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Is that really that true any more? From my podunk credit union I have used SWIFT to send overseas and it took under a minute and cost me $20. That's both faster

Is that really that true any more? From my podunk credit union I have used SWIFT to send overseas and it took under a minute and cost me $20. That's both faster and cheaper than Ethereum transactions. It's costlier than Bitcoin but not that much, and still faster. And that's wire transfer, the expensive bank to bank option... Western Union has been faster than Bitcoin for decades and cheaper for probably a decade now. The huge popularity of crypto is really eroding the tx capacity advantage. And even in the backwards US, ACH can now settle later same day and it's free. That makes BTC a lot less attractive.

surfingdino 5y ago
Try transferring money to a legitimate business in another country (in the EU) that got blacklisted by the payment operators. Such as a regulated crypto exchange. They are regulated, you have money you paid tax on, but your bank decides whether or not you are allowed that payment and will not give you legal reasons for stopping/reverting payment. May even choose to close your account if you argue with them. With crypto, all you need is funds in your wallet and the recipient's address. Can you see the difference now?
kyruzic 5y ago
An ethereum transaction takes under a minute and costs a few dollars. Transferring funds uses an extremely small amount of gas. You clearly have never used the chain so stop making things up. Here I sent 11K USD to another wallet for a fee of $10. It was confirmed within 5 minutes. There is no other service outside of crypto that is that fast and that cheap. https://etherscan.io/tx/0x3edc74a15742f65d166dfc9ddb567afabf37a6f8b3023af3bc1f38badf04b348 https://etherscan.io/tx/0x3edc74a15742f65d166dfc9ddb567afabf...
- jcrawfordor 5y ago
  I'm definitely not that familiar with Ethereum, my thesis research was on Bitcoin but I have been fairly tuned out since then. But wouldn't confirmations take, as you said, five minutes on a good day? I see people saying 5-20 minutes typical for Ethereum to reach 30 confirmations. And sure you can accept fewer but 30 seems a pretty widely accepted convention. That's still slower than wire transfers which are functionally instantaneous (in practice of course it takes a minute or so). And right when I looked now the base TX fee is $19.10, which is a few dollars lower than I thought, but I see that it fluctuates by a few dollars pretty quickly so it would depend on the moment. I don't know the Ethereum situation with regards to EIP-1559 in very much depth so if I misunderstand how fees currently work please correct me. This seems to put Ethereum basically right on par with what my credit union charges for wire transfers. Now $20 is on the lower end for wire transfers on a consumer account (I think $25 is common), but you can also get lower on commercial accounts. It just seems like they're fairly on par with each other from a fee perspective, and Ethereum is at least a few minutes slower.

surfingdino 5y ago

Try transferring money to a legitimate business in another country (in the EU) that got blacklisted by the payment operators. Such as a regulated crypto exchange. They are regulated, you have money you paid tax on, but your bank decides whether or not you are allowed that payment and will not give you legal reasons for stopping/reverting payment. May even choose to close your account if you argue with them. With crypto, all you need is funds in your wallet and the recipient's address. Can you see the difference now?

kyruzic 5y ago

An ethereum transaction takes under a minute and costs a few dollars. Transferring funds uses an extremely small amount of gas. You clearly have never used the chain so stop making things up. Here I sent 11K USD to another wallet for a fee of $10. It was confirmed within 5 minutes. There is no other service outside of crypto that is that fast and that cheap. https://etherscan.io/tx/0x3edc74a15742f65d166dfc9ddb567afabf37a6f8b3023af3bc1f38badf04b348 https://etherscan.io/tx/0x3edc74a15742f65d166dfc9ddb567afabf...

jcrawfordor 5y ago
I'm definitely not that familiar with Ethereum, my thesis research was on Bitcoin but I have been fairly tuned out since then. But wouldn't confirmations take, as you said, five minutes on a good day? I see people saying 5-20 minutes typical for Ethereum to reach 30 confirmations. And sure you can accept fewer but 30 seems a pretty widely accepted convention. That's still slower than wire transfers which are functionally instantaneous (in practice of course it takes a minute or so). And right when I looked now the base TX fee is $19.10, which is a few dollars lower than I thought, but I see that it fluctuates by a few dollars pretty quickly so it would depend on the moment. I don't know the Ethereum situation with regards to EIP-1559 in very much depth so if I misunderstand how fees currently work please correct me. This seems to put Ethereum basically right on par with what my credit union charges for wire transfers. Now $20 is on the lower end for wire transfers on a consumer account (I think $25 is common), but you can also get lower on commercial accounts. It just seems like they're fairly on par with each other from a fee perspective, and Ethereum is at least a few minutes slower.