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Try sending $10k to a US lawyer from outside the US. Takes a lot of time and money. Do it on chain. Takes 400ms and costs a fraction of a penny. > Engineers wr
by bidandanswer 3y ago
Try sending $10k to a US lawyer from outside the US. Takes a lot of time and money. Do it on chain. Takes 400ms and costs a fraction of a penny.
> Engineers writing the code that is used to pay them?
The DAO is not the smart contract.
- closewith 3y agoWe send money to US lawyers all the time via Wise. It's near instant. Obviously we had to verify the company identity, but that's also true for every legal exchange.
- siftrics 3y agoI think OP's point about it being faster and cheaper stands. What exactly are you trying to say?
- closewith 3y agoIt's nearly instant and costs €0.50 + 0.56% of the transfer, not exactly breaking the bank.
- bidandanswer 3y agoWow, that's horrible. Sending $1m nets $560 in fees. That's like 5.6 million times worse than typical Solana fees. That's a Michelin-star meal. Or two.
- closewith 3y ago~$5,600. > That's like 5.6 million times worse than typical Solana fees. And how much will it cost to get move into and out from SOL?
- bidandanswer 3y agoNothing. Send USDC to Circle, Coinbase, or any centralized exchange for a fraction of a penny. Swap to USD for free. ACH transfer to bank for free.
- closewith 3y agoAnd how much does it cost to get USDC from Euro and then back to USD on the other end? Let's be honest, if it was cheaper and faster, it would be the standard, right?
- bidandanswer 3y agoNothing. It's probably cheaper to swap Euro stable -> USDC on chain than whatever fees your banks charge you. Additionally, if you're building a legitimate business on chain, then all your cash is already on chain.
- mteam88 3y ago> Let's be honest, if it was cheaper and faster, it would be the standard, right? Except that the US regulatory system hates crypto for some reason. SEC has repeatedly denied requests from coinbase for regulation. Like wtf?