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On the point of "useful legitimate practical use", I can send or receive money cheaply and easily anywhere in the world without any type of account or identity
by dave_sullivan 5y ago
On the point of "useful legitimate practical use", I can send or receive money cheaply and easily anywhere in the world without any type of account or identity verification.
That's pretty cool.
Agree on the rest. It's overinvested.
- dghlsakjg 5y agoIn all seriousness: I looked into moving money from Canada to the US. It seemed like between gas fees and exchange buy/sell spreads that I was looking at an effective cost of 5-10% at a minimum, higher if I wanted to avoid KYC rules by transacting off the exchanges. And that is ignoring any volatility. That’s about double or triple what I would pay using a traditional bank. Can anyone point to a practical way of moving money?
- dave_sullivan 5y agoHave you heard of Transferwise? Would solve your issue. Separately, if I send you some Bitcoin right now, the fees will be tiny, not sure how you're getting to 5-10%. Volatility is a real concern and you can easily move 5-10% because of that. ETH is a different story.
- birdyrooster 5y agoPayPal? It’s free and instant and has been for decades.
- dghlsakjg 5y agoHaha. I meant in the context of international transfers between countries with different currencies which is one of the cited "success stories" for crypto. My research is that it is actually a pretty bad way for me to spend my money across boarders. I haven't seen a practical, affordable, way to transfer money via crypto that is better in any way than retail banking. I suspect that outside of Iran and Venezuela, crypto is pretty useless as an international commerce device.