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1. Ever heard of Lightning? https://cointelegraph.com/news/bitcoin-lightning-network-is-1-000x-cheaper-than-visa-and-mastercard-data https://cointelegraph.com/n

1. Ever heard of Lightning? https://cointelegraph.com/news/bitcoin-lightning-network-is-1-000x-cheaper-than-visa-and-mastercard-data https://cointelegraph.com/news/bitcoin-lightning-network-is-... And yes, some countries accept partially paying through Lightning. El Salvador obviously, but Costa Rica as well (check "Bitcoin Jungle"). In Africa, it's starting... 2. I sold a car for ~30k USD in Germany 2 weeks ago. I wish the guy would have been able to pay in crypto, because bank transfer didn't work out (because of money laundering law between unrelated banks due to the higher amount) and he ended up paying in ... cash (yes, the irony, so much about money laundering). And now, I had to open a new bank account which will be able at some point to accept the money. It's not just time consuming, but all this is not free obviously 3. Well, that's a good point, since loans are created out of thin air... https://www.investopedia.com/articles/investing/081415/understanding-how-federal-reserve-creates-money.asp https://www.investopedia.com/articles/investing/081415/under...

itsoktocry 3y ago
1. Heard of it? Yeah. Knowing anyone who uses it for day to day transactions? No. Crypto people love to point out these obscure experiments as if "it's happening". My BTC sits in a wallet. 3. Why is that bad? How else would you expect a loan to be created? Comments line this reveal an underlying ideology.
wildrhythms 3y ago
Very odd. The last time I bought a vehicle I just wrote a check, the seller took a photo of my ID, and I was handed the vehicle title. I understand some sellers will accept a cashier's check. I always thought this was the normal way of buying high dollar items like this with 'cash'. Does Germany not have something like that? Surely going to a bank in Germany and withdrawing or depositing $30k in cash must raise some alarms.
- oblio 3y ago
  It's not normal. You'd be able to transfer the money, after the outlandishly weird step of... informing your bank about the transaction :-)
oblio 3y ago
> 1. Ever heard of Lightning? https://cointelegraph.com/news/bitcoin-lightning-network-is- https://cointelegraph.com/news/bitcoin-lightning-network-is-... And yes, some countries accept partially paying through Lightning. El Salvador obviously, but Costa Rica as well (check "Bitcoin Jungle"). In Africa, it's starting... I worked for a blockchain startup, and it had the exact same concept listed here: > Due to the nature of the Lightning Network's dispute mechanism, which requires all users to watch the blockchain constantly for fraud, the concept of a "watchtower" has been developed, where trust can be outsourced to watchtower nodes to monitor for fraud. However... we were constantly discussing this. Was the network truly decentralized in this case? Watchtowers basically concentrate power in a handful of nodes, you're back to oligarchy. Which means... why bother with blockchain and cryptocurrency anymore? What's the point? > 2. I sold a car for ~30k USD in Germany 2 weeks ago. I wish the guy would have been able to pay in crypto, because bank transfer didn't work out (because of money laundering law between unrelated banks due to the higher amount) and he ended up paying in ... cash (yes, the irony, so much about money laundering). And now, I had to open a new bank account which will be able at some point to accept the money. It's not just time consuming, but all this is not free obviously He could have just... warned his bank?? Also, what's with the jab against cash, yes, it can always be used for money laundering, it's not like, God-forbid, cryptocurrencies being used for the same reason, see sock-puppet transactions, anonymity.... > 3. Well, that's a good point, since loans are created out of thin air... https://www.investopedia.com/articles/investing/081415/under https://www.investopedia.com/articles/investing/081415/under... Yeah, and what's wrong with that?

itsoktocry 3y ago

1. Heard of it? Yeah. Knowing anyone who uses it for day to day transactions? No. Crypto people love to point out these obscure experiments as if "it's happening". My BTC sits in a wallet. 3. Why is that bad? How else would you expect a loan to be created? Comments line this reveal an underlying ideology.

wildrhythms 3y ago

Very odd. The last time I bought a vehicle I just wrote a check, the seller took a photo of my ID, and I was handed the vehicle title. I understand some sellers will accept a cashier's check. I always thought this was the normal way of buying high dollar items like this with 'cash'. Does Germany not have something like that? Surely going to a bank in Germany and withdrawing or depositing $30k in cash must raise some alarms.

oblio 3y ago
It's not normal. You'd be able to transfer the money, after the outlandishly weird step of... informing your bank about the transaction :-)

oblio 3y ago

> 1. Ever heard of Lightning? https://cointelegraph.com/news/bitcoin-lightning-network-is- https://cointelegraph.com/news/bitcoin-lightning-network-is-... And yes, some countries accept partially paying through Lightning. El Salvador obviously, but Costa Rica as well (check "Bitcoin Jungle"). In Africa, it's starting... I worked for a blockchain startup, and it had the exact same concept listed here: > Due to the nature of the Lightning Network's dispute mechanism, which requires all users to watch the blockchain constantly for fraud, the concept of a "watchtower" has been developed, where trust can be outsourced to watchtower nodes to monitor for fraud. However... we were constantly discussing this. Was the network truly decentralized in this case? Watchtowers basically concentrate power in a handful of nodes, you're back to oligarchy. Which means... why bother with blockchain and cryptocurrency anymore? What's the point? > 2. I sold a car for ~30k USD in Germany 2 weeks ago. I wish the guy would have been able to pay in crypto, because bank transfer didn't work out (because of money laundering law between unrelated banks due to the higher amount) and he ended up paying in ... cash (yes, the irony, so much about money laundering). And now, I had to open a new bank account which will be able at some point to accept the money. It's not just time consuming, but all this is not free obviously He could have just... warned his bank?? Also, what's with the jab against cash, yes, it can always be used for money laundering, it's not like, God-forbid, cryptocurrencies being used for the same reason, see sock-puppet transactions, anonymity.... > 3. Well, that's a good point, since loans are created out of thin air... https://www.investopedia.com/articles/investing/081415/under https://www.investopedia.com/articles/investing/081415/under... Yeah, and what's wrong with that?