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Venmo for all. We're used to Venmo in the US but many places in the world don't have an equivalent. Valora is a new Venmo-like mobile app that's built on the C

by mareko 6y ago

Venmo for all. We're used to Venmo in the US but many places in the world don't have an equivalent. Valora is a new Venmo-like mobile app that's built on the Celo blockchain, a new network where mobile devices can efficiency sync with the chain, with a native stable coin, and a decentralized phone number verification protocol. Check out https://valoraapp.com https://valoraapp.com and https://celo.org https://celo.org

FridgeSeal 6y ago
In my country this is already fully supported: PayID will let you transfer money instantly instantly between accounts (up to some daily limit), with no fees. Similarly, an app called BeemIt, which is supported by the major banks here gives you a very similar experience, albeit with a prettier UI/UX. As it stands, there’s now no advantage that cryptocurrency offers in this space anymore IMO.
- bawolff 6y ago
  In my country the government issues little pieces of paper with patriotic symbols on them that we pass to each other. Maybe im just a stick in the mud, but i always thought it worked pretty great.
  - jkepler 6y ago
    Works great until the government either recalls the pieces of paper (PM Modi in India, anyone?), or institutes strict capital controls while running the printing press incessantly (Weimar Germany, Zimbabwe, Venezuela, Lebanon, just to name a few examples).
    - bawolff 6y ago
      True, but on the other hand, with cryptocurrencies, you're at the whim of some combination of developrs and large mining pools. There is not a whole lot preventing them from instituting an inflationary policy and pocketing the created coins, either.
- vmception 6y ago
  blockchain for no limit then.
  - FridgeSeal 6y ago
    Ah yes, for all of those times when I need to move unlimited amounts of cash, via something whose value fluctuates wildly, and you still lose out on exchange rates going into your destination currency. If I needed to move all of my money for some reason, I’d much, much rather just go through normal channels and not have to worry about the logistical and legal issues crypto currencies incur.
    - vmception 6y ago
      I don't have any of those issues for the following reasons: When you want to use a cryptocurrency to move money between monetary unions, you only have to touch the cryptocurrency for 20 minutes or less. Your chance of any meaningful volatility is very low, even in these systems, the 24/7 trading smoothes out the volatile periods. No, you don't "lose out on exchange rates" especially if you are talking any real money or know how to trade better. An expected spread for a few million dollars with or Bitcoin or Ether should be 30 basis points, at an OTC desk. No tax or legal issues encountered. For payments I primarily use stablecoins like DAI, which are not volatile at all. Whether you use stablecoins or the native cryptocurrency, it is all way less limiting and cheaper than any exchanges, way less limiting than a random fintech app with random monetary restrictions.
      - FridgeSeal 6y ago
        > No, you don't "lose out on exchange rates" especially if you are talking any real money Your currency -> crypto, crypto -> destination currency are the two places you’ll suffer exchange rate losses. > ... or know how to trade better. Make a mistake, or you aren’t a trading wizard and you’re irrevocably out of luck though! > it is all way less limiting and cheaper than any exchanges, way less limiting than a random fintech app with random monetary restrictions. Until I later discover I’ve got pay tax on the gains or something later on and then have to sit down and work that out. Or that I had to declare it or something because I’m moving an amount above some threshold. Sure, it might take only 20 mins of everything goes nicely and you know exactly what you’re doing and someone doesn’t sneeze and tank the value of the currency out from underneath you, but I’m much happier going through proper channels where I at least know it’s going to work because it’s being done by people whose job it is to make it work. Why would I use a stable coin, instead of just three fiat currency it’s backed by though?

by mareko 6y ago

FridgeSeal 6y ago

In my country this is already fully supported: PayID will let you transfer money instantly instantly between accounts (up to some daily limit), with no fees. Similarly, an app called BeemIt, which is supported by the major banks here gives you a very similar experience, albeit with a prettier UI/UX. As it stands, there’s now no advantage that cryptocurrency offers in this space anymore IMO.

bawolff 6y ago
In my country the government issues little pieces of paper with patriotic symbols on them that we pass to each other. Maybe im just a stick in the mud, but i always thought it worked pretty great.
- jkepler 6y ago
  Works great until the government either recalls the pieces of paper (PM Modi in India, anyone?), or institutes strict capital controls while running the printing press incessantly (Weimar Germany, Zimbabwe, Venezuela, Lebanon, just to name a few examples).
  - bawolff 6y ago
    True, but on the other hand, with cryptocurrencies, you're at the whim of some combination of developrs and large mining pools. There is not a whole lot preventing them from instituting an inflationary policy and pocketing the created coins, either.
vmception 6y ago
blockchain for no limit then.
- FridgeSeal 6y ago
  Ah yes, for all of those times when I need to move unlimited amounts of cash, via something whose value fluctuates wildly, and you still lose out on exchange rates going into your destination currency. If I needed to move all of my money for some reason, I’d much, much rather just go through normal channels and not have to worry about the logistical and legal issues crypto currencies incur.
  - vmception 6y ago
    I don't have any of those issues for the following reasons: When you want to use a cryptocurrency to move money between monetary unions, you only have to touch the cryptocurrency for 20 minutes or less. Your chance of any meaningful volatility is very low, even in these systems, the 24/7 trading smoothes out the volatile periods. No, you don't "lose out on exchange rates" especially if you are talking any real money or know how to trade better. An expected spread for a few million dollars with or Bitcoin or Ether should be 30 basis points, at an OTC desk. No tax or legal issues encountered. For payments I primarily use stablecoins like DAI, which are not volatile at all. Whether you use stablecoins or the native cryptocurrency, it is all way less limiting and cheaper than any exchanges, way less limiting than a random fintech app with random monetary restrictions.
    - FridgeSeal 6y ago
      > No, you don't "lose out on exchange rates" especially if you are talking any real money Your currency -> crypto, crypto -> destination currency are the two places you’ll suffer exchange rate losses. > ... or know how to trade better. Make a mistake, or you aren’t a trading wizard and you’re irrevocably out of luck though! > it is all way less limiting and cheaper than any exchanges, way less limiting than a random fintech app with random monetary restrictions. Until I later discover I’ve got pay tax on the gains or something later on and then have to sit down and work that out. Or that I had to declare it or something because I’m moving an amount above some threshold. Sure, it might take only 20 mins of everything goes nicely and you know exactly what you’re doing and someone doesn’t sneeze and tank the value of the currency out from underneath you, but I’m much happier going through proper channels where I at least know it’s going to work because it’s being done by people whose job it is to make it work. Why would I use a stable coin, instead of just three fiat currency it’s backed by though?