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 @slightlylate
Western Union to what? Step one is establishing a bank account. I couldn't do that. There are two use cases: sending money to some entity that exists in another country, and getting own money out of US. I want to do 2. Agree 1 is relatively easy (but could be even easier)
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Replying to @aboodman @slightlylate
@chamath has a great talk about 2 - https://www.youtube.com/watch?v=NV5ubkGQUes …. Western Union works, but could still be far better. Fees are high, and using Western Union in many places is physically dangerous.1 reply 0 retweets 0 likes -
Fees aren't high compared to crypto-currencies. In fact, there's basically zero evidence that "lower-cost" (but higher volatility) options shift market participant behavior.
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Replying to @slightlylate @chamath
1) BCH is still lower fee than Western Union currently. 2) Irrelevant because we're talking about potential people like myself see, not current state.
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It's not lower fee. It only looks that way if you ignore all volatility. Perhaps there's a future's contract for BTC that could be written that would be lower fee; I'm not aware of one.
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Replying to @slightlylate @chamath
Minor point but: (1) this can actually be done today w/ near-zero volatility because time in crypto can be ~instantaneous. and (2) i don't view today's volatility as inherent to cryptocurrency conceptually.
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