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> Faced with these choices, the status quo isn’t so bad after all. Have you considered the possibility that the status quo only improved because it started fac

> Faced with these choices, the status quo isn’t so bad after all. Have you considered the possibility that the status quo only improved because it started facing pressure from an outside force, namely a decentralized system that could transfer value without having banks acting as middlemen? I'm always here saying that the important thing about crypto is that it gives people alternatives. Consider crypto as an insurance policy against (potentially) corrupt institutions. The cost of this policy is high at the moment, but it will come down to the point where it will make sense to be more widely adopted, even if just as an insurance.

pjc50 4y ago
Not really? The payments system has been improving both due to conventional "challenger" bank startups and centralized regulatory effort, such as instant central clearing: https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/index.en.html https://www.ecb.europa.eu/paym/integration/retail/instant_pa... Americans need better financial consumer policy, but that's their problem.
- rglullis 4y ago
  Is there an European equivalent to the concept of "Ugly American"? You do understand that there is a whole 6 billion people living outside of Europe and North America?
  - pjc50 4y ago
    One point four billion or so of whom are Chinese, who have WeChat Pay as the default quick and easy payment system. And are banned from using crypto, although undoubtedly there are still lots of people using it for capital flight.
    - rglullis 4y ago
      > the default quick and easy payment system You misspelled "the most efficient state surveillance mechanism ever deployed". If that is your idea of "acceptable solution from the status quo", then it is easy to justify anything.
quickthrower2 4y ago
The “outside force” is more likely to be banking in non-US countries, for example in the UK that has always been ahead.

pjc50 4y ago

Not really? The payments system has been improving both due to conventional "challenger" bank startups and centralized regulatory effort, such as instant central clearing: https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/index.en.html https://www.ecb.europa.eu/paym/integration/retail/instant_pa... Americans need better financial consumer policy, but that's their problem.

rglullis 4y ago
Is there an European equivalent to the concept of "Ugly American"? You do understand that there is a whole 6 billion people living outside of Europe and North America?
- pjc50 4y ago
  One point four billion or so of whom are Chinese, who have WeChat Pay as the default quick and easy payment system. And are banned from using crypto, although undoubtedly there are still lots of people using it for capital flight.
  - rglullis 4y ago
    > the default quick and easy payment system You misspelled "the most efficient state surveillance mechanism ever deployed". If that is your idea of "acceptable solution from the status quo", then it is easy to justify anything.

quickthrower2 4y ago

The “outside force” is more likely to be banking in non-US countries, for example in the UK that has always been ahead.