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For those who are not aware, Gresham's Law contends that, if people have a purse containing two monies, one whose face-value reflects its actual market value, and one whose face-value is higher than its actual market value (because of coin debasement, like clipping or using cheaper metals at the mint), then people will prefer to use the debased coins first.

Lightning means that you don't have to keep the debased money and spend it, to be rid of it. You can simply convert it.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

i ❤️ my xapo... i can on chain in and out, lightning in and out, as well as SWIFT, Tether and USDC, and credit card payment network

pretty much it's bitcoin and lightning only, and mostly only instantly converted from sats, so i hold bitcoin as my primary unit of account, and keep most of that privately on my mini pc away from the KYC bank service so they don't have any information about what i get paid from foreign jurisdictions (nothing, i swear!)

lightning and bitcoin are more reliable than any of the others though, that's gonna count for a lot in the upcoming years as solar storms screw up telecoms and computers more and more

so of course, one of the things that i always do is get some physical cash on hand, none of the nearby cafes accept cards so it's a must, plus cash is CME/EMP proof

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Discussion

jamw 1y ago

You’ve piqued my interest in Xapo.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

it's the best fiat/bitcoin rails on the market, it makes my life so much simpler

Crusty 👨‍💻 1y ago

Where is the catch?

jamw 1y ago

Full KYC no doubt, like an exchange such as Coinbase. However, appears to have a private bank license.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

yeah, onboarding is pretty smooth, and they let me do address change just by GPS!

i haven't bothered updating that with them, in any case, none of their fucking business and being based in Gibraltar they are a neat in-between, not really UK, not EU, but sorta both at the same time...

jamw 1y ago

Is there a membership fee?

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

ah yes, that's the bit that pays for the good service i guess.. 150 euros per year

worth every eurocent

Crusty 👨‍💻 1y ago

That's something.

Crusty 👨‍💻 1y ago

But does it mean anything? They have to keep theirself to a standard. But what if that is not a good standard?

jamw 1y ago

Difficult to say but I think one of key selling points is the ease to move fiat to lightning sats and back again.

Crusty 👨‍💻 1y ago

I think you can get that with other KYC companies as well.

jamw 1y ago

Most likely. But do they work in the UK?

Crusty 👨‍💻 1y ago

What is strikes status in UK? It works in europe countries already. I heard UK is addressed a next step.

jamw 1y ago

Still not here yet.

jamw 1y ago

The nannying UK loves regulation and pleb control and Strike will be up against it - would love to be a fly on the wall during those meetings.

Crusty 👨‍💻 1y ago

I will check it though. I am writing a short article on bitcoin benefits, and trying different services for the fun, and what setup would be best for me.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

KYC

i tried to use wirex on two separate occasions in the past and their customer service is abominable... second time an ATM, which dispenses cash before releasing the card (FIBank bulgaria) i forgot to pull the card, the bank refused to give it back without proof of ownership from the card issuer, and the card issuer refused to ever respond to my support request

stay the fuck away from wirex... i don't remember exactly how they fucked me the first time, but it was probably as fucked up

and binance... i had a binance card, and before 24 hours passed someone was already carding it on the darkweb in france, belgium, etc etc

i foolishly kept using it and inevitably i had some bitcoin in the card account and 🌀 first a 250 then a 300 and i caught it and froze the card

xapo is not like either of these shitcoin cards