I see they are looking to bring some of the magic of their F1 team to their finances as well.
this post was submitted on 14 Oct 2023
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What could possibly go wrong?
Not a lot? It’s just another payment system and they’ve contracted out to a third-party company to handle any disputes.
Take crypto, automatically swap to stable coin (can be done via a smartcontract depending on which chain they accept crypto from), move to bank.
Are they going to accept cow turds next? How many tons do high quality manure do I need to roll up with to get a red one?
Y’know, I bet if you could turn cow turds into a digital “asset” that they could take and immediately turn to real currency, they would. It’s the part where they have to take delivery of cow feces that they’d take issue with.
Crypto is worth less than cow feces functionally but, since they can quickly convert it to something real and the transaction can’t be reversed, it does make sense that they’ll take it.
convert it to something real
Please elaborate. Whats real?
Crypto is “real” but only in the context of country back currencies, which are realer, I guess?
Yes. Again its simply trust in getting something in return.
If I would have to pay my every day needs with btc I would starve to death I think.
But also fiat is just a believe of enough people. From that, not worth the paper its printed in.
Maybe if btc left the realm of fiat and could stand on its own you would do fine. Until it’s not weird-digital-fiat though, it’s a lot further from real than fiat.
Now there are country backed currencies that are a degree from real too— those that are converted to USD for international transactions. But they still sustain themselves within their spheres. Crypto has a few of these spheres too, one supposes, but they’re small enough to make crypto one of the least real things in term of inherent value.
It’s unreals all the way down though. Even if USD was still backed by gold, that stuff is just shiny fake value to the vast majority of people. But at least it’s a physical object with actually interesting/useful properties of its own
FIAT currency
Its also just a scheme.