Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

barrons.com

Post reply on HN
Print view View original

161–170 of 362 posts

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

#161

Post by jevgeni »

epolanski wrote: post #33
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.

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.…

if it has a price, it has value.

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

#162

Post by jack_pp »

epolanski wrote: post #33
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.

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 clone HN, or any number of things but they'll have little or no value just because of user adoption

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

#164

Post by jbverschoor »

eftychis wrote: post #135
epolanski wrote: post #33

Earlier quoted context omitted.

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 buy oil with USD. P.S. Currencies allow you to exchange debt obligations with entities you don't know and for certain entities to issue debt. P.S.2 I think you should formally define your denotation of value, as you do not seem to follow the usual definition. Same for price.

For now.. until it’s not the dollar anymore

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

#165

Post by danbruc »

Canada wrote: post #47
gerdesj wrote: post #30

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…

> I minted nearly 1 BTC rather a lot of years ago and it vanished with a Pentium II to III upgrade (or similar). How did you do that?

You did not even have to mine them, you could just enter an address and get 5 BTC [1].

[1] https://web.archive.org/web/20100703032414/http://freebitcoi...

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

#166

Post by Nursie »

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.

> On the other hand, if I were a bank, bitcoin presents a compelling argument. The supply is finite.

The supply of most cryptocurrencies is finite. That in itself is completely meaningless.

> Disclaimer: I don't own any crypto or bitcoin.

Nor have you read about many of them, then?

'finite' bitcoin is also only finite by consensus, as are all the rules around it. As emission continues to decline, it's entirely possible the ecosystem could change the rules.

And that's before we talk about what 'finite' means in the context of forks, be they source-code forks that spin up a new chain with an all-new supply of pretty much the exact same thing, or chain forks that instantly create new cryptocurrencies with the same history as the existing one.

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

#167

Post by Nursie »

britneybitch wrote: post #109
legutierr wrote: post #104

Earlier quoted context omitted.

> But bitcoin, for the first time in history, sets monetary policy in stone There’s nothing preventing Bitcoin miners from modifying the Bitcoin supply algorithm and inflation rate, except for their collective unwillingness to do so. Bitcoin block rewards go down over time in Bitcoin terms—but so far the long term trend has been that the rewards have gone up in USD terms. We have never seen a sustained, long-term dec…

To change the algorithm, all three of miners, users, and nodes would have to agree to the change. If there is any disagreement, the network continues running under current consensus rules. In fact, a majority of miners did try to strongarm a fork 5 years ago, and they failed, because the users did not agree. There was even been a book written about it. https://www.amazon.com/Blocksize-War-controls-Bitcoins-proto... I…

Users don't really matter all that much, miners and exchanges are the only parties that really matter these days.

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

#168

Post by bonestamp2 »

dijit wrote: post #15
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.

>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…

Nobody said it would be more compelling than gold or fiat. Even if it's less compelling than both, banks still like to diversify.

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

#169

Post by gombosg »

jack_pp wrote: post #162
epolanski wrote: post #33

Earlier quoted context omitted.

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 clone HN, or any number of things but they'll have little or no value just because of user adoption

Absolutely, see all the Github and Stackoverflow clones polluting search results all over the web. :D

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

#170

Post by Nursie »

93po wrote: post #129
eli wrote: post #10

Earlier quoted context omitted.

Lol a compelling argument for what? Like as an investment?

Compelling against the US dollar which is "printed" by the trillions and is constantly losing value based on arbitrary decisions of people with effectively no accountability

Good job nobody's advising you to invest in dollars then!

FYI the 'trillions printed in the last two years!' line is a meme, not a reality, and those running the currency are accountable democratically, in a way that cryptobros are not.

Post reply on HN