRL, you encounter forex fees.

A sort-of example is Trump’s insistence on oil being traded purely in USD for the USA’s hegemonic benefit - but other nations are waking up and opposing this status quo actively.

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

#53

Post by yunohn »

ceejayoz wrote: post #47
OutOfHere wrote: post #37

Earlier quoted context omitted.

I don't order from shady vendors.

I wish I had a time machine! This would explain your apparent confusion around the chargeback process.

I find it hilarious when crypto nerds argue from a position of being godlike oracle beings who are just so smart they never make mistakes ever (TM) and as such, brush away concerns of fraud etc.

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

#54

Post by gigatexal »

OutOfHere wrote: post #50
gigatexal wrote: post #46

Earlier quoted context omitted.

“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…

Must be nice to live in this libertarian utopia as the Doomguy of your own universe. Best of luck.

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

#55

Post by OutOfHere »

gigatexal wrote: post #54
OutOfHere wrote: post #50

Earlier quoted context omitted.

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…

Must be nice to live in this libertarian utopia as the Doomguy of your own universe. Best of luck.

It is not my own universe. You are in 100% denial of the numbers. Ask an LLM to grab the data and plot it for you.

Self-serving freedom-hating people like you will always try to restrict what others can do, falsely in the name of protecting them, but we see through it.

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

#56

Post by OutOfHere »

yunohn wrote: post #53
ceejayoz wrote: post #47

Earlier quoted context omitted.

I wish I had a time machine! This would explain your apparent confusion around the chargeback process.

I find it hilarious when crypto nerds argue from a position of being godlike oracle beings who are just so smart they never make mistakes ever (TM) and as such, brush away concerns of fraud etc.

Fraud is very real, but let me count the reasons why chargebacks rarely matter:

1. They don't matter for unapproved charges and renewals because crypto doesn't allow charges at all.

2. They don't matter for buying from large sites like Amazon, Ebay, Google, etc. because these large sites will quickly freeze a user's account completely if a chargeback is introduced. Most orders these days go through the large sites.

3. Chargebacks filed with Visa/MC (not Amex) require substantial evidence and follow-up for them to succeed. They are not easy. The time spent on retrieving the money back is hardly worth it for someone with a full-time job.

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

#57

Post by yunohn »

OutOfHere wrote: post #56
yunohn wrote: post #53

Earlier quoted context omitted.

I find it hilarious when crypto nerds argue from a position of being godlike oracle beings who are just so smart they never make mistakes ever (TM) and as such, brush away concerns of fraud etc.

Fraud is very real, but let me count the reasons why chargebacks rarely matter: 1. They don't matter for unapproved charges and renewals because crypto doesn't allow charges at all. 2. They don't matter for buying from large sites like Amazon, Ebay, Google, etc. because these large sites will quickly freeze a user's account completely if a chargeback is introduced. Most orders these days go through the large sites. 3…

1. Not true, see malicious smart contracts.

2. Yes and thanks to modern trad-fi law, it’s incredibly easy to get refunds and returns on basically all retail websites.

3. Not true, trivially disproved by having gone through the process multiple times with various providers myself with minimal effort and documentation. I suggest you DYOR once too.

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

#58

Post by OutOfHere »

yunohn wrote: post #57
OutOfHere wrote: post #56

Earlier quoted context omitted.

Fraud is very real, but let me count the reasons why chargebacks rarely matter: 1. They don't matter for unapproved charges and renewals because crypto doesn't allow charges at all. 2. They don't matter for buying from large sites like Amazon, Ebay, Google, etc. because these large sites will quickly freeze a user's account completely if a chargeback is introduced. Most orders these days go through the large sites. 3…

1. Not true, see malicious smart contracts. 2. Yes and thanks to modern trad-fi law, it’s incredibly easy to get refunds and returns on basically all retail websites. 3. Not true, trivially disproved by having gone through the process multiple times with various providers myself with minimal effort and documentation. I suggest you DYOR once too.

I appreciate when someone is well informed and shares their knowledge, but:

1. Regarding malicious smart contracts, they can steal only from incompetently written smart contracts.

2. Regarding refunds by large vendors, that's the ideal, but not the reality. I have had Uber reject a refund for unfair reasons when the driver was wasting time and didn't show up for over 15 minutes past the estimated time. I have also had Google provide me no refund for a large transaction on a scam app that fooled me.

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

#59

Post by yunohn »

OutOfHere wrote: post #58
yunohn wrote: post #57

Earlier quoted context omitted.

1. Not true, see malicious smart contracts. 2. Yes and thanks to modern trad-fi law, it’s incredibly easy to get refunds and returns on basically all retail websites. 3. Not true, trivially disproved by having gone through the process multiple times with various providers myself with minimal effort and documentation. I suggest you DYOR once too.

I appreciate when someone is well informed and shares their knowledge, but: 1. Regarding malicious smart contracts, they can steal only from incompetently written smart contracts. 2. Regarding refunds by large vendors, that's the ideal, but not the reality. I have had Uber reject a refund for unfair reasons when the driver was wasting time and didn't show up for over 15 minutes past the estimated time. I have also ha…

1. Please don’t repeat the No True Scotsman train of argument again and hand wave away the problem by blaming it on “incompetence” - it removes the explicit malice those contracts were coded with.

2. I am struggling to see how this is/would/could ever be solved by crypto.

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

#60

Post by OutOfHere »

yunohn wrote: post #59
OutOfHere wrote: post #58

Earlier quoted context omitted.

I appreciate when someone is well informed and shares their knowledge, but: 1. Regarding malicious smart contracts, they can steal only from incompetently written smart contracts. 2. Regarding refunds by large vendors, that's the ideal, but not the reality. I have had Uber reject a refund for unfair reasons when the driver was wasting time and didn't show up for over 15 minutes past the estimated time. I have also ha…

1. Please don’t repeat the No True Scotsman train of argument again and hand wave away the problem by blaming it on “incompetence” - it removes the explicit malice those contracts were coded with. 2. I am struggling to see how this is/would/could ever be solved by crypto.

2. It's not solved by crypto, but then crypto doesn't charge a 3% commission for money transfer. The cost of a stablecoin transfer is a couple of pennies.
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