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What the heck does that mean? Credit cards in the US are a dollar based instrument, and they extend credit to consumers and simplify payments for merchants and

by graeme 5y ago

What the heck does that mean? Credit cards in the US are a dollar based instrument, and they extend credit to consumers and simplify payments for merchants and consumers both. Crypto isn’t credit. Or much of a payment means at present. So what specifically do you mean by “other option”? This seems like a dodge. The common meme is that crypto will be valuable because it will be the money of the future and appreciate along the way.

mech422 5y ago
It means an easy way to pay for goods and transfer value. I had good luck doing both with crypto in the past. And being old enough to remember when the only options for 'moving' money were wire transfer and western union - I appreciate the speed and low cost. If you really are that bothered by it - think of it as a 'collective barter' system. You can pick which systems you want to support (if any) and collectively a 'value' is placed on the 'points'. As I recall, there were a few good sized barter collectives in the US, big enough the govt. started taxing barter 'income'? (it was years ago though, so my memory could be off) As for 'a dodge' - you're the one quoting the least nuanced views, and throwing aspersions. Maybe stop getting financial advice off you-tube ?
rijoja 5y ago
Yeah so within the US it wouldn't really matter. On a global scale it would be nice to have a form of money that is not dependent on the whims of politicians.
- graeme 5y ago
  That’s a nice way to describe anti money laundering and tax compliance laws. Easier money transfers for the law abiding are a real problem to be solved (and new companies are making it much easier!) but widespread evasion of laws isn’t a great approach.
  - mech422 5y ago
    If it helps any... With the new KYC stuff, I can't get fiat out of my cryptos till after they sequence my DNA.. Seriously, its ridiculous.. Neither my bank, credit, or brokerage accounts required jumping thru so many hoops.

by graeme 5y ago

mech422 5y ago

It means an easy way to pay for goods and transfer value. I had good luck doing both with crypto in the past. And being old enough to remember when the only options for 'moving' money were wire transfer and western union - I appreciate the speed and low cost. If you really are that bothered by it - think of it as a 'collective barter' system. You can pick which systems you want to support (if any) and collectively a 'value' is placed on the 'points'. As I recall, there were a few good sized barter collectives in the US, big enough the govt. started taxing barter 'income'? (it was years ago though, so my memory could be off) As for 'a dodge' - you're the one quoting the least nuanced views, and throwing aspersions. Maybe stop getting financial advice off you-tube ?

rijoja 5y ago

Yeah so within the US it wouldn't really matter. On a global scale it would be nice to have a form of money that is not dependent on the whims of politicians.

graeme 5y ago
That’s a nice way to describe anti money laundering and tax compliance laws. Easier money transfers for the law abiding are a real problem to be solved (and new companies are making it much easier!) but widespread evasion of laws isn’t a great approach.
- mech422 5y ago
  If it helps any... With the new KYC stuff, I can't get fiat out of my cryptos till after they sequence my DNA.. Seriously, its ridiculous.. Neither my bank, credit, or brokerage accounts required jumping thru so many hoops.