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If 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.
Anecdotal evidence: Friends of mine tried to open up a corporate bank account in Singapore for their crypto-business. Doesn't go too well.
Hodlnaut is in Singapore. Makes sense banks there would want to avoid crypto companies after this huge failure. https://en.m.wikipedia.org/wiki/Hodlnaut
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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.
Anecdotal evidence: Friends of mine tried to open up a corporate bank account in Singapore for their crypto-business. Doesn't go too well.
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>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.
Anecdotal evidence: Friends of mine tried to open up a corporate bank account in Singapore for their crypto-business. Doesn't go too well.
I 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 so…
How did you do that?
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>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.
If 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.
How being the supply finite is relevant? This idea that being scarce implies value makes no sense. You realize we can go on github and setup a bitcoin network too, we call it BitcoinYC, our coins have the same properties of bitcoins, why would that have a value? Please repeat with me: - currencies (wheter fiat or crypto) have no value. You can't do anything with them, maybe watch dead national heroes printed or them.…
You can pay taxes to stay out of jail with fiat, which seems desirable.
My fear is that eventually people will star loosing holding over cryptos and banks will star to buy them very cheap, so they will control the supply and not people. once again banks having the full grip.