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Well, seems like the options you have are better for you. In the market I operate in credit cards fees are %2.5-3. Street change places are popular because they

by zaat 7y ago

Well, seems like the options you have are better for you. In the market I operate in credit cards fees are %2.5-3. Street change places are popular because they are the cheapest option. Using SEPA is expensive and is not instant (your bank will usually transmit the transaction about a day after you order it). And anyway, a day or two is far from instant. I didn't understate the risk of BTC exchanges, I didn't discuss it at all. I also didn't and wouldn't claim that BTC is flawless or close to that. There are multiple downsides, risk and usability issues. I only reacted to your claim that it is only useful for illegal ends.

arcticbull 7y ago
> Well, seems like the options you have are better for you. In the market I operate in credit cards fees are %2.5-3. Where, out of curiosity? And is a TransferWise Borderless account an option for you, to sidestep this? > Street change places are popular because they are the cheapest option. Using SEPA is expensive and is not instant (your bank will usually transmit the transaction about a day after you order it). And anyway, a day or two is far from instant. TransferWise remains a risk free option less than 1%. SEPA payments cost the same as a domestic transfer, often free, or a few cents, and within the Euro zone there’s no currency to convert. Further they are instant from a network perspective but banks do all offer processing time guarantees. And while potentially far from instant at minimum one SEPA transaction is required to move money into or out of the Eurozone via an exchange so you’re just adding needless extra steps. > I didn't understate the risk of BTC exchanges, I didn't discuss it at all. I also didn't and wouldn't claim that BTC is flawless or close to that. There are multiple downsides, risk and usability issues. I only reacted to your claim that it is only useful for illegal ends. By omitting it you made it seem like a viable option, it’s not. The risk was left out of the “couple of dollars” quote like a resort fee at a hotel. There are better, cheaper, faster options. Crypto has no business in the conversation because they’re so clumsy and expensive. Imo in a market where better options exist, showing up with a worse one by all metrics with no path or plan to improve it doesn’t demonstrate its viability or fitness for purpose. Which means by de facto that this isn’t an example of a legitimate use case. Why would you use a worse product? For instance it’s like me showing up and saying for $1000 I’ll fly your money personally - with a nontrivial risk I’ll get bored and just keep your money. That doesn’t demonstrate my legitimacy as a money transmitter. Or trying to sell a typewriter as a computer. Or a horse next to a car dealership. Sure you could but why?

by zaat 7y ago

arcticbull 7y ago

> Well, seems like the options you have are better for you. In the market I operate in credit cards fees are %2.5-3. Where, out of curiosity? And is a TransferWise Borderless account an option for you, to sidestep this? > Street change places are popular because they are the cheapest option. Using SEPA is expensive and is not instant (your bank will usually transmit the transaction about a day after you order it). And anyway, a day or two is far from instant. TransferWise remains a risk free option less than 1%. SEPA payments cost the same as a domestic transfer, often free, or a few cents, and within the Euro zone there’s no currency to convert. Further they are instant from a network perspective but banks do all offer processing time guarantees. And while potentially far from instant at minimum one SEPA transaction is required to move money into or out of the Eurozone via an exchange so you’re just adding needless extra steps. > I didn't understate the risk of BTC exchanges, I didn't discuss it at all. I also didn't and wouldn't claim that BTC is flawless or close to that. There are multiple downsides, risk and usability issues. I only reacted to your claim that it is only useful for illegal ends. By omitting it you made it seem like a viable option, it’s not. The risk was left out of the “couple of dollars” quote like a resort fee at a hotel. There are better, cheaper, faster options. Crypto has no business in the conversation because they’re so clumsy and expensive. Imo in a market where better options exist, showing up with a worse one by all metrics with no path or plan to improve it doesn’t demonstrate its viability or fitness for purpose. Which means by de facto that this isn’t an example of a legitimate use case. Why would you use a worse product? For instance it’s like me showing up and saying for $1000 I’ll fly your money personally - with a nontrivial risk I’ll get bored and just keep your money. That doesn’t demonstrate my legitimacy as a money transmitter. Or trying to sell a typewriter as a computer. Or a horse next to a car dealership. Sure you could but why?