Bitcoin Sees Wall Street Warm to Trading Virtual Currency
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Re: Bitcoin Sees Wall Street Warm to Trading Virtual Currency
#2Wall Street will trade anything they can make money on. Better to make money on transactions than trying to win the ponzi scheme.
Re: Bitcoin Sees Wall Street Warm to Trading Virtual Currency
#3How are people surprised by this? If Cryptocurrencies become huge, these banks will just buy up crypto companies and also point their resources at building cryptocurrency applications.
They are in the business of making money. If they can make money in crypto then they will do it.
Re: Bitcoin Sees Wall Street Warm to Trading Virtual Currency
#4How are people surprised by this? If Cryptocurrencies become huge, these banks will just buy up crypto companies and also point their resources at building cryptocurrency applications. They are in the business of making money. If they can make money in crypto then they will do it.
Who said they were surprised?
Re: Bitcoin Sees Wall Street Warm to Trading Virtual Currency
#5Wall Street will trade anything they can make money on. Better to make money on transactions than trying to win the ponzi scheme.
And if it's an unregulated market, then they'll trade even more money.
Re: Bitcoin Sees Wall Street Warm to Trading Virtual Currency
#6[deleted]
Re: Bitcoin Sees Wall Street Warm to Trading Virtual Currency
#7Dollars aren’t virtual? They only hold value cause we believe they do. We make up however many we need.
More “name on a piece of paper means I win!” nonsense
Humans are bizarre
Re: Bitcoin Sees Wall Street Warm to Trading Virtual Currency
#8Wall Street will trade anything they can make money on. Better to make money on transactions than trying to win the ponzi scheme.
And if it's an unregulated market, then they'll trade even more money.
It won't remain unregulated for long if the banks get in on it, or if a large percentage of the public starts using it. After one or two bad examples on the TV news of banks screwing people with crypto or a major exchange hack that affects average Americans, you can be sure regulation will be coming soon.
Re: Bitcoin Sees Wall Street Warm to Trading Virtual Currency
#9This seems like good news for speculators (disclosure: I still hold Bitcoin and worked at a Bitcoin exchange).
Having said that, "Wall Street" should be wary of enabling the use of a system that is using more electricity than the country of Switzerland [0] without any productive output. The energy consumption is rapidly rising too. Furthermore, Bitcoin's transaction throughput is dismally low compared to existing payment systems (Visa, PayPal, etc.) and "smart contract" systems like Ethereum seems to still not show any productive output aside from scams and severe bugs in wallets and contracts that lose millions of dollars.
I'm all for "wait and see", but have we ever done that with a technology that is literally using more electricity than a medium sized nation? When are we going to ask crypto-fans to be accountable for the burned energy? We're asking Google and Facebook to treat our data fairly, can we ask proof-of-work miners to treat our planet fairly? At least wait until the blockchain can solve a real world problem before burning through the mines?
Re: Bitcoin Sees Wall Street Warm to Trading Virtual Currency
#10Wall Street will trade anything they can make money on. Better to make money on transactions than trying to win the ponzi scheme.
And if it's an unregulated market, then they'll trade even more money.
The U.S. Commodities Futures Trading Commission ruled that cryptocurrency is a commodity (not a currency). As such, all laws regarding commodities apply. So it isn't unregulated.
The grey area will be where in the use cases where it IS used as a currency.
Since it is technically not a currency, is it not subject to currency laws?