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It's an environmental burden and we have plenty of those already, no need to invent more. Good riddance!
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
#22need quotes around "investors"
Re: The number of banks willing to do business with the crypto industry is shrinking
#23If 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…
I personally find Bitcoin much easier to send to family than a chunk of gold, and Bitcoin’s block reward results in a far more favorable inflation rate than many currencies. There’s more to money than these two aspects, but they are IMO solid positives for Bitcoin.
Re: The number of banks willing to do business with the crypto industry is shrinking
#24[flagged]
I made money in the crypto ponzi scheme. Glad it is on its way out.
Re: The number of banks willing to do business with the crypto industry is shrinking
#25[flagged]
It's an environmental burden and we have plenty of those already, no need to invent more. Good riddance!
Is Bitcoin worse for the environment than the banking sector? I know the banking sector handles more than just sending/receiving money (mortgages for example), but people act like the existing system is the poster child for the green movement.
Re: The number of banks willing to do business with the crypto industry is shrinking
#26Crypto is fleeing banks. Bank investors should be worried.
I vouched. This is a very valid concern, that was even recently mentioned in a paper from the Fed. Large crypto "banks", with large holdings in fiat banks, can cause huge outflows from those banks, upsetting their reserves balance. Essentially a crypto bank run can cause a fiat bank run. This couldn't be more true when you see examples like where FTX bought a small community bank. People pretending crypto only effect…
The number of fiat banks to crypto banks is in the realm of 10,000 to 1.
So yes a crypto bank could maybe cause a single fiat bank to fail but it would be isolated. And likely a very small bank.
The entire crypto industry could collapse tomorrow and there would be likely no systemic risk to the global financial system.
Re: The number of banks willing to do business with the crypto industry is shrinking
#27Re: The number of banks willing to do business with the crypto industry is shrinking
#28Re: The number of banks willing to do business with the crypto industry is shrinking
#29Crypto is fleeing banks. Bank investors should be worried.
I vouched. This is a very valid concern, that was even recently mentioned in a paper from the Fed. Large crypto "banks", with large holdings in fiat banks, can cause huge outflows from those banks, upsetting their reserves balance. Essentially a crypto bank run can cause a fiat bank run. This couldn't be more true when you see examples like where FTX bought a small community bank. People pretending crypto only effect…
A bank run isn't a systemic risk to the banking system because we have the FDIC.
Re: The number of banks willing to do business with the crypto industry is shrinking
#30I minted nearly 1 BTC rather a lot of years ago and it vanished with a Pentium II to III upgrade (or similar). Oh well! I probably ran up £5 of 'leccy back then minting it. I probably spent more on Folding@Home and the like.
For me the ledgers/blockchains and provability things are important but trying to fennangle a "value" out of thin air is a step too far. Even if that step involves a Norway MW Year.
Eventually something useful might come out of all of this but I don't think it will be a currency you can spend. In the meantime, the world burns or at least gets a bit more toasty.