Earlier quoted context omitted.
What are the associated costs with those services?
A fraction of a percent.
Not too bad. Bitcoin would probably only be worth it if you were moving larger amounts.
The number of banks willing to do business with the crypto industry is shrinking
331–340 of 362 posts
Re: The number of banks willing to do business with the crypto industry is shrinking
#332Earlier quoted context omitted.
What in particular does TSLA do that makes it worth more than toyota, honda, and ford combined in market cap?
They produced 20 times more fully electric vehicles than toyota, honda, and ford combined in 2022. Tesla produced about 1.4 million all electric vehicles in 2022 with a growth rate of about 40%.[1] Toyota:1220 (The BZ4X is the only full electric sold in 2022)[2] Honda: I don't think they sell any all electric cars right now. None on this list[3]. Ford about 65 thousand.[4] [1] https://www.cnbc.com/2023/01/02/tesla-ts…
It's still just a car. Toyota alone sold 10x more in 2021, not produced but sold.
Re: The number of banks willing to do business with the crypto industry is shrinking
#333Earlier quoted context omitted.
Probably lower than with Bitcoin.
Really? I wasn’t aware you could send $1k for Pennie’s like you can with Bitcoin. Very cool!
You mean the equivalent of $1k based on the spot price of bitcoin? But I don't have bitcoin and my recipient doesn't want bitcoin.
If I send $1000 USD to my friend in Australia using bitcoin how much AUD do they receive? And what does that process look like?
Re: The number of banks willing to do business with the crypto industry is shrinking
#334Earlier quoted context omitted.
And that is why I don't go near any crypto. Don't get me wrong I love the idea but I don't like volatility. I can't wait until a stable DeFi is established. for international transactions this will be a dream. If it's up over 10 fold in 3 years then I don't see why it couldn't drop 3 fold in the next 3. I like simple investments where the value is obvious and a simpleton like me can guess if the price matches the und…
Can you give an example of what you’d consider “simple investments where the value is obvious” and where “a simpleton like all of us can guess if the price matches the underlying value”? I’m genuinely curious.
Most commodities such as gold and oil. You don't need to know much about them to know they have value. Government bonds because you're trusting in the government lasting that period and keeping their word.
Index funds, you're just following the market and betting it will do the same thing it did the last 30 years over the next 30 years.
All of these I'd only look at for long term investing. Short term trading is not for me. My crystal ball is just not good enough for that.
Re: The number of banks willing to do business with the crypto industry is shrinking
#335Earlier quoted context omitted.
> 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? Miners will only mine the blockchain with the longest proof-of-work. They won't mine yours, as Bitcoin's preexisting blockchain is longer. This principle was explained in the Bitcoin paper and is the heart of what makes Bitcoin work. Miners can only use…
why would mining something make it valuable? I can dig up rocks in a field and they won't be valuable just because I'm tired and sweaty and don't have anything else to show for it
Change the word mining to computing, and it’s more intuitive.
A network of nodes compute stuff together, making data available across the network. It’s like asking why is a distributed network valuable.
During the process of computing, the network validates stuff about the data, guaranteeing it properties, so that people can rely on it to a certain degree when reading from and writing to it.
Re: The number of banks willing to do business with the crypto industry is shrinking
#336Earlier quoted context omitted.
In 2022, 140 million people in Russia became criminals without trial, and got cut off from Visa, Mastercard and SWIFT within days. I’d suggest normal people to worry about those things at least a little bit if they have families who depend on them, you don’t want to have all their savings locked up at once.
And if a substantial amount of business was conducted using bitcoins or other cryptocurrencies, I have no doubt the rest of the world would have figured out a way to cut Russians off from them as well. That's one of the prices you pay when your government decides to invade one of their neighbors and tries to commit genocide.
I agree.
Re: The number of banks willing to do business with the crypto industry is shrinking
#337Earlier quoted context omitted.
Yes. Why should cryptocurrencies allow fraudulent money transfers to North Korea and not banks that can do them more cheaply? Hint: there is no good reason. Regulation will catch up.
A page pulled right out of the anti encryption talking points book. Im glad we agree that you oppose my financial privacy. Redistribution of consequences is fantastic. Surely you support the patriot act too right? Or is that too much consistency to expect out of you?
I support consistency in regulation. You don't? Of course not, because consistent regulation would demonstrate that your beloved distributed ledger is simply a colossal waste of energy.
Re: The number of banks willing to do business with the crypto industry is shrinking
#338Earlier quoted context omitted.
>if I were a bank, bitcoin presents a compelling argument. The supply is finite. Do you think that the most important thing about the value of something is the finite supply of it? Fiat currency is theoretically infinite since we abolished the gold standard, but seems to be compelling. Why would bitcoin be more compelling than gold (a finite store of wealth) or fiat currency (a fluctuating/volatile/infinite store of…
Nobody said it would be more compelling than gold or fiat. Even if it's less compelling than both, banks still like to diversify.
....Actually, lots of people have been saying cryptocurrency is or would be more compelling than gold or fiat for several years now, and deriding those of us who disagreed with phrasing like "how do you like being poor?"
Re: The number of banks willing to do business with the crypto industry is shrinking
#339Earlier quoted context omitted.
They're saying that gold is a cryptocurrency-like asset. Gold's value is primarily that looks cool and it serves as proof of work: the work of finding, mining, and processing it. So basically, cryptocurrency (i.e. proof of work limited shiny token) has "a long history of a solid investment that goes back to ancient times on a global scale"
Gold's value stems from its unique properties as a metal and of its scarcicity.
According to the ancestor post, gold's unique practical properties (like for electronics) constitute very little of its market value. Most of its value comes from its unique property of looking pretty and its scarcity due to work needed to obtain it, which is again the same as cryptocurrency.
Re: The number of banks willing to do business with the crypto industry is shrinking
#340So many HODLers in this thread. For the normal person on the street, Bitcoin or Crypto never mattered. The endlessly breathless PR was irritating. Whatever happens, this wont be missed.
I disagree. Crypto was the sort of thing you might hear about from a cabbie or at the barber shop. It was definitely something for the normal person on the street. In fact, that was used as a common sell signal with people quoting the "When your shoeshine boy gives you stock tips" stuff.
Back in the late 1990's I had a laptop and was working in a cafe and the barista asked me if I worked in tech - I said I did - and then proceeded to excitedly go on about how Transmeta was going to dominate the x86 market. Yes, a barista (not knocking baristas but they are not known for their deep vertical knowledge in subjects outside of coffee, except maybe english lit). This was the level of enthusiasm at the time for one of the first techno disrupters. It very much reminds me of crypto a few years ago spinning off a cloud of so many a non techie person with a deep-seated, poorly-informed opinion backed up by a Robin Hood account full of DOGE.