BobbyCoins Posted December 11, 2022 Report Share Posted December 11, 2022 4 hours ago, 9 Nines said: Dear Bitcoin, Would you please be a medium to help me promote the Nigeria Prince scams. Signed, Akeem Joffer. Dear Fiat Systems, Would you please continue to be the premiere medium to help me promote the proliferation and continued success of drug cartels and their endless wars on each other and regular citizens, money laundering, international wars, and just the general misery of humanity the world over? Signed, _insert any given jefe, corporate stooge, politician, and all-around piece of shit thief/scammer/purveyor of criminal activity here_. Link to post Share on other sites More sharing options...
abenjami Posted December 11, 2022 Report Share Posted December 11, 2022 16 hours ago, NashvilleNinja said: Yeah, Western Union's days are numbered. Visa isn't far behind. Couldn't he have just used Venmo, Zelle, or Cashapp? Link to post Share on other sites More sharing options...
Supdawg Posted December 11, 2022 Report Share Posted December 11, 2022 5 minutes ago, abenjami said: Couldn't he have just used Venmo, Zelle, or Cashapp? The point is that all of these services are centrally controlled by a trusted 3rd party and can stop to function at any point and for any reason. Additionally, they only work within their own network. Ask yourself a fundamental question? Why does visa charge a very large fee, and how long does the remittance take to settle in finality? BTC and lighting is a native bearer instrument with no counter party risk, instant settlement and basically 1000x cheaper fees. It's technologically better in every single way. OILERMAN 1 Link to post Share on other sites More sharing options...
BobbyCoins Posted December 11, 2022 Report Share Posted December 11, 2022 3 hours ago, abenjami said: Couldn't he have just used Venmo, Zelle, or Cashapp? What @Supdawg said. Those apps are centrally owned by PayPal (Venmo), JP Morgan/Capital One/US Bank/other banks (Zelle), and Square (CashApp). And they're all US-based, which would sorta make cross-border settlement a tentative thing at best. Look, I get it. I used to think/feel the same way. The idea of putting your wealth/value/savings into something you can't physically hold is a paradigm shift for the mind, even for those who are perfectly fine with paying for things with debit/credit cards. But the "money" on a debit card isn't actually money. It's an electronic IOU that represents a physical bearer instrument. Bitcoin isn't some digital IOU. It is a digital bearer instrument, the very first one, the one that's the best and purestly designed. I understand the fear of Bitcoin and why many can't/won't stick with it right now. It's easy to put money into it when it's trading at 50k or more and looks like it's on its way to Mars. It's not so easy when it's retracing 60-70%. But that kind of shit is necessary to shake out all the tourists and scammers like SBF, Mashinsky, and Do Kwon. It's an expensive and painful lesson but people gonna people. All we can do is learn and grow. Supdawg 1 Link to post Share on other sites More sharing options...
abenjami Posted December 11, 2022 Report Share Posted December 11, 2022 8 hours ago, Supdawg said: The point is that all of these services are centrally controlled by a trusted 3rd party and can stop to function at any point and for any reason. Additionally, they only work within their own network. Ask yourself a fundamental question? Why does visa charge a very large fee, and how long does the remittance take to settle in finality? BTC and lighting is a native bearer instrument with no counter party risk, instant settlement and basically 1000x cheaper fees. It's technologically better in every single way. 4 hours ago, NashvilleNinja said: What @Supdawg said. Those apps are centrally owned by PayPal (Venmo), JP Morgan/Capital One/US Bank/other banks (Zelle), and Square (CashApp). And they're all US-based, which would sorta make cross-border settlement a tentative thing at best. Look, I get it. I used to think/feel the same way. The idea of putting your wealth/value/savings into something you can't physically hold is a paradigm shift for the mind, even for those who are perfectly fine with paying for things with debit/credit cards. But the "money" on a debit card isn't actually money. It's an electronic IOU that represents a physical bearer instrument. Bitcoin isn't some digital IOU. It is a digital bearer instrument, the very first one, the one that's the best and purestly designed. I understand the fear of Bitcoin and why many can't/won't stick with it right now. It's easy to put money into it when it's trading at 50k or more and looks like it's on its way to Mars. It's not so easy when it's retracing 60-70%. But that kind of shit is necessary to shake out all the tourists and scammers like SBF, Mashinsky, and Do Kwon. It's an expensive and painful lesson but people gonna people. All we can do is learn and grow. None of this explains why the guy couldn't have just used Venmo or Zelle, etc. OILERMAN 1 Link to post Share on other sites More sharing options...
BobbyCoins Posted December 12, 2022 Report Share Posted December 12, 2022 1 hour ago, abenjami said: None of this explains why the guy couldn't have just used Venmo or Zelle, etc. Supdawg 1 Link to post Share on other sites More sharing options...
BobbyCoins Posted December 12, 2022 Report Share Posted December 12, 2022 (edited) A thread to help you understand. Edited December 12, 2022 by NashvilleNinja Link to post Share on other sites More sharing options...
abenjami Posted December 12, 2022 Report Share Posted December 12, 2022 31 minutes ago, NashvilleNinja said: A thread to help you understand. Unable to simply explain it? Link to post Share on other sites More sharing options...
BobbyCoins Posted December 13, 2022 Report Share Posted December 13, 2022 Supdawg 1 Link to post Share on other sites More sharing options...
9 Nines Posted December 13, 2022 Report Share Posted December 13, 2022 On 12/11/2022 at 7:21 PM, abenjami said: Unable to simply explain it? Easy way to steal from dumb Americans = Sees it from a different lens. Link to post Share on other sites More sharing options...
BobbyCoins Posted December 13, 2022 Report Share Posted December 13, 2022 lol Link to post Share on other sites More sharing options...
BobbyCoins Posted December 13, 2022 Report Share Posted December 13, 2022 Link to post Share on other sites More sharing options...
BobbyCoins Posted December 14, 2022 Report Share Posted December 14, 2022 (edited) On 12/11/2022 at 7:21 PM, abenjami said: Unable to simply explain it? Here ya go, my dawg... open wide. "Over the past twenty years, tech companies have made some incredible leaps forward in the realm of financial technology (aka: fintech) in modernized economies. They have made sending and receiving payments much easier. But this is still a very "siloed" industry. By siloes, we mean entities that do not communicate with one another. For example, have you ever had the frustration of wanting to pay someone via Zelle but they only have Cash App? Even if you wanted to send someone a payment from Venmo to their PayPal account (owned by the same company) you wouldn't be able to because these are closed off systems. They don't communicate with one another. So, while the US dollar's utility has become much more flexible through these innovations, there are still some pretty big pain points and roadblocks. And I'll interject here be re-emphasizing the point about BTC being borderless. Cash App, Zelle, etc etc are US-based and, again, are centralized. This is yet another category where bitcoin wins. One might say, "I can't use BTC to buy a cheeseburger at my favorite restaurant, nor can I buy a car from a dealership with it. What are you talking about? It can't be used anywhere!" They would be right that these establishments may not directly accept BTC. But because of technological innovations (being) built around Bitcoin, someone that holds BTC can spend it while the counterparty receives whichever form of payment they choose. This means if you want to send BTC, and someone else wants USD, there are apps that make this transfer possible. Companies like BitPay and Strike have built second layer infrastructure around Bitcoin so that these currencies and assets can be swapped in real time. Because of this, BTC is not only accepted in many places where USD is accepted, but it is also becoming accepted anywhere there is a trading pair between a currency and bitcoin. Does the merchant want to be paid in Euros? No problem. Do they want Swiss Francs? Go for it. Another interjection... can that kind of seamless conversion happen in Cash App, Venmo, Zelle, or PayPal? I'm 99.9% sure it can't. BTC is technically accepted in every major country around the world. Furthermore, Bitcoin does not require the cost and infrastructure most businesses must go through to accept credit card payments. Anyone with an internet connection can accept bitcoin. Anyone with an electronic device that can receive a satellite signal can receive bitcoin. While it might seem clunky today, teams of developers all over the world are working to make this process seamless." - Bitcoin Evangelism, pg 101. === Of course the prudent and wise thing for anyone investing in BTC, especially for those in countries that hit the spending of BTC as a capital tax liability, is to not spend it, especially if they're expecting adoption and therefore the price of it to go way up. Bottomline: Bitcoin and the Lightning Network look like they are on their way to rendering Western Union and Visa as the Blockbuster Video and Tower Records of wire services/payments rails. Now... cue Oman and Jamal's laugh emojis. Edited December 14, 2022 by NashvilleNinja Link to post Share on other sites More sharing options...
OzTitan Posted December 14, 2022 Report Share Posted December 14, 2022 49 minutes ago, NashvilleNinja said: And I'll interject here be re-emphasizing the point about BTC being borderless. Cash App, Zelle, etc etc are US-based and, again, are centralized. ... This means if you want to send BTC, and someone else wants USD, there are apps that make this transfer possible. Apps, whose infrastructure is probably US based and centralized? Link to post Share on other sites More sharing options...
BobbyCoins Posted December 14, 2022 Report Share Posted December 14, 2022 3 minutes ago, OzTitan said: Apps, whose infrastructure is probably US based and centralized? The apps infrastructure is the Bitcoin blockchain and lightning network. Link to post Share on other sites More sharing options...
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