4 ms·

He lives in Canada. Canadians don't live in the same country as Americans. Canadians don't have the same banks as Americans. Canadians can do money transfers

He lives in Canada. Canadians don't live in the same country as Americans. Canadians don't have the same banks as Americans. Canadians can do money transfers instantly between any bank using e-transfer. He was talking about transferring money out of the Canadian network of banks to a foreign entity (guessing based on it being denominated in USD). As a European can you transfer money to, say, Vietnam without using clunky 40 year old technology like wires?

Commodore63 4y ago
The settlement delay isn't there for technological reasons. People think they want instant! fast! until they lose their life savings because libertarian tech has no buffers.
- anony23 4y ago
  I thought the settlement delay was so that the banks can squeeze out 72 more hours of interest.
  - imtringued 4y ago
    No it is there for netting and clearing.
spaceman_2020 4y ago
International crypto transactions will likely be heavily regulated soon enough - the money laundering risk is too high. Not to mention that money send to a crypto wallet also needs to be cashed out locally, which takes both fees and time. And god forbid your crypto exchange goes bankrupt or decide to pause withdrawals
- Ekaros 4y ago
  And the fact you are not moving insured money, but monopol money... Fiat really have quite many upsides when used with banks.
bcrl 4y ago
I live in Canada. I can send a wire transfer internationally in 5 minutes from my couch on my laptop without breaking as sweat. The 40 year old technology works fine from a website.
pcthrowaway 4y ago
> Canadians can do money transfers instantly between any bank using e-transfer. Interesting, for me e-transfers usually take around 20-30 minutes to go through (where the other party receives the notification with the ability to deposit it). I prefer using cryptocurrency for near-instant transfers for exactly this reason. When I've gone to pay for items via e-transfer there's a lot of waiting around for the other party to receive it (and ATMs generally limit your daily withdrawal amount, so for me, withdrawing cash isn't a good solution for purchasing things over $1000)
peoplefromibiza 4y ago
> As a European can you transfer money to, say, Vietnam without using clunky 40 year old technology like wires? clunky like for a flat fee of less than 5 euros available in a few hours as real money, directly available without having to setup anything? the need for a new payment system not based on available infrastructure or an evolution of it is marginal at best. Trivia: there is a video of Bezos telling the story of some customer sending money to buy books in the early days of Amazon hidden inside a 3.5' floppy disk. Once they received the floppy they retrieved the money and shipped the books. True or not, most things don't need nearly instant money transfer to work and that's a feature.

Commodore63 4y ago

The settlement delay isn't there for technological reasons. People think they want instant! fast! until they lose their life savings because libertarian tech has no buffers.

anony23 4y ago
I thought the settlement delay was so that the banks can squeeze out 72 more hours of interest.
- imtringued 4y ago
  No it is there for netting and clearing.

spaceman_2020 4y ago

International crypto transactions will likely be heavily regulated soon enough - the money laundering risk is too high. Not to mention that money send to a crypto wallet also needs to be cashed out locally, which takes both fees and time. And god forbid your crypto exchange goes bankrupt or decide to pause withdrawals

Ekaros 4y ago
And the fact you are not moving insured money, but monopol money... Fiat really have quite many upsides when used with banks.

bcrl 4y ago

I live in Canada. I can send a wire transfer internationally in 5 minutes from my couch on my laptop without breaking as sweat. The 40 year old technology works fine from a website.

pcthrowaway 4y ago

> Canadians can do money transfers instantly between any bank using e-transfer. Interesting, for me e-transfers usually take around 20-30 minutes to go through (where the other party receives the notification with the ability to deposit it). I prefer using cryptocurrency for near-instant transfers for exactly this reason. When I've gone to pay for items via e-transfer there's a lot of waiting around for the other party to receive it (and ATMs generally limit your daily withdrawal amount, so for me, withdrawing cash isn't a good solution for purchasing things over $1000)

peoplefromibiza 4y ago

> As a European can you transfer money to, say, Vietnam without using clunky 40 year old technology like wires? clunky like for a flat fee of less than 5 euros available in a few hours as real money, directly available without having to setup anything? the need for a new payment system not based on available infrastructure or an evolution of it is marginal at best. Trivia: there is a video of Bezos telling the story of some customer sending money to buy books in the early days of Amazon hidden inside a 3.5' floppy disk. Once they received the floppy they retrieved the money and shipped the books. True or not, most things don't need nearly instant money transfer to work and that's a feature.