341–350 of 371 posts
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Banks are rapidly trying to adopt the use of blockchain.
Successful use of blockchain is not the same as successful cryptocurrency.
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> irritate the hell out of banks (bank accounts are being closed and restricted from exchange transfers, including coinbase) It irritates banks not, by the way, because they're oh so scared about this fantastic new competitor to "their" money and money related businesses, but because it's often used (when it's used) for illegal transactions.
I think it decentralizes account fees, lending, term deposits, funds, everything. It turns the traditional banking model on its head because anyone can "become a bank" and handle the traditional "keep your money safe" model that banking was originally created for. Those getting paid for transactions will be those investing in the network infrastructure - which is also decentralized, because again - anyone can jump in…
Your "only downside" is enormous! I'd never consider paying my salary or keeping my savings in an organisation that has no regulation. My money could just disappear overnight.
You add that I could put 1% of the account into insurance, but that is essentially a 1% (yearly?) cost. Why would I do that when I can have a GBP bank account regulated by the FCA for free? In fact, the FSCS guarantees up to £85,000 per banking group (eg. HSBC).
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Why should Bitcoin cost so much just because the future may depend on it? That's a good case for why it will continue to exist, but it could also exist and do it's job at $1.00 / btc. I think it's a couple of things that Buffett is looking at. First, like gold, Bitcoin is not a business and does not produce earnings. Second, people seem to be buying it for no other reason than that they think it'll keep going up. Tha…
What people are overlooking is that it's really easy to start a new cryptocurrency. There's no reason why the first mover should remain dominant for ever, or even that there needs to be a single dominant global cryptocurrency for all purposes.
I bought $15000 last year in Litecoin when it reached the 300s. Debating if I should sell off now and get out with at least half of my money. Looks like this crypto frenzy is coming to an end.
I bought $15000 last year in Litecoin when it reached the 300s. Debating if I should sell off now and get out with at least half of my money. Looks like this crypto frenzy is coming to an end.
Buy high, sell low is not a sound investment strategy. Just hold and cash out when it gets back to 300 if you can't stomach the crypto world.
I bought $15000 last year in Litecoin when it reached the 300s. Debating if I should sell off now and get out with at least half of my money. Looks like this crypto frenzy is coming to an end.
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Can somebody ELI5 this?
Bitfinex is a company that produces a cryptocurrency called Tether. Tether is in terms of the tech just like any other cryptocurrency; the big difference is that Bitfinex has pegged its value to the US dollar. This is great in theory, because transactions between two types of cryptocurrencies are (relatively) easy and cheap, and with one coin pegged to a real currency, it means the crypto ecosystem is much more liqui…
The last time China explicitly banned Bitcoin, it dropped by around 45% to around $6000. It went on to $20K from there. But what's different this time is that there are first time investors in millions who joined in the last 2 months. They didn't read the white paper, they didn't invest in technology, they invested for the monster returns. So I think there will be a more sell off this time before it rebounds back to…
I love bitcoin and cryptocurrency as potential solutions to problems with gov-controlled currencies (I've used crypto to buy drugs, for example). But I'm still confused why people refer to purchasing currency as an "investment." Obviously the rates are going up now, but doesn't everyone expect them to just come back down? I don't convert my USD to Yen and call it an "investment."