[delusional]

The problem with a good "blockchain crypto thing" is that if they were going to be good anyway, there are much better/cheaper technologies for doing banking.

Blockchain technology is not just a scam industry by happenstance. The technology is so bad at what it usefully does that it necessitates being a scam industry. If it was to compete with mainline banking, it would lose 10 times out of 10.

[OutOfHere]

While Visa and MasterCard want 3%, using USDT lets me send an amount for a penny or two. Nick checks out.

[gigatexal]

Exactly. But is USDT doing KYC?

[OutOfHere]

No, and the user never asked for KYC. It is an encumbrance to everyone, and the self-custody crypto world does away with it.

[gigatexal]

> If your money replacement involves dismanteling the little protection we have against money laundering and banking AlQueda (amonst others). I'm going to put you in the "Bad Blockchain" bucket. I am sure you can make a more efficient banking system if you don't do any checks at all. That's not an interesting observation.

Yup. Most crypto maximalists are unknowingly (knowingly?) aligned with terrorists and other criminals looking for anonymity online skirting existing banking rules.

[OutOfHere]

That's complete nonsense, although they do reasonably believe that money transmission is a fundamental human right. In contrast, bad people like you would charge them for oxygen if they could.

[gigatexal]

Crypto: monero, ICOs, stable coins, grift, extortion, Ponzi schemes.

I don’t want to charge people for money. I’m just leery of the I must be anonymous in everything crowd. I’m pro encryption, I’m also pro KYC and other anti money laundering programs — I do think the industry could be disrupted a bit though the exchange fees are egregious. Most of it is just going to profit margin and by activities that are just rent seeking.

[delusional]

If your money replacement involves dismanteling the little protection we have against money laundering and banking AlQueda (amonst others). I'm going to put you in the "Bad Blockchain" bucket.

I am sure you can make a more efficient banking system if you don't do any checks at all. That's not an interesting observation.

[OutOfHere]

Money laundering is an ill-defined made-up concept. Anyone can get accused of it without evidence and suffer disastrous consequences, without the actions. If is a discriminatory act used by fascists to deny people their rights. Who are you to tell anyone how they can spend their money. You are so full of hate that you think other people must do as you say and be servile to you, even if it means taking their liberties away without cause. Well they won't.

[ceejayoz]

Visa and Mastercard will give me my money back when the vendor turns out to be shit, though.

[OutOfHere]

It is true, but with major caveats.

Firstly, one has to submit strong evidence, call them repeatedly, and wait for many months. It is not a pleasant experience.

Secondly, in the real world, any vendor like Amazon or Ebay or Uber or Lyft will immediately freeze the user's account if a dispute is initiated, barring the user from using the service. This is a substantially worse outcome for the user.

[ceejayoz]

> Firstly, one has to submit strong evidence, call them repeatedly, and wait for many months.

You should get an Amex. (I've had little issue with various Visa/MC issuing banks, though. Quick and easy.)

> Secondly, in the real world, any vendor like Amazon or Ebay or Uber or Lyft will immediately freeze the user's account if a dispute is initiated, barring the user from using the service.

In most cases, shady vendors are a one-off concern. If I'm charging back, I'm probably not buying from them again.

[OutOfHere]

I don't order from shady vendors.

[ceejayoz]

I wish I had a time machine!

This would explain your apparent confusion around the chargeback process.

[yunohn]

This is provably untrue. I’ve disputed charges on Visa/Mastercard numerous times and had refunds and fraud claims honored every single time with minimal effort.