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Banks are highly regulated and risk averse. They won’t transfer 100 USD to some country when it takes them more than some percentage of the transfer to do compl
by lixtra 8y ago
Banks are highly regulated and risk averse. They won’t transfer 100 USD to some country when it takes them more than some percentage of the transfer to do compliance for it. So the transfer is legal but banks can not do it compliant and efficient.
I know of Ukrainian developers being paid in ETH for that reason.
Adult cam models in some countries are another example.
- ovi256 8y ago>to do compliance for it FWIW, complianceless payments are dejure illegal by definition. So any economic activity being made possible by them is roadkill of the current regulatory environment, legally speaking. A nice example of Bastiat's "That which is not seen".
- lixtra 8y agoThis is just wrong. A kiosk merchant may accept cash payments legally. If she wants to accept cards she has to go through the stricter compliance rules of the card processors. Same applies for crypto. A transaction does not become illegal just because some class of players do not want to become part of it.
- DenisM 8y agoYour use case #1 is money transfer where no centralized database can not be bothered because the overall volume is so small. Long tail of sorts. I think that's a good use case, not sure how much volume overall.
- kragen 8y agoHopefully not more than 7–10 transactions per second.