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this post was submitted on 27 Jan 2025
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Technology
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So just like crypto
EDIT: The crypto bros out in full force... and right on cue proudly proclaiming they don't understand the difference between the value of blockchain technology (which so far has not had a ton of real world value outside of mostly impractical database applications, other than furthering climate change and buying drugs) vs the SPECULATIVE value of coins since coins have no real value factors to back up their SPECULATIVE value. Stocks often have real value that back up their value, like company profits or products. Stop drinking kool aid to the point of literal zero critical thinking, jfc.
I think that the technology itself has been widely adopted and used. There are many examples in medicine, military, entertainment. But OpenAI and other hyperscalers are a bad business that burns through a loooot of cash. Same with Meta AI program. And while this has been a norm with tech darlings that they usually don't break even for a long time, what's unprecedented is the rate of loss and further calls for even more money even though there isn't any clear path from what we have to AGI. All hangs on Altman and other biz-dev vague promises, threats and a "vibe" that they create.
I disagree.
Like it or hate it, crypto is here to stay.
And it's actually one of the few technologies that, at least with some of the coins, empowers normal people.
It does empower normal people, unfortunately regulations make it harder to use. Try buying Monero, it is very hard to buy.
They have made it harder, but it's not really hard.
Just buy any regulated crypto and convert. Cake Wallet makes it easy, but there are many other ways.
I myself hold Bitcoin and Monero.
I haven't looked into whether that's illegal in some jurisdictions but it's really really easy, once you know that's an option.
Or you could even just trade directly with anyone who owns XMR. Obviously easier for some people than others but it's a real option.
Both of these methods don't even require personal details like ID/name/phone number.
I disagree - before Bitcoin there was no venmo, cashapp, etc. It took weeks to move big money around. I'm not saying shit like NFT's ever made sense, and meme coins are fucking stupid - unfortunately the crypto world has been taken over by scammers - but don't shit on the technology
Lol this is just either a statement out of ignorance or a complete lie. Wire transfers didn't take weeks. Checks didn't take weeks to clear, and most people aren't moving "big money" via fucking cash app either.
"Big money" isn't paying half for an Uber unless you're like 16 years old.
In europe i can send any amount (like up to 100k ) in just a few days since 20 years, to anyone with a bank account in europe, from my computer or phone.
Also, since 2025 every bank allows me to send istant money to any other bank account. For free.
Because they have to compete with crypto.
Absolutely my point
For the istant money from 2025 I Agree, but the bank transfer part is like that since 20 years
So not any amount then. My point stands
True, never had a need in my life to move such an amount tho
It's not a statement out of ignorance and it's not a lie. Most people don't try to move huge money around so I'll illustrate what I had to go through - I had a huge sum of money I had in an online investing company. I had a very time critical situation I needed the money for, so I cashed out my investments - the company only cashed out via check sent via registered mail (maybe they did transfers for smaller amounts, but for the sum I had it was check only). It took almost two weeks for me to get that check. When I deposited that check with my bank, the bank had a mandatory 5-7 business day wait to clear (once again, smaller checks they deposit immediately and then do the clearing process - BIG checks they don't do that, so I had to wait another week). Once cleared, I had to move the money to another bank, and guess what - I couldn't take that much cash out, daily transfers are capped at like $1500 or whatever they were, so I had to get a check from the bank. The other bank made me wait another 5-7 business day as well, because the check was just too damn big.
4 weeks it took me to move huge money around, and of course I missed the time critical thing I really needed the money for.
I'm just a random person, not a business, no business accounts, etc. The system just isn't designed for small folk to move big money
It depends on the bank and the amount you are trying to move.There are banks that might take a week (five business days) or so though very rare and there are banks that might do it instantly. I once used a bank in the US to move money and they sent a physical check and this was domestic not international.
Edit: I thought he meant a week not weeks. Normally a max of five working days.
Wire transfers are how you handle actual big money transfers and it doesn't take weeks.
International transfers do take time, domestic is instant. International transfer typically take 1-5 days.
1-5 days isn't "weeks".
Oh, I thought he said days not weeks. If it takes weeks they probably suspect you of money laundering.
Big money is being held because of anti-money laundering, not because of technology.
Money is held so that interest can be earned on the float.
I am not taking about money being held, I talking about regulations and horrible banks not technology. Yes, the current technology allows you instant transfer, but it still depends on the bank. For example some banks allow free international transfers while others require a small fee, some banks you can do the transfer online while others you have to go to the branch in person. You don't have to go through a bank with crypto, sometimes it is faster and it is definitely more private.
crypto that uses block chain is 100% not private. The whole point of the blockchain is that every single transaction is logged and verifiable for the life of the coin. It's decentralized so you don't need to involve a bank, that not the same as private.
Cash transfers are private. That is why there are so many restrictions on cash transactions at banks and borders.
Look up Monero, it is a crytpo currency that as far as I know no one has been able to trace.
The data on the blockchain is not private.
However data can be encrypted before it hits the blockchain and it can also be cryptographicly manipulated in ways that remain private.
At it's core the block chain encourages verification. doing extra steps to maintain privacy is not the same as system that is private. It's like saying cell phones are private if you buy a burner phone with cash. Technically well but not by design.
Agreed. Privacy on the blockchain is an optional extra. On newer generations the option exists by design.
Wtf? Venmo / cashapp are descendent from PayPal which was released ages before any major crypto.
Forget bitcoin, Monero in my opinion is how crypto was supposed to be. Monero is untracable compared to bitcoin.
Helpfully, because bitcoin gets all the traderbro attention, monero has actually ended up being (relatively) stable because it has more of a purpose.
That is not the only reason it is stable, because all transactions are private, it doesn't affect the price unlike bitcoin.
Since before bitcoin we've had Faster Payments in UK. I can transfer money directly to anyone else's bank account and it's effectively instant. It's also free. Venmo and cashapp don't serve a purpose here.
Same in NL most (all?) banks here have an app that lets you transfer money near instantly, create payment requests, execute payments for online orders by scanning a code, etc. It's great I think.