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"without the blessing, permission or fees of your government or central bank" = "unlawful" We're looking for lawful use cases that cant' be done with a regula

"without the blessing, permission or fees of your government or central bank" = "unlawful" We're looking for lawful use cases that cant' be done with a regular database

StanislavPetrov 3y ago
Sorry that's completely wrong. It isn't illegal for me to send $10 in litecoin to my cousin in Brazil or Madagascar without the blessing, permission or fees charged by the government, the banks or fiat currency companies like Moneygram (as much as they would like to make it so). Suggesting that sending $10 in litecoin to my cousin in another country cheaply and easily (which would otherwise be impossible in the traditional banking system) while at the same time arguing that crypto should be illegal because it has no utility is absurd on its face.
- telepathy 3y ago
  It's also not unlawful for you to flush it down the toilet. What's your point? We're looking for a use case that can't be done with a regular database. Why are you selecting litecoin as your example, out of curiosity? What's the difference?
  - StanislavPetrov 3y ago
    >We're looking for a use case that can't be done with a regular database. If by, "regular database" you mean the traditional banking system, I've already laid it out for you. You can't send money from a bank to someone without a bank account. The cost to use a legacy payment system like Moneygram is prohibitive - you can't send $10. The regulatory hurdles to send and receive money from a legacy payment system, even if the cost wasn't prohibitive, often prevent you from doing so, even when everything is totally legal and legitimate. >Why are you selecting litecoin as your example, out of curiosity? What's the difference? The transaction costs are very low, and the blockchain transactions take place relatively quickly. Sending $10 to anyone in the world might cost you 10 or 15 cents and take 10-30 minutes. I am far from a crypto wizard, but was an early adopter for exactly the reasons detailed above.
    - telepathy 3y ago
      You didn't give an example of sending money. You gave an example of database transaction of an exchange traded token. Sending IOUs that need to be changed into money isn't the same thing as sending money. > The regulatory hurdles to send and receive money from a legacy payment system ... => Become a policy maker and change the regulation. You're not allowed to just evade regulations with crypto tech just because it's your opinion that democratic law was improperly legislated. That's crazy talk. Why do you think Moneygram is expensive? Ever thought maybe it's due to legal compliance? You're not allowed to evade that.

"without the blessing, permission or fees of your government or central bank" = "unlawful" We're looking for lawful use cases that cant' be done with a regular database

StanislavPetrov 3y ago

Sorry that's completely wrong. It isn't illegal for me to send $10 in litecoin to my cousin in Brazil or Madagascar without the blessing, permission or fees charged by the government, the banks or fiat currency companies like Moneygram (as much as they would like to make it so). Suggesting that sending $10 in litecoin to my cousin in another country cheaply and easily (which would otherwise be impossible in the traditional banking system) while at the same time arguing that crypto should be illegal because it has no utility is absurd on its face.

telepathy 3y ago
It's also not unlawful for you to flush it down the toilet. What's your point? We're looking for a use case that can't be done with a regular database. Why are you selecting litecoin as your example, out of curiosity? What's the difference?
- StanislavPetrov 3y ago
  >We're looking for a use case that can't be done with a regular database. If by, "regular database" you mean the traditional banking system, I've already laid it out for you. You can't send money from a bank to someone without a bank account. The cost to use a legacy payment system like Moneygram is prohibitive - you can't send $10. The regulatory hurdles to send and receive money from a legacy payment system, even if the cost wasn't prohibitive, often prevent you from doing so, even when everything is totally legal and legitimate. >Why are you selecting litecoin as your example, out of curiosity? What's the difference? The transaction costs are very low, and the blockchain transactions take place relatively quickly. Sending $10 to anyone in the world might cost you 10 or 15 cents and take 10-30 minutes. I am far from a crypto wizard, but was an early adopter for exactly the reasons detailed above.
  - telepathy 3y ago
    You didn't give an example of sending money. You gave an example of database transaction of an exchange traded token. Sending IOUs that need to be changed into money isn't the same thing as sending money. > The regulatory hurdles to send and receive money from a legacy payment system ... => Become a policy maker and change the regulation. You're not allowed to just evade regulations with crypto tech just because it's your opinion that democratic law was improperly legislated. That's crazy talk. Why do you think Moneygram is expensive? Ever thought maybe it's due to legal compliance? You're not allowed to evade that.