On: Pineapple Fund looking to convert some funds to Bitcoin Cash

[ghughes]

Money quote:

> It has been clear to us that the current bitcoin network is completely incapable of functioning as a payment processing network, not just for "cups of coffees" but even for multi-million dollar transactions, and we are using SegWit.

[jeremyt → ghughes]

This is laughable. I transferred btc today in about 30 mins.

[econner → jeremyt]

For what fee?

[jeremyt → econner]

For a fee that’s barely a rounding error for a ‘multimillion dollar payment’

[econner → jeremyt]

I tried to transfer $20 out of coinbase and it was going to cost $32 to do so.

Seems like if you're not doing multimillion dollar payments it's not worth it. Then again, even if you are it's not worth it.

[notyourwork → jeremyt]

Don’t be so specific

[flashm → jeremyt]

And 30 minutes is acceptable...?

[xzel → flashm]

Don't ACH and wire transfers take at least a day? And as a disclaimer I'm not for or against either coin.

[kuschku → xzel]

In the EU, since November 2017, wire transfers take 15 seconds (Disclaimer: some banks are still rolling it out).

Welcome to the world of the Single European Payments Area Instant Credit Transfer Scheme.

[nicc → kuschku]

Ah. I didn't know this. Even in different currencies?

[kuschku → nicc]

Until 2018, SEPA transactions only clear in EUR, I think from 2018 on there will also be support for other EU currencies.

[nicc → kuschku]

Very nice.

I spent a lot of money and time before diacovering Transferwise.

[MR4D → xzel]

Fedwire is AT MOST a day...usually immediate.

https://www.federalreserve.gov/paymentsystems/fedfunds_about...

[etr-strike → flashm]

Yes? Confirmations in bitcoin were never instant...

[lostmsu → ghughes]

Wait, did not Bitcoin enable SegWit already?

[slindz → lostmsu]

They did, but adoption has been very limited.

If you look at fees from the activation date (a few months ago now) it has not moved the needle at all.