[detrites]

Age and technology used: https://www.efinancialcareers.com/news/2021/05/cobol-jobs-ba...

Failure rates: https://www.swift.com/news-events/news/settlement-fails-gett...

Finality: https://www.swift.com/our-solutions/swift-gpi/stop-and-recal...

High fees and days/weeks wait times for international wire transfers are common knowledge - check at almost any bank.

The above links partly explain why this situation exists in a world where all money is basically already "digital".

It's kind of not. And the only system making radical inroads to actually improving the status quo (which has been deeply entrenched for decades) is crypto, which right now offers real solutions adopted by consumers and institutions.

Doesn't mean its perfect or that there's no dark side, just as with everything. But the media - and HN largely, on this topic - loves to play up such things, so good luck finding much accurate information there, or here.

[lisasays]

High fees and days/weeks wait times for international wire transfers are common knowledge - check at almost any bank.

Because the fundamental task at hand is only partially about transferring money.

In reality, it's mostly about precisely what crypto payments seek to circumvent: fraud prevention and KYC.

[detrites]

What nonsense. Crypto payments are more heavily-regulated via KYC than traditional payments. Anyone who's signed up for any crypto exchange attest to this fact. Crypto payments, as with all payments, over any mediums serve all purposes good & bad.

Just because the news typically only reports the murders that happen in a given city, doesn't mean that the only thing that's going to happen to someone in that city is to get murdered. Crypto reporting is much the same.

But yeah, technically you are still more likely to get murdered there, so only go if you're really into the other things it offers.

Just don't assume that with hundreds of billions invested, from all kinds of participants large and small, that the entire city is a fraud or otherwise nefarious. It's a major city - it has a lot going on, much under-reported.

Unless you live there, and you read the local news, attend local events, etc. Then you might have a better idea of what it's really like, and which alleys not to walk down alone at night, and where you can get the best bagels.

[Eisenstein]

> Crypto payments are more heavily-regulated via KYC than traditional payments.

So this is why Ransomware peddlers and North Korea use bank transfers to move their money around, and why dark market users mail checks to each other? Or do they use crypto coins instead?

[detrites]

Money is used for crime.

Crypto is money. Checks are money. Bank transfers are money. Cash is money.

It's all money, and it all "facilitates" crime.

[Eisenstein]

That wasn't what I was responding to. Did you read what I said or did you just spout off a canned answer when you saw a retort?

[detrites]

Well if you'd read what I've said, you'll know that's not really my style.

Unfortunately, I assumed you knew a slight more about the topic you're discussing than you evidently do.

My reply's intended to suggest that the privacy coins you are referring to - unknowingly, or otherwise - are simply another form of money. Bracketing them with regular crypto, something I did only in keeping with how you initiated, isn't the best.

In practice, privacy coins are a small subset of crypto, some of the least-used of all types available. And again there are also legitimate use-cases with them that reduces this further to the point it's a bit silly. A subset, of a subset, of a...

But, you're welcome to succumb to the endless brainwash of BS and biased media reporting for crypto and think whatever will make you happy. Reality lay in waiting, for whenever you wish to join it and the complicated world that doesn't get clicks.