If even the European Union moves faster than your cutting-edge decentralized system, maybe you have a problem.
Of course the two approaches will be different.
In contrast, I bought some cryptos five years ago and dabbled in Solidity too, but there was just nothing to do with it because it’s so clunky and wasteful. I don’t expect to ever touch that stuff again.
That’s obviously anecdotal, but it’s clear by now it’s nothing like the early Internet. That organic buy-in isn’t happening.
Maybe blockchains tech will graduate beyond coins, NFTs, speculation, and rug-pulls. I look forward to that day. However, over a decade in, everything about cryptocurrencies and blockchain tech, from development to application, deployment and function, feels clunky.
This also turned out to be total BS as Russian crypto accounts keep getting frozen. Funnily enough, I haven’t heard the “crypto community” make a single peep about this. Hilarious..
You do realize that their are capital controls self-imposed by the Ukrainian National Bank, right? And that Bitcoin has been legalized in Ukraine [0] after the influx of Bitcoin donations (and other alts) which were used to fund supplies, logistics, military efforts, as well as the formal Ukrainian Government to continue the war effort.
If anything I'd say it proves that what we have said all along was the case, Bitcoin isn't going to matter to functional economies in the developed World, but will excel most in crisis situations in mainly developed nations.
Lastly, the only one to 'restrict' accounts was the YC-backed Coinbase [1] (the bane of the Bitcoin community as they hold so much BTC despite being vocal opponents of it since Segwit).
So, all I have been able to gather from all of this is that YC/HN remains incredibly ignorant of what Bitcoin and crypto avails, and will draw conclusions based more on that ignorance then take the time to actually look into what is actually taking place.
0: https://www.yahoo.com/entertainment/ukraine-legalises-bitcoi...
1: https://www.bleepingcomputer.com/news/security/coinbase-bloc...
With nano, I do actually have instant, 0 fee, 24/7 money transfers.
Sorry, but your claim is just not true in practice.
Every time I look at a no fee platform in the cryptocurrency world, it turns out that it's subsidized somehow. If you want to make a fair comparison with e.g. SEPA transfers, you have to assess where this comes from. For a lot of these networks, it's just a way to gain adoption and it doesn't reflect whether it's sustainable for them in the longer-term.
The compromise I have to make as a user is to use their cryptocurrency with all the drawbacks it has. But it doesn't matter if it takes me no time to send $CRYPTO if I need to wait hours before I can convert it back to fiat money and actually use it. That will remain the case as long as these cryptocurrencies remain niche, it's a bootstrapping problem.
Of course it isn't, but they clearly have an axe to grind against things they do not understand at all and they will remain oblivious to the the very obvious fact that SEPA is pretty broken--EU nations and non-Euro nations (within the EU) do not transfer directly or instantly either. It can take days and the expenses, transfer rates, and exchange rates are not 0 either.
But, hey... this is Hacker news, where if you repeat a lie enough times about something you do not like, it will become true enough to be accepted.
You're aware that SEPA is for the eurozone only, right? SEPA is slow-ish (2-3 days) and free, and now there's SEPA Instant, supported by many banks ( I don't think there are stats, but all of the 5 banks i use have it) which is fast and works 24/7, and usually free ( some old banks are trying to monetise it at 1€ per transaction). It's still better than in crypto land or the US. Of all similar cases, the only one I've heard of that is probably better is the Indian UPN(?).
