| > immutable is a pretty shitty property for some of those assets Because smart contract chains allow for turing complete code, mutability can be programmed in to particular tokens at the smart contract level. > regulation is there for a reason, for every extra fee you pay to do cross border money transfer, some money is not being laundered. It shouldn't be my personal financial responsibility to pay for a corporation to double check my own assertion that I am not breaking any law. > With crypto right now you lose all that protection in exchange for a slow, expensive gas fees, environmentally destructive proofs of work and absolutely no legal protection if you get scammed in the end. I'm breaking this down. > slow Taking Ethereum as an example, payments generally go through within 15 seconds, compared to several hours for a same-day wire transfer or several days for an ACH payment. > expensive gas fees Gas fees are expensive because too many people are using it. Ethereum processes over a million transactions daily, not including Layer 2 and side chains which have increased that capacity and lowered gas fees in practice. > environmentally destructive proofs of work Proof of Stake reduces energy consumption by over 99%, and most blockchains currently use it. > absolutely no legal protection if you get scammed in the end The standard way to send money abroad, international wire transfer, also gives you next to no legal protection if you get scammed. |
Yeah but contingencies not predicted in the original contract cannot be added, hence they are immutable from the original design. Something legally not really enforceable as laws change making previously written contracts or clauses void.
> It shouldn't be my personal financial responsibility to pay for a corporation to double check my own assertion that I am not breaking any law.
Someone has to double check the financial and legal frameworks are being abided by in transactions of money, specially cross country. If you do not want to pay it directly in your transfer, then whatever alternative you propose would mean either tax payers or other bank users end up paying more than their fair share if they do not do as many transactions as you.
> Taking Ethereum as an example, payments generally go through within 15 seconds, compared to several hours for a same-day wire transfer or several days for an ACH payment.
This is a false equivalence. The transaction in ethereum takes however long you wanna pay a gas fee for, the 15 second thing is an average not a median, and certainly not a general use case for smaller transactions.
Secondly, the money in an ACH payment goes through in miliseconds, the 2 day wait is a legal escrow for legal purposes not technological ones. One that crypto should also abide if it had any real use.
> Gas fees are expensive because too many people are using it.
Gas fees are expensive because you can pay to jump the queue, and considering the number of fraudulent transactions, scams etc people are incentivized to over pay to make their quick buck after a rug pull.
> Proof of Stake reduces energy consumption by over 99%,
It also reduces security, increses centralisation and increases fees. Certainly a cure-all for a problem created by crypto in the first place.
> The standard way to send money abroad, international wire transfer, also gives you next to no legal protection if you get scammed.
The 2 day to send allows plenty of time to report a transaction, for the goverment to intervene if flags are raised etc. It certainly offers tons of legal protection.
What it doesn't protect is against Nigerian Prince scams but thats not a failure of the wire transfer, and it certainly is even worse thanks to crypto...