3 ms·

> what crypto allow its users to do that they would not be able to do otherwise with less resources International money transfers, for instance. The traditiona

by suslik 3y ago

> what crypto allow its users to do that they would not be able to do otherwise with less resources International money transfers, for instance. The traditional banking system was always slow and expensive, and, on top of that, countries cut each other out due to geopolitical reasons. Many third-world countries have a decent crypto adoption, you can send someone money in a matter of minutes (I do).

AlexandrB 3y ago
> and, on top of that, countries cut each other out due to geopolitical reasons For a sovereign state this is a feature, not a bug. If you think that countries will take sending of funds to embargoed countries lying down you are sorely mistaken.
- suslik 3y ago
  Sure, and that's exactly why sovereign states don't like monero and mixers - but that is their problem, not mine. Also, in many cases transferring crypto is not illegal - for instance, it is legal to transfer money to non-sanction banks in Russia, but in many countries, the banking system doesn't allow that. If you had a 90y.o. starving grandma there, you'd be grateful for the crypto.
  - mrangle 3y ago
    Via sanctions, it is illegal for you to use specific mixers assuming you are a US citizen. Which does make it your problem. And if you have a mixer or private coin that isn't under sanction, it is only a matter of time as determined by the US gov's assessment of the risk of it being widely adopted.
    - suslik 3y ago
      I am not a US citizen, but, regardless, I'm not sure you're right: as long as I don't consider something to be immoral, I don't particularly care if it's legal or not. Given how easy it is to obtain untraceable crypto, I still think it's mostly their problem.
Yizahi 3y ago
I can send money in minutes too from bank to bank, internationally and domestically. I could do it for years now. Some very big sums require approval and are delayed. But guess what - it's not a technical limitation but a legal one. It not like some TCP packet can transmit wire transfer of 1000 dollars and unable to do so for 50000 dollars. And we as society do want to control large sum transfers, unless we want to end up like my home country, with funds funneled with close to no control to offshores. Sure, if a person want to skirt the law and transfer millions without control then current token systems are perfect for him.
- suslik 3y ago
  > I can send money in minutes too from bank to bank, internationally To any country of your choosing? I doubt that.
  - nonameking2026 3y ago
    Bitcoin will be imported with immigrants to the 1st world.
- junofan 3y ago
  The other day I tried to wire money to somebody in a different country, but my bank didn’t support that country. So I used USDC and sent the funds in seconds without any issue.
mrangle 3y ago
That's a minuscule use case whose benefits are arguably exaggerated next to the UX inconvenience and other downside factors for the common abuela looking to receive grocery money. Until crypto becomes at least as easy to get set up with and use as dealing with a bank, Western Union, or online banking, it'll remain niche.

by suslik 3y ago

AlexandrB 3y ago

> and, on top of that, countries cut each other out due to geopolitical reasons For a sovereign state this is a feature, not a bug. If you think that countries will take sending of funds to embargoed countries lying down you are sorely mistaken.

suslik 3y ago
Sure, and that's exactly why sovereign states don't like monero and mixers - but that is their problem, not mine. Also, in many cases transferring crypto is not illegal - for instance, it is legal to transfer money to non-sanction banks in Russia, but in many countries, the banking system doesn't allow that. If you had a 90y.o. starving grandma there, you'd be grateful for the crypto.
- mrangle 3y ago
  Via sanctions, it is illegal for you to use specific mixers assuming you are a US citizen. Which does make it your problem. And if you have a mixer or private coin that isn't under sanction, it is only a matter of time as determined by the US gov's assessment of the risk of it being widely adopted.
  - suslik 3y ago
    I am not a US citizen, but, regardless, I'm not sure you're right: as long as I don't consider something to be immoral, I don't particularly care if it's legal or not. Given how easy it is to obtain untraceable crypto, I still think it's mostly their problem.

Yizahi 3y ago

I can send money in minutes too from bank to bank, internationally and domestically. I could do it for years now. Some very big sums require approval and are delayed. But guess what - it's not a technical limitation but a legal one. It not like some TCP packet can transmit wire transfer of 1000 dollars and unable to do so for 50000 dollars. And we as society do want to control large sum transfers, unless we want to end up like my home country, with funds funneled with close to no control to offshores. Sure, if a person want to skirt the law and transfer millions without control then current token systems are perfect for him.

suslik 3y ago
> I can send money in minutes too from bank to bank, internationally To any country of your choosing? I doubt that.
- nonameking2026 3y ago
  Bitcoin will be imported with immigrants to the 1st world.
junofan 3y ago
The other day I tried to wire money to somebody in a different country, but my bank didn’t support that country. So I used USDC and sent the funds in seconds without any issue.

mrangle 3y ago

That's a minuscule use case whose benefits are arguably exaggerated next to the UX inconvenience and other downside factors for the common abuela looking to receive grocery money. Until crypto becomes at least as easy to get set up with and use as dealing with a bank, Western Union, or online banking, it'll remain niche.