4 ms·

Centralised mechanisms solve the problem for less cost

by GoOnThenDoTell 4y ago

Jamie9912 4y ago
Okay, tell me how I can send money to my friend in Macedonia from Australia without transaction fees.
- adgjlsfhk1 4y ago
  you can't do that with crypto either (and crypto likely will have higher transaction fees)
  - whimsicalism 4y ago
    > crypto likely will have higher transaction fees If you are sending a fair bit of money, I very much doubt that.
    - adgjlsfhk1 4y ago
      most transactions are small. crypto might put pressure in banks to lower transaction fees for large transactions, but that is a very niche benefit
      - whimsicalism 4y ago
        My impression was remittances were typically in the hundreds of dollars.
- cesaref 4y ago
  Okay, tell me why you should be able to send money to your friend in Macedonia from Australia without transaction fees?
  - eudoxus 4y ago
    Because we can send emails from Australia to Macedonia for free. I think the point they're trying to make is the current (lack of?) Global financial system is a joke. Crypto is enabling something that has the value and utility of "money" with interconnectedness and simplicity of the Internet. How does that not click in ppls minds? For the 7Billion ppl on earth, easy low fee international money transfers are a joke. And in this context low fee is 1-3%. I can send $1B USDC for 60 cents using crypto. And before anyone says "but you need to have crypto and a wallet and an exchange and a ..." The same is true about email. You need to have a computer, and internet, and a email provider/server. We take for granted the things that are already engraved in our lives, but it wasn't that long ago when someone could make the same argument about snail mail/fax vs email.
    - phatfish 4y ago
      It doesn't click in peoples minds because it is not simple. It is patently more complex than Visa or Mastercard. If there really was the "simplicity of the Internet" then a system better than Visa or Mastercard or logging on to your bank and sending money would have appeared in the last 12 years. Secondly, no government is giving up control of their economy to Crypto miners and the "global financial system". It will not happen, it will be regulated until it is controlled (a state owned coin effectively). I certainly don't want anonymous miners or the whims of Crypto casino controlling the economy in the country i live. At least with the current system I can vote for a government that has control of it's economic policy, even if that vote has minimal effect. Some control is better than none.
- FireBeyond 4y ago
  "Hi, I should be able to use your systems and infrastructure, for my benefit. And to be clear, I'd like it to be free, and near instant. Thanks."

Centralised mechanisms solve the problem for less cost

Jamie9912 4y ago

Okay, tell me how I can send money to my friend in Macedonia from Australia without transaction fees.

adgjlsfhk1 4y ago
you can't do that with crypto either (and crypto likely will have higher transaction fees)
- whimsicalism 4y ago
  > crypto likely will have higher transaction fees If you are sending a fair bit of money, I very much doubt that.
  - adgjlsfhk1 4y ago
    most transactions are small. crypto might put pressure in banks to lower transaction fees for large transactions, but that is a very niche benefit
    - whimsicalism 4y ago
      My impression was remittances were typically in the hundreds of dollars.
cesaref 4y ago
Okay, tell me why you should be able to send money to your friend in Macedonia from Australia without transaction fees?
- eudoxus 4y ago
  Because we can send emails from Australia to Macedonia for free. I think the point they're trying to make is the current (lack of?) Global financial system is a joke. Crypto is enabling something that has the value and utility of "money" with interconnectedness and simplicity of the Internet. How does that not click in ppls minds? For the 7Billion ppl on earth, easy low fee international money transfers are a joke. And in this context low fee is 1-3%. I can send $1B USDC for 60 cents using crypto. And before anyone says "but you need to have crypto and a wallet and an exchange and a ..." The same is true about email. You need to have a computer, and internet, and a email provider/server. We take for granted the things that are already engraved in our lives, but it wasn't that long ago when someone could make the same argument about snail mail/fax vs email.
  - phatfish 4y ago
    It doesn't click in peoples minds because it is not simple. It is patently more complex than Visa or Mastercard. If there really was the "simplicity of the Internet" then a system better than Visa or Mastercard or logging on to your bank and sending money would have appeared in the last 12 years. Secondly, no government is giving up control of their economy to Crypto miners and the "global financial system". It will not happen, it will be regulated until it is controlled (a state owned coin effectively). I certainly don't want anonymous miners or the whims of Crypto casino controlling the economy in the country i live. At least with the current system I can vote for a government that has control of it's economic policy, even if that vote has minimal effect. Some control is better than none.
FireBeyond 4y ago
"Hi, I should be able to use your systems and infrastructure, for my benefit. And to be clear, I'd like it to be free, and near instant. Thanks."