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Some kind of crypto IS necessary in the end. Not for the micropayment[1] itself but for funding/withdrawing. If this is done over traditional banking system it

by noxer 5y ago

Some kind of crypto IS necessary in the end. Not for the micropayment[1] itself but for funding/withdrawing. If this is done over traditional banking system it excludes half the world with access to the internet + adds fees that go to the bank. If its implemented trough internet mega corps instead of banks they get even more power than they already have + they will take a cut too + they will fight it to ever become a thing because it directly destroys their business model. On top of that comes privacy concerts and all that. It would be horrible. We dont know anything other than crypto that would globally work and isn't controlled by a single authority. https://interledger.org/rfcs/0003-interledger-protocol/ https://interledger.org/rfcs/0003-interledger-protocol/

manigandham 5y ago
Crypto isn't a currency so you still need exit nodes to fiat at some point, and these are banks (or exchanges using banks on your behalf). New fintech services like Cashapp, Venmo, Paypal, Sofi, etc have done much more to improve banking access with technology than any crypto so far.
- noxer 5y ago
  None of these services can do what crypto can and you should not want to use them anyway. They take a cut, screw you over whenever possible, have zero respect for you privacy and personal data, can exclude you from service without due process and basically put you on a no-fly list but without justification or any feasible way to fight it. Every other week these is some HN post about peoples accounts getting suspended, do you want to live in future where this happens to your "wallet"? I know people who can not open a paypal account since 10+ years. There is no way to appeal it. Also within 10 years they will all be bought up by the largest 2-3 players creating another mega corp oligopoly that makes everything worse for everyone. Wait until they exchange their "no-fly lists" and a AI gets to ruin peoples life because of statistically anomalies or something. If you dont want that you should root for crypto even if today crypto is mostly garbage and scams the tech can be used to do better.

by noxer 5y ago

manigandham 5y ago

Crypto isn't a currency so you still need exit nodes to fiat at some point, and these are banks (or exchanges using banks on your behalf). New fintech services like Cashapp, Venmo, Paypal, Sofi, etc have done much more to improve banking access with technology than any crypto so far.

noxer 5y ago
None of these services can do what crypto can and you should not want to use them anyway. They take a cut, screw you over whenever possible, have zero respect for you privacy and personal data, can exclude you from service without due process and basically put you on a no-fly list but without justification or any feasible way to fight it. Every other week these is some HN post about peoples accounts getting suspended, do you want to live in future where this happens to your "wallet"? I know people who can not open a paypal account since 10+ years. There is no way to appeal it. Also within 10 years they will all be bought up by the largest 2-3 players creating another mega corp oligopoly that makes everything worse for everyone. Wait until they exchange their "no-fly lists" and a AI gets to ruin peoples life because of statistically anomalies or something. If you dont want that you should root for crypto even if today crypto is mostly garbage and scams the tech can be used to do better.