5 ms·
You mean like the eur, usd, aud, nzd, gbp, jpy? That sort of stable and reliable currency with a strong banking infrastructure?
by te_chris 7y ago
You mean like the eur, usd, aud, nzd, gbp, jpy? That sort of stable and reliable currency with a strong banking infrastructure?
- lucasverra 7y agoyeah, those are the ones you can't sent 2 or 3 units of abroad in a minute by chat, where the receiver is not taxed 2-5%
- bad_user 7y agoThere are newer services like Revolut proving that it can be done. All you need is somebody's phone number and the transfer is instant and with no taxes. You can also exchange currency at the interbank exchange rate during the week. And transferring that money to your local bank account is also free of taxes. Not sure if Revolut will last, but I've been very happy with it.
- manicdee 7y agoAnd then there’s PayID in Australia: “pay anyone using their phone number”. Only the people setting up the processing system decided that all the security required for Visa/MasterCard processing was an obstacle and they didn’t think to implement rate limiting on their facility that provides account details in response to a phone number query. https://www.itnews.com.au/news/aussie-banks-warn-customers-after-fresh-payid-data-breach-529938 https://www.itnews.com.au/news/aussie-banks-warn-customers-a... In this story they refer to a “spike” in queries to the database. What actually happened is that someone tried querying every mobile phone number in Australia.
- asjw 7y agoWhy should I send 2 or 3 euros to someone over a chat? In Europe I can authorize a seller to directly take money from my account, if it's money for someone I trust (family, close friends) I can give them my prepaid credit card number and charge it with just the amount they need Do you really think that Libra would make this simpler?
- jbverschoor 7y agoMy revolut transaction for eur->cad didn't arrive. Now I have to pull all strings at bth banks to figure out what happened.
- kuschku 7y agoWhy not? Thanks to SEPA ICT I can send up to 15'000€ in less than 10 seconds — actually faster than Bitcoin or anything else — to anyone else in the EU. Why would I need to use Libra or anything else, what does it provide me that normal money doesn't? Why should a broken commercial currency with surveillance integration be used globally just because the US payment situation is broken?
- deleted 7y ago[deleted]
- azernik 7y ago> Why should a broken commercial currency with surveillance integration be used globally just because the US payment situation is broken? I suspect it won't be. Possibly could also catch on in developed countries, although places like Kenya and India already have home-grown non-bank phone-based payment systems. One market I can see would be remittances for international migrant workers - think the Indian workers in the UAE, or Filipinos (well, mostly Filipinas) across the Middle East.
- lawn 7y agoYou cannot compare the speed of the different services without bringing up settlement time, how long it takes for money to become irreversible. Yes you can send money very quickly with SEPA, but that's not the settlement time. The money can still be reversed (although with more difficulty than credit card payments). With Bitcoin you also get a notification in seconds, but the payment becomes extremely more difficult to reverse in around 10 minutes. So they're either equally fast or Bitcoin is faster.
- moonbug 7y agothat's just the broken, backwards US banking system.
- thefounder 7y agoYeah except they are not digital currencies(i.e you cant store them on a cold wallet, you can't send or accept them without several 3rd parties involved(i.e paypal, visa, banks)
- easytiger 7y agoSo you are saying there are even more benefits?
- thefounder 7y agoI'm saying there are less benefits because you don't own your own digital money(except if it's hard cash). The current digital payment system (paypal, visa etc) is pretty much like a glorified Spotify subscription. You don't own anything...just get a license to use it under various conditions. You can't even accept payments without a "processor" and that processor has its own t&c.
- antihero 7y agoAt least governments are sort of remotely accountable. If we've learned anything from the entire fucking history of the internet it's that nerds with power are not particularly accountable.
- wallace_f 7y agoDo you really think if the internet was architected by politicians or corporate suits rather than 'some nerds with power'that it would have turned out better?
- antihero 7y agoNo, but let's not conflate the internet and currency/
- jrochkind1 7y agoWait, aren't you the first one to do that in your first comment in this thread?
- buboard 7y agolibra is backed by eur/usd/gbp etc.