4 ms·

I agree that use cases may be limited with crypto, but some are pretty valid. E.g. international transfers are faster and cheper with crypto.

wruza 6y ago
If you stay in crypto (e.g. usdt). Buying in is easy. Cashing it out in viable amounts is very problematic even for individuals, at least where I live. Transferring a usd-crypto-usd million would take a couple of weeks and unclear risks. In US, can you accept usdt from an exchange and grab the cash right away?
- boring_twenties 6y ago
  Kraken tells me my account with them allows up to $10mm per day in fiat withdrawals. (I'm in the US)
  - wruza 6y ago
    Does it give you paper cash? Because I can receive money back from Kraken to my bank account too, but that means 100% local perverted KYC AML trouble even if it’s clear that I sent the exact amount to Kraken from the same account recently.
    - boring_twenties 6y ago
      They wire the money to my bank, of course. I've done this pretty regularly with several different banks for years, and have never been asked even a single question by any of those banks, or ever had them delay the availability of my funds. I can't tell you from personal experience if it would be the same if my amounts were a million plus, but they are not insignificant amounts either. I'm quite sure that attempting to deposit similar amounts of physical cash at a bank would be at least somewhat challenging.
fork1 6y ago
Usually, when i do international transfers, i expect a fixed known rate. Transferring to bitcoin or whatever and then having to carry the risks in wild swings in value is not really my cup of tea.
- lolmm 6y ago
  When sending international transfers to a different currency, you often get unreasonably bad rate, banks kinda give you the exchange rate they see fit. Which often turns out to be like 4% fee. Paypal is the worst at that, but many normal banks are also bad. If you send 1 mill, you end up paying 50k just for exchanging eur to usd for instance
- HeadsUpHigh 6y ago
  You don't do bitcoin. Bitcoin is impractical. We are talking about crypto in general, not just bitcoin. Nowadays you can for example get xlm from a cex, move it to your wallet and send that. It's fast and with very low fees( lower than paypal etc). There's even a stablecoin you can exchange it for so you dont have to worry about price swings.
  - fork1 6y ago
    How low are you talking about? And hidden fees such as the spread do matter. Last i checked, which was a while ago, paypal wasn't that flash compared to alternatives.
    - HeadsUpHigh 6y ago
      Couple cents with current prices. Ada is reasonably low and nano is feeless but the network is supported by rainbow farts and unicorns so I wouldn't trust it much.

wruza 6y ago

If you stay in crypto (e.g. usdt). Buying in is easy. Cashing it out in viable amounts is very problematic even for individuals, at least where I live. Transferring a usd-crypto-usd million would take a couple of weeks and unclear risks. In US, can you accept usdt from an exchange and grab the cash right away?

boring_twenties 6y ago
Kraken tells me my account with them allows up to $10mm per day in fiat withdrawals. (I'm in the US)
- wruza 6y ago
  Does it give you paper cash? Because I can receive money back from Kraken to my bank account too, but that means 100% local perverted KYC AML trouble even if it’s clear that I sent the exact amount to Kraken from the same account recently.
  - boring_twenties 6y ago
    They wire the money to my bank, of course. I've done this pretty regularly with several different banks for years, and have never been asked even a single question by any of those banks, or ever had them delay the availability of my funds. I can't tell you from personal experience if it would be the same if my amounts were a million plus, but they are not insignificant amounts either. I'm quite sure that attempting to deposit similar amounts of physical cash at a bank would be at least somewhat challenging.

fork1 6y ago

Usually, when i do international transfers, i expect a fixed known rate. Transferring to bitcoin or whatever and then having to carry the risks in wild swings in value is not really my cup of tea.

lolmm 6y ago
When sending international transfers to a different currency, you often get unreasonably bad rate, banks kinda give you the exchange rate they see fit. Which often turns out to be like 4% fee. Paypal is the worst at that, but many normal banks are also bad. If you send 1 mill, you end up paying 50k just for exchanging eur to usd for instance
HeadsUpHigh 6y ago
You don't do bitcoin. Bitcoin is impractical. We are talking about crypto in general, not just bitcoin. Nowadays you can for example get xlm from a cex, move it to your wallet and send that. It's fast and with very low fees( lower than paypal etc). There's even a stablecoin you can exchange it for so you dont have to worry about price swings.
- fork1 6y ago
  How low are you talking about? And hidden fees such as the spread do matter. Last i checked, which was a while ago, paypal wasn't that flash compared to alternatives.
  - HeadsUpHigh 6y ago
    Couple cents with current prices. Ada is reasonably low and nano is feeless but the network is supported by rainbow farts and unicorns so I wouldn't trust it much.