Feeling very underexposed to eth
What problem does this solve?
Like. How is this better than just holding Australian dollars in a bank account with this bank?
The problem that this solves is non crypto money is boring
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Well⌠This one goes to eleven. Thatâs why itâs better.
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It explicitly says that the advantage is that you can trust the bank and their deposits in actual AUD.
⌠if you can trust the bank. Just make your trades online with AUD with deposits held in the bank.
Theres some stuff about carbon credits. Which seems very underpants gnomey.
In all seriousness, competing with Venmo with the marketing advantage of crypto buzz seems like a plausible business model. Banks in the 19th century issued their own currency backed by reserves all the time.
Finally logged back in to Top Shot. In for $50, out for $707.15.
I still have 63 Moments but I donât think anything is really worth more than a dollar or two. I doubt I put any effort into selling them, unless values go vertical again (they wonât). All in all, pretty easy ROI for the brief moment I paid attention while it was popular.
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It would be interesting if the Australian project was backed by deposit insurance.
One of the major use cases is buying and selling carbon credits. Fintech startup BetaCarbon has tokenized Australian Government carbon credits on the Ethereum blockchain, so holders of the NAB stablecoin (or the already-extant ANZ stablecoin) can transparently buy, sell and trade carbon credits with arbitrary counterparties and no intermediaries, with the assurance that they are holding AUD backed by their own bank.
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We donât even have Venmo or Cashapp here. Intra-Australian bank transfers are fast and easy, so there hasnât really been the need for it.
Crypto is very good at moving money across international boundaries. I am in a sports betting group and we settle sometimes large amounts of money (six figures) weekly with various counterparties. Everyone uses crypto (BTC/ETH/USDT/USDC depending on which they want) not because anyone is trying to hide the money, but because itâs the best thing to use. International bank transfers are slow, sometimes expensive (especially if you are exchanging currencies) and non-transparent. For example, lets say our counterparty say they have sent a wire transfer, but we havenât received it. Do we continue to place bets through them? What if theyâre busto and hoping we have a losing streak so they can gamble their way out of debt? With crypto, settlement is fast and no disagreement is possible about whether money was sent or not, itâs a matter of public record.
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Maybe youâre not trying to hide the money, but some of them are. Particularly when:
These are not intra-Australian transfers. It is possible that some of them are trying to hide it but the majority are not. In markets where people are actually trying to hide their activities (like dark web trafficking) typically Monero is used for settlement.
I use things like transferwise. Pretty quick. May not be quite as fast as crypto tho.
Never seen it before. Are your balances government-guaranteed?
There are a lot of these random things all around the world but there are various levels of adoption and they donât all work in every country. The Venn diagram of people in sports gambling and people dabbling with crypto is close to a circle, and crypto works universally.
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Wise (formerly TransferWise) is pretty cool. Balances are insured but they wonât let you have a high balance in their accounts for long. I use it mostly to get the USD from the sale of company shares out of the USA and into Australia or Europe. Doing that is instant. The moment the USD proceeds hit my Wise account I convert to AUD which is instant and then transfer to my Australian bank account which is also instant as an Australian bank to Australian bank Osko transfer. USA/Australia to Europe is also instant. Never did other directions or countries though. Definitely much lower exchange/transfer costs than bank to bank and it is saving me a lot of money. They also have a debit card now that works in a lot of countries.
But both parties accepting bitcoin to settle is better for large amounts as long as you donât need to convert in and out of fiat and donât disagree on the value of bitcoin at the time of the transfer.
âIt wasnât a pump and dump! It wasnât a pump and dump!â I scream as I slowly transform into a corncob
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