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Moving money is not free, and managing payments/etc can be a huuge headache. Sometimes it’s easy, but sometimes it’s not.
by soared 5mo ago
Moving money is not free, and managing payments/etc can be a huuge headache. Sometimes it’s easy, but sometimes it’s not.
- wslh 5mo agoThis is one of the cases where crypto works well.
- rvz 5mo agoThere are many cryptocurrencies that allow anyone to move money quickly, cheaply, and on the same day in less than a minute and requires zero bank accounts. At this point there isn't an excuse.
- mort96 5mo agoAnd which are trivial to convert back and forth between real money and cryptocurrency? And hold their value with sufficient stability that you can convert USD into the currency, make a transaction, wait a few weeks, make a transaction the other direction and then convert back into USD, with roughly no loss in value?
- sowbug 5mo agoFor this use case, that's a virtuous proof-of-work requirement.
- rvz 5mo agoVery tough question. Stablecoins?
- mort96 5mo agoDidn't people realize that those automated pegging algorithms don't really work after the last round of stablecoin collapses
- fidelramos 5mo agoAt least DAI is holding well. It existed before LUNA and it continues to work today.
- rvz 5mo agoExcept not all stablecoins are the same.
- mort96 5mo agoThey essentially are to me, because I don't know how to differentiate them. Before the collapse, I would not have been able to look at the ones which collapsed and the ones which didn't and predict the outcome.
- rvz 5mo agoUSDC operates as a fiat-backed stablecoin and is fundamentally different [0] to an algorithmic stablecoin such as UST which was the one that collapsed in 2022. [0] https://www.usdc.com/learn/fiat-backed-vs-algorithmic-stablecoins https://www.usdc.com/learn/fiat-backed-vs-algorithmic-stable...
- mort96 5mo agoForgive me but I don't find this very convincing. Crypto shills were saying the same things about UST before its collapse. The technical details differed, but the arrogant tone and firm insistence that nothing bad could possibly happen was the same.
- rvz 5mo ago> Forgive me but I don't find this very convincing. I don't really need to convince you. I just look at how it's being tested and which companies are using it today. But the main point I'm bringing is that stablecoins exist and the most trusted one USDC is used today by hundreds of companies after going under regulatory scrutiny for years and it can be used to send money. You just said: "I don't know how to differentiate them." and I replied with a clear distinction with evidence comparing the two. > Crypto shills were saying the same things about UST before its collapse... Just like with all untested tech, there will always be alternatives out there with their fans, VCs and shills who have a vested interest and UST was one of them and when tested, some will fail which is expected. So your answer is to paint all with a broad brush and to then dismissing them because one based on an untested technology failed doesn't make much sense.
- wslh 5mo agoI will include this security project as an addendum to my reply: <https://github.com/juli/taint https://github.com/juli/taint>. Views on crypto can differ dramatically depending on the country you live in.