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In Europe, you cannot send wire transfers to Japan on weekends in a couple seconds. So the problem is not solved in Europe. Posting "there's no technical reason
by anonymoushn 5y ago
In Europe, you cannot send wire transfers to Japan on weekends in a couple seconds. So the problem is not solved in Europe. Posting "there's no technical reason why every bank cant coordinate to provide a non-terrible experience eventually in a hundred years" is not helpful. We have working international settlements for any origin to any destination for any amount of money in seconds today.
- short_sells_poo 5y agoProposing cryptocurrencies as somehow uniquely capable of solving this problem is incorrect. Furthermore, there are also valid reasons why payments may take longer when crossing certain national boundaries. E.g. KYC/AML checks and so forth.
- anonymoushn 5y agoI do not propose cryptocurrencies as uniquely capable of solving the problem. I propose them as actually solving the problem today. Similarly, I don't propose that you *couldn't* travel internationally using a personal jetpack or an ornithopter. I just think that a passenger jet is a likely to be better choice for now. My experience with international wire transfers so far is that KYC/AML performed at the time of the transaction is cursory. They're just slow because I have to wait for business hours at the sending bank, then wait for the bank to call me (if it's my personal bank rather than my business bank which just sends them automatically), then wait for the funds to make their way to the recipient through intermediary banks who will skim off an unknowable-up-front amount of money.