Not sure if people listened to this back in the day…
I don’t remember the episode too well but it goes into that problem.
I imagine the answer has to do either with the bank’s technology or with financial regulation or both. Sure, technically it could happen faster, but you don’t need a Ponzi scheme to make it happen faster, you just need banks to improve their technology. They probably would, but in fact most of their customers don’t care enough that it’s an overnight move. I certainly don’t.
This crypto crash has been great for the meme economy. Let me share some that made me chuckle
This quote is pretty telling,
“It’s a guessing game at the moment – will bitcoin be up or down $10k in a month’s time – no-one knows and those who tell you they do know, don’t. We have seen these moves before, and will likely see them again. If you believe in cryptos, and are a holder, your exit strategy has just been pushed further into the distance.”
You know what I don’t need an exit strategy from? Dollars. Because it’s actually money.
Fraud checks (including waiting for complaints, really, not only of theft and fraud but also of moneylaundering) and making sure to have appropriate reserves at the end of the day, when accounting must match up. Doing a transfer within the same currency simplifies things, and doing it within the same legal framework allows more trust.
Or they can reach an agreement with a third party like SWIFT with all the advantages and disadvantages of creating an entrenched middleman.
Also because pretty much no one legitimately cares it takes that long as long as it does; not to say there aren’t equally legitimate exceptions to that, they just haven’t mattered too much.
I did international transfers monthly or quarterly for a decade, they often took 3-5 days and sometimes longer.
Dave47
1976
It’s so weird to me that “Bitcoins are really easy to steal!” is constantly presented as a strength of cryptocurrency.
There’s a reason why banks are regulated the way they are, and there’s also a reason why so many crypto exchanges steal or “lose” people’s money. In fact, the reasons are the same!
If you strongly believe that the world is a meritocracy, it makes perfect sense; you’re smart enough to avoid viruses and scam intermediaries, aren’t you?
(yes, it’s entirely possible; it’s also a huge pain in the ass to do so)
Then you get “crypto all the things” people who think that house deeds on the blockchain are a spectacular idea.
“Hey, your money seems to be missing, but don’t tell anybody yet, let me just buy these airline tickets to mumble mumble and try to recover it for you.”
LOL, 17- and 20-year-old “directors”.
Someone can just withdraw everything from the cryptocurrency wallets of the exchange? Gosh if only there were regulations and controls over institutions that held the funds of depositors. That would have been great.
If only it took some time, say 24 hours or so, and you got a notice that someone was withdrawing all your money so you could object before it happened.
I told you, freedom once kicked sand in my face on the beach and I was too wimpy to make freedom stop.
The UK regulator has banned Binance from operating in the UK (well, doing anything regulated, anyway).
