5 ms·

> Provide me one legal use case better suited to cryptocurrency than the US dollar. Sending money to people overseas without extortionate fees. Surprisingly no

> Provide me one legal use case better suited to cryptocurrency than the US dollar. Sending money to people overseas without extortionate fees. Surprisingly not everyone overseas is linked with international terrorism as you imply.

aphextim 7y ago
Stellar and IBM's WorldWire are hoping to tackle the remittances issue! Check it out if you haven't.
- arcticbull 7y ago
  Neither of those solutions need or benefit from BlockChain.
  - aphextim 7y ago
    Your comment couldn't be more asinine. Did you even bother to google search them? Here I'll help. https://www.stellar.org/ https://www.stellar.org/ https://www.ibm.com/blockchain/solutions/world-wire https://www.ibm.com/blockchain/solutions/world-wire
    - dang 7y ago
      Personal attacks will get you banned here. Would you please read https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and follow the rules?
      - aphextim 7y ago
        I apologize. I did not read the rules. I have now and will refrain from any personal attacks going forward.
arcticbull 7y ago
> Surprisingly not everyone overseas is linked with international terrorism as you imply. Unless you're trying to send money to North Korea that wasn't my implication at all, I have family overseas to whom I manage to send money without crypto or getting overcharged. There are tons of international remittance services already including Andreesen-backed TransferWise which charges ~0.85% or less to move money internationally. Much less than the sum total of the cost of buying coins on an exchange in one country, paying an on-network transaction fee, risk of huge swings in the asset value and fraud along the way and one more exchange transaction fee in the destination country. Generally even WU is quite competitive. In markets where they appear pricey the cost is usually to de-risk things like political issues which are all borne by crypto too but opaquely. For instance, the USD-INR corridor is almost fee-free on all services. If you've got a ton of money to move, you may be best off opening an Interactive Brokers account and performing the exchange there. They take a commission minimum of $2, or 0.002% ($2000 per million) for the trade. [1] It's a $5.1T per day (legitimate) market after all. This is not a particularly good example, it's a solved problem. [1] https://www.interactivebrokers.com/en/index.php?f=1590&p=fx https://www.interactivebrokers.com/en/index.php?f=1590&p=fx
- arcticbull 7y ago
  Uh sorry, Interactive Brokers is so cheap my math was off. They charge 0.2 basis points which is 0.2/100 of 1% (0.002%, minimum $2). So a $100,000 exchange would cost $2.00 and a $1,000,000 would cost $20.00

aphextim 7y ago

Stellar and IBM's WorldWire are hoping to tackle the remittances issue! Check it out if you haven't.

arcticbull 7y ago
Neither of those solutions need or benefit from BlockChain.
- aphextim 7y ago
  Your comment couldn't be more asinine. Did you even bother to google search them? Here I'll help. https://www.stellar.org/ https://www.stellar.org/ https://www.ibm.com/blockchain/solutions/world-wire https://www.ibm.com/blockchain/solutions/world-wire
  - dang 7y ago
    Personal attacks will get you banned here. Would you please read https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and follow the rules?
    - aphextim 7y ago
      I apologize. I did not read the rules. I have now and will refrain from any personal attacks going forward.

arcticbull 7y ago

> Surprisingly not everyone overseas is linked with international terrorism as you imply. Unless you're trying to send money to North Korea that wasn't my implication at all, I have family overseas to whom I manage to send money without crypto or getting overcharged. There are tons of international remittance services already including Andreesen-backed TransferWise which charges ~0.85% or less to move money internationally. Much less than the sum total of the cost of buying coins on an exchange in one country, paying an on-network transaction fee, risk of huge swings in the asset value and fraud along the way and one more exchange transaction fee in the destination country. Generally even WU is quite competitive. In markets where they appear pricey the cost is usually to de-risk things like political issues which are all borne by crypto too but opaquely. For instance, the USD-INR corridor is almost fee-free on all services. If you've got a ton of money to move, you may be best off opening an Interactive Brokers account and performing the exchange there. They take a commission minimum of $2, or 0.002% ($2000 per million) for the trade. [1] It's a $5.1T per day (legitimate) market after all. This is not a particularly good example, it's a solved problem. [1] https://www.interactivebrokers.com/en/index.php?f=1590&p=fx https://www.interactivebrokers.com/en/index.php?f=1590&p=fx

arcticbull 7y ago
Uh sorry, Interactive Brokers is so cheap my math was off. They charge 0.2 basis points which is 0.2/100 of 1% (0.002%, minimum $2). So a $100,000 exchange would cost $2.00 and a $1,000,000 would cost $20.00