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Swift payments network to cut access to crypto exchanges

asiamarkets.com

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Re: Swift payments network to cut access to crypto exchanges

#21

Post by cjensen »

wmf wrote: post #10
albntomat0 wrote: post #8

Is there another source for this? The website posted also has an article about UFOs in Ukraine: https://www.asiamarkets.com/russia-shoots-ufo/ Edit: Searching around, I cannot find another source, so take this news with a grain of salt. Second edit: There are a bunch of screen shots on Twitter saying that Binance's specific payments processor has stopped SWIFT payments for less than 100k USD, but other normal currenc…

Binance reportedly sent emails to their customers saying they've been cut off from SWIFT.

Yes, but since Binance routinely lies about things, that doesn't mean much.

Re: Swift payments network to cut access to crypto exchanges

#22

Post by argella »

ben_w wrote: post #17
argella wrote: post #3

Crush the competition.

I know it varies by crypto, but last I checked BTC couldn't handle 2% of the transactions Swift handles. It's "competition" only in the same way that New Shepard is competition for the Falcon 9 and Crew Dragon.

- crypto includes more than btc

- btc has the lightning network for higher volume of transactions

Re: Swift payments network to cut access to crypto exchanges

#25

Post by Cypher »

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.

Re: Swift payments network to cut access to crypto exchanges

#26

Post by gggggg5 »

cjensen wrote: post #21
wmf wrote: post #10

Earlier quoted context omitted.

Binance reportedly sent emails to their customers saying they've been cut off from SWIFT.

Yes, but since Binance routinely lies about things, that doesn't mean much.

What does Binance routinely lie about?

Re: Swift payments network to cut access to crypto exchanges

#27

Post by cjensen »

gggggg5 wrote: post #26
cjensen wrote: post #21

Earlier quoted context omitted.

Yes, but since Binance routinely lies about things, that doesn't mean much.

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-required-recapit...

Re: Swift payments network to cut access to crypto exchanges

#28

Post by kevinak »

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…

Binance doesn’t have anything to do with Tether, you’re probably mixing them up with Bitfinex, another crypto exchange.

Re: Swift payments network to cut access to crypto exchanges

#29

Post by ben_w »

argella wrote: post #22
ben_w wrote: post #17

Earlier quoted context omitted.

I know it varies by crypto, but last I checked BTC couldn't handle 2% of the transactions Swift handles. It's "competition" only in the same way that New Shepard is competition for the Falcon 9 and Crew Dragon.

- crypto includes more than btc - btc has the lightning network for higher volume of transactions

The first I explicitly acknowledged by saying it varies by crypto. Both are irrelevant because similar can be said about normal money.

SWIFT is (a) not the only inter-bank system, and (b) is specifically for inter-bank exchanges (the "I" is for Interbank), so when a transaction is between two accounts in the same bank it doesn't need to touch SWIFT.

I have no idea how many cash transactions there are, but I think cash payments of just children's pocket money (let alone school dinner money) and even then just in the UK is by itself enough to exceed BTCs capacity.

I wonder if the Matutus in Nairobi are still cash, or if they're mostly MPESA now? Either way, they're probably also by themselves at least three times over the capacity limit for BTC.

Not that it matters much; while Lightning (and crypto) are technically intriguing, they're all fairly terrible for both practical and economic reasons. All the liquidity of shares, but with higher volatility and the fundamentals of a stock bubble.

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