I am pretty convinced crypto as it currently is is 99% a scam or a way to waste a lot of money compared to a traditional financial transfer. It’s made worse by the environmental impacts of mining. Crypto would have to be something completely different before it’ll take off for any kind of traditional payment system. And I actually think we just need the government to mandate a better bank to bank payment system with no fees like they have in Europe.
Anything else is too fragmented which means friction in use and higher fees converting between the competing systems.
You’re not wrong, but not all crypto is the same. Some have switched to “proof of stake” which removes all the energy wasted on mining, some allow to write programs into it that can execute automatically to do some interesting things, and some allow sending fractions (thousandths, millionths) of a USD with barely a transaction fee.
Even in Europe, free bank-to-bank transfers take a couple days to execute (there is a paid option for instant transfers), and have a minimum of 0.01€ which might or might not be what you want to tip/pay someone for their content.
I know about that stuff, but I just don’t see how you fix the fundamental problems of crypto without turning it into basically another ACH anyway. I.e. to regulate out the scammers, enable people to reverse transfers, tamp down on the straight out pump and dump schemes, wallet hacking / securing, the central exchanges going bust or being a scam themselves…
I just think that by the time you make it equivalent to Visa or PayPal for end users, you’ve now made it basically one of those.
Some people see the value of self-custody as superior to any downside. They don’t see it as a problem, and that’s most of the crypto we have now, with all its downsides.
Regulation, reversing transfers, and all of that, can be implemented only by centrally controlled entities, which is in the process of happening as we speak. It will become the equivalent of VISA or PayPal, but hopefully with either one of those, or some other regulated entity, still allowing micropayments and at least some smart contacts.
I am pretty convinced crypto as it currently is is 99% a scam or a way to waste a lot of money compared to a traditional financial transfer. It’s made worse by the environmental impacts of mining. Crypto would have to be something completely different before it’ll take off for any kind of traditional payment system. And I actually think we just need the government to mandate a better bank to bank payment system with no fees like they have in Europe. Anything else is too fragmented which means friction in use and higher fees converting between the competing systems.
You’re not wrong, but not all crypto is the same. Some have switched to “proof of stake” which removes all the energy wasted on mining, some allow to write programs into it that can execute automatically to do some interesting things, and some allow sending fractions (thousandths, millionths) of a USD with barely a transaction fee.
Even in Europe, free bank-to-bank transfers take a couple days to execute (there is a paid option for instant transfers), and have a minimum of 0.01€ which might or might not be what you want to tip/pay someone for their content.
I know about that stuff, but I just don’t see how you fix the fundamental problems of crypto without turning it into basically another ACH anyway. I.e. to regulate out the scammers, enable people to reverse transfers, tamp down on the straight out pump and dump schemes, wallet hacking / securing, the central exchanges going bust or being a scam themselves…
I just think that by the time you make it equivalent to Visa or PayPal for end users, you’ve now made it basically one of those.
Some people see the value of self-custody as superior to any downside. They don’t see it as a problem, and that’s most of the crypto we have now, with all its downsides.
Regulation, reversing transfers, and all of that, can be implemented only by centrally controlled entities, which is in the process of happening as we speak. It will become the equivalent of VISA or PayPal, but hopefully with either one of those, or some other regulated entity, still allowing micropayments and at least some smart contacts.
Not sure where in Europe you’re referring to but I’d be surprised if there’s anywhere in the EU where you can’t access free open banking transfers.
Spain, and free yes, but not free and instant: