[asterix_pano]

I am also amazed by the resistance to change here as there is a system clearly more efficient and transparent. It's just a matter of time in my opinion. BTW you can remove the (nearly) in "(nearly) costless", some solutions provide 0 fees and no inflation.

[axelthegerman]

By more efficient you mean taking hours to settle? And no inflation as in Bitcoin level volatility and up?

I'd love an efficient and cheap option to move funds online - especially for micro payments too. But so far I haven't heard of any crypto option that actually stayed around long enough to prove these things.

Happy to be pointed in the right direction here.

[K0balt]

Stablecoins on any number of low cost networks are fine for small payments (I haven’t lost anything, not even $0.01 in 10+years, vs tens of thousands in chargebacks, mostly fraudulent, for credit card processors).

I factor in 2.5% total costs for transaction frictions, historically that is a bit over 3x our actual average cost from payer to bank account, but it would easily cover the occasional loss of a day or two of sales in a catastrophe.

Pick a top 5 stablecoin that has a good reputation and at least 3 years, on a network with at least that, and settle your accounts daily, or whenever the accumulation represents a significant dent if lost.

The approximate aggregate risk-cost of major (top 10) stablecoins is somewhere south of .001% per day, and is better than the aggregate risk-cost of national fiat currencies, which unremarkably collapse or suffer catastrophic inflation and rebasing on a regular basis. There are frequently several undergoing this process at any given time.

[jcalvinowens]

> The approximate aggregate risk-cost of major (top 10) stablecoins is somewhere south of .001% per day, and is better than the aggregate risk-cost of national fiat currencies

This thinking is dangerous and stupid. Learn from history: https://en.m.wikipedia.org/wiki/Black_Wednesday

This "stablecoin" garbage needs to die yesterday: a lot of people are going to lose their shirt when the first one blows up. Fixing exchange rates is folly, yet here we go again...

[K0balt]

Why would I care if a stablecoin blows up? My payment cost allocation more than compensates for that possibility and my losses in a worst case scenario would be eclipsed to oblivion by the cost savings I have already realized.

[jcalvinowens]

> my losses in a worst case scenario would be eclipsed to oblivion by the cost savings I have already realized.

Please elaborate :)

[K0balt]

My theoretical potential losses compared to the costs of the payment processsors I ditched, and the chargebacks we used to deal with.

International payment processing is quite expensive, both on a teansaction and on an administrative basis.

My worst case total risk exposure is approximately the same as the cost of 3 months of payment processing overhead, without counting fraudulent chargebacks and “we are going to freeze your account because we can” risks.

FWIW in the last 60 years I have lost way more money to fraud and theft dealing with banks and cash then I ever will using cryptocurrency. On a total, or a percentage basis. I see the risk profile, when properly managed, to be much, much lower using blockchain solutions.

[K0balt]

>>This "government issued fiat currency" garbage needs to die yesterday: a lot of people are going to lose their shirt when the first one blows up.

What you are saying is a risk endemic to all fiat currencies, including stablecoins.

All symbolically represented forms of value quantization are subject to a failure of confidence. Cryptocurrencies are nothing new in this regard. All money is memetic in nature.

[jcalvinowens]

That's like saying "base jumping isn't really more dangerous than flying commercial, after all we're all going to die anyway".

Fiat currencies have militaries. Your stablecoin doesn't.

[K0balt]

That’s one of the reason the stablecoins won’t be taking my assets? Idk what your point is but it doesn’t seem like you are debating from a point of rational examination.

Weird, people on the internet spewing BS? Who’d have thought?