91–100 of 139 posts
Why?
I recently put a down payment on a house using a windfall from crypto. It was not easy: mortgage brokers need to do AML due diligence on all cash sources looking back at least six months. I used a major crypto exchange to sell and convert my holdings into USD, but frustratingly they did not provide adequate documentation to show how the funds were contributed and transferred. I needed to email the exchange's support…
It’s all bullshit marketing until someone is accepting payments for goods priced in crypto.
Bitcoin gained 7% so far today from it's lowest to its highest. If I have a 5% margin on whatever I'm selling how could I ever feel good about trading for it, knowing that 7% was equally likely to be a drop and not wanting to treat it like an investment, where I have to wait for it to gain value again before I can sell?
Restaurant prices around me have gone up anywhere from 25-100% in the last 6 months. I had the surreal experience of telling my wife, as she was phoning in a take-out order, "Ask them what their current prices are. I got different numbers from their Yelp page, the menu photos posted to Yelp, their webpage, and their DoorDash page, with the highest being twice the lowest." That's some developing-country shit right there - normally you think of needing to ask a business what their day-to-day prices are as something you do in Venezuela, not in the U.S.
I'm told this is because their food suppliers have jacked up prices 80-100%, so the restaurants that don't will soon go out of business. Memo hasn't filtered down to all restaurants, though, and some are more reticent to raise their prices than others for competitive or moral reasons.
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?
Borrowers want to pay with crypto. Originators add a new FX-esque transactional revenue stream. Seems like a classic win-win.
Earlier quoted context omitted.
How does taking crypto improve lending or the customer experience. What value was created?
I don't have to answer this question for cryptocurrency to be successful. If you don't understand (or don't want to), that's your financial prerogative. YoY metrics such as total number of users, total number of on chain txns, total number of exchanges and companies are all increasing. No conversation on HN is going to change the fact that an ever growing population of people and companies DO see value in crypto. So…
Earlier quoted context omitted.
SPACs have been around for a while and plenty of reputable companies have gone that route
Why so defensive? People have a right to be skeptical about SPACs. They've only been "mainstream" for the past couple years and are quickly losing steam as a vehicle for public exposure[1]. [1] https://www.bloomberg.com/opinion/articles/2021-03-08/spac-p...
If somebody thinks all SPACs are pump and dumps they probably only learned about them recently through the media
Earlier quoted context omitted.
How does taking crypto improve lending or the customer experience. What value was created?
I don't have to answer this question for cryptocurrency to be successful. If you don't understand (or don't want to), that's your financial prerogative. YoY metrics such as total number of users, total number of on chain txns, total number of exchanges and companies are all increasing. No conversation on HN is going to change the fact that an ever growing population of people and companies DO see value in crypto. So…
Earlier quoted context omitted.
Your mom doesn't matter. The topic is finance companies. I'm sure the "second largest US mortgage lender" has someone who understands this.
Your crypto logic doesn't matter. If the end good isn priced in dollars, why would the finance company price it in something else? How many US mortgages are priced in gold or Yen? Even internally?
That is, everyone trading bonds/certain commercial real estate/mortgages/preferred stocks/etc. converts them to a % return, with different yields falling in different risk categories. So you might get 3% on a relatively safe commercial bond, 10% lending to Turkistan, 4% on a property in the middle of a desirable city, 13% if it's filled with asbestos and shut down by the city.
It would be possible to price a mortgage in any continuous ratio between USD/Bitcoin, though I suspect the imputed interest rates for an already-low mortgage rate would make it undesirable. Someone would just have to punch current prices into a spreadsheet to see how it affects the yield.
I would expect Bitcoin specifically to have a high interest rate holding a long position(since Bitcoin people want high leverage), and the short position to have an implied positive yield. So banks should want to price in Bitcoin since they like leveraged low-risk low profit. But I haven't looked at a price chart for that assumption.
Earlier quoted context omitted.
I don't have to answer this question for cryptocurrency to be successful. If you don't understand (or don't want to), that's your financial prerogative. YoY metrics such as total number of users, total number of on chain txns, total number of exchanges and companies are all increasing. No conversation on HN is going to change the fact that an ever growing population of people and companies DO see value in crypto. So…
Plenty of exploitative, capitalist, anti-consumer, business models are successful.
Earlier quoted context omitted.
How does taking crypto improve lending or the customer experience. What value was created?
> What value was created? Borrowers want to pay with crypto. Originators add a new FX-esque transactional revenue stream. Seems like a classic win-win.