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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

#71

Post by DonHopkins »

stephc_int13 wrote: post #56

I have the feeling that this crypto winter is different than the previous ones. I think that we're finally reaching a critical mass of people understanding the nature of the proposition.

It's just like the Scientology Winter.

Nobody could stop Scientology until South Park did a series of episodes about them.

And South Park recently did a number on NFTs and crypto currencies a year ago:

Crypto Curious - SOUTH PARK: POST COVID: THE RETURN OF COVID

https://www.youtube.com/watch?v=N8f-BQFo7lw

>Vic Chaos presents a proposal on the potential of selling NFTs to Denny's Applebee's Max customers.

Re: The number of banks willing to do business with the crypto industry is shrinking

#72

Post by toinewx »

givemeethekeys wrote: post #9

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.

> The supply is finite

Until It isn't.

Miners will one day decide to hardfork bitcoin to increases the mining rewards, hence increasing the supply. They will of course need to prepare the narrative, and say "it is for the good of bitcoin".

It might be in 10 years, or in 50 years. But on a long enough time-scale, you can be sure of one thing: Bitcoin will change, because it's man-made and because it's mutable/forkable.

Re: The number of banks willing to do business with the crypto industry is shrinking

#73

Post by shkkmo »

Octokiddie wrote: post #61

> The problem, in a nutshell, is that for Bitcoin and other digital assets to have any chance of becoming mainstream, banks—with their access to deep sources of liquidity and experience in facilitating payments—will have to be on board. For the time being, they’re running in the opposite direction. What does Bitcoin "becoming mainstream" look like specifically? The article doesn't offer anything - not even a link. Le…

We've heard that argument for a decade now, cryptocurrency has still failed to find any use cases besides speculation an law breaking.

Banks have experience maintaining trust and not losing customer deposites. Cryptocurrency is struggling with this and I haven't seen any evidence of any radical new approaches to mitigate these issues.

Re: The number of banks willing to do business with the crypto industry is shrinking

#74

Post by tnel77 »

xwdv wrote: post #48
tnel77 wrote: post #23

Earlier quoted context omitted.

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.

What would a family even do with bitcoin or a chunk of gold?

In the USA? Not much. Bitcoin is a decent choice for sending your money across borders though! It could also be a gift if you think holding it long-term would be valuable. I remember my grandma buying me bank bonds as a kid for the same reason.

Re: The number of banks willing to do business with the crypto industry is shrinking

#75

Post by britneybitch »

Animats wrote: post #64
Octokiddie wrote: post #61

> The problem, in a nutshell, is that for Bitcoin and other digital assets to have any chance of becoming mainstream, banks—with their access to deep sources of liquidity and experience in facilitating payments—will have to be on board. For the time being, they’re running in the opposite direction. What does Bitcoin "becoming mainstream" look like specifically? The article doesn't offer anything - not even a link. Le…

> Let's say it's 1974 and you're writing an article about the desktop computer "becoming mainstream". What does that look like exactly to you? I'm guessing it doesn't look anything like the last 30 years. Not even close. Sure it does. Read Alan Kay's "Personal Dynamic Media". His vision of the ultimate personal computer was what today we'd consider a very bulky laptop.

Alan Kay was one of the few people in 1974 qualified to make predictions about computers. I'd compare that to Andreas Antonopoulos making predictions about bitcoin in 2011. I wouldn't trust your average journalist's predictions in either situation.

Re: The number of banks willing to do business with the crypto industry is shrinking

#76

Post by meowkit »

Animats wrote: post #64
Octokiddie wrote: post #61

> The problem, in a nutshell, is that for Bitcoin and other digital assets to have any chance of becoming mainstream, banks—with their access to deep sources of liquidity and experience in facilitating payments—will have to be on board. For the time being, they’re running in the opposite direction. What does Bitcoin "becoming mainstream" look like specifically? The article doesn't offer anything - not even a link. Le…

> Let's say it's 1974 and you're writing an article about the desktop computer "becoming mainstream". What does that look like exactly to you? I'm guessing it doesn't look anything like the last 30 years. Not even close. Sure it does. Read Alan Kay's "Personal Dynamic Media". His vision of the ultimate personal computer was what today we'd consider a very bulky laptop.

Link for the curious. http://augmentingcognition.com/assets/Kay1977.pdf

It's a neat read, from 1977 to be pedantic. It does miss networking - the DynaBook misses the forest for the trees in that it is a personal computer that doesn't account for the advent of the internet and how PCs/smartphones are a communication tool right after being a fancy calculator at their core.

In a sense that's an apt description for how a lot of people view crypto - they see it as purely a currency network, but don't realize its much more than that.

Re: The number of banks willing to do business with the crypto industry is shrinking

#77

Post by bufferoverflow »

TedDoesntTalk wrote: post #68
Octokiddie wrote: post #61

> The problem, in a nutshell, is that for Bitcoin and other digital assets to have any chance of becoming mainstream, banks—with their access to deep sources of liquidity and experience in facilitating payments—will have to be on board. For the time being, they’re running in the opposite direction. What does Bitcoin "becoming mainstream" look like specifically? The article doesn't offer anything - not even a link. Le…

> What does Bitcoin "becoming mainstream" look like specifically? Just like your desktop computer analogy, it looks like Grandma using Bitcoin in an everyday, mundane way like paying the electric bill.

Euro and Yuan are mainstream, but I haven't bought either in years.

Re: The number of banks willing to do business with the crypto industry is shrinking

#78

Post by seltzered_ »

Octokiddie wrote: post #61

> The problem, in a nutshell, is that for Bitcoin and other digital assets to have any chance of becoming mainstream, banks—with their access to deep sources of liquidity and experience in facilitating payments—will have to be on board. For the time being, they’re running in the opposite direction. What does Bitcoin "becoming mainstream" look like specifically? The article doesn't offer anything - not even a link. Le…

I'm guessing mainstream means that it's enough that traditional finance has had to deal with requests to invest in it to some degree. https://michaelwgreen.substack.com/p/do-not-buy-this-etf-1e8... (May 2021, Michael Green of Simplify) sorta touches on this.

Re: The number of banks willing to do business with the crypto industry is shrinking

#79

Post by epolanski »

defrost wrote: post #62
epolanski wrote: post #45

Earlier quoted context omitted.

Let's compare a highly valuable and needed metal with 6000+ years of history as a solid investment, with...cryptocurrencies and their proven record of having no real life utility but lots of speculation. Makes sense.

> Let's compare a highly valuable and needed metal with 6000+ years of history as a solid investment Hi, I've worked in the global mineral exploration industry for decades, both as a mine worker, an exploration geophysicist, and as a compiler of a global DB that now backends the S&P mineral intelligence division. Let's clear up some things about gold. 1) It's valuable because it's valued .. That's pretty much it, it'…

I don't understand how does that relates to calling a cryptocurrency a gold-like asset.

There's nothing in the world with such a long history of a solid investment that goes back to ancient times on a global scale.

Re: The number of banks willing to do business with the crypto industry is shrinking

#80

Post by tnel77 »

strangattractor wrote: post #60
xwdv wrote: post #48

Earlier quoted context omitted.

What would a family even do with bitcoin or a chunk of gold?

Chunk of gold - go down to the local gold broker pay a fee to get dollars. Bitcoin - pay a fee to get it exchanged for dollars so that you can buy something before it loses it's value ($60K -> $17K). Or just use dollars.

What if they were on the other side of the bull run where it went $3.5k -> $65k? Why only focus on the maximum loss scenario?
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