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You do understand that Wiring money is not slow because of the technology right? And it has everything to do with government regulations around anti-terrorism,

You do understand that Wiring money is not slow because of the technology right? And it has everything to do with government regulations around anti-terrorism, anti-money laundering, anti-fraud, etc.? I think it’s hilarious that you think your wire was slow because of the geographical distance the message had to travel (“halfway across the world”) as opposed to the fact that it had to travel across jurisdictions with different laws. If I want to send someone money within the US, for example, it’s near instantaneous, whether through a credit card/debit card purchase, Zelle/Venmo, PayPal, direct bank transfer, etc. To the extent some forms of transfer require waiting a day it’s because, once again, banks do settlements once a day to reduce costs and to meet federal government regulations that prevent fraud and/or help keep the economy more stable. Blockchain tech is significantly slower than decades old banking technology. You can go hours before someone mines something to close out a bunch of transactions. What slows down banking transactions is the very stuff the absence of which meant that $30bn of wealth evaporated overnight in FTX.

mhluongo 4y ago
> I think it’s hilarious that you think your wire was slow because of the geographical distance the message had to travel (“halfway across the world”) as opposed to the fact that it had to travel across jurisdictions with different laws Condescending straw man here. Being able to use BTC to do this, routing around the various jurisdictional settlement layers, is a huge practical improvement. Those 7 days don't make society better, they're a drag on the economy and the wallets of anyone who doesn't have access to quicker mechanisms.
- malermeister 4y ago
  You think preventing fraud, money laundering or terrorism funding (the specific examples cited above) doesn't make society better?
  - throwuwu 4y ago
    An unalterable public ledger does a lot more to prevent or expose those things than banking regulations. Weren’t there even a few banks that were making huge profits off of criminal activity recently?
  - derangedHorse 4y ago
    The question you're posing assumes an argument the comment you're responding to doesn't make. It's not whether "preventing fraud, money laundering or terrorism funding" makes things better, it's whether the processes put in place are effective towards combating those things. It would be upsetting to know a $2b pipeline for catching these things were only able to detect $2m worth of illicit funds for example. Your comment is also assuming funds would only be seized for a shared definition of "fraud, money laundering or terrorism" when that is not always the case. Preventing "terrorism" by placing embargoes on all individuals of disagreeable governments would seem like an overreach for many individuals with family overseas.
- tomatoman 4y ago
  This is from your years of law enforcement knowledge on Terrorism, Tax Avoidance, Theft?
grobbyy 4y ago
Many of us don't want everything we do monitored and tracked. I understand this leads to more financial fraud, laundering, and terrorism, but if I were to list my problems in life, those are nowhere near the top. Privacy is much higher. That's not a universal statement -- that calculus could change -- but this is the case for me in the developed world in 2022.
- malermeister 4y ago
  Blockchains are literally a public ledger. It's the least private system you could conceive.
eduction 4y ago
> I think it’s hilarious that you think your wire was slow because of the geographical distance the message had to travel I don’t see anything in the post you are replying to that indicates they believe this. They noted the distance, which makes clear many practical issues (it was not only another country but not in a trading or common regulation block like the EU). It’s clear the amount of time involved is the obstacle the person had issue with. This seems like a use case for crypto (even if I personally would tend to just do the wire whenever practical).
Kinrany 4y ago
> I think it’s hilarious that you think your wire was slow because of the geographical distance the message had to travel (“halfway across the world”) as opposed to the fact that it had to travel across jurisdictions with different laws. They meant exactly that. The claim that blockchain is faster because of technology is obviously a complete strawman.

mhluongo 4y ago

> I think it’s hilarious that you think your wire was slow because of the geographical distance the message had to travel (“halfway across the world”) as opposed to the fact that it had to travel across jurisdictions with different laws Condescending straw man here. Being able to use BTC to do this, routing around the various jurisdictional settlement layers, is a huge practical improvement. Those 7 days don't make society better, they're a drag on the economy and the wallets of anyone who doesn't have access to quicker mechanisms.

malermeister 4y ago
You think preventing fraud, money laundering or terrorism funding (the specific examples cited above) doesn't make society better?
- throwuwu 4y ago
  An unalterable public ledger does a lot more to prevent or expose those things than banking regulations. Weren’t there even a few banks that were making huge profits off of criminal activity recently?
- derangedHorse 4y ago
  The question you're posing assumes an argument the comment you're responding to doesn't make. It's not whether "preventing fraud, money laundering or terrorism funding" makes things better, it's whether the processes put in place are effective towards combating those things. It would be upsetting to know a $2b pipeline for catching these things were only able to detect $2m worth of illicit funds for example. Your comment is also assuming funds would only be seized for a shared definition of "fraud, money laundering or terrorism" when that is not always the case. Preventing "terrorism" by placing embargoes on all individuals of disagreeable governments would seem like an overreach for many individuals with family overseas.
tomatoman 4y ago
This is from your years of law enforcement knowledge on Terrorism, Tax Avoidance, Theft?

grobbyy 4y ago

Many of us don't want everything we do monitored and tracked. I understand this leads to more financial fraud, laundering, and terrorism, but if I were to list my problems in life, those are nowhere near the top. Privacy is much higher. That's not a universal statement -- that calculus could change -- but this is the case for me in the developed world in 2022.

malermeister 4y ago
Blockchains are literally a public ledger. It's the least private system you could conceive.

eduction 4y ago

> I think it’s hilarious that you think your wire was slow because of the geographical distance the message had to travel I don’t see anything in the post you are replying to that indicates they believe this. They noted the distance, which makes clear many practical issues (it was not only another country but not in a trading or common regulation block like the EU). It’s clear the amount of time involved is the obstacle the person had issue with. This seems like a use case for crypto (even if I personally would tend to just do the wire whenever practical).

Kinrany 4y ago

> I think it’s hilarious that you think your wire was slow because of the geographical distance the message had to travel (“halfway across the world”) as opposed to the fact that it had to travel across jurisdictions with different laws. They meant exactly that. The claim that blockchain is faster because of technology is obviously a complete strawman.