Topic: Technological Wizards of the Banking Industry - page 3. (Read 2976 times)

You mean like GOX?

Maybe you should chose a legitimate exchange next time?
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No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

Nope, I don't frequent MLP forums.

I cashed a cheque last week. It took over 3 business days to clear. 

Ever wonder why children on My Little Pony forums manage to form coherent sentences, and even spell and punctuate those correctly? And why here, on bitcointalk, that sort of thing hardly ever happens?

Yeah, me neither.

Reduce transaction costs? I bought some food today and paid with a $20 bill.

What was my transaction cost? How long did it take the transaction to confirm? How many parties were involved in confirming the transaction? Did I need to be connected to the Internet to do it?

Checks can clear absolutely instantly at banks. There is no need for blocks to be solved, confirmations from third parties or anything else. The reason they take some time to clear is not because of some wizard level problem. It is because a check is a piece of paper someone wrote some amount on.

The check writer may not have the money or the check may be forged, that's why it takes a while to clear. Why do people use checks? Because they are really easy to use, if you have a guy working on your plumbing, you can write him a check when he is done. The plumber doesn't need any kind of computer to accept the check and can just put it in his pocket. No merchant processors, no need to connect to the Internet, no bitcoin addresses, no confirmations.

With a U.S. bank, you have a whole host of options when you want to pay someone:

- paper check
- paper cashiers check from the bank account (funds are guaranteed)
- electronic transfer (including via email address or mobile phone number)
- recurring automatic electronic transfers
- wire transfer
- debit card (most have the money in the account, receiver needs merchant account)
- credit card (borrowed money, receiver needs merchant account)

Those are the most common. Banks have zero use for crypto currency, things work great as it is.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

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Will follow you down this rabbit hole even though I did not make the comparison. If banks push negative interest rates,which 9 countries so far have gone down the route and others are adding options into the rates,then potentially bitcoin would rally.

You could make a profit either way by speculating against my theory or following it. The pattern you are using would not come into play,as people would either ignore bitcoin all together or run to it. In a situation like this I do not see it going up and down in a state of mass confusion.
People would be pulling out of the banks and hitting the mattress or they would be looking for alternatives.

Look, first stop getting your news from stormfront.org zerohedge, bitcointalk & the like. The only bank to adopt negative interest rates, AFAIK, is BoJ, and this doesn't mean that non-business accounts will be affected.

But even if banks do adopt negative interest rates, why would I want to keep my money in BTC, which gets debased faster, and might not even be here a year from now? You know what else doesn't have negative interest rates? BTCeanie BTCabies.

Again you have gone off on a tangent to make a point. Negative interest rates are coming in the banking world. So if you talk about bitcoin you would also relate it to the future as well. Therefore you can not compare the two in the manner you are presenting. Besides it was not the point of my post.

Please understand that your understanding of economics is actually *worse* than your grammar.
When 1BTC was worth $430 a month ago and is now worth $373, saying that Bitcoin has no negative interest rate is meaningless.

Negative interest rates are being set up around the world or being added as a fail safe if the markets go haywire.
More countries are moving towards this or at least adding it to the writing.
So in context of banking,this is what I am referring to and not making a comparison to bitcoin. Bitcoin
not having a negative interest is just another bonus down the road.

If you are Canadian they just passed the negative interest rate as potential feature if the markets dictate it is needed.
Forget which country just went into negative interest rates to potentially spur the ecomomy from saving and spending more to push the economy forward. Most likely come to me after posting and believe it was Japan,but could be wrong.

My bank doesn't charge me negative interest rates, actually pays me interest, I get *paid* (via discounts) for using my CC, which, in turn, lends me money, for free, for a month.
Bitcoin?

Context.

If you had a point to follow this,then by all means let me know.

Ever wonder why children on My Little Pony forums manage to form coherent sentences, and even spell and punctuate those correctly? And why here, on bitcointalk, that sort of thing hardly ever happens?

Yeah, me neither.

What's the interest rate you get on your bitcoin deposits?