06-26-2022, 02:26 PM
I am not finding a way that a instant convert to fiat cryptocurrency purchasing system is reasonably unsafe for Pine64, the customer pays or divides the conversion and banking fees and P64 in our example gets dollars or euros into its business account within minutes pricing their products live adjusted for the spot fiat to crypto exchange rate. Paying for things with crypto is fraught for the exact reasons it is safe for the receiver(especially if they instantly cash-out removing almost all volatility risk), there is no way for the buyer to force a refund or arbitration unless a third-party escrow and arbitration service is included. Crypto is nearly instant as a transaction 'clears' and then continues to confirm itself on the blockchain within a few minutes; delivery takes far longer to fulfill, the buyer accepts all of the risk in a direct peer-to-peer crypto pay-first purchase model.
Even with that risk I am sure that there would be those who for purity of ideals reasons would like to use crypto to pay despite the buyer side risk.
There is also the risk of fumble fingers getting a wrong destination address, same as with a SWIFT transfer, but for most crypto coins a transfer sent to the wrong wallet is irreversible especially if the address targets a not-yet-established or abandoned wallet. Again buyer side risk.
Now you can stop reading, but if you continue I ask you to indulge me; I am one of the unfortunates who in addition to tech wasted years in school on things like a finance MBA and yet has long liked the idea of using cryptographically verifiable 'coins' and NFT type decentralized titles/receipts/event tickets(not ape PNGs) in addition to PGP/GPG signatures which prove that I am the holder of my secret key.
Ideally crypto as a value carrier would offer a zero trust required remittance option for anyone who can get/buy/mine some 'coin' that is too-expensive-to-profit-from-hacks(still can grift anything) cryptographicaly verifiable Hawala. https://en.wikipedia.org/wiki/Hawala A value transfer option for those who have been repeatedly burned by the current banking and investing systems, along with way too much is hopium and fantasy. But there is a real use case for a fungible trustworthy utility-market-valued non-counterfitable payment system. The problem now is that high finance has turned crypto into rare baseball card Beany Baby get rich quick dream/scams.
Gold is backed by the price of mining more, the US$ is backed by petrodollars and the US Navy, the Yen by Japanese exports, for crypt to become truly valuable it would need to delink from fiat and become valuable as a trusted way to move value like the petrodollar is used to transfer energy and work-power. Bitcoin and its publicly mineable but electrically and ASIC expensive blockchain did this in the old silk road drug market days, it was useful and truly valued and valuable as a safe(at the time) way to transfer value for the purchase of illegal narcotics. That true but controversial valuation was ruined by an openly ponzi pyramid mass hysteria where no useful value is added and everyone is looking for their 1:100,000 gains moonshot not a money substitute. I dont like BTC because as a speculative asset its ability to hold value is unreliable, BTC for value-transfer users have to always quickly cash out to avoid the price/value volatility. BTC also lays bare the finances and transaction history of every fractional coin and wallet in existence from mining the first block to last transfer, there is no privacy.
It takes time for something as functionally an-cap as the state of cryptocurrency to mature, for improvements to occur to the devs contributing and forking projects, but I feel like it is for many a reach for a market substitute by people who feel they have been grifted by the current banking and investment rule-of-law situation.
Bring up the topic with me again in 5, 10, 20, or 30 years.
Even with that risk I am sure that there would be those who for purity of ideals reasons would like to use crypto to pay despite the buyer side risk.
There is also the risk of fumble fingers getting a wrong destination address, same as with a SWIFT transfer, but for most crypto coins a transfer sent to the wrong wallet is irreversible especially if the address targets a not-yet-established or abandoned wallet. Again buyer side risk.
Now you can stop reading, but if you continue I ask you to indulge me; I am one of the unfortunates who in addition to tech wasted years in school on things like a finance MBA and yet has long liked the idea of using cryptographically verifiable 'coins' and NFT type decentralized titles/receipts/event tickets(not ape PNGs) in addition to PGP/GPG signatures which prove that I am the holder of my secret key.
Ideally crypto as a value carrier would offer a zero trust required remittance option for anyone who can get/buy/mine some 'coin' that is too-expensive-to-profit-from-hacks(still can grift anything) cryptographicaly verifiable Hawala. https://en.wikipedia.org/wiki/Hawala A value transfer option for those who have been repeatedly burned by the current banking and investing systems, along with way too much is hopium and fantasy. But there is a real use case for a fungible trustworthy utility-market-valued non-counterfitable payment system. The problem now is that high finance has turned crypto into rare baseball card Beany Baby get rich quick dream/scams.
Gold is backed by the price of mining more, the US$ is backed by petrodollars and the US Navy, the Yen by Japanese exports, for crypt to become truly valuable it would need to delink from fiat and become valuable as a trusted way to move value like the petrodollar is used to transfer energy and work-power. Bitcoin and its publicly mineable but electrically and ASIC expensive blockchain did this in the old silk road drug market days, it was useful and truly valued and valuable as a safe(at the time) way to transfer value for the purchase of illegal narcotics. That true but controversial valuation was ruined by an openly ponzi pyramid mass hysteria where no useful value is added and everyone is looking for their 1:100,000 gains moonshot not a money substitute. I dont like BTC because as a speculative asset its ability to hold value is unreliable, BTC for value-transfer users have to always quickly cash out to avoid the price/value volatility. BTC also lays bare the finances and transaction history of every fractional coin and wallet in existence from mining the first block to last transfer, there is no privacy.
It takes time for something as functionally an-cap as the state of cryptocurrency to mature, for improvements to occur to the devs contributing and forking projects, but I feel like it is for many a reach for a market substitute by people who feel they have been grifted by the current banking and investment rule-of-law situation.
Bring up the topic with me again in 5, 10, 20, or 30 years.
