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Second largest US mortgage lender will accept crypto payments this year

fxstreet.com

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Re: Second largest US mortgage lender will accept crypto payments this year

#101

Post by okwubodu »

ryan93 wrote: post #86
robot_no_419 wrote: post #84

You gotta love the HN crowd who finds a way to remain skeptical after cryptocurrency continues to occupy more and more ground in the financial world. Cryptocurrency continues to expand and grow by every conceivable metric and some people still think it's a fragile scam. Here's a hint: when your politicians already own cryptocurrency and are arguing in its favor, that's the signal that the industry has already basical…

How does taking crypto improve lending or the customer experience. What value was created?

A few weeks back I sent money to someone on the Solana network and they saw it in their wallet before I could say I pressed send. That’s fairly valuable.

Re: Second largest US mortgage lender will accept crypto payments this year

#102

Post by arcticbull »

okwubodu wrote: post #101
ryan93 wrote: post #86

Earlier quoted context omitted.

How does taking crypto improve lending or the customer experience. What value was created?

A few weeks back I sent money to someone on the Solana network and they saw it in their wallet before I could say I pressed send. That’s fairly valuable.

Did you include the time it takes to buy solana on an exchange and the time it takes to sell solana on another exchange and settlement periods on both sides? You said send money, which solana is not so you should include the whole process.

Instant payments have been available through the world for ages, SEPA for instance and soon RTP in the US but that value doesn’t accrue to the underlying currency. That makes the service valuable not the medium.

Not to mention square cash and Venmo. The value is captured in the equity of the companies not in dollars. Now you could tell me solana is both like paying someone in square shares via square cash but now you’ve got a security on your hands and about 1000 more problems.

Re: Second largest US mortgage lender will accept crypto payments this year

#103

Post by amscanne »

dcolkitt wrote: post #80
ohazi wrote: post #11

Earlier quoted context omitted.

Yes, money launderers and tax evaders would like to continue laundering and evading -- I think the real question is why are we making this easy for them? Buying property with ill-gotten gains is an extremely common method of money laundering. Having a large hoard of cryptocurrency that you prefer not to liquidate screams "I'm trying to pretend that this isn't a taxable event." We don't let people pay their mortgages…

There are many with crypto who struggle to get the normal banking system to touch their money. And, no, the vast majority of those are not engaged in any sort of illegal activity. It’d be much easier to just pay my mortgage in crypto, then the endless back and forth that happens to get a bank to take crypto proceeds. (Count yourself lucky if they don’t shut down your entire account!) Crypto users are much like sex wo…

> There are many with crypto who struggle to get the normal banking system to touch their money [...] 99% of the banking system hates crypto

The current top comment says "cryptocurrency continues to occupy more and more ground in the financial world. Cryptocurrency continues to expand and grow by every conceivable metric".

It feels like cryptocurrency advocates flip freely between positioning crypto as embraced by the mainstream financial system, or as a foil to the that system, whatever serves their purpose.

This isn't a personal indictment, it's just an observation reading the comments, especially since I shockingly "remain skeptical" per that same top comment.

Re: Second largest US mortgage lender will accept crypto payments this year

#104

Post by ffggvv »

Wow all 5 people who want to do this will be stoked. In addition to the company who will get a nice stock bump from idiot investors who buy anything crypto adjacent (they were a meme stock and are followign the scam protocol set in place by gme,amc et al). And crypto investors are ecstatic in hopes it'll bump prices. so as usual all hype and greed and zero utility.

Re: Second largest US mortgage lender will accept crypto payments this year

#105

Post by toomuchtodo »

JoshTriplett wrote: post #58
nradov wrote: post #49

Earlier quoted context omitted.

Generally cash real estate transactions aren't subject to most KYC / AML rules. But the US federal government recognizes that as a problem and is working on tightening enforcement. https://legal.thomsonreuters.com/en/insights/articles/u-s-re...

> Generally cash real estate transactions aren't subject to most KYC / AML rules. That's not entirely true. The bank wants to know enough information to make sure that the cash came from the buyer, and not from someone else other than the buyer, for AML reasons as well as creditworthiness. So they do seek proof of the provenance of the cash sufficient to demonstrate that it actually came from the buyer. (Source: deta…

Proof of source of cash funds in a real estate transaction is required because if the house is bought with illegal drug proceeds, the collateral can be seized by the Feds, leaving the note investors holding the bag. The policy originated in the 80s.

https://www.washingtonpost.com/archive/realestate/1989/05/06...

(family member is a mortgage underwriter)

Re: Second largest US mortgage lender will accept crypto payments this year

#106

Post by quantumBerry »

knownjorbist wrote: post #54
FabHK wrote: post #52

Earlier quoted context omitted.

Hmmm. It is not easy for foreigners to buy property in most of Asia (except commonwealth-influenced jurisdictions like HK, Australia) from what I gather. It does not strike me as unreasonable. Prices in London for example are hard to afford for the people who actually live there because so much property has been bought by people who don't live there.

Okay. You're attacking the symptom, not the problem. Make it easier to spend your money how you please.

It should be reciprocal. We shouldn't allow foreigners who block land sales to us to buy our land.

Re: Second largest US mortgage lender will accept crypto payments this year

#107

Post by zarzavat »

mgh2 wrote: post #89
robot_no_419 wrote: post #84

You gotta love the HN crowd who finds a way to remain skeptical after cryptocurrency continues to occupy more and more ground in the financial world. Cryptocurrency continues to expand and grow by every conceivable metric and some people still think it's a fragile scam. Here's a hint: when your politicians already own cryptocurrency and are arguing in its favor, that's the signal that the industry has already basical…

I wonder if HN was skeptical during the dot com bubble... Politicians are as gullible as the public when it comes to quick money. Some organizations today which are scams are allowed to live due to certain freedoms, does not prove the contrary - ex: Scientology, MLMs, etc.

Politicians can see where the innovation is happening, unlike half of HN apparently.

HN/SV's idea for disruption of money transfer is something like Venmo, where you can send money from one person in US to another person in US through an app.

Cryptocurrency's idea for disruption of money transfer is that you sign a transaction and broadcast it, and it works anywhere in the world without discriminating on nationality, and without any counterparty or intermediary.

Re: Second largest US mortgage lender will accept crypto payments this year

#108

Post by endymi0n »

robot_no_419 wrote: post #84

You gotta love the HN crowd who finds a way to remain skeptical after cryptocurrency continues to occupy more and more ground in the financial world. Cryptocurrency continues to expand and grow by every conceivable metric and some people still think it's a fragile scam. Here's a hint: when your politicians already own cryptocurrency and are arguing in its favor, that's the signal that the industry has already basical…

As someone who‘s been through the dotcom bubble, I vividly remember talking to my classmate driving home on our bikes and he told me about the Infineon stock he just bought. We were kids, 16 years old and felt like the smart brokers in the magazines. In retrospect, the writing was on the wall when tabloids were advising to excited and innocent consumers which stock to buy on their front page.

The shock didn‘t come more than a year after and it was mostly the last ones to buy in to get burned.

This time, it‘s worse. In the 90‘s, it was all real stock, and it was getting visible when the companies started to underperform. There were a few physical assets to sell.

This time, it‘s much worse and the crypto boys will only find out that the only real value their bytes have is whatever anyone else is willing to pay for it.

I‘m not worried about crypto being here to stay. That won‘t happen. I‘m worried about what it will take with it when it vaporizes in front of the bulls.

Re: Second largest US mortgage lender will accept crypto payments this year

#110

Post by robot_no_419 »

arcticbull wrote: post #102
okwubodu wrote: post #101

Earlier quoted context omitted.

A few weeks back I sent money to someone on the Solana network and they saw it in their wallet before I could say I pressed send. That’s fairly valuable.

Did you include the time it takes to buy solana on an exchange and the time it takes to sell solana on another exchange and settlement periods on both sides? You said send money, which solana is not so you should include the whole process. Instant payments have been available through the world for ages, SEPA for instance and soon RTP in the US but that value doesn’t accrue to the underlying currency. That makes the s…

Personal anecdotes about this: Everyone I talk to who has actually used cryptocurrency all think it's easier to use than conventional finance. Venmo and Circle have cash limits (which caused a problem when I was helping someone buy a car once) as well as geographic restrictions (which was also a problem once when I was sending someone in South America some payments). It also takes 3 days to verify a new bank with Venmo (unless you want to give them your banking credentials, which is absolutely insane). Some of my friends use Venmo, others use Circle, others use Cashapp... it's a mess of centralized and disjoint products.

Plus, I've been battling with Venmo's customer support for days now because my new phone number apparently was used before to activate an account and they need to see my phone bill to release it.

Sorry, I just really hate Venmo right now.

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