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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

#321

Post by comte7092 »

ls15 wrote: post #262
tsimionescu wrote: post #260

Earlier quoted context omitted.

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.

The average person has no idea what you’re talking about when you say you have to hold your own keys, and would be absolutely screwed if/when they lost them.

Getting locked out of your own crypto wallet is a much more significant threat than government seizure for 99% of the global population.

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

#322

Post by 93po »

Nursie wrote: post #170
93po wrote: post #129

Earlier quoted context omitted.

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

Good job nobody's advising you to invest in dollars then! FYI the 'trillions printed in the last two years!' line is a meme, not a reality, and those running the currency are accountable democratically, in a way that cryptobros are not.

> those running the currency are accountable democratically

Except they can't be fired, and there's absolutely zero pressure for a presidential candidate/sitting president to hold this person accountable.

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

#323

Post by aaronwalker »

ilammy wrote: post #307
aaronwalker wrote: post #178

Earlier quoted context omitted.

> the masses aren't interested in this Having a store of value is in fact appealing to the masses, especially those with weak national currencies. We know this because the rates of crypto adoption are highest in developing nations, where national currencies are not as strong. Yes, the possibility of making a lucrative investment is also appealing, and is what's driving most of its current growth, but as BTC settles i…

> they have to store some of it somewhere. This is one of the uses of currencies Currency is for current things. You don’t store wealth in currency. Even in poor countries wealthy people store wealth in assets, be it real estate, businesses, cars, or cattle. Only poor people store their “wealth” in currencies, because they can’t afford any assets. > there is no incentive for people to keep pouring money into it, so i…

> * You don’t store wealth in currency. *

Do you have a bank account with money in it? If so you are using currency as a store of value. This is a very common use case.

> Only poor people store their “wealth” in currencies

So are we just dismissing the needs of poor people then?

> the value will not increase, but rather rapidly decrease.

So a testable prediction would be come back to this and ten years, look at the price of Bitcoin, and see who was right.

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

#324

Post by aaronwalker »

Symbiote wrote: post #276
kavalg wrote: post #267

Earlier quoted context omitted.

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 :) ).

So the use case is evading tax, money laundering etc. Glad we got to the point eventually.

> evading tax, money laundering etc.

And evading oppressive governments. Disobeying the law is not always a "bad" thing.

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

#325

Post by aaronwalker »

kavalg wrote: post #267
zirgs wrote: post #207

Earlier quoted context omitted.

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 :) ).

> * I would assume that the same would apply for gold above some reasonable value (e.g. a really big gold necklace :) ).*

Whereas with Bitcoin, it is much more difficult to confiscate it because it's purely information. You might be trusting the manufacturer of a hard wallet to protect the privacy of your seed phrase, but once you memorize it no one can forcibly take it from you.

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

#326

Post by astrange »

hem777 wrote: post #252
astrange wrote: post #29

Earlier quoted context omitted.

A bank run isn't a systemic risk to the banking system because we have the FDIC.

You may not remember 2008, but banks are absolutely, massively, a systematic risk to everyone, everywhere.

And nobody lost their deposits!

Bank regulations have completely changed since then, so if anything we'll get new problems.

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

#327

Post by strangattractor »

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?

They likely saw the $65K and listened to all the people that said it was going to $100K and never sold - watching it plummet. The "what if" scenario is pretty useless considering the entire point of any currency is to maintain value - which allows the predictable purchase of things creating an efficient market.

One of the original arguments for BitCoin was that it would maintain it's value during inflationary periods - clearly something it has not achieved. The justification for BitCoin seems to be a moving target - depending on whatever the perceived problems are - Dr BitCoin's economic cure all.

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

#328

Post by NBJack »

ls15 wrote: post #270
cocoland2 wrote: post #266

Earlier quoted context omitted.

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.

Emigration is a serious and non-trivial matter. Do you have any idea on how expensive, and in many cases risky, it is?

https://money.cnn.com/2017/05/08/investing/china-eb5-visa-tr...

https://www.propublica.org/article/operation-fox-hunt-how-ch...

https://www.reuters.com/investigates/special-report/china-ui...

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

#329

Post by tnel77 »

xigoi wrote: post #274
tnel77 wrote: post #111

Earlier quoted context omitted.

What are the associated costs with those services?

Probably lower than with Bitcoin.

Really? I wasn’t aware you could send $1k for Pennie’s like you can with Bitcoin. Very cool!

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

#330

Post by tnel77 »

zirgs wrote: post #192
tnel77 wrote: post #74

Earlier quoted context omitted.

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.

You don’t have to use an exchange to send a cryptocurrency. I personally use them to buy crypto, but then I send my assets to a hardware wallet asap. From there, you can send it anywhere you’d like.
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