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Not yet, but I don't think that we're too far away from using USD, GBP or any fiat currency as a unit of account at the POS and letting software handle ensuring
by __MatrixMan__ 5y ago
Not yet, but I don't think that we're too far away from using USD, GBP or any fiat currency as a unit of account at the POS and letting software handle ensuring that the buyer loses whatever assets they want to pay in and the seller receives whatever assets they want to be paid in.
But that's orthogonal to how quickly the maintainers of these tokens can make changes in response to threats.
- colesantiago 5y agoSo no then? Over a decade later and I still cannot use any of them at the restaurant or without waiting in the queue for the transaction to settle and paying more for the fees than the goods itself.
- __MatrixMan__ 5y agoIt took 100 years for steam engines to start outperforming horses, why is it so damning that crypto isn't yet outperforming fiat after a decade and change?
- CRConrad 5y agoPlease stop using "crypto" and "fiat" as if they were opposites. "Crypto" is just as "fiat" as any Royal Mint; it's just that the fiat-ers[1] are different people. They just want to muscle in on the "make the tokens that everyone else's transactions are counted in" business niche, because they reckon the makers can always somehow skim a bit off the top. ___ [1]: lit. "makers": "Fiat" is Latin for "let there be made", a form of the verb "to make". It's a cognate of modern French "faire", Italian "fare", etc. (Related words are "fact" and "factory".)
- Aeolun 5y ago> But that's orthogonal to how quickly the maintainers of these tokens can make changes in response to threats. Never mind that the entire threat class doesn’t exist in traditional finance?