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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

#221

Post by bawolff »

wardedVibe wrote: post #186
bawolff wrote: post #145

Earlier quoted context omitted.

> On the other hand, if I were a bank, bitcoin presents a compelling argument. The supply is finite. Finiteness is a neccesary but not sufficient condition for something to be valuable. Lots of things are finite that are stupid investments. Its not like banks are investing in vintage comic books.

Finiteness is not even necessary for value (ideas being the go-to example). Its necessary for a price (actually non-finite things are free, assuming they're produced in a free market).

I don't know that ideas are really the best example. Most of the valuable ones (in the money-sense) are valuable more due to the person attached to them, and their ability to implement the idea or improve on it.

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

#222

Post by zirgs »

andirk wrote: post #171
legutierr wrote: post #148

Earlier quoted context omitted.

While the block reward remains high in USD terms, I think you’re right with regards to the power balance. But if the reward falls low enough—which very well might happen, if the price of Bitcoin stagnates and if transaction fees stay low—then there won’t be enough miners to secure the network without some kind of change to the algorithm. The Bitcoin Cash fork happened when prices were rising and the inflation rate wa…

Isn't it that the less miners, the lower the difficulty therefore each miner that continues to mine will win the block reward more often because of less competition? The security issue with less miners is the whole 51% attack, but even with a substantial drop in miners, it would still mean the attacker would need many thousands of nodes. Seems like that kind of energy and spend would be more profitable mining.

51% attacker has the ability to block any transaction. The whole selling point of Bitcoin is that nobody can do that.

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

#223

Post by tromp »

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.

Finite supply is overrated [1].

[1] https://john-tromp.medium.com/a-case-for-using-soft-total-su...

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

#224

Post by jamiegreen »

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.

It never mattered if you live in a country with a stable currency and access to modern financial services. If that is you, you are in a very small minority of the world population. For the rest of the world, there seems to be some value...

https://blog.chainalysis.com/reports/2021-global-crypto-adop...

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

#225

Post by tromp »

smcl wrote: post #218
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.…

> 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 no…

> there’s no chance of a big surprise quantity of BTC appearing from nowhere

Like from Satoshi's huge stash?

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

#226

Post by edem »

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.

> Why would I want to own a coin that someone else is able to freely devalue

The same stands for USD and any other fiat currency. All of which are being debased right now.

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

#227

Post by joyfylbanana »

ozim wrote: post #219
renewiltord wrote: post #189

Earlier quoted context omitted.

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.

Though for many normal people it was also about buying drugs online which could be seen as "get free from the government" kind of thing

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

#228

Post by oblio »

jamiegreen wrote: post #224
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.

It never mattered if you live in a country with a stable currency and access to modern financial services. If that is you, you are in a very small minority of the world population. For the rest of the world, there seems to be some value... https://blog.chainalysis.com/reports/2021-global-crypto-adop...

People keep harping about that.

Let's say I'm some sort of Ion Trașcă from Moldova.

My country's in shambles, I need to buy and pay for stuff using crypto.

How can I do that? Are there simple to use apps to set things up from the start and then use crypto? UI/fully visual, I don't want to touch ANY scary command line. How do I or who manages my keys?

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

#229

Post by smcl »

tromp wrote: post #225
smcl wrote: post #218

Earlier quoted context omitted.

> 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 no…

> there’s no chance of a big surprise quantity of BTC appearing from nowhere Like from Satoshi's huge stash?

Precisely - there's a chance Craig Wright's bonded courier shows up with the missing pieces that allow him to produce the key necessary to access them ;) Hence:

> there are enormous BTC “deposits” that could suddenly cause a crash if they were used

Of course that Craig Wright thing was a hastily cobbled together lie he came up with based on Back To The Future, but there's still the outside chance the real "Satoshi" could show up and do something.

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

#230

Post by postexitus »

njarboe wrote: post #179
asdff wrote: post #142

Earlier quoted context omitted.

What in particular does TSLA do that makes it worth more than toyota, honda, and ford combined in market cap?

They produced 20 times more fully electric vehicles than toyota, honda, and ford combined in 2022. Tesla produced about 1.4 million all electric vehicles in 2022 with a growth rate of about 40%.[1] Toyota:1220 (The BZ4X is the only full electric sold in 2022)[2] Honda: I don't think they sell any all electric cars right now. None on this list[3]. Ford about 65 thousand.[4] [1] https://www.cnbc.com/2023/01/02/tesla-ts…

and Toyota sold an infinite times of hybrids than Tesla, which are more profitable, accessible, affordable. Your point?
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