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0 pointsvermilingua6y ago0 comments

As to point (2), I think this keybase/stellar integration is the solution to the problem that crypto has been looking for.

If I want to give a friend money, I can hand them cash, but I have to be in the same room as them. I can transfer that cash in other ways, but I need to trust the middlemen. I can also use a bank to send them money, but I have to know their details, which are sensitive information. I can use one of the plethora of money-transfer apps, but that involves putting my money under someone else’s direct control (someone who may go insolvent by the end of the year).

Or, if I have them on keybase (or any number of platforms, ideally) I can now just send it with a simple text message.

Additionally, what if I really appreciate something you said on HN, or twitter; or you made a really valuable contribution to one of my projects on GH? If you have your keybase proof on there, I can send you my appreciation in a matter of seconds. Imagine trying to do that using cash, PayPal, etc.

Despite the fact that until now, crypto has had far more overhead than cash and credit transactions, this and successor programs may have the potential to make transfers far more convenient.

0 comments

shakna6y ago

> I can also use a bank to send them money, but I have to know their details, which are sensitive information.

PayID [0] was standardised in Australia a while back, standardising what the banks were already doing. At least here, knowing someone's details is something from the past.

A PayID can _only_ receive.

A PayID is a number - not necessarily a phone number you own, but many people opted for that route, but keep the same number even if their phone number does change.

A PayID does reveal the name of the account holder.

Transfer happens as part of Instant Payments, so at it's longest it'll take 60 seconds to arrive in an account, but usually within 2.

PayID is also integrated into Apply Pay and Google's offering.

... Is this still an unsolved thing overseas? I've had instant transfers to friends without knowing their banking details for nearly a decade.

[0] https://payid.com.au/

vermilinguaOP6y ago

I know, and I use PayID frequently; but it has shortcomings, mostly that nobody seems to know about it. Additionally, PayID only works within Australia, and effectively only to people you know personally (mobile numbers are not typically public information).

I love PayID for what it is, but it could be well improved in my first example, and doesn’t work at all for the latter.

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