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Post by paulr888 on Jul 5, 2021 22:41:27 GMT
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Post by yogibearbull on Jul 5, 2021 23:04:53 GMT
There are several ways for international transfer now, including ACH and wires. But those are within the financial system, the identities of parties are known, questions are asked about the source of funds and the purpose of transfer, and if the amount is high, there is a phone call from bank (and transaction is on hold until the phone call is answered). So, there is no secrecy that is desired by people who use cryptos.
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Post by paulr888 on Jul 5, 2021 23:14:47 GMT
In listening to the webcasts, the issue is not necessarily secrecy but rather dealing with many poor people in the world who do not have a bank. Answering my own question, Pay Pal is instant but not cheap. It can cost several % of the transaction. Digital currency is a lot cheaper. Both are instant transactions.
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Post by paulr888 on Jul 9, 2021 3:29:37 GMT
I hope at least some people could carve out an hour to view the 2 videos. I found them very insightful. DoubleLine offers many educational podcasts and I learn more from them than from my other bond houses, Pimco, Guggenheim and American.
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Post by anitya on Jul 9, 2021 7:07:38 GMT
Transcript of speech by Governor Lael Brainard gives an insight into what the Federal Reserve is currently working on re financial inclusion, payments, CBDC, etc - www.federalreserve.gov/newsevents/speech/brainard20210524a.htmLook around the Federal Reserve website and you may be able to find more info of interest to you. |
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Post by paulr888 on Jul 9, 2021 17:58:31 GMT
Thanks anitya. A good followon piece to my learning from the videos. If change is inevitable, it is better to get involved in the process. Good to see the Fed is doing that and soliciting input.
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Post by bb2 on Jul 9, 2021 19:39:20 GMT
A minute into Bianco's talk, when he says the blockchain hasn't been hacked and they've been trying for 12 years, I thought, what about quantum computing? SHA256 et al might crumble someday in the not far future. Then what?
So I googled it and the tekkies are working on quantum proof cryptography. I wish smart people would work on peace instead.
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Post by paulr888 on Jul 9, 2021 20:01:58 GMT
Oh, and Chang ... Thanks for the Ignore feature. I comes in really handy.
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Post by bb2 on Jul 9, 2021 20:13:32 GMT
I played golf with a couple of Affirm guys last year - POS lender. (Point of Sale, not what you were thinking but both apply). So, you're at the cash register buying a mattress and you need a loan for $600. I looked up Affirm's average loan size which was something like $600 or $700. Average interest rate was like 16%. No credit card. You're pretty poor if you need a 16% loan to by a bed. And this goes on under the gaze of the CPB. Can you imagine what an unregulated , DeFi, system would do to poor people? They'd be taken to the cleaners.
Tether is linked to the good old USD, BTW.
Ed. Paul, you got a mean streak?
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