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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

#261

Post by blackoil »

nwah1 wrote: post #136
godzillabrennus wrote: post #120

Earlier quoted context omitted.

How is the US dollar not a digital currency as-is? I can put physical money into anything that is a bank in the states and get dollars to spend digitally…

Banking is digital, and thus functionally money in general is digital and has been since the 60s. The dollar itself is physical. No central banks are proposing the use of a blockchain, as that would be a completely ridiculous and counter-productive thing to do. But some are investigating good old-fashioned centralized ledgers that work, can scale, are cheap to run, have reversibility, have fraud protection, have iden…

> The dollar itself is physical.

That's not true in practice. Dollar may exist in physical form but most of them or any currency exist in purely digital world. When Fed announces a trillion dollar stimulus, printing press don't go burrr. They just make some entries in computer an a trillion dollars are created.

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

#262

Post by ls15 »

tsimionescu wrote: post #260
ls15 wrote: post #249

Earlier quoted context omitted.

> EU In 2013 the government of Cyprus decided to seize money directly from people's bank accounts. I would not call that stable. https://www.theatlantic.com/business/archive/2013/03/everyth... > China In 2022, when some Chinese banks decided to freeze depositors accounts for shady reasons and debitors planned to protest the issue, authorities used Covid codes to block them from accessing the banks. That also does not…

You're speaking as if the second largest crypto exchange hasn't just collapsed, and had turned out to be stealing all of its customers' money.

That's not the point. Everyone knows that crypto is full of scams and everyone tells you that you are supposed to hold your own keys instead of leaving coins on an exchange. Almost nobody tells you that keeping coins on an exchange is good practice.

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

#263

Post by mrtksn »

thepangolino wrote: post #259
mrtksn wrote: post #245

Earlier quoted context omitted.

This is a complete BS, currently I'm in a country with very unstable currency that lost so much value during the last 2 crypto booms(2017, 2021) and I know what actually happened on the ground. Crypto adoption is indeed high, much more than the western world but people are not in it to protect themselves from a volatile exchange rates but because they are desperate for a side hustle to make the ends meet. Those who a…

Providing banking services to people who are unbanked for political reasons is one of the main advantages of crypto imho. This is something you can get hit by in so called democratic countries as Canada demonstrated last year. https://www.businessinsider.com/trudeau-canada-freeze-bank-a...

This is not true at all. If the government doesn't want you to do something with your money its only a matter of time to catch up.

So you got untouchable by the banks because you participated in a political uprising that failed? You think that crypto will save you? Think again because it's only matter of time before the government makes it illegal to accept payments from that alternative payment method or from you directly.

The only thing that works is hard cash. The electronic stuff don't work because they by design work by bookkeeping(remember the ledger on the blockchain) and when there is a bookkeeping there are ways to trace and prevent. Oh you will use a coin tumbler? Money that went through it automatically becomes unusable. You will use somethingprivacy oriented like Monero? If the origin is untraceable its illegal.

Laundering money is getting harder every day. It doesn't matter if you agree or disagree with the motives, if you live in a society that agreed on how the society should work and they decided that certain activities are legal and certain taxes must be paid you will squeezed out. The wealthy are still finding ways but the wealthy are not unbanked, they set up shell corporations, move cash with private jets etc. Crypto was another opportunity but once it become large enough it got noticed.

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

#264

Post by WinstonSmith84 »

tsimionescu wrote: post #260
ls15 wrote: post #249

Earlier quoted context omitted.

> EU In 2013 the government of Cyprus decided to seize money directly from people's bank accounts. I would not call that stable. https://www.theatlantic.com/business/archive/2013/03/everyth... > China In 2022, when some Chinese banks decided to freeze depositors accounts for shady reasons and debitors planned to protest the issue, authorities used Covid codes to block them from accessing the banks. That also does not…

You're speaking as if the second largest crypto exchange hasn't just collapsed, and had turned out to be stealing all of its customers' money.

You're speaking as if gambling with other people's money was something new https://www.independent.org/publications/tir/article.asp?id=...

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

#265

Post by ls15 »

oblio wrote: post #256
ls15 wrote: post #249

Earlier quoted context omitted.

> EU In 2013 the government of Cyprus decided to seize money directly from people's bank accounts. I would not call that stable. https://www.theatlantic.com/business/archive/2013/03/everyth... > China In 2022, when some Chinese banks decided to freeze depositors accounts for shady reasons and debitors planned to protest the issue, authorities used Covid codes to block them from accessing the banks. That also does not…

If a government decides you'll get a haircut, you'll get one, even if they have to take out the sheep shears to do it.

The Cypriots who preferred to store their cash in their pillow did not get the haircut though.

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

#266

Post by cocoland2 »

WinstonSmith84 wrote: post #257
ls15 wrote: post #249

Earlier quoted context omitted.

> EU In 2013 the government of Cyprus decided to seize money directly from people's bank accounts. I would not call that stable. https://www.theatlantic.com/business/archive/2013/03/everyth... > China In 2022, when some Chinese banks decided to freeze depositors accounts for shady reasons and debitors planned to protest the issue, authorities used Covid codes to block them from accessing the banks. That also does not…

You forgot the truckers in Canada last year

The government has the ultimate say!, what happens if they order all ISP's to stop traffic to BTC trading sites (or even shutdown internet if it wills) Solutions like the great firewall exists that constantly "learn" and will lock you out immaterial if the government decides so.So the argument that BTC / Crypto will take me to the moon (SafeMoon) is wishful thinking

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

#267

Post by kavalg »

zirgs wrote: post #207
aaronwalker wrote: post #182

Earlier quoted context omitted.

> * 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…

I don't think it is so simple. There is already a EUR 10k limit on the amount of cash that you can carry across EU border without declaring it. In case of violations the money may be confiscated. I would assume that the same would apply for gold above some reasonable value (e.g. a really big gold necklace :) ).

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

#268

Post by rullelito »

thepangolino wrote: post #259
mrtksn wrote: post #245

Earlier quoted context omitted.

This is a complete BS, currently I'm in a country with very unstable currency that lost so much value during the last 2 crypto booms(2017, 2021) and I know what actually happened on the ground. Crypto adoption is indeed high, much more than the western world but people are not in it to protect themselves from a volatile exchange rates but because they are desperate for a side hustle to make the ends meet. Those who a…

Providing banking services to people who are unbanked for political reasons is one of the main advantages of crypto imho. This is something you can get hit by in so called democratic countries as Canada demonstrated last year. https://www.businessinsider.com/trudeau-canada-freeze-bank-a...

And the people who got their bank accounts closed will move to using bitcoin and live their lives? I guess maybe 10 (non-homeless) people can do that. It seems like all of these crypto-bullish scenarios are made up by 20-year-olds without analytical ability and with very little adult life experience.

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

#269

Post by andirk »

zirgs wrote: post #222
andirk wrote: post #171

Earlier quoted context omitted.

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.

> The whole selling point of Bitcoin is that nobody can do that.

It is absolutely possible but not practical. The selling point of bitcoin in this regard is that the work needed to take over the network is relative to the size of the network.

You can 51% a small shitcoin all day. It might cost you $50,000 to do it and now you control a coin that has become worthless because it got hacked by you.

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

#270

Post by ls15 »

cocoland2 wrote: post #266
WinstonSmith84 wrote: post #257

Earlier quoted context omitted.

You forgot the truckers in Canada last year

The government has the ultimate say!, what happens if they order all ISP's to stop traffic to BTC trading sites (or even shutdown internet if it wills) Solutions like the great firewall exists that constantly "learn" and will lock you out immaterial if the government decides so.So the argument that BTC / Crypto will take me to the moon (SafeMoon) is wishful thinking

If your government decides to kill the internet, I think that's a very good reason to try to emigrate. The fact that China is doing it, may make them look powerful, but it also makes them look tyrannical.
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