i transferred money to my US account and it "arrived" tuesday

however, due to the absolute JOKE of the US banking system, its now FRIDAY, and THE MONEY STILL ISNT CREDITED TO MY ACCOUNT

i saw once on a video a guy was basically explaining "transfers" in US banks essentially actually just movements of text files on FTP servers somewhere? Is this really true?

US banking system is an incredibly expensive, unbelievably slow mess.
Imagine having to maintain & integrate every single ERP+CRM released in the last century. That is literally the situation.
Thus even fucking Bitcoin sounded like a good idea in the land of the free.

Yeah, this does contextualize the appeal of crypto

@lorentz never thought about that actually... whats even a few hours waiting for bitcoin confirmations if i need to wait 4 days for my garbage bank

@mansur85 <3 europe

The actual money takes over a month to settle on the bank's side

Bitcoin takes 2 hours I think but there's lightening network

Think ethereum is like 20 minutes?

Cryptos have expensive transactions though, it's like 50-200$ to send money. Except for my favourite coin, which wants to become the visa of the world and have transaction speeds as fast as the New York stock exchange 😈, and costs fraction of a penny to send a transaction which actually beats the cost of a visa transaction which is like 3 cents or something (Solana). I'm not even sure how long a transaction takes, because I've never had to wait so it's lower than you'd notice

Woo Qualcomm devs

Where I live, even with the SEPA system, banks do near-instant transfers to other accounts under the same bank, but across banks it takes 1-3 workdays (so if you do the transaction on Friday evening, it will probably only arrive next Tues/Wed. BNP Paribas affiliate banks are the slowest in my experience

@jestdotty how much power does it use compared to an FTP transfer or SQL database transaction? that's usually the kicker for crypto.

@jestdotty The problem with burning the planet to provide alt currencies that still have to pass through the normal channels in the end is you eventually run out of planet.

plus, according to people i know who escaped crypto development roles, it's a hellscape of bots and exploits and bugs causing billions of dollars' worth of crypto to disappear or be stolen weekly regardless. point is moot if hackers aren't doing sybil attacks, and most of the coins that aren't the Big Two are made of nothing but like six dudes burning one GPU each, so one small size bitcoin miner pointed at your coin would still pull consensus majority.

@jestdotty see you in 5 years when someone sends a malicious NFT into your metamask manager manager manager manager wallet and it steals all your crypto when trying to remove it