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Or it's just an environmental disaster and the biggest vehicle for fraud in the last 10 years.
The number of banks willing to do business with the crypto industry is shrinking
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Re: The number of banks willing to do business with the crypto industry is shrinking
#12[flagged]
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Re: The number of banks willing to do business with the crypto industry is shrinking
#13A worrisome title.
https://www.businesswire.com/news/home/20230109005186/en/
The Company expects minimal financial impact from the exit of this vertical. MCB currently has four active institutional crypto-asset related clients that in the aggregate currently account for approximately 1.5% of total revenues and 6% of total deposits. MCB’s relationships with these clients are limited to providing debit card, payment and account services.
The Company has no loans outstanding to any of these clients, does not hold crypto-assets on its balance sheet and does not market or sell crypto-assets to its customers.
Mark R. DeFazio, President and CEO of MCB. “Crypto-related clients, assets and deposits have never represented a material portion of the Company’s business and have never exposed the Company to material financial risks.
Seems like this experiment never brought anything but account maintenance fees and they simply revised regulatory risks after FTX noise. A “deep liquidity” which was left unused for years.
But “Banks Are Fleeing” makes a better headline indeed.
Re: The number of banks willing to do business with the crypto industry is shrinking
#14[flagged]
Certain people take issue with financial privacy, and not being able to regulate other people’s wallets.
Re: The number of banks willing to do business with the crypto industry is shrinking
#15If I were a bank, I'd stay far away from any non-bitcoin cryptos that I'm not an issuer of. Why would I want to own a coin that someone else is able to freely devalue, in addition to conventional currencies? On the other hand, if I were a bank, bitcoin presents a compelling argument. The supply is finite. Disclaimer: I don't own any crypto or bitcoin.
>if I were a bank, bitcoin presents a compelling argument. The supply is finite.
Do you think that the most important thing about the value of something is the finite supply of it?
Fiat currency is theoretically infinite since we abolished the gold standard, but seems to be compelling.
Why would bitcoin be more compelling than gold (a finite store of wealth) or fiat currency (a fluctuating/volatile/infinite store of wealth)
Re: The number of banks willing to do business with the crypto industry is shrinking
#16[flagged]
Can you short-sell bitcoin?
Re: The number of banks willing to do business with the crypto industry is shrinking
#17[flagged]
I just prefer old fashioned ponzi schemes like Agway and Herbalife
Re: The number of banks willing to do business with the crypto industry is shrinking
#18Cryptonomics?
Re: The number of banks willing to do business with the crypto industry is shrinking
#19If I were a bank, I'd stay far away from any non-bitcoin cryptos that I'm not an issuer of. Why would I want to own a coin that someone else is able to freely devalue, in addition to conventional currencies? On the other hand, if I were a bank, bitcoin presents a compelling argument. The supply is finite. Disclaimer: I don't own any crypto or bitcoin.
>if I were a bank, bitcoin presents a compelling argument. The supply is finite. Do you think that the most important thing about the value of something is the finite supply of it? Fiat currency is theoretically infinite since we abolished the gold standard, but seems to be compelling. Why would bitcoin be more compelling than gold (a finite store of wealth) or fiat currency (a fluctuating/volatile/infinite store of…
You can own both gold and Bitcoin. At a minimum unless you think those who think bitcoin is ultimately worthless are right, it’s a way to diversify a gold-like asset class along the axis they are similar.