3 ms·

I'll try to be brief because there are lots of reasons why I changed my mind: 1) I actually think I understand it now (I could still be wrong) because I studie

by icu 5y ago

I'll try to be brief because there are lots of reasons why I changed my mind: 1) I actually think I understand it now (I could still be wrong) because I studied it. 2) I had a very annoying use case sending money to a company in China and after having a terrible time with AliPay and getting nowhere, when I tried using crypto (not BTC) it was a breeze. 3) The way our financial system is setup has bothered me since 2000 and as a Finance professional one of the biggest problems our clients have is inflation, not CPI or RPI, but the growth of the M2 money supply. I've spent a long time thinking of solutions and the problems with fractional reserve banking and fiat currency. I've seen how money rots in real terms over decades sitting in cash (frankly due to poor investment decisions) and I'm certain that there needs to be a better way to store value in real terms. BTC is a likely contender for an intergenerational store of value. It's obviously not gold... but it could be as useful. Since the market cap of gold is ~10T, I think BTC could at least reach that level of utility. I have other reasons but I rather not write an essay.

okareaman 5y ago
Thanks. I hear international money transfer a lot and I can understand that. It's not something I ever do, but I'm glad Bitcoin works for those who do. > BTC is a likely contender for an intergenerational store of value I'm far more dubious about this
hiq 5y ago
2. wise.com (not familiar with alipay) says I can send USD5000 to China and have it arrive by tomorrow. I guess you were trying to send a bigger amount? Did your transfer just bypass regulations, either in the country you were sending it from or in China? See https://news.ycombinator.com/item?id=29646492 https://news.ycombinator.com/item?id=29646492 Not saying it's something nobody wants to do, but if it does end up being a significant use-case, there's no reason wise.com and others can't catch up, apart from regulatory reasons. 3. why do you think bitcoin helps against inflation, especially given its volatility? See https://news.ycombinator.com/item?id=29521689 https://news.ycombinator.com/item?id=29521689

by icu 5y ago

okareaman 5y ago

Thanks. I hear international money transfer a lot and I can understand that. It's not something I ever do, but I'm glad Bitcoin works for those who do. > BTC is a likely contender for an intergenerational store of value I'm far more dubious about this

hiq 5y ago

2. wise.com (not familiar with alipay) says I can send USD5000 to China and have it arrive by tomorrow. I guess you were trying to send a bigger amount? Did your transfer just bypass regulations, either in the country you were sending it from or in China? See https://news.ycombinator.com/item?id=29646492 https://news.ycombinator.com/item?id=29646492 Not saying it's something nobody wants to do, but if it does end up being a significant use-case, there's no reason wise.com and others can't catch up, apart from regulatory reasons. 3. why do you think bitcoin helps against inflation, especially given its volatility? See https://news.ycombinator.com/item?id=29521689 https://news.ycombinator.com/item?id=29521689