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by throwawayallday 1340 days ago
Less than 20 transactions per second. Mindbogglingly slow.
3 comments
xeromal 1340 days ago
This will replace mastercard, we swears on the precious
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Ferret7446 1340 days ago
Less than 20 irreversible transactions per second. Regular financial infrastructure requires maybe a few weeks or months or years for a reasonably irreversible transaction.

Layer 2/Lightning can process far greater number of transactions for a far lower fee with a cryptographic guarantee of submission to the underlying blockchain. There are some kinks of course, as there always are.

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JumpCrisscross 1340 days ago
> Regular financial infrastructure requires maybe a few weeks or months or years for a reasonably irreversible transaction

TIL wires take years, not minutes.

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RunSet 1340 days ago
Rather, today you learn that wire transfers are not irreversible.

> there are extenuating circumstances, which qualify you for a wire transfer reversal. These special circumstances are as follows:

* Your bank made a mistake with the recipient’s account number.

* The amount of money the recipient received is more than you intended to send.

* The wire transfer was a duplicate.

https://wise.com/us/blog/can-a-wire-transfer-be-reversed

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JumpCrisscross 1340 days ago
> today you learn that wire transfers are not irreversible

Nope. Reversing wires on bank error requires both sides’ consent. (Some wire agreements have you authorise the bank to do this on your behalf.) Less a reversal than sending a counterbalancing wire. Even this is only possible for minutes to a day.

Beyond that, e.g. in cases of fraud, law enforcement must freeze and seize.

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throwaheyy 1340 days ago
Your second paragraph proves their point. A court can compel the wire to be reversed.
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throwawayallday 1340 days ago
>Regular financial infrastructure requires maybe a few weeks or months or years for a reasonably irreversible transaction.

For good reason. Crypto is speed running through the centuries of financial strife to understand why things are the way they are.

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RedNifre 1340 days ago
Bitcoin's Lightning network solves this issue.
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throwawayallday 1340 days ago
Except it doesn't.
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RustyRussell 1339 days ago
Strange; I've been working on it for over seven years on the assumption that it does.

Would you like to expand your point?

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