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No. Especially compared to known alternatives, very much including crypto. Or then we have a very different definition of "complete mess". For the record, I ha

No. Especially compared to known alternatives, very much including crypto. Or then we have a very different definition of "complete mess". For the record, I have no reason to doubt the value of my savings account fluctuates wildly and the savings account is guaranteed by government for my practical purposes. I can make all the payments I need to make free/with very modest fee. In most cases, for practical purposes, the payments are immediate. If I happen to need, I can borrow money against my non-money non liquid assets. I can't describe this situation as "a complete mess". To my understanding crypto offers practically none of these benefits in any kind of robust way. This from european perspective.

Atlas22 4y ago
Everything you mentioned and implied here is the case for every fiat currency also. Using Japanese Yen to buy food at a US grocery store is unlikely to be practical. Just as trying to use USD in Japan is impractical. The only substantial difference is that crypto's practical jurisdiction is primarily the internet, with some adoption in the "real-world" (shops/services that choose to accept crypto). This makes crypto incredibly practical for online transactions but only practical for real-world applications where it has been adopted. Most crypto payments can be done for cheap, quickly (seconds to minutes), in a practically trust-less environment (not the case for fiat), and are irrevocable (which is a benefit for many). You can borrow crypto with crypto lenders against just about anything legally enforceable, including your house or car (although willing crypto lenders are becoming scarcer and more expensive with the increasingly inconsistent regulatory behavior of the US Government). A major advantage cryptocurrencies such as Ethereum have, is that they provide practically trust-less contracts between entities, evaluated by code rather than a possibly incompetent or compromised judge as you might get in the real-world. Just FYI, payments in the traditional banking systems are very much not immediate, they just appear that way from your perspective. The perspective usually breaks down if you try to move a large amount of currency around, you will get anything from straight up denials, many month waiting periods, money getting "lost" in processing for months, and large surprise fees. The "immediate" transaction illusion you see are just agreements between major financial entities to make transactions appear fast but are limited volume to reduce banks risk. For example, common credit card transactions, no matter how small, are not actually cleared for over 150 days. Based on my experience European banks are no different although I haven't tried it as often as I have in the US.
- beefield 4y ago
  > Japanese Yen to buy food at a US grocery store is unlikely to be practical. Hmmm. There is this thing within the current awful mess of a finacial system called credit card which allows me to pay very practically all over the world. Funny enough, though, that cryptofolk were at some point very vocally telling that you can "use" crypto by using a crypto credit card. > Just FYI, payments in the traditional banking systems are very much not immediate, they just appear that way from your perspective And that is why I was careful to formulate "In most cases, for practical purposes"

Atlas22 4y ago

Everything you mentioned and implied here is the case for every fiat currency also. Using Japanese Yen to buy food at a US grocery store is unlikely to be practical. Just as trying to use USD in Japan is impractical. The only substantial difference is that crypto's practical jurisdiction is primarily the internet, with some adoption in the "real-world" (shops/services that choose to accept crypto). This makes crypto incredibly practical for online transactions but only practical for real-world applications where it has been adopted. Most crypto payments can be done for cheap, quickly (seconds to minutes), in a practically trust-less environment (not the case for fiat), and are irrevocable (which is a benefit for many). You can borrow crypto with crypto lenders against just about anything legally enforceable, including your house or car (although willing crypto lenders are becoming scarcer and more expensive with the increasingly inconsistent regulatory behavior of the US Government). A major advantage cryptocurrencies such as Ethereum have, is that they provide practically trust-less contracts between entities, evaluated by code rather than a possibly incompetent or compromised judge as you might get in the real-world. Just FYI, payments in the traditional banking systems are very much not immediate, they just appear that way from your perspective. The perspective usually breaks down if you try to move a large amount of currency around, you will get anything from straight up denials, many month waiting periods, money getting "lost" in processing for months, and large surprise fees. The "immediate" transaction illusion you see are just agreements between major financial entities to make transactions appear fast but are limited volume to reduce banks risk. For example, common credit card transactions, no matter how small, are not actually cleared for over 150 days. Based on my experience European banks are no different although I haven't tried it as often as I have in the US.

beefield 4y ago
> Japanese Yen to buy food at a US grocery store is unlikely to be practical. Hmmm. There is this thing within the current awful mess of a finacial system called credit card which allows me to pay very practically all over the world. Funny enough, though, that cryptofolk were at some point very vocally telling that you can "use" crypto by using a crypto credit card. > Just FYI, payments in the traditional banking systems are very much not immediate, they just appear that way from your perspective And that is why I was careful to formulate "In most cases, for practical purposes"