Government regulation is important to make sure people pay their taxes.
Self custodial wallets are important because it means the government cannot 'freeze' your assets for whatever reason and keeps authoritarian governments in line as they have less total power over their citizens. Used to be people would agree with that. These days not so much.
I think you mistake my belief that crypto won't do a damn thing to protect you from being bent over and given a good Jimmy Saville by the Government for my thinking the Government should give you a good Jimmy Saville, I just think you are niave not wrong, ultimately anything that relies on technology is controlled by the Government, right now hundreds of Russian Ogliarchs are hiding their billions as fast as they can, they aren't hiding it in crypto because unlike us they are painfully aware of the reach of a modern government
The Following User Says Thank You to afc wimbledon For This Useful Post:
How many people is that a real problem for? Like 1 in 10,000? 1 in 100,000?
I will attempt to answer this Pete as this is the advantage of crypto's that gets me most excited.
" The unbanked population internationally
As of 2017, approximately 1.7 billion people remain unbanked in emerging economies. This number has decreased from 2.5 billion people in 2014. "
Imagine the undocumented worker in California that has no id to get a bank account and is forced to spend $20 to send $80 home to Guatemala with Western Union.
Imagine the Philipino nanny living in Canada that distrusts banks because of corruption back home and also spends $20 to send $80 home to the Philipines.
Imagine the renter in Honduras that needs to pay their utility bill, lost their bank account so has to spend a few hours going in person to the electric company office to pay in cash.
Imagine their neighbor, who never had a bank account so could not qualify for an electric utility account so has to use candles.
Imagine the family in Kenya that wants to start a safari tourism business but has no bank account and can't apply for a loan to buy a tour bus.
Imagine the shoe maker in Nigeria who has no bank account. He has access to local leather, stitching and soles but no cheap laces. He could buy them cheaply in bulk from China but has no way of sending funds so instead has to buy expensive individual lace packs at his local store.
Imagine the lady in Tibet who makes the most wonderful and warm mittens but has no bank account. She could sell them on Ebay and Etsy for a fortune but can not get an account so is limited to selling them in her small village.
We are not there yet with cryptocurrencies, but it has the potential to bring banking to many people in this world and in turn, raise their standard of living.
Last edited by bootsnixon; 02-22-2022 at 07:06 PM.
I will attempt to answer this Pete as this is the advantage of crypto's that gets me most excited.
" The unbanked population internationally
As of 2017, approximately 1.7 billion people remain unbanked in emerging economies. This number has decreased from 2.5 billion people in 2014. "
Imagine the undocumented worker in California that has no id to get a bank account and is forced to spend $20 to send $80 home to Guatemala with Western Union.
Imagine the Philipino nanny living in Canada that distrusts banks because of corruption back home and also spends $20 to send $80 home to the Philipines.
Imagine the renter in Honduras that needs to pay their utility bill, lost their bank account so has to spend a few hours going in person to the electric company office to pay in cash.
Imagine their neighbor, who never had a bank account so could not qualify for an electric utility account so has to use candles.
Imagine the family in Kenya that wants to start a safari tourism business but has no bank account and can't apply for a loan to buy a tour bus.
Imagine the shoe maker in Nigeria who has no bank account. He has access to local leather, stitching and soles but no cheap laces. He could buy them cheaply in bulk from China but has no way of sending funds so instead has to buy expensive individual lace packs at his local store.
Imagine the lady in Tibet who makes the most wonderful and warm mittens but has no bank account. She could sell them on Ebay and Etsy for a fortune but can not get an account so is limited to selling them in her small village.
We are not there yet with cryptocurrencies, but it has the potential to bring banking to many people in this world and in turn, raise their standard of living.
Yeah, and those are problems that feasibly *could* be solved with crypto. But at this point, it's a mess. I tried to use crypto for a simple $10 dollar transaction online a few months back and the gas fee was $108 (Ethereum). No one is doing that, whether it's easy or not.
The Following User Says Thank You to Slava For This Useful Post:
Yeah, and those are problems that feasibly *could* be solved with crypto. But at this point, it's a mess. I tried to use crypto for a simple $10 dollar transaction online a few months back and the gas fee was $108 (Ethereum). No one is doing that, whether it's easy or not.
Slava, respectfully , what the heck were you trying to
Do…. This makes almost no sense for the use cases above that were given !
I will attempt to answer this Pete as this is the advantage of crypto's that gets me most excited.
" The unbanked population internationally
As of 2017, approximately 1.7 billion people remain unbanked in emerging economies. This number has decreased from 2.5 billion people in 2014. "
Imagine the undocumented worker in California that has no id to get a bank account and is forced to spend $20 to send $80 home to Guatemala with Western Union.
Imagine the Philipino nanny living in Canada that distrusts banks because of corruption back home and also spends $20 to send $80 home to the Philipines.
Imagine the renter in Honduras that needs to pay their utility bill, lost their bank account so has to spend a few hours going in person to the electric company office to pay in cash.
Imagine their neighbor, who never had a bank account so could not qualify for an electric utility account so has to use candles.
Imagine the family in Kenya that wants to start a safari tourism business but has no bank account and can't apply for a loan to buy a tour bus.
Imagine the shoe maker in Nigeria who has no bank account. He has access to local leather, stitching and soles but no cheap laces. He could buy them cheaply in bulk from China but has no way of sending funds so instead has to buy expensive individual lace packs at his local store.
Imagine the lady in Tibet who makes the most wonderful and warm mittens but has no bank account. She could sell them on Ebay and Etsy for a fortune but can not get an account so is limited to selling them in her small village.
We are not there yet with cryptocurrencies, but it has the potential to bring banking to many people in this world and in turn, raise their standard of living.
Imagine all the people
Living for today
The Following 3 Users Say Thank You to topfiverecords For This Useful Post:
Slava, respectfully , what the heck were you trying to
Do…. This makes almost no sense for the use cases above that were given !
Well that's the thing; it was seriously a really routine transaction and I was just making a purchase! I was just playing around with crypto because I do have genuine interest and I think there will be some extremely useful applications eventually. It definitely makes no sense, but that's the issue with Ethereum in particular right now. The gas fees are horrendous, and I couldn't justify using it "just to say I used it", which is the only real advantage in that situation.
I do think that there are a lot of potential uses that he lists in that post. But I also think that sending money across borders is always going to be problem because governments want to make sure that they're getting their fair share. That might be easier in democratized nations, but to me there is almost no way that authoritarian regimes are going to be cool with DeFi, and specifically currencies that they don't explicitly control. China has already experimented with a digital Yuan, and I think that type of thing makes complete sense for governments.
I could see a digital CAD, and I do think that people would embrace that. Would it be as "free" as current crypto? I doubt it, but the central bank could actually do a lot of incredibly useful things with a digital currency in terms of effective monetary policy.
Yeah, and those are problems that feasibly *could* be solved with crypto. But at this point, it's a mess. I tried to use crypto for a simple $10 dollar transaction online a few months back and the gas fee was $108 (Ethereum). No one is doing that, whether it's easy or not.
But isn't this worth working towards with a nascent technology?
I will attempt to answer this Pete as this is the advantage of crypto's that gets me most excited.
" The unbanked population internationally
As of 2017, approximately 1.7 billion people remain unbanked in emerging economies. This number has decreased from 2.5 billion people in 2014. "
Imagine the undocumented worker in California that has no id to get a bank account and is forced to spend $20 to send $80 home to Guatemala with Western Union.
Imagine the Philipino nanny living in Canada that distrusts banks because of corruption back home and also spends $20 to send $80 home to the Philipines.
Imagine the renter in Honduras that needs to pay their utility bill, lost their bank account so has to spend a few hours going in person to the electric company office to pay in cash.
Imagine their neighbor, who never had a bank account so could not qualify for an electric utility account so has to use candles.
Imagine the family in Kenya that wants to start a safari tourism business but has no bank account and can't apply for a loan to buy a tour bus.
Imagine the shoe maker in Nigeria who has no bank account. He has access to local leather, stitching and soles but no cheap laces. He could buy them cheaply in bulk from China but has no way of sending funds so instead has to buy expensive individual lace packs at his local store.
Imagine the lady in Tibet who makes the most wonderful and warm mittens but has no bank account. She could sell them on Ebay and Etsy for a fortune but can not get an account so is limited to selling them in her small village.
We are not there yet with cryptocurrencies, but it has the potential to bring banking to many people in this world and in turn, raise their standard of living.
Crypto isnt in any way providing bank accounts though, it doesnt do anything to help mitten sellers in Tibet and you can send money to the Phillipines and most other third world countries for 4 or 5 cents on the dollar, you may not realise it but the third world has a vast non bank based system to move cash around, you can walk into most 5 and dimes in east Van and send money to you mum back in Mexico and buy a phone card while you're at it for a minimal fee
Crypto isnt in any way providing bank accounts though, it doesnt do anything to help mitten sellers in Tibet and you can send money to the Phillipines and most other third world countries for 4 or 5 cents on the dollar, you may not realise it but the third world has a vast non bank based system to move cash around, you can walk into most 5 and dimes in east Van and send money to you mum back in Mexico and buy a phone card while you're at it for a minimal fee
In the interest of education, I will answer your post AFC as I feel education and awareness are the biggest roadblocks to cryptocurrency adoption right now.
The mitten sellers dilemma is the easiest problem to solve of the scenarios listed. We'll choose Kucoin exchange as it is nonKYC. Mitten seller types in her Tanzig's Mittens email and Tanzig123 password and Boom! she is now a member of a global banking system. She can now go on Etsy and sell her mittens and accept any cryptocurrency listed on Kucoin.
As to your second comment, I admittedly know very little about those smaller money remittance businesses save for seeing terminals in little grocery and convenience stores. But are you suggesting 4 or 5% fees are acceptable? While that's better than Western Union and Moneygram fees, cryptocurrencies are offering fees in the fractions of a %. And all from the convenience of a computer or cell phone.
Well, the issue with dishonest activities is the rise in crypto scams and ponzi schemes. It’s not just that people involved in crimes and nefarious dealings love that this is subject to no regulation or oversight. It’s that when something like Quadriga happens, there’s virtually no recourse.
I disagree.
In comparable value, there are billions of dollars MORE in dishonest activity being funding by the USD & CDN, and specifically in real estate that the government is not interested in going after.
Crypto is on the rise, sure....but not even close to being to equal to standard fiat.
That’s also the same reason they’ll look to shut it down. Same reason they’re going after off shore accounts.
lol. Are you really this ignorant about how the financial system works or is it just in your replies to me?
Cause this is about the dumbest thing I've read on the internet in a while.
There have been two big reveals the past few years in regards to Canadians dodging tax law and holding their money offshore. Go read how much of that the CRA has gone after.
lol. Are you really this ignorant about how the financial system works or is it just in your replies to me?
Cause this is about the dumbest thing I've read on the internet in a while.
There have been two big reveals the past few years in regards to Canadians dodging tax law and holding their money offshore. Go read how much of that the CRA has gone after.
Yeah, and those are problems that feasibly *could* be solved with crypto. But at this point, it's a mess. I tried to use crypto for a simple $10 dollar transaction online a few months back and the gas fee was $108 (Ethereum). No one is doing that, whether it's easy or not.
Specifically what is a mess?
It is well know that ETH is terrible for everyday transactions. How they'll fix that remains to be seen. Would I spend ETH that way? No. Would you spend gold that way? No. I'm not saying it is the same, but perhaps you are looking at it the wrong way.
Surely that isn't the example you are going to use to say 'crypto is a mess.'
lol. Are you really this ignorant about how the financial system works or is it just in your replies to me?
Cause this is about the dumbest thing I've read on the internet in a while.
There have been two big reveals the past few years in regards to Canadians dodging tax law and holding their money offshore. Go read how much of that the CRA has gone after.
There was just a massive Credit Suisse leak...but yeah, I blame the crypto space for shady financial dealings. I don't understand therefore it causes me fear.
Well that's the thing; it was seriously a really routine transaction and I was just making a purchase! I was just playing around with crypto because I do have genuine interest and I think there will be some extremely useful applications eventually. It definitely makes no sense, but that's the issue with Ethereum in particular right now. The gas fees are horrendous, and I couldn't justify using it "just to say I used it", which is the only real advantage in that situation.
I do think that there are a lot of potential uses that he lists in that post. But I also think that sending money across borders is always going to be problem because governments want to make sure that they're getting their fair share. That might be easier in democratized nations, but to me there is almost no way that authoritarian regimes are going to be cool with DeFi, and specifically currencies that they don't explicitly control. China has already experimented with a digital Yuan, and I think that type of thing makes complete sense for governments.
I could see a digital CAD, and I do think that people would embrace that. Would it be as "free" as current crypto? I doubt it, but the central bank could actually do a lot of incredibly useful things with a digital currency in terms of effective monetary policy.
IMO digital currency such as CAD run by central reserves would be the worst possible thing to happen.
We need decentralized currency, not something that the government has even more control over and can print like crazy to deflate in value over time.
Especially now that inflation is MUCH worse than wage increases.
There are dozens of Crypto projects that are solving exactly what you are talking about. The Lighting Network for BTC eliminates the high fees of transferring BTC and increases the speed of the transactions. The bigger problem is the volatility of BTC itself, but if you zoom out and look at the trends over 2 years, it is almost more stable now compared to say 3 years ago.
Crypto isnt in any way providing bank accounts though, it doesnt do anything to help mitten sellers in Tibet and you can send money to the Phillipines and most other third world countries for 4 or 5 cents on the dollar, you may not realise it but the third world has a vast non bank based system to move cash around, you can walk into most 5 and dimes in east Van and send money to you mum back in Mexico and buy a phone card while you're at it for a minimal fee
This is false.
Crypto.com is actually well on their way to providing bank account services to their customers.
In some countries you can accept FIAT payment via bank transfer. They just launched this feature in the US. In Canada you can use E-Transfer, but they have said bank transfers are coming as well.
This means you could ask your employer to simply wire your payment into your Crypto.com account. They are fully insured and regulated just like something like KOHO or STACK.
You can use those FIAT funds to load the Crypto.com card for everyday spending.
Doesn't cover everything yet, but its getting close. I know many people who don't even use their bank account anymore and just use the Crypto.com account.
Eventually they will be able to do wire transfers & e-transfers like KOHO can.
People may find this interesting. I'd imagine Coinbase & Crypto.com are complying, but tough for them to do anything other than freeze those two accounts that moved BTC onto their exchange. Which as you can see, wasn't much to begin with. Maybe $16k in value. Plus, both those companies weren't even cited in the Mareva injunction to begin with.
Quote:
Cryptocurrency tied to the Canadian truckers protesting COVID-19 restrictions has been on the move, in defiance of the authorities’ orders to freeze funds, blockchain analysis shows.
Nearly all of the roughly 20 BTC (about $788,000 U.S. at current exchange rates) sent to the Tallycoin fundraiser is gone from that address, with only 0.11 BTC left, according to Blockchain.com data.
Most of the 30 bitcoin wallets identified by the Royal Canadian Mounted Police (RCMP) as being attached to the fundraising have been largely drained as well, with only 6 BTC combined between them, on-chain data shows.
Whether the recipients will be able to use the funds to buy goods or services remains to be seen, however.
A CoinDesk review of the public ledger shows that four small portions of the roughly 20 bitcoin raised – about 0.14 BTC each – ended up at two centralized exchanges, Coinbase and Crypto.com. It is not clear whether the funds were cashed out for fiat or frozen at those platforms.
The situation highlights the limitations of a government’s ability to thwart transactions through decentralized, censorship-resistant systems – but also the limitations of those systems to circumvent such sanctions.
While the authorities cannot veto transactions on Bitcoin and similar networks, they have leverage over regulated companies that serve as the on- and off-ramps to those networks.
The problem is, the more akin to everyday banking that crypto is, the more it can be regulated. So if a bunch of people start using crypto.com accounts and use their debit cards for everyday spending, why couldn't Canadian securities regulators require that the company register and be subject to regulations? I mean, that already exists with some exchanges (Weathsimple, Bitbuy, etc.), so it wouldn't be all that difficult to require it for all of them. And with that, comes the downsides of a normal bank account regarding regulatory oversight.
Sure, if you are savvy enough to take all the correct steps and don't use those kinds of companies for your transactions then you can basically be immune from government oversight, but then you're back out of the realm of simple, everyday banking for the average person. I mean, you can also largely do the same with offshore accounts, cash, etc. with fiat money, but barely anyone does that because in day to day life, there's no benefit for the average person.
I think crypto can potentially solve some use-case scenarios (i.e. sending money internationally cheaply, large purchases across different currencies without getting screwed by awful exchange rates, etc.), but then if that becomes something that's used commonly by the average person, then traditional financial institutions will likely adjust as well. Look at the United States, they were still swiping credit cards until a few years ago when mobile payment systems basically forced them into the modern age almost overnight.
The Following 4 Users Say Thank You to opendoor For This Useful Post:
Thanks for sharing. I watched his entire two hour video after as well.
__________________
The Delhi police have announced the formation of a crack team dedicated to nabbing the elusive 'Monkey Man' and offered a reward for his -- or its -- capture.
The Following User Says Thank You to monkeyman For This Useful Post:
