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That thread makes crypto look better by just plain ignoring any problems. It ignores the existence of exchanges for crypto, or that exchange rate fluctuates wi

by XorNot 4y ago

That thread makes crypto look better by just plain ignoring any problems. It ignores the existence of exchanges for crypto, or that exchange rate fluctuates widely, assumes transactions fees in crypto are zero, assumes exchanges don't charge fees. It ignores that in the event of any problem in the crypto process there is no refund or unwind possible. It assumes crypto payments are instant, which they are not, and definitely not at scale. It also manages to confuse "credit card" with "debit card" because you can't get "surprise batch transactions" with a credit card, that's the whole point of them. And finally its incredibly US centric, because if it weren't it might have to acknowledge that most of those problems are due to the US banking system, and other civilized countries solve them.

zinekeller 4y ago
> And finally its incredibly US centric, because if it weren't it might have to acknowledge that most of those problems are due to the US banking system, and other civilized countries solve them. US banking is probably the most frustrating experience, at least in developed world (to the point that some developing countries have better systems). Probably explains why PayPal and Venmo (which are private enterprises) are popular for consumers while businesses are still relying on checks.
mritchie712 4y ago
> assumes transactions fees in crypto are zero The fee is in there, it's just very small. That's the point. > The fee I paid was $0.0002: around 2% of a penny.
- XorNot 4y ago
  The idea the fee remains small in the case of Bitcoin-likes is questionable. If "mining" rewards no longer exist, then who's fronting the money to pay to run the network?
mbesto 4y ago
It also ignore the absolute elephant in the room - what does it mean to settle a payment in near real time and protect for fraud? (like how CC's work) Payments its just "Stevey's Google Platforms Rant" but slanted towards payments: Like anything else big and important in life, Accessibility has an evil twin who, jilted by the unbalanced affection displayed by their parents in their youth, has grown into an equally powerful Arch-Nemesis (yes, there's more than one nemesis to accessibility) named Security. And boy howdy are the two ever at odds. https://gist.github.com/chitchcock/1281611 https://gist.github.com/chitchcock/1281611

by XorNot 4y ago

zinekeller 4y ago

> And finally its incredibly US centric, because if it weren't it might have to acknowledge that most of those problems are due to the US banking system, and other civilized countries solve them. US banking is probably the most frustrating experience, at least in developed world (to the point that some developing countries have better systems). Probably explains why PayPal and Venmo (which are private enterprises) are popular for consumers while businesses are still relying on checks.

mritchie712 4y ago

> assumes transactions fees in crypto are zero The fee is in there, it's just very small. That's the point. > The fee I paid was $0.0002: around 2% of a penny.

XorNot 4y ago
The idea the fee remains small in the case of Bitcoin-likes is questionable. If "mining" rewards no longer exist, then who's fronting the money to pay to run the network?

mbesto 4y ago

It also ignore the absolute elephant in the room - what does it mean to settle a payment in near real time and protect for fraud? (like how CC's work) Payments its just "Stevey's Google Platforms Rant" but slanted towards payments: Like anything else big and important in life, Accessibility has an evil twin who, jilted by the unbalanced affection displayed by their parents in their youth, has grown into an equally powerful Arch-Nemesis (yes, there's more than one nemesis to accessibility) named Security. And boy howdy are the two ever at odds. https://gist.github.com/chitchcock/1281611 https://gist.github.com/chitchcock/1281611