3 ms·

This confirms instantly, give or take, and assuming they keep the pricing the same as ACH costs $0.0025 to send and $0.0014 to receive in volume. [1] And it ac

This confirms instantly, give or take, and assuming they keep the pricing the same as ACH costs $0.0025 to send and $0.0014 to receive in volume. [1] And it actually goes directly into your bank account. Further, Algorand isn't "from MIT" it was started by an MIT professor, and their actual transaction fee is a sum total of the direct fees (roughly zero right now) plus the block reward divided by total transactions in a block. [1] https://www.frbservices.org/resources/fees/ach-2022 https://www.frbservices.org/resources/fees/ach-2022

ilaksh 4y ago
Started by an MIT professor, worked on by said professor and others with MIT association, therefore from MIT is an apt description. Most people are hard coding in the 0.001 fee. When you say it confirms instantly that remains to be proven.
- arcticbull 4y ago
  It is in no way endorsed by MIT as your phrasing implies. Again the total fee is direct fee plus proportional share of block reward. There’s no reason to think it wouldn’t be instant. SEPA payments are in Europe, Faster Payments are in the UK and Australia has one too. That’s not an exhaustive list. I wouldn’t call it a “google AI” just because it was created by an ex employee who thinks it’s sentient. I wouldn’t call Nest an Apple camera just because it was founded by a group of Apple employees. If I did I’d surely be on the receiving end of a lawsuit seeking to clarify that point.
  - ilaksh 4y ago
    I didn't call it the "MIT cryptocurrency" I said it was from MIT. Silvio Micali is not an ex MITer. I'm sure if you looked at the actual on the ground implementations they are not all effectively instant for the consumer.
    - arcticbull 4y ago
      It's not 'from MIT' any more than a Nest thermostat is 'from Apple' > I'm sure if you looked at the actual on the ground implementations they are not all effectively instant for the consumer. They actually are. Not sure why its so hard to believe you can update a SQL database in a few milliseconds.

ilaksh 4y ago

Started by an MIT professor, worked on by said professor and others with MIT association, therefore from MIT is an apt description. Most people are hard coding in the 0.001 fee. When you say it confirms instantly that remains to be proven.

arcticbull 4y ago
It is in no way endorsed by MIT as your phrasing implies. Again the total fee is direct fee plus proportional share of block reward. There’s no reason to think it wouldn’t be instant. SEPA payments are in Europe, Faster Payments are in the UK and Australia has one too. That’s not an exhaustive list. I wouldn’t call it a “google AI” just because it was created by an ex employee who thinks it’s sentient. I wouldn’t call Nest an Apple camera just because it was founded by a group of Apple employees. If I did I’d surely be on the receiving end of a lawsuit seeking to clarify that point.
- ilaksh 4y ago
  I didn't call it the "MIT cryptocurrency" I said it was from MIT. Silvio Micali is not an ex MITer. I'm sure if you looked at the actual on the ground implementations they are not all effectively instant for the consumer.
  - arcticbull 4y ago
    It's not 'from MIT' any more than a Nest thermostat is 'from Apple' > I'm sure if you looked at the actual on the ground implementations they are not all effectively instant for the consumer. They actually are. Not sure why its so hard to believe you can update a SQL database in a few milliseconds.