This is the most contingent claim for a medium of exchange...that you can exchange it? Were forex markets somehow not functional?
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Replying to @slightlylate
I mean they "work" in the same sense that taxis "work" in SF. Technically, yes. In practice, no. I once tried to buy Euros and hold them in a bank outside the US, the best I could ever get done was to buy shares in an ETF.
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Replying to @aboodman @slightlylate
Maybe I'm dumb, but I think that in practice holding and using foreign currency is hard enough for most people to be not practical.
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Replying to @aboodman
I find that the difficulty and relative cost of moving (even large) sums between countries is vastly overstated by crypto-currency advocates.
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Replying to @slightlylate
Perhaps this is influenced by the fact that you lived in the UK for a time? I tried to do this (as did several colleagues of mine) and did not succeed.
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Replying to @aboodman @slightlylate
For example, I was not even able to open a bank account in several countries that I tried.
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Replying to @aboodman
Getting banked is the biggest logistical difficulty, but for sums under ~5K, not necessary. For sums over that, you probably need that *regardless* of exchange mechanism.
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Replying to @slightlylate
Can you tell me how? A colleague and I both tried. I was able to open an account in Australia, with difficulty, and a small fib. He was able to open one in Argentina (I think?), but that didn't meet my needs. I tried opening an account in the UK but failed.
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Replying to @aboodman @slightlylate
You can't understand that if I want to do this, and invested effort, and failed, that there's probably a lot more people like me?
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Replying to @aboodman
Usually there's a party on the other side that you trust to send your money to. That could be your bank account, friend, family member, etc. If you're just wanting to spend some of your money, credit cards work. Beyond that, getting a bank account usually means having roots.
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For instance, to get a bank account in the UK, I needed an address in the UK. It's fair enough that the in-country regulator doesn't want to be handling money laundering and terrorism issues from other countries.
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