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Wow, what a use-case.. sending money from the main NATO member to a country that the NATO supports and wants to win the war. Now do the same thing with sending

Wow, what a use-case.. sending money from the main NATO member to a country that the NATO supports and wants to win the war. Now do the same thing with sending money to Russia. I just checked WISE. "We temporarily stopped sending money to Russia". Yeah.. thanks..

faeriechangling 4y ago
Okay, so how much has the Ukraine situation actually resulted in crypto transactions? Enough to justify multi trillion valuations?
- nostrademons 4y ago
  Note that Microsoft, Apple, Google, and Amazon all have $1T+ market caps, and before the recent market meltdown had multi-trillion valuations. Most Americans - particularly those who grew up before globalization - underestimate the scale of global markets. The U.S. is about 4% of the world's population and about 15% of global GDP. Anything that's Internet-based and has truly global appeal will be significantly larger than anything we would've been familiar with pre-globalization. Hell, the product I work on has about 3B users, 10x the population of the United States.
  - faeriechangling 4y ago
    So we should ignore that crypto is being used a fraction of the time as much as financial products that are worth several times less, because global markets are large? Should every product have a 1 trillion plus valuation because global markets are large? I just never actually see evidence that crypto has taken over global finance or is well on its way to doing so.
    - nostrademons 4y ago
      The point is that it's not being used a fraction of the time, because you take small fraction of total humans on earth (7B+) and it's a larger number than a large fraction of total humans in the US (320M). There are 100M crypto users in India, for example - that's only about 7%, but 7% of 1.5B is a larger number than 11.8% (market share of JP Morgan Chase, the largest U.S. bank) of 320M. Worldwide, crypto users are about 3% of the total population of most countries - but the U.S. as a whole is only 4% of the global population, so 3% of a global market is the same size as 75% of the U.S. market.
      - dmitriid 4y ago
        I have a wallet and bought crypto once. Am I a user? By your statistics, yes. Do I even matter? No. The only thing I used this crypto for is to sell it later (and gain something like 15 euro profit). Am I a user? By your statistics, still yes. Do I even matter? Still no. Additionally this use case (trade crypto hoping for gains in actual fiat money) is the absolute vast majority of what crypto is used for. Is this replacing traditional finance? Ahahahaha, no. AliPay has a bigger impact on "traditional finance" than all of crypto now or ever.
      - deleted 4y ago
        [deleted]
whimsicalism 4y ago
Outside of your rhetoric, I do think this is a fair point - with bank transfer ultimately you are constrained by the political people in who you can transfer to.

faeriechangling 4y ago

Okay, so how much has the Ukraine situation actually resulted in crypto transactions? Enough to justify multi trillion valuations?

nostrademons 4y ago
Note that Microsoft, Apple, Google, and Amazon all have $1T+ market caps, and before the recent market meltdown had multi-trillion valuations. Most Americans - particularly those who grew up before globalization - underestimate the scale of global markets. The U.S. is about 4% of the world's population and about 15% of global GDP. Anything that's Internet-based and has truly global appeal will be significantly larger than anything we would've been familiar with pre-globalization. Hell, the product I work on has about 3B users, 10x the population of the United States.
- faeriechangling 4y ago
  So we should ignore that crypto is being used a fraction of the time as much as financial products that are worth several times less, because global markets are large? Should every product have a 1 trillion plus valuation because global markets are large? I just never actually see evidence that crypto has taken over global finance or is well on its way to doing so.
  - nostrademons 4y ago
    The point is that it's not being used a fraction of the time, because you take small fraction of total humans on earth (7B+) and it's a larger number than a large fraction of total humans in the US (320M). There are 100M crypto users in India, for example - that's only about 7%, but 7% of 1.5B is a larger number than 11.8% (market share of JP Morgan Chase, the largest U.S. bank) of 320M. Worldwide, crypto users are about 3% of the total population of most countries - but the U.S. as a whole is only 4% of the global population, so 3% of a global market is the same size as 75% of the U.S. market.
    - dmitriid 4y ago
      I have a wallet and bought crypto once. Am I a user? By your statistics, yes. Do I even matter? No. The only thing I used this crypto for is to sell it later (and gain something like 15 euro profit). Am I a user? By your statistics, still yes. Do I even matter? Still no. Additionally this use case (trade crypto hoping for gains in actual fiat money) is the absolute vast majority of what crypto is used for. Is this replacing traditional finance? Ahahahaha, no. AliPay has a bigger impact on "traditional finance" than all of crypto now or ever.
    - deleted 4y ago
      [deleted]

whimsicalism 4y ago

Outside of your rhetoric, I do think this is a fair point - with bank transfer ultimately you are constrained by the political people in who you can transfer to.