People who complain about waiting 30 minutes or so for a #Bitcoin base layer transaction to go through...
Have you ever waited for a new bank ACH or wire transfer to process?
Discussion
Hilarious.
How many "Two small deposits" does a man need to endure before he adopts Bitcoin?
I never wait. I broadcast and chill.
Been waiting a month for a wire transfer.
Hey Jeff,
Can you explain the difference in how you think about global m2 versus US net liquidity or global net liquidity? I understand the calculation of net liquidity in terms of fed bs less tga less rrp. But this measure has been flat or down for a few months while global m2 is way up.
In short, US net liquidity is the amount of Treasuries and (less so) mortgage-backed securities held in the coffers of the Federal Reserve and the US Treasury. -- This number tends to directionally correlate with US-based assets, such as micro-, small-, and mid-cap US equities.
M2 is the estimated total amount of money supply, including checking/savings accounts, physical cash, and CDs. -- This number tends to directionally correlate with the movement of global assets, such as bitcoin, gold, and megacap stocks.
Right!?! - Yesterday, I sent a business transaction of a substantial BTC amount and it took 15 minutes for a fee of 78 cents on the base layer!
And how much Swift costs?
$35 or more to send a wire ...must be sent before 11 am to post the same day.... silly.
Yes 🤣
The old system is indeed boring and outdated.
Adopt #bitcoin for a more peaceful banking life
The worst part about this process is the lack of transparency. At least if a bitcoin transaction gets stuck, I can still see it as a valid transaction in the mempool. I’ve had ach payments delayed for over a week with no idea what was going on.
Omg. The fkn worst! 5 days on some transfers.
I do domestic ACH and international wires all the time for business and it’s a nightmare. If there’s an intermediary bank I literally have to drive to a branch and make an appointment with a banker. It’s insane!
And of course the fees…our banks in Canada don’t even tell us that they take a haircut when you receive…I had to go ask why there was less money than I expected to receive. And that’s in addition to what our customers already pay to initiate the wire
My wife worked for a bank. She said it's ridiculous how long it takes for a check to truly clear. The bank fronts you the money like it cleared but it really takes weeks to a month to actually complete. It's why they can come back later and rip it from your account.
On-chain is less stressful.