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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

#201

Post by epolanski »

Ferret7446 wrote: post #113
epolanski wrote: post #79

Earlier quoted context omitted.

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.

They're saying that gold is a cryptocurrency-like asset. Gold's value is primarily that looks cool and it serves as proof of work: the work of finding, mining, and processing it. So basically, cryptocurrency (i.e. proof of work limited shiny token) has "a long history of a solid investment that goes back to ancient times on a global scale"

Gold's value stems from its unique properties as a metal and of its scarcicity.

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

#202

Post by epolanski »

jevgeni wrote: post #161
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.…

if it has a price, it has value.

Why would the two concepts be related.

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

#203

Post by nlitened »

throwawayxy1 wrote: post #197
nlitened wrote: post #177

Earlier quoted context omitted.

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

[flagged]

In 2022, 140 million people in Russia became criminals without trial, and got cut off from Visa, Mastercard and SWIFT within days.

I’d suggest normal people to worry about those things at least a little bit if they have families who depend on them, you don’t want to have all their savings locked up at once.

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

#204

Post by benced »

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 have a strong personal and moral conviction in favor of money-laundering so I’m pretty happy big banks are getting out of the crypto space.

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

#205

Post by givemeethekeys »

1vuio0pswjnm7 wrote: post #183
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.

You're a bank. Three of your regulators (a) Board of Governors of the Federal Reserve System (b) Federal Deposit Insurance Corporation (c) Office of the Comptroller of the Currency release a "Joint Statement on Crypto-Asset Risks to Banking Organizations". It contains the following text: "Based on the agencies current understanding and experience to date, the agencies believe that issuing or holding as principal cryp…

Rake in the $$ at the risk of paying a small fine?

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

#206

Post by TimJRobinson »

TheDudeMan wrote: post #155
aaronwalker wrote: post #143

Earlier quoted context omitted.

Both. There are ongoing developments in Decentralized Finance and Identity Networks on Ethereum that are reinventing more parts of the current financial system, as well as the shift to proof-of-stake that is making Ethereum more scalable and efficient. I focus on Ethereum just because it's the center of innovation in crypto nowadays. Bitcoin has only incrementally changed its software throughout the years and only ga…

Ethereum is not decentralized. Decentralization is the most important thing in a blockchain. The sooner everyone realizes that, the sooner we can start building momentum on the chains that are viable.

Based on what?

On almost every dimension Ethereum looks like the most decentralized network out there: Most nodes, most validators, most distribution of validators, most clients, most development teams, ease of making your own block.

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

#207

Post by zirgs »

aaronwalker wrote: post #182
int_19h wrote: post #174

Earlier quoted context omitted.

Thing is, if someone needs a store of value that's not controlled by the bank, gold is already there - and, for most people, it being physical is actually an advantage (easier to secure in a way that they can understand and verify). Then again, most people who hold crypto today, do so in third-party wallets on platforms like Coinbase. At which point the "gold equivalent" would be to buy gold certificates from your ba…

> * being physical is actually an advantage (easier to secure in a way that they can understand and verify). * Because gold is physical it is not easy to transport, and can more easily be seized by the government -- both of which make it a worse store of value. It is also worse because its supply growth rate is higher, which means that if you hold gold you are losing more value every year (absent changes in demand) t…

A tiny amount of gold costs a shitload of money. 1kg of gold costs around 60k eur. More than most people have in savings. No problems to transport something like that if you don't brag that you own it.

But the same applies to BTC. Telling others that you own a large amount of it is not a good idea. It can be stolen in various ways too. Like by an exchange that's owned by a trustworthy and altruistic billionaire.

It's been 14 years and BTC is not even close to mass adoption.

Even my mom knows what it is but has no need or interest to use it.

What would make "normies" switch to BTC if they haven't already?

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

#208

Post by zirgs »

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.

My mom knows what the Bitcoin is. She hasn't bought any and pays bills with euros instead.

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

#209

Post by top_sigrid »

monero-xmr wrote: post #31

3 years ago ETH was $100, today it's $1300, maybe we should all just wait and see before writing the obituary

It baffles me, that the people that are the most cryptocurreny-enthusiast are the ones most likely to confuse the proof for a _usecase_ of a technology with the sheer _price_ development a digital token on a completely volatile market.

What your comment says is that more people decided to pump money into a cryptocurrency over (completely biased chosen) x amount of time than people cashing out (if put differently one could definitely encorporate the terms of greater-fool or pyramid in this senetence).

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

#210

Post by surfingdino »

What is problematic with the banks' approach to crypto is that by closing accounts of companies or persons having something to do with crypto they are making it impossible to pay taxes. This is putting people and businesses in serious jeopardy of being prosecuted on the grounds of tax avoidance. I would love to know if such behaviour falls under anti-trust laws or may even be unconstitutional. Refusal of provision of services that may result in prosecution looks illegal to me, but I'd like to hear a lawyer's opinion.
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