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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

#191

Post by Geee »

Sargos wrote: post #100
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.

> I think that we're finally reaching a critical mass of people understanding the nature of the proposition. Most people have only heard of Bitcoin and think crypto is about sending digital gold coins to people. That hasn't been relevant in years and the crypto industry moved on from Bitcoin half a decade ago and pretty much all of the development and activity happens on Ethereum. Most people have never heard of Ethe…

Oh man, stop shilling. Ethereum is a stupid idea and responsible for the most amount of financial scamming in human history. That's what it's good for, nothing else. All the grifters and scammers moved onto Ethereum, if that's what you mean by "crypto industry".

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

#192

Post by zirgs »

tnel77 wrote: post #74
xwdv wrote: post #48

Earlier quoted context omitted.

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.

I have sent money across borders countless times and it arrived just fine. No need to give my money to shady exchanges like FTX.

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

#193

Post by dsco »

windex wrote: post #110

So many HODLers in this thread. For the normal person on the street, Bitcoin or Crypto never mattered. The endlessly breathless PR was irritating. Whatever happens, this wont be missed.

Great take. I never see this type of anti-crypto sentiment on HN. What does it feel like to be a contrarian?

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

#194

Post by [deleted] »

Nursie wrote: post #167
britneybitch wrote: post #109

Earlier quoted context omitted.

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.

[deleted]

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

#196

Post by chii »

jbverschoor wrote: post #164
eftychis wrote: post #135

Earlier quoted context omitted.

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

> until it’s not the dollar anymore

which you'd better hope is not within your life time, because the implications is that the US has fallen, and that a new world order would've taken over. It is unlikely that you, as a citizen of the west (presumably) is going to fare as well as you are today.

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

#197

Post by throwawayxy1 »

nlitened wrote: post #177
throwawayxy1 wrote: post #150

India's 6 year old UPI does 7B transcations per month. Its used by all classes. Crypto is pathetic in comparison

How many transactions per months does UPI support for people who are banned from the system or whose assets are frozen?

[flagged]

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

#198

Post by danmaz74 »

epolanski wrote: post #70
wayeq wrote: post #49

Earlier quoted context omitted.

> - currencies (wheter fiat or crypto) have no value. You can't do anything with them You can pay taxes to stay out of jail with fiat, which seems desirable.

The example you've chosen reiterates that currencies have a price (letting you out), not a value. If you had only Deutsche Marks to pay would that help you avoid prison? No. Because they have no value, same as USD, on top of that, they have no price either because there's no demand for Deutsche Marks.

Food allows me to stay alive -> it has value for me

Legal tender of the country I live in allows me to pay taxes and stay out of jail -> it has value for me

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

#199

Post by rax0m »

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.…

Scarcity has driven value before [0]. And the more scarce, then more valueable. This being combined with other characteristics necessary to be money: Divisibility, fungibility, salibility across time and space.

Some examples: wampum seashells, mammoth ivory beads, glass beads. None of these have "intrinsic" value.

By the way, the main point of the article I linked is that since humans like to collect random, valueless things (like seashells on the beach) then there must exist an evolutionary explanation for that. Meaning, the behavior must have been selected for.

[0]: https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/C...

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