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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

#211

Post by ivanche »

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.

Please send me all Deutsche Marks you have. I will then go to the Deutsche Bank and exchange them for Euros :)

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

#213

Post by surfingdino »

Sparkyte wrote: post #63

There is no reason to be invested in crypto. It is no more valuable than a trading card and the volatile nature of trading cards are equal part. Noone also needs to invest in something that has an unsure future. While people would argue that it is like investing in stocks that crypto is the new Apple stocks of 80s. It simply isn't that stocks come with volatility but you own a share of the company as in you own that…

Yet banks do not close accounts of people selling, buying, designing, or printing trading cards, do they?

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

#214

Post by Broken_Hippo »

surfingdino wrote: post #210

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…

That isn't the bank's problem, nor is it new.

In the US, you are supposed to pay taxes on any profit, even if you don't get actual cash on it. Prizes from The Price is Right? You gotta have the cash for taxes.

If illegal gains aren't exempt, I don't see a reason to exempt crypto. If you can't afford the tax, don't buy. (FWIW, they don't give you the price is right prizes unless you have cash upfront. Not getting the prize is you being poor or being tricked. I view crypto similarly.)

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

#215

Post by shapefrog »

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

The thing is banks dont have lots of their own money, why would they give a shit about the value of the unit they do their accounting in?

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

#216

Post by jevgeni »

tnel77 wrote: post #80
strangattractor wrote: post #60

Earlier quoted context omitted.

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?

Yes, let's focus on the *positive* returns of Enron, you guys.

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

#217

Post by shapefrog »

jsemrau wrote: post #3

Anecdotal evidence: Friends of mine tried to open up a corporate bank account in Singapore for their crypto-business. Doesn't go too well.

Anecdotal evidence: I tried to open up a personal bank account in Singapore for myself. Doesn't go too well.

And that was with a bank that I have a private banking relationship in 6 countries already...

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

#218

Post by smcl »

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.…

> This idea that being scarce implies value makes no sense

You’re putting words into their mouth, they didn’t say scarcity was important at all. They said that it was compelling the supply was finite. We can only guess what they meant since the comment didn’t elaborate, but they maybe meant that if there’s known, fixed quantity of BTC in existence there’s no chance of a big surprise quantity of BTC appearing from nowhere, and causing a price crash (like the Spanish mining silver in South America eventually did for the price of silver).

Personally I don't find that very convincing (BTC price already fluctuates wildly and there are enormous BTC “deposits” that could suddenly cause a crash if they were used) but maybe that's not what was meant either. Either way, I don't think projecting a non-obvious meaning onto this comment and using it lecture people on price-vs-value is very persuasive.

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

#219

Post by ozim »

renewiltord wrote: post #189
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.

I disagree. Crypto was the sort of thing you might hear about from a cabbie or at the barber shop. It was definitely something for the normal person on the street. In fact, that was used as a common sell signal with people quoting the "When your shoeshine boy gives you stock tips" stuff.

I just wanted to add perspective that for these cabbies and normal people it was gambling.

It was not “get free from the government” it was not about convenience of digital payments or whatever crypto promise was there.

For normal people it was get rich quick scheme and that is why advertising was so annoying.

I agree with parent comment - in the end it never really mattered for normal people.

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

#220

Post by jbverschoor »

chii wrote: post #196
jbverschoor wrote: post #164

Earlier quoted context omitted.

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.

I'm not from or in the US, and I don't get paid from a US company. I'll get popcorn and enjoy the show
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