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Swift payments network to cut access to crypto exchanges

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Re: Swift payments network to cut access to crypto exchanges

#31

Post by colesantiago »

Cypher wrote: post #25
colesantiago wrote: post #9

Good. The sooner crypto and these exchanges are cut off entirely the better. Nowadays, I don't see crypto used for payments at all anyway so it makes total sense.

If nobody used it, why would they need to cut it off? that doesn't make total sense.

> If nobody used it, why would they need to cut it off?

Low usage? Crypto's failure to be used as payments? Don't companies like Google and the like do this all the time when a technology fails to live up to expectations?

I see SWIFT cutting crypto off as a great thing.

Re: Swift payments network to cut access to crypto exchanges

#32

Post by gggggg5 »

cjensen wrote: post #27
gggggg5 wrote: post #26

Earlier quoted context omitted.

What does Binance routinely lie about?

Its assets. They claim to own so much commercial paper that they would be one of the top owners of the class, yet no one who sells paper for a living has heard of them. The kinds of audits it has had. The amount of regular money it has in the banks. And even lying so badly that basic fourth-grade math says that month-to-month reports from binance cannot be truth.[1] [1] https://www.kalzumeus.com/2022/11/11/tether-req…

>https://www.kalzumeus.com/2022/11/11/tether-required-recapit...

At no point does this blog post mention Binance, it discusses an entirely different cryptocurrency exchange.

Re: Swift payments network to cut access to crypto exchanges

#33

Post by dd36 »

notch656c wrote: post #20
martin8412 wrote: post #16

Earlier quoted context omitted.

Crypto is not a competitor to banks.

Crypto as a competitor to SWIFT is kind of interesting though. SWIFT is basically a fast international transfer. Crypto is actually pretty great for that because you can do a fast transfer against domestic crypt/fiat pairs and after the int'l crypto transfer dump back into fiat so the currency risk is relatively low. Using SWIFT / int'l fiat transfer to buy crypto makes no sense. In short cutting off SWIFT from crypt…

Or you can do that all in a database without the wasted energy.

Re: Swift payments network to cut access to crypto exchanges

#35

Post by dd36 »

colesantiago wrote: post #31
Cypher wrote: post #25

Earlier quoted context omitted.

If nobody used it, why would they need to cut it off? that doesn't make total sense.

> If nobody used it, why would they need to cut it off? Low usage? Crypto's failure to be used as payments? Don't companies like Google and the like do this all the time when a technology fails to live up to expectations? I see SWIFT cutting crypto off as a great thing.

Exactly. It costs money to support things.
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