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Comment on Crypto mogul Do Kwon, known as ‘the cryptocurrency king,’ pleads guilty to fraud charges

You don’t need crypto as an alternative to MasterCard/Visa. There are multiple national payment systems that de facto work on a public benefit basis or offer no fees or very low fees.

One major example is India’s UPI:

en.m.wikipedia.org/…/Unified_Payments_Interface

Even in a medium sized developing country like Ukraine, I can send to anyone money (P2P, business payment, business transaction) with minimal or no fees on a near instantaneous basis off my phone.

I am not on top of recent payment infrastructure developments, but from memory this is relatively common.

No need for scam services like PayPal, Venmo.

And this has been avaible for half a decade minimum (was living in another country before then).

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DSN9@lemmy.ml ⁨8⁩ ⁨hours⁩ ago
Sure sure, is it a sound, decentralized bottom up monetary network built by the people for the people on cryptography rails on an uncensorable network?

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- Alphane_Moon@lemmy.world ⁨7⁩ ⁨hours⁩ ago
  
  bottom up
  
  built by the people for the people
  
  Love your style!
  
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  - DSN9@lemmy.ml ⁨7⁩ ⁨hours⁩ ago
    👀
    
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cupcakezealot@piefed.blahaj.zone ⁨1⁩ ⁨day⁩ ago
i'm not saying i'd use it or want it; i just meant it could have been had it not basically been relegated to the fringes by the cryptobros that made it unlikeable.

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- Alphane_Moon@lemmy.world ⁨1⁩ ⁨day⁩ ago
  That’s fair. I do agree it has some properties to potentially be used in payment infrastructure systems.
  
  I would argue something like India UPI (we don’t have a name for it in Ukraine) is better in every possible respect than a payment infrastructure based on blockchain tech.
  
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