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IMO they're blaming the wrong group for the issue though. Financial transactions should not cost much more than compute + software they run on. This is one angl

IMO they're blaming the wrong group for the issue though. Financial transactions should not cost much more than compute + software they run on. This is one angle where I actually respect a portion of the crypto community -- they've called out some things that were stagnant in the financial sector. Of course it remains to be seen if they can come up with viable alternatives, but agreeing on a problem is a good step forward.

lotsofpulp 3y ago
There would be three ways of solving this. Government breaks up managed care organizations so that they are small enough such that their counterparties (e.g. smaller doctor organizations) can tell them to pound sand when asked for ludicrous fees. Government legislated that electronic ACH payments or transactions have to be offered free of charge. Government operates electronic money accounts and electronic money transfers as infrastructure.
tmpz22 3y ago
> Financial transactions should not cost much more than compute + software they run on. The fees aren't pure profit for financial institutions. Its used to subsidize consumer protections like fraud prevention and reversal. > This is one angle where I actually respect a portion of the crypto community Is there a portion of crypto platforms that don't take in fees?
- thrill 3y ago
  Any crypto platform that doesn't charge a fee will be swamped (even more) with spam transactions along with all those who validate that chain.
- downWidOutaFite 3y ago
  It's also used for cashback credit cards to attract high income people with good credit scores, at the expense of everybody else.
gmane 3y ago
I mean, sure they talk big, but isn't one of the largest complaints against crypto the fact that transaction fees are high [0,1,2] and processing times are long [3]? [0] https://www.wsj.com/articles/crypto-and-its-many-fees-what-to-know-about-the-hidden-costs-of-digital-currency-11639825202 https://www.wsj.com/articles/crypto-and-its-many-fees-what-t... [1] https://www.investopedia.com/tech/how-much-does-it-cost-buy-cryptocurrency-exchanges/ https://www.investopedia.com/tech/how-much-does-it-cost-buy-... [2] https://www.makeuseof.com/crypto-exchange-fees-explained/ https://www.makeuseof.com/crypto-exchange-fees-explained/
- grotorea 3y ago
  I believe the fees were in fact low back when they used that argument, many years ago.
- lolpython 3y ago
  Btw, you’re missing [3]

lotsofpulp 3y ago

There would be three ways of solving this. Government breaks up managed care organizations so that they are small enough such that their counterparties (e.g. smaller doctor organizations) can tell them to pound sand when asked for ludicrous fees. Government legislated that electronic ACH payments or transactions have to be offered free of charge. Government operates electronic money accounts and electronic money transfers as infrastructure.

tmpz22 3y ago

> Financial transactions should not cost much more than compute + software they run on. The fees aren't pure profit for financial institutions. Its used to subsidize consumer protections like fraud prevention and reversal. > This is one angle where I actually respect a portion of the crypto community Is there a portion of crypto platforms that don't take in fees?

thrill 3y ago
Any crypto platform that doesn't charge a fee will be swamped (even more) with spam transactions along with all those who validate that chain.
downWidOutaFite 3y ago
It's also used for cashback credit cards to attract high income people with good credit scores, at the expense of everybody else.

gmane 3y ago

I mean, sure they talk big, but isn't one of the largest complaints against crypto the fact that transaction fees are high [0,1,2] and processing times are long [3]? [0] https://www.wsj.com/articles/crypto-and-its-many-fees-what-to-know-about-the-hidden-costs-of-digital-currency-11639825202 https://www.wsj.com/articles/crypto-and-its-many-fees-what-t... [1] https://www.investopedia.com/tech/how-much-does-it-cost-buy-cryptocurrency-exchanges/ https://www.investopedia.com/tech/how-much-does-it-cost-buy-... [2] https://www.makeuseof.com/crypto-exchange-fees-explained/ https://www.makeuseof.com/crypto-exchange-fees-explained/

grotorea 3y ago
I believe the fees were in fact low back when they used that argument, many years ago.
lolpython 3y ago
Btw, you’re missing [3]