Comment by SimianSci
15 hours ago
The Crypto industry continues their speedrun of rediscovering all of the reasons for why the global financial system exists.
What you've described is the same thing that many Crypto enthusiasts call a "Bank"
15 hours ago
The Crypto industry continues their speedrun of rediscovering all of the reasons for why the global financial system exists.
What you've described is the same thing that many Crypto enthusiasts call a "Bank"
Many banks don't have physical branches.
One that I'm using does, but I find it extremely annoying when they have me go to a branch to unblock my account that they locked due to a poorly calibrated risk system (that they need due to not supporting actually secure 2FA methods).
except banks staff can easily be bribed too. There is plenty of bank fraud happening.
If my bank money gets stolen from me via fraud (unless I literally just Zelle the scammer), I get it back. That's the big difference.
Zelle is ultimately a bank transfer. Yes they say to consider them like sending cash, but a bank transaction is at least tracable to a real account owner, who could then be pursued in the case of fraud, and it well might be reversible if push came to shove or if there is documented fraud.
I can walk into a bank branch and show documents.
I guess I can walk downtown to CB HQ, but something tells me I won't get past the front desk.
Can you show us that? Where the consumer is left with no money at all and bank does not take the loss.
Go Zelle someone and try to get the money back.
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Coinbase is identical to a bank because it holds customer funds. Your comment isn't quite the dunk you think it is. Blockchains allow money to be held anonymously without any banks involved. Centralized exchanges are just profiting on speculation and probably should be banned.
My money in the bank in case of fraud is protected unless I voluntarily gave the fraudster my money. If a bank goes bankrupt, my money is protected by the government
No they don’t. “Cryptocurrency” isn’t money at all. Just because you can trade it in for money, doesn’t make it so. I can also trade in my hat to the Buffalo Exchange for money. But my hat is not money.
Yeah, it would be more accurate to say that Coinbase is de facto a brokerage but does not have the same level of regulation as traditional brokerages. The result is the same though.
There is no bright line separating "money" from any other type of fungible asset
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I am paid my salary in crypto. I pay my rent in crypto. I pay for flights and car rentals in crypto. That's surely enough to be considered money.
what's more important to me is how quickly can you trade your hat, how quickly can you determine the marketable value of your hat for selling, how close in value can you buy that hat for the same price you sold it, how many hats can you buy or sell at that price?
and that's where hats fail in all metrics to cryptocurrency and how cryptocurrency satisfies my criteria for money
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