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This are zero details on how it's supposed to work, or how it avoids the problem traditional crypto. “Instant global transactions” sound good in theory, but it

This are zero details on how it's supposed to work, or how it avoids the problem traditional crypto. “Instant global transactions” sound good in theory, but it has never been a technological problem, purely a regulatory one. Govts. don't like this happening. They want oversight, especially for cross border transactions.

thrown-0825-1 1y ago
Every crypto project runs head first into this problem. Layers and layers of technical bullshit that never addresses the fact that no government in the world wants to allow frictionless peer to peer payments across borders. CF is likely building this to service an internal need to collect micropayments for some kind of pay to view "captcha", and all the rest is just highly paid PR spin.
garbthetill 1y ago
regulation from the US side sounds open with the genius act, plus the current admin is pro crypto. Regulations from other govs dont matter as they will just "geo block" countries that dont allow it and users will just bounce into the service with a vpn or proxy at their own risk, other crypto like btc , xrp has been used to cross border trade for a decade now even in countries with outright bans, the entities using it just work around it e.g have an operation in a country were its allowed or in the case of weak enforcement just dont care Im not fully knowledgeable about banks, but i always thought the reason why regulation was so hard was because no one could agree on a common ground obvs each country wants to keep their moat with their own currency, but with crypto anyone can opt in at their own risk
- thrown-0825-1 1y ago
  Current US admin is pro grift, bribery, and embezzlement. Crypto is a just a tool that enables that. They have no interest whatsoever in democratization, self-custodial finance, or frictionless payments across borders for anyone but themselves. Direct p2p payments a "hard problem" because it directly contradicts what we consider to be one of the central pillars of national sovereignty, control over your national currency. Crypto as a whole is in denial about this because there is no path forward without expecting nations to either give up one of their most effective levers of control, or expecting them to turn a blind eye to external actors eroding that control in real time.
  - lifty 1y ago
    [flagged]
    - thrown-0825-1 1y ago
      Your question is unclear. Denial about what national sovereignty means in regards to currency controls and what that means for crypto orgs who want to operate in the stable coin or off ramp space? Plenty of examples of orgs either failing or entirely abandoning their crypto "principles" like privacy and decentralization just to get rubber stamped by various regulatory agencies.
      - lifty 1y ago
        Nobody is in denial about the politics and game theory of adoption. It seems you are in denial about the rate of crypto rails adoption. Stable coins seem to be part of the US national strategy for creating some extra demand for US debt so this goes fully against your previous comment. Decentralized debt markets are growing. Wall Street is dipping its toes more and more in tokenization and more and more organizations are interested in that. That list goes on. It’s frankly tiring to debate this on HN. The fact is, blockchains are just a technology so they are adopted in all sorts of of ways which sometimes align with decentralization ethos and sometimes not. Ethereum and Bitcoin seems to be getting more adoption, as bearer assets that are independent and have a predictable issuance rate, and in a world with so much debt they can only continue to gain more market share. So I really don’t know where you’re coming from.
        thrown-0825-1 1y ago
        Clinging to unfounded beliefs about a fundamentally flawed ideology is exhausting.
        lifty 1y ago
        What is that fundamentally flawed ideology?
slipperybeluga 1y ago
[dead]
dpc_01234 1y ago
The coins can be just registered to an id. I don't like these, but tech like GNU Teller already enable it even with decent privacy.

thrown-0825-1 1y ago

Every crypto project runs head first into this problem. Layers and layers of technical bullshit that never addresses the fact that no government in the world wants to allow frictionless peer to peer payments across borders. CF is likely building this to service an internal need to collect micropayments for some kind of pay to view "captcha", and all the rest is just highly paid PR spin.

garbthetill 1y ago

regulation from the US side sounds open with the genius act, plus the current admin is pro crypto. Regulations from other govs dont matter as they will just "geo block" countries that dont allow it and users will just bounce into the service with a vpn or proxy at their own risk, other crypto like btc , xrp has been used to cross border trade for a decade now even in countries with outright bans, the entities using it just work around it e.g have an operation in a country were its allowed or in the case of weak enforcement just dont care Im not fully knowledgeable about banks, but i always thought the reason why regulation was so hard was because no one could agree on a common ground obvs each country wants to keep their moat with their own currency, but with crypto anyone can opt in at their own risk

thrown-0825-1 1y ago
Current US admin is pro grift, bribery, and embezzlement. Crypto is a just a tool that enables that. They have no interest whatsoever in democratization, self-custodial finance, or frictionless payments across borders for anyone but themselves. Direct p2p payments a "hard problem" because it directly contradicts what we consider to be one of the central pillars of national sovereignty, control over your national currency. Crypto as a whole is in denial about this because there is no path forward without expecting nations to either give up one of their most effective levers of control, or expecting them to turn a blind eye to external actors eroding that control in real time.
- lifty 1y ago
  [flagged]
  - thrown-0825-1 1y ago
    Your question is unclear. Denial about what national sovereignty means in regards to currency controls and what that means for crypto orgs who want to operate in the stable coin or off ramp space? Plenty of examples of orgs either failing or entirely abandoning their crypto "principles" like privacy and decentralization just to get rubber stamped by various regulatory agencies.
    - lifty 1y ago
      Nobody is in denial about the politics and game theory of adoption. It seems you are in denial about the rate of crypto rails adoption. Stable coins seem to be part of the US national strategy for creating some extra demand for US debt so this goes fully against your previous comment. Decentralized debt markets are growing. Wall Street is dipping its toes more and more in tokenization and more and more organizations are interested in that. That list goes on. It’s frankly tiring to debate this on HN. The fact is, blockchains are just a technology so they are adopted in all sorts of of ways which sometimes align with decentralization ethos and sometimes not. Ethereum and Bitcoin seems to be getting more adoption, as bearer assets that are independent and have a predictable issuance rate, and in a world with so much debt they can only continue to gain more market share. So I really don’t know where you’re coming from.
      - thrown-0825-1 1y ago
        Clinging to unfounded beliefs about a fundamentally flawed ideology is exhausting.
        lifty 1y ago
        What is that fundamentally flawed ideology?

slipperybeluga 1y ago

[dead]

dpc_01234 1y ago

The coins can be just registered to an id. I don't like these, but tech like GNU Teller already enable it even with decent privacy.