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It’s easier and cheaper to use bank wires than Bitcoin

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Re: It’s easier and cheaper to use bank wires than Bitcoin

#61

Post by AsyncAwait »

zajd wrote: post #6
nicky0 wrote: post #3

Interesting article. But none of the problems described are actually with bitcoin. I see criticisms of CoinBase, WB21, TradeZero, Bitpay. All the problems were due to issues with exchanges & intermediaries and with handling USD. It seems the actual bitcoin part worked fine.

Interesting article. But none of the problems described are actually with fiat currency. I see criticisms of the Fed, Banks, Credit Card Companies, Credit Unions. All the problems were due to issues with exchanges and intermediaries and with handling USD. It seems the actual fiat currency part worked fine.

> It seems the actual fiat currency part worked fine.

I don't think Bitcoin is made at will out of thin air like flat currency routinely is. You can still argue that this is not a problem with flat currency itself, but the problem is, unlike Bitcoin, the laws regarding printing and production of flat currency are not governed by hard-to-break math.

Re: It’s easier and cheaper to use bank wires than Bitcoin

#62

Post by joefourier »

Using Bitcoin strictly as an intermediate to transfer between two US dollar accounts is not the most typical usecase. The fees and waiting times are due to the US dollar transfers and the companies involved.

There is however, valid criticism of the various middlemen that have propped up to take advantage of the hype surrounding Bitcoin.

Re: It’s easier and cheaper to use bank wires than Bitcoin

#63

Post by eli »

AsyncAwait wrote: post #61
zajd wrote: post #6

Earlier quoted context omitted.

Interesting article. But none of the problems described are actually with fiat currency. I see criticisms of the Fed, Banks, Credit Card Companies, Credit Unions. All the problems were due to issues with exchanges and intermediaries and with handling USD. It seems the actual fiat currency part worked fine.

> It seems the actual fiat currency part worked fine. I don't think Bitcoin is made at will out of thin air like flat currency routinely is. You can still argue that this is not a problem with flat currency itself, but the problem is, unlike Bitcoin, the laws regarding printing and production of flat currency are not governed by hard-to-break math.

As a consumer, I'm not sure I care.

Re: It’s easier and cheaper to use bank wires than Bitcoin

#64

Post by smokeyj »

With a title like "The Disaster that is Bitcoin" we really shouldn't feed the trolls. It's true bitcoin doesn't compete with traditional fiat for many purposes. Calling bitcoin a disaster for it is trolling people who see potential in the technology. The disaster that is clickbait.

Re: It’s easier and cheaper to use bank wires than Bitcoin

#66

Post by loeg »

_xhok wrote: post #59
loeg wrote: post #49

Earlier quoted context omitted.

And if you love the simplicity and lack of informed investment Robinhood represents, you'll love slot machines too. Put money in, pull lever, boom. If you don't know enough to stock pick, buy the index.

By simplicity I was talking about the fact that I don't need to fill out paperwork. Filling out paperwork is unrelated to the forecasting which companies will succeed. The point is, if it were 2005 and I wanted to buy Apple stock, without Robinhood I probably wouldn't have bothered.

Open a brokerage account, click BUY, enter AAPL. That's about it. :-)

Fun fact: brokerage accounts were easier to open in 2005 before the recent more stringent money laundering regulation.

Re: It’s easier and cheaper to use bank wires than Bitcoin

#67

Post by revel »

uobytx wrote: post #12

I don't think USD -> Bitcoin -> USD is really the way to go on this. If you are trading in USD, why would you move it into bitcoin and back again? You already had it in USD. If you need to buy some groceries in the US, you wouldn't trade your USD for CAD (Canada money), then bring CAD to a grocery store that also accepts USD. You would only bring CAD if you already had CAD.

The point of the article is really that using bitcoin means using a lot of wildly dysfunctional intermediaries. USD to bitcoin and back again is, almost certainly, the most liquid market there is. It's a scalding indictment of bitcoin when part of the promise of bitcoin was that it would be quick, easy and cheap to perform these kind of transactions

Re: It’s easier and cheaper to use bank wires than Bitcoin

#69

Post by _xhok »

loeg wrote: post #66
_xhok wrote: post #59

Earlier quoted context omitted.

By simplicity I was talking about the fact that I don't need to fill out paperwork. Filling out paperwork is unrelated to the forecasting which companies will succeed. The point is, if it were 2005 and I wanted to buy Apple stock, without Robinhood I probably wouldn't have bothered.

Open a brokerage account, click BUY, enter AAPL. That's about it. :-) Fun fact: brokerage accounts were easier to open in 2005 before the recent more stringent money laundering regulation.

Oh. Is opening a brokerage account that easy?

Re: It’s easier and cheaper to use bank wires than Bitcoin

#70

Post by oelmekki »

smokeyj wrote: post #64

With a title like "The Disaster that is Bitcoin" we really shouldn't feed the trolls. It's true bitcoin doesn't compete with traditional fiat for many purposes. Calling bitcoin a disaster for it is trolling people who see potential in the technology. The disaster that is clickbait.

> The disaster that is clickbait.

Or sponsored articles. I would love the author to mention where he works, and if that article was sponsored.

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