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Still waiting to see even one single useful use case for cryptocurrency and block-chain storage. It's all a grift to take money away from stupid retail investors trying to get rich quick.
money laundering?
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You can get if the business offers it. Which they are just a loaning you their money while they wait for your money to settle in their bank account. If their was no demand, then why does PayPal, Square, and other FinTech companies make billions a year offer you to instant deposit money into your bank account lol. If the US banking system had instant settlement Venmo, Cash App and other apps wouldn't be in business be…
> they are just a loaning you their money while they wait for your money to settle in their bank account Nope. No loans. You can demand physical settlement on stocks, end of day. Naked shorters (MMs) have to do this from time to time. It’s now more expensive because: idiots. Which suits Wall Street just fine. > why does PayPal, Square, and other FinTech companies make billions a year offer you to instant deposit mone…
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There are features of cryptocurrencies that would actually be useful in today's financial services. The main one would be near instant settlement. If I make a transaction on Bitcoin, that transaction is completely settled and verified and approved over a hundred thousands times within an hour. All parties can trust that the transaction happened and everyone has their money. That's not possible in today's financial sy…
> The main one would be near instant settlement. How is this any different than what PayPal has been offering since 1998?
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Celsius told their customers they were accruing Bitcoin and then Celsius didn’t buy the Bitcoin to deposit into their accounts, instead using the money to buy their CEL token that their ceo was dumping on exchange. Their business model was fine. What wasn’t fine was not following it. Abra, Nexo, Gemini, and lots of other companies are business as usual with the same model right now.
This is informative, but I'm not sure how illuminating it is to say that a business's business model was great, except they didn't follow it, they followed a completely different business model that was terrible? Isn't the actual business model of a business... the business model that they actually followed?
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This happened with Hertz during bankruptcy. And apparently it wasn’t entirely nuts: https://www.forbes.com/sites/kevindowd/2021/11/07/how-hertz-...
Hertz had actual vehicles.
They just have a lot more more liabilities, thus the bankruptcy.
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Interbank nightly balance settlements between large institutions. A distributed cryptographic ledger would be great for this kind of thing. A private “coin” between mostly trusted partners with provisions for reversing transactions as needed. Useful because it would have lower administration overhead than one bank maintaining a service for exchanging funds, no concerns about downtime, and all sorts of guarantees abou…
If banks distrust each other enough to want a blockchain to handle nightly settlements, then they are massively exposed to transaction rollback shenanigans. Interbank settlements can be very, very large, and I have trouble imagining, even in the wildest cryptocurrency fantasy land, that banks could arrange for all their different types of settlements to be on the same blockchain.
It’s just a ledger, it doesn’t matter at all how big the numbers are. It’s not real money just a record of balances.
I’m not talking about a cryptocurrency, just a blockchain as a replacement for a database table, essentially a different api that ran distributed instead of on some ancient mainframe.
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Still waiting to see even one single useful use case for cryptocurrency and block-chain storage. It's all a grift to take money away from stupid retail investors trying to get rich quick.
There are features of cryptocurrencies that would actually be useful in today's financial services. The main one would be near instant settlement. If I make a transaction on Bitcoin, that transaction is completely settled and verified and approved over a hundred thousands times within an hour. All parties can trust that the transaction happened and everyone has their money. That's not possible in today's financial sy…
For example the other week I wanted to buy some Series I savings bonds. This involved first freeing up some capital by selling some index funds. I put the order in Friday night and had to wait until Monday morning for the trade to be executed. Then I had to wait until Wednesday for the cash to become available in the brokerage account. I transfer the cash to my checking account, and the ACH doesn't clear until Friday morning. I finally go to make the purchase on Treasury Direct, and it tells me the order won't go through until the next business day (Tuesday because Monday is a holiday). All told it took me 11 days and countless time fumbling around the outdated and laggy web applications of three different financial institutions.
In contrast the other day I unstaked some USDC I had earning yield in Curve, bridged it from Ethereum to the Polygon, converted it to MATIC tokens using Uniswap, then staked those tokens to earn yield in Lido. The entire chain of transactions took no more than 5 minutes. Didn't have to create an account or login into any of those platforms. Everything went through Metamask connected to an ultra secure hardware wallet.
I'd draw the analogy of how a lot of people from the older generation missed the explosion of mobile convenience apps tens years ago. I can recall my parents asking "why do you need an app to make a restaurant reservation, what's the big deal with just calling the restaurant." And I think the point is that consumers often treat frictions as a given until they actually have an experience where those frictions are removed. Then they have a really hard time going back to the old way.
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By this logic banks putting garbage mortgages in their CDOs and having them AAA rated wasn’t scamming either. It’s just that they also got scammed when the market crashed! Oh, wait, they got bailed out.
I can see hashtags like this start circulating shortly. #NoBailoutsForCrypto
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This could also include GPUs, Asics, and other mining equipment which given the upcoming ETH merge should be amortized differently.
People are still mining LTC/BTC/DOGE et al, aren't they?