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"tiny fractions" Citation needed. You have no data to back up your claims. In my circles, cryptos seem to be primarily used either for person-to-person transa

by mrb 9y ago

"tiny fractions" Citation needed. You have no data to back up your claims. In my circles, cryptos seem to be primarily used either for person-to-person transactions (housing rent, beer money, small loans between friends) or--interestingly--B2B payments (US company paying their Chinese suppliers; Bitcoin excels at fast international payments.)

panopticon 9y ago
> cryptos seem to be primarily used either for person-to-person transactions (housing rent, beer money, small loans between friends) I would be pretty miffed if someone as paying me their share of rent in crypto. No merchant I interact with accepts them, so it would be more than a hassle to convert into USD (fees, rapid valuation changes, etc).
- hossbeast 9y ago
  But you might do it anyway, if it's enough of a value to your customers (like accepting a credit card payment)
mynewtb 9y ago
If OP would put substance to their claim, I might be willing to look into that. It's nice that cryptocurrency is used as intermediate in your circles but surely you don't seriously disagree with my 'tiny fractions' of society being like that. Can you give details about those B2B payments?
- mrb 9y ago
  B2B: https://blog.bitpay.com/understanding-bitcoins-growth-in-2015/ https://blog.bitpay.com/understanding-bitcoins-growth-in-201...
  - mynewtb 9y ago
    Recently, an international client was hosting a website surrounding a global sporting event. At a critical moment, their servers came under a DDoS attack. They needed our protection and they needed it immediately. The sporting event would have been completed by the time their financial institution could initiate a wire transfer. And it would have been several days later before our bank would have received the payment. However with bitcoin, the customer was able to pay quickly and we were able to activate the protection immediately. Bitcoin is hands-down the fastest way to secure an international payment from a new client in the event of a DDoS attack.“ LOL, maybe not the best source to post when we are talking about legitimate uses.
    - mrb 9y ago
      Something must be going over your head (hence the downvotes that you deserve)... You understand they are not paying the hackers, right? They paid a reputable InfoSec company for urgent DDoS protection. That's a perfectly legit use case.

by mrb 9y ago

panopticon 9y ago

> cryptos seem to be primarily used either for person-to-person transactions (housing rent, beer money, small loans between friends) I would be pretty miffed if someone as paying me their share of rent in crypto. No merchant I interact with accepts them, so it would be more than a hassle to convert into USD (fees, rapid valuation changes, etc).

hossbeast 9y ago
But you might do it anyway, if it's enough of a value to your customers (like accepting a credit card payment)

mynewtb 9y ago

If OP would put substance to their claim, I might be willing to look into that. It's nice that cryptocurrency is used as intermediate in your circles but surely you don't seriously disagree with my 'tiny fractions' of society being like that. Can you give details about those B2B payments?

mrb 9y ago
B2B: https://blog.bitpay.com/understanding-bitcoins-growth-in-2015/ https://blog.bitpay.com/understanding-bitcoins-growth-in-201...
- mynewtb 9y ago
  Recently, an international client was hosting a website surrounding a global sporting event. At a critical moment, their servers came under a DDoS attack. They needed our protection and they needed it immediately. The sporting event would have been completed by the time their financial institution could initiate a wire transfer. And it would have been several days later before our bank would have received the payment. However with bitcoin, the customer was able to pay quickly and we were able to activate the protection immediately. Bitcoin is hands-down the fastest way to secure an international payment from a new client in the event of a DDoS attack.“ LOL, maybe not the best source to post when we are talking about legitimate uses.
  - mrb 9y ago
    Something must be going over your head (hence the downvotes that you deserve)... You understand they are not paying the hackers, right? They paid a reputable InfoSec company for urgent DDoS protection. That's a perfectly legit use case.