I mean, except that it's actually not cheaper, you've just moved the trust and security problems around (to your own opsec and your trust in the counterparty) and the privacy most cryptocurrencies provide is pseudonymity rather than anonoymity...
but I think, with traditional money exchange the reliance is on regulatory and legal enforcement, rather than making the technology itself watertight, which increases the risk profile, and thus cost. You can do this in traditional approaches because you just pass on these costs and there's no need to improve beyond what people are willing to pay. Crypto represents an asymptote for what a rigorously applied technological approach (as opposed to beaureaucratic/legal approach) can do, using commodity equipment, which is much more available at the endpoints of these transactions now ... (because most people have high-powered, always connected computers available to them).
> but I think, with traditional money exchange the reliance is on regulatory and legal enforcement, rather than making the technology itself watertight,
A lot of money and research has gone into this, and the tech is being tightened up all the time.
> which increases the risk profile, and thus cost.
Except the cost isn't actually higher.
> You can do this in traditional approaches because you just pass on these costs and there's no need to improve beyond what people are willing to pay.
In the US perhaps, not in places where these costs are regulated.
> Crypto represents...
A much more expensive and more risky way to do basically anything, because you have neither solved security nor trust problems, you've just moved them.
> A lot of money and research has gone into this, and the tech is being tightened up all the time.
Yeah, but it's not being deployed at consumer level, nor are the savings being passed on.
> A much more expensive and more risky way to do basically anything
Risky, yeah. Like any new technology. But transaction cost is cheaper.
Sorry, I didn't mean to get involved in some holy war. I can see there's people with a lot vested in both sides of the debate. I'm neither. Just pointing out the obvious.
> Yeah, but it's not being deployed at consumer level, nor are the savings being passed on.
It absolutely is, not sure where you're getting your ideas from here.
> Risky, yeah. Like any new technology. But transaction cost is cheaper.
It's not risky because it's new technology, it's risky because you've passed all the risk to the end user and their opsec. The cost per transaction of something like the VISA network is utterly tiny compared to most cryptocurrency transactions, particularly if you factor in the externalities (mining) and it's a pretty small cost to the merchant as well in places where regulation has been put in place (i.e. not the US). To the consumer it's free. See also bank transfers in most advanced economies.
> Just pointing out the obvious.
You're not pointing out anything that's actually true though.
> it's risky because you've passed all the risk to the end user and their opsec.
This was exactly my point. With pervasive crypto end users can assume this to a greater degree, whether you believe that appropriate or not.
Visa e.g. requires specialist terminal equipment, complicated issuer and acquirer and banking relationships and is heavily dependent on legal enforcement wherever you use it. Try using mastercard or visa in a third world country.
For “actual” money transfer, compare with western union where toure talking about ~10% fee.
> ... nothing that’s actually true
Oh you’re a rude one. But I’m sure to somebody you’re very special. Good boy.
It's not a point you made before this, you just said it was "more secure" and "cheaper" without qualification. Now you're just trotting out 'coiner memes about the third world and Western Union.
But sure, other than all those things.