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Oh my god they’ve started.
Because
- The community is full of garbage persons and scammers at all levels.
- It is not a workable alternative, with a maximum of what, 7 million transactions per year MAX let alone all the junk from money laundering tumblers.
- Remittances like WU are expensive because they are end to end solutions. Bitcoin does not solve this problem, nor does it make anything cheaper.
- “nor arbitrary and capricious transaction aborting by third party (horror stories galore)?”
Beyond the Wikileaks use case, these horror stories are in the heads of Bitcoiners and do not exist for the rest of society.
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Sounds like mainstream finance industry.
But it works at least somewhat.
Hawala is another money transfer system that is also end-to-end and without the extortionary fees.
Bitcoin can do without the transfer charges, and in minutes instead of often days that interbank transfers take. The conversion from/to fiat currency is currently a problem, but there are places (too few so far) where there are bitcoin ATMs.
…and more.
And then there are the known issues with the frequent capriciousness of Paypal.
If we go a step further, there’s the well-documented tendency of banks to adjust your credit rating based on what you are buying. Retreading tires instead of buying new ones? The Computer takes it as a risk indicator. Then there are the news about banks wanting to use one’s social networks for credit rating; good luck if you have too many broke friends.
Banks need competition and need it sorely. There has to be an alternative in order to maintain the balance.
At the risk of bringing the conversation too close to the topic of the original post, I point you to James Nicoll’s commenary.
The upside of Saturday’s events for John C. Wright
Now he can legitimately put on the cover of his books ‘nothing is better than John C. Wright!’
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So… VD has a new ebook out (No, I’m not going to link to it, search Amazon for “SJWs always lie” and see if you can guess which is actually his)
Anyway, his bio there looks like this:
Biography
Three-time Hugo Award nominee Vox Day
Yep, there’s a guy who clearly doesn’t care about awards.
The other book that shows up in that search is great, by the way, and there’s a fundraising campaign going on over at Whatever to get Mr. Scalzi himself to read the audiobook version of “John Scalzi Is Not A Very Popular Author And I Myself Am Quite Popular: How SJWs Always Lie About Our Comparative Popularity Levels”
Which is apparently a pretty succinct summary of the Day book (which I haven’t read)
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