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>"Did it appear to these clowns that if I have to use a wire transfer anyway, I can just use a _____ wire transfer?" Yeah, it clearly did and they didn't like
by harry8 6y ago
>"Did it appear to these clowns that if I have to use a wire transfer anyway, I can just use a _____ wire transfer?"
Yeah, it clearly did and they didn't like that you and everyone else doing that now has their transactions tracked. They know X paid Y an amount of $Z. They want you and everyone else to be able to transfer without anyone knowing to who. Just like using cash money in a shop (withdraw, transfer to Y, Y deposits in their bank and your banks know nothing as opposed to a direct deposit from X to Y where your banks know precisely when and who is on either end of the transfer).
Yes, as they note their current solution has issues. Transaction fees are too high. Volatility is a problem for any currency used as a medium of exchange absolutely.
So what is this? A start that can be improved on. If you want your transaction to be secret from your banks and those your banks share info with a wire transfer is probably not an improvement.
Might not work at all. Might have other issues as yet undreamed of. We'll see. Given I don't ever have to use this and Moxie has earned a reputation of not being neither crook nor zuck I'm kinda happy to watch and see what happens.
Immense amount of "Signal is terrible" on this site which doesn't make much sense to me.
edit: Immense amount.
- ac29 6y ago> Volatility is a problem for any currency used as a medium of exchange absolutely. Volatility is not an issue for any major world currency (USD, Euro, Yen, etc). If I pay the bill at a restaurant and ask my friends to repay me on Venmo, the money I receive is worth exactly the same when it hits my bank account a few days later as when the bill was paid. Perhaps you could argue it changed by 0.01% or something due to inflation, but cryptocurrencies can easily change by several percent per day.
- harry8 6y agoThe smaller the level of volatility the smaller the problem. Cash in USD is good enough, not so long ago (still? I haven't kept up) cash is not at all good enough in Zimbabwe (unless you use a foreign currency like e.g. USD).
- qqii 6y agoVolatility doesn't have to be an issue with a cryptocurrency tokens either, there are plenty of stablecoins backed by currencies and plenty of algorithmic stablecoins backed by other cryptocurrencies. At the moment the majority of these exist in public blockchains. There are plenty of models that facilitate the same privacy guarentees for stablecoins.
- sudosysgen 6y agoMobilecoin is not a stablecoin.