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the trend of the world has been to decrease transaction friction and costs. Crypto increases both. And moving to crypto is like going back on the gold standar
by fnord77 7y ago
the trend of the world has been to decrease transaction friction and costs. Crypto increases both.
And moving to crypto is like going back on the gold standard. No way to expand or contract monetary supply.
- ThatGeoGuy 7y ago> Crypto increases both. Not _exactly_. This is kind of the whole point of Stellar, and why IBM invested in creating World Wire. Crypto can make this problem easier, especially if you're looking at it internationally rather than in day-to-day transactions. I also think for auditability there is an advantage here, which can't be brushed away. Tracing down international currencies can be very hard. That said, what the article is describing is definitely not this, but seems to predict (at least based on the text) something more akin to a stablecoin that corresponds to a given fiat currency. So yeah, in that case, you'd probably be correct, but I don't think we can generalize that to every type of cryptocurrency.
- puranjay 7y agoI had to make a payment in Bitcoin for the first time in years. I honestly can't see the average person dealing with this complexity. Even the basic math is hard to grasp for the average Joe. Try asking a normal person to quickly add 0.0005 to 0.0461. The former was the fees for my transaction.
- Erlich_Bachman 7y agoWhich wallet forced you to do the math in your head? Don't they all just display the result of that calculation as the total transaction cost?