Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

barrons.com

Post reply on HN
Print view View original

151–160 of 362 posts

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

#151

Post by r_hoods_ghost »

elevaet wrote: post #141
aaronwalker wrote: post #123

Earlier quoted context omitted.

Interest in crypto comes in cycles, and with each new cycle there are more incumbents that want to get involved. This bear market may have been particularly worrying for the industry, but I'm confident that in 5-10 years from now large financial institutions will again want to incorporate crypto. The networks behind these currencies are too resilient and the upside is too high to avoid.

Why 5-10 years? Hype cycle, or do you think there will be changes in the tech that could make it useful to these institutions at that point?

Because 5-10 years is a long enough period for another generation of youthful greater fools to enter the market who weren't old enough to have been burned by the previous cycle.

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

#152

Post by corv »

kilovoltaire wrote: post #146
aaronwalker wrote: post #143

Earlier quoted context omitted.

Both. There are ongoing developments in Decentralized Finance and Identity Networks on Ethereum that are reinventing more parts of the current financial system, as well as the shift to proof-of-stake that is making Ethereum more scalable and efficient. I focus on Ethereum just because it's the center of innovation in crypto nowadays. Bitcoin has only incrementally changed its software throughout the years and only ga…

> After a bull market run it generally takes 5-10 years to reach its peak again. Bitcoin has only existed for 14 years—seems a bit early to generalize anything based on the two times it has peaked and crashed so far.

There's been more than two peaks and troughs, I would disagree with the numbers presented

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

#153

Post by [deleted] »

elevaet wrote: post #141
aaronwalker wrote: post #123

Earlier quoted context omitted.

Interest in crypto comes in cycles, and with each new cycle there are more incumbents that want to get involved. This bear market may have been particularly worrying for the industry, but I'm confident that in 5-10 years from now large financial institutions will again want to incorporate crypto. The networks behind these currencies are too resilient and the upside is too high to avoid.

Why 5-10 years? Hype cycle, or do you think there will be changes in the tech that could make it useful to these institutions at that point?

[deleted]

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

#154

Post by danbruc »

aaronwalker wrote: post #144
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.…

If we are defining value, I would not say that value is equivalent to intrinsic value, or else the phrase "intrinsic value" would be redundant. Currencies have value even though they do not have intrinsic value. Notably, this value is as a medium of exchange, a unit of account, and as a store of value. Bitcoin's capped supply increases its ability to store value, and so too does its demand increases. Yes, you could m…

If we are defining value, I would not say that value is equivalent to intrinsic value, or else the phrase "intrinsic value" would be redundant.

Nothing has intrinsic value, value is a relational and marginal property - I value things differently than you, and you value the first litre of water differently than the thousandth. And even then the value of something is not fixed and may change over time, you probably now value things differently than you did as a child.

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

#155

Post by TheDudeMan »

aaronwalker wrote: post #143
elevaet wrote: post #141

Earlier quoted context omitted.

Why 5-10 years? Hype cycle, or do you think there will be changes in the tech that could make it useful to these institutions at that point?

Both. There are ongoing developments in Decentralized Finance and Identity Networks on Ethereum that are reinventing more parts of the current financial system, as well as the shift to proof-of-stake that is making Ethereum more scalable and efficient. I focus on Ethereum just because it's the center of innovation in crypto nowadays. Bitcoin has only incrementally changed its software throughout the years and only ga…

Ethereum is not decentralized. Decentralization is the most important thing in a blockchain. The sooner everyone realizes that, the sooner we can start building momentum on the chains that are viable.

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

#156

Post by yao420 »

Sargos wrote: post #100
stephc_int13 wrote: post #56

I have the feeling that this crypto winter is different than the previous ones. I think that we're finally reaching a critical mass of people understanding the nature of the proposition.

> I think that we're finally reaching a critical mass of people understanding the nature of the proposition. Most people have only heard of Bitcoin and think crypto is about sending digital gold coins to people. That hasn't been relevant in years and the crypto industry moved on from Bitcoin half a decade ago and pretty much all of the development and activity happens on Ethereum. Most people have never heard of Ethe…

> Most people have never heard of Ethereum

Paris Hilton and jimmy fallon were shilling bored apes on late night tv. Kim kardashian and Floyd Maywether promoted crypto scams. Tom Brady was a big FTX promoter and investor. There were like 4 formula one teams named after shitcoins.

Those names are some of the most famous in the world across a number of demographics. Mass media already pushed the crypto scams on the world. There is no one left to push the ponzi onto.

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

#157

Post by lottin »

tosihakkeri wrote: post #140
serial_dev wrote: post #133

Earlier quoted context omitted.

I know that everyone has a different idea of "mainstream" for bitcoin, but to me would be that I can expect to use it to pay for "regular stuff". Maybe paying at the bakery is never going to happen with crypto, but would be nice if I could pay my next car or used car with it.

That’s the problem: the problems Bitcoin is solving aren’t problems in the first place.

Yeah, I can't imagine anybody wanting to buy a car and being deterred because they didn't have a means of exchange.

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

#158

Post by root_axis »

aaronwalker wrote: post #137
root_axis wrote: post #86

Earlier quoted context omitted.

Bitcoin already went mainstream; everyone who cares has heard all about bitcoin for years now, it's permeated pop culture, referenced in TV, movies, music, even superbowl ads - we've reached peak bitcoin saturation. The problem for cryptocurrencies is that that they just aren't very useful to the masses, thus the vision of "mainstream" as imagined with desktop PCs will never happen for bitcoin - what we have today is…

There's a difference between being known by the mainstream and being used by the mainstream. Bitcoin is the former, but not yet the latter. It appears that Bitcoin's main use case is as a long-term store of value (like Gold, but digital). It will be very helpful to have a currency that anyone can use without one country's central bank controlling it, and with Bitcoin's strong network effects, its only a matter of tim…

> It appears that Bitcoin's main use case is as a long-term store of value

If we grant this for the sake of discussion, bitcoin has been capable of this for more than a decade, the masses aren't interested in this, the only thing they like about bitcoin is the fun of gambling which is the mainstream success I referred to in my previous comment.

> It will be very helpful to have a currency that anyone can use without one country's central bank controlling it

Again, bitcoin has been capable of this since the beginning, it's a niche use case that has its place but the masses don't care, central bank money will always be superior due to its intrinsic connection to the governing authority of the region that mediates the economy - people want their stuff, they don't want bitcoin and have no reason to use it.

> its only a matter of time before it becomes adopted by more commercial banks, central banks, and individuals.

There's no reason for them to do so, least of all a monetary authority like a central bank. Peak bitcoin is what bitcoin looks like today.

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

#159

Post by 1vuio0pswjnm7 »

For those who do not use archive.ph, here is the crux of the article:

https://www.occ.treas.gov/news-issuances/bulletins/2023/bull...

Banks are being warned against crypto.

The article also claims bitcoin cannot survive without banks.

Unfortunately, archive.ph requires the use of a "preferred browser" and the need to send data to Google.

First, to get past the CAPTCHA, one has to access www.google.com, so Google now has data that the user is visiting archive.ph.

https://www.google.com/recaptcha/api.js?onload=onloadCallbac...

https://www.google.com/webmasters/tools/ping?sitemap=https:/...

Once past the CAPTCHA, more fun.

https://a.publir.com/platform/1100.js

Publir looks like adtech. For example, https://a.publir.com/sellers.json https://a.publir.com/ads-txt/505/ads.txt

The next one looks like some data collection by archive.ph

https://[YOUR_IP_ADDRESS].[YOUR_COUNTRY].inc1.358424231.pixe...

Archive.ph itself is blocked in some countries.

Maybe it wants to know where users are coming from.

Archive.ph does not work with Clouflare DNS because CF refused to send archive.ph a portion of the user's IP address in a DNS packet, i.e., EDNS0 Client Subnet.

Instead archive.ph will now use "x.gif" to cause a DNS request that reveals the full IP address of the user.

Next, add in some tracking.

https://top-fwz1.mail.ru/js/code.js

Last but not least, everyone wants to let Google know what they are reading at archive.ph. Here, Barrons.

https://www.google.com/s2/favicons?domain=www.barrons.com

https://t1.gstatic.com/faviconV2?client=NULL&type=FAVICON&fa...

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

#160

Post by root_axis »

serial_dev wrote: post #133
root_axis wrote: post #86

Earlier quoted context omitted.

Bitcoin already went mainstream; everyone who cares has heard all about bitcoin for years now, it's permeated pop culture, referenced in TV, movies, music, even superbowl ads - we've reached peak bitcoin saturation. The problem for cryptocurrencies is that that they just aren't very useful to the masses, thus the vision of "mainstream" as imagined with desktop PCs will never happen for bitcoin - what we have today is…

I know that everyone has a different idea of "mainstream" for bitcoin, but to me would be that I can expect to use it to pay for "regular stuff". Maybe paying at the bakery is never going to happen with crypto, but would be nice if I could pay my next car or used car with it.

> to me would be that I can expect to use it to pay for "regular stuff".

There would be many difficult practical barriers to overcome for this to happen, and more importantly, nobody has any incentive to overcome those barriers. In fact, for almost everyone bitcoin is objectively worse than government issue currency.

> would be nice if I could pay my next car or used car with it.

Why would this be nice? It's totally irrelevant. Certainly the masses do not care at all, they're only concerned with the specs of the car.

Post reply on HN