TL; DR
Full story
Do you know the four phases of the crypto bull run we covered last week?
Yes, well – this is commentary on the second phase. Ethereum co-founder Joe Lubin gave his two cents on the industry at ETH Denver last weekend, saying:
“I think the momentum is building, and it’s unstoppable…
We are ready for a new world system.”
Which – okay, Naturally that’s what he’s going to say – he’s a crypto founder, at a crypto conference, in the middle of a bull run.
But last weekend we had a conversation with our friend Greg about the most mundane topic, and (if we weren’t already) this conversation really sold us on crypto, creating “a new system” for the world.
The topic of the conversation was money transfers…
And it went something like this:
[For context, Greg’s Australian]
“Yes, so I have decided that I am going all in on crypto (Bitcoin, Ethereum and Solana). I have $60,000 in stocks and $12,000 in Dogecoin (of all things).
So I grab my Ledger, open the app on my phone and evenly convert my Doge to BTC/ETH/SOL (it all takes two minutes).
Then I open my broker app and liquidate my shares. The money is in my investment account, but I can’t withdraw it (it takes two days to ‘settle’).
So I wait two days, withdraw my money and send it to the exchange.
Immediately after pressing ‘confirm’ on the transaction, my account is frozen and I get a message from my bank telling me to call their fraud hotline.
Long story short, it took me 7 straight days, 16 phone calls, four separate liability waivers signed, and I would estimate over six hours on the phone with customer service from two different banks.
(I had to open a new account at a ‘crypto-friendly’ bank to transfer the money, because damn Commbank doesn’t let its customers move more than $10,000 a month to crypto exchanges – the dogs).
In the time it took me to move that money, Bitcoin is up 21%, ETH is up 13%, and Solana is up a solid 25%.
I did the math and it’s a whopping $17,000 price increase that these assholes have ‘protected’ me from.”
Money transfers aren’t the sexiest killer use case, but our conversation with Greg made it clear:
We are ready for a “new system” of banking.