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Yes, you need to include all the steps, from dollars in the hand of the sender to local currency in the hand of the receiver. That is what Wells Fargo offers, a
by user-the-name 5y ago
Yes, you need to include all the steps, from dollars in the hand of the sender to local currency in the hand of the receiver. That is what Wells Fargo offers, and you want to compare to them, you need to provide the same service.
Of course you can charge less if you do less of the work. But that is meaningless. Tell us the actual fees from money in hand to money in hand.
- anonymoushn 5y ago> Tell us the actual fees from money in hand to money in hand. Why? Do you pay for everything in cash? Most things I buy I cannot pay for in cash, so it seems silly to go out of my way to make my funds less useful temporarily. For most people, the first step to getting dollars in hand from Wells Fargo is a decades-long immigration process. Should we count that? I am enjoying imagining you telling your brokerage or your bank that you don't want entries in their databases, you want cash!!! It is less enjoyable to imagine you falling victim to civil asset forfeiture for self-custodying cash though. Edit: Anyway, the additional steps for you as the recipient, after you have a checking account at a US bank and KYCed account at FTX, are that you would send the USDC to your FTX account, then you would request a wire transfer from FTX to your US bank, and you would pay less than a penny in fees for the first step and $0 for the second step. Then you would physically go to your bank or ATM, which probably costs like $50 worth of your time or something, and get the cash. Edit again: The reverse process, I don't know much about it because I don't generally keep all my funds in physical dollars, but I think it also costs $0. It certainly could cost more depending on the details of banking and crypto exchange regulation in the countries involved though. For example, FSA-regulated crypto exchanges in Japan do not accept USDC deposits, and the one I am registered at but have not used yet will charge me 250 JPY for a domestic wire withdrawal.
- AstralStorm 5y agoDo you buy anything in actual blockchain currency? Say, tomatoes? What happens in the next crypto crash, with exchange risk being huge, and then you can't buy tomatoes because they're denominated in a stable currency not linked to your crypto?
- anonymoushn 5y agoI buy tomatoes with Japanese yen. Obtaining that Japanese yen is a cumbersome and expensive process which I mentioned elsewhere in this comments section[0]. I am the CEO of an automated trading firm, which involves paying for various professional services, usually by wire transfer, which is also cumbersome and expensive. When possible, I pay for things and accept payments in actual blockchain currency, because it is dramatically cheaper and more convenient, but this is admittedly not the norm. In the event of a decline in the market price of cryptocurrencies, I sort of expect USDC to still be worth about 1 dollar. [0]: https://news.ycombinator.com/item?id=29340656 https://news.ycombinator.com/item?id=29340656
- NicoJuicy 5y agoYou were a backend engineer yesterday: https://news.ycombinator.com/item?id=29328363 https://news.ycombinator.com/item?id=29328363 > As a backend engineer, I would say yes, backend is easier. But also you'll be concerned with completely different things. You're promoted extremely fast. Lol
- anonymoushn 5y agoI don't think it's unreasonable to describe myself as a backend engineer if I have 10 years of experience in that role and write backend code at my current job. Do you?
- NicoJuicy 5y agoHow many years experience then as: > I am the CEO of an automated trading firm
- anonymoushn 5y agoJust this year. Do you need to see everyone's CV to read their comments online?
- user-the-name 5y ago"Cash in hand" is short for "actual money in my bank account that I can use to do my daily shopping". It means "not cryptocurrency".
- anonymoushn 5y agoSure, then you get a wire from FTX and you pay $0 and you don't bother going to an ATM. Some people would like to tell you "It's a temporary bug that you can pay for stuff with database entries at your bank or at PayPal but not database entries on this particular slow distributed database," but I don't have to tell you that to get the sum of the fees to be less than a penny here.
- user-the-name 5y agoPlease take this seriously and run the actual numbers. Actual money from sender, to receiver, with all steps and fees.
- anonymoushn 5y agoActual money from sender to receiver was covered in my original post - receiving SPL USDC is receiving actual money. But see below for what to do the fantasy world in which is it not. If you deposit to FTX via ACH that costs $0. If you send yourself SPL USDC from FTX that costs $0. If you send someone else SPL USDC that costs less than half a penny. If that person sends SPL USDC to FTX that costs less than half a penny. If that person withdraws USD from FTX via wire transfer that costs $0. The sum of these figures is less than a penny. As I've written upthread, this might not work out exactly the same way depending on your choice of exchange, country, and bank.
- user-the-name 5y ago> receiving SPL USDC is receiving actual money Not according to my grocery store. The argument was, cryptocurrency is good for remittances. Remittance is mostly used to send money to people who actually need to use it to buy things. You need to get that money into a form that is actually usable.