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No one is disrupting banks – at least not the big ones

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Re: No one is disrupting banks – at least not the big ones

#91

Post by amluto »

tenthirtyam wrote: post #23
Waterluvian wrote: post #6

Earlier quoted context omitted.

That’s the thing I can’t ever come to understand about crypto. It’s purely about perception of value. At least with some precious metal, it has a floor value as a function of its practical uses and abundance. Which leads me to believe that the only thing that could be honestly said is that a crypto is purely about winners and suckers and timing.

> At least with some precious metal, it has a floor value as a function of its practical uses and abundance. I don't really give this argument much credence any more. If the value of, say, gold or diamonds were to drop their practical-use-floor-value, they'd be valued at probably less than 1% (maybe much less) of current value. I mean, how much gold is actually consumed by industry? And we even have industrial diamon…

The actual market value of diamonds is pretty low. You can pay a jeweler a lot of money for a shiny diamond, but good luck reselling it for a similar amount of money.

Gold, OTOH, is fungible. You can melt it, mold it into different shapes bars, resell it, etc.

Re: No one is disrupting banks – at least not the big ones

#92

Post by rpcope1 »

Well, there was an attempt at it. There was a startup run by one of the best startup guys I've ever seen, Dave Wright, called Reserve Trust, which managed to actually get a fed account. I think some people in power caught wind of it, and it ended up with congressional testimonies and a lot of other problems before it basically got shut down.

Re: No one is disrupting banks – at least not the big ones

#93

Post by ianburrell »

dylan604 wrote: post #45
scarface_74 wrote: post #33

Earlier quoted context omitted.

What type of transactions do you need to make outside of business hours that you can’t do electronically? And who actually deals with physical checks? Even the various contractors I used when preparing my home for sell took some form of electronic payment

if i transfer money from one bank's account to another, it takes minimum of 48 hours if I make the request before 3pm cutoff time. Day 1, the transfer request is made at 1pm. Day 2, the money is no longer available in the sending account yet not in the receiving account. Day 3, the money is available in the receiving account. If I do it after 3pm, the request is not placed until Day 2. Why? WTF does a computer have a…

Wait for FedNow to get rolled out. That is the Federal Reserve's instant payment system. It does need to be implemented by banks cause it is just an API. One nice feature is that it has push model, pulling money means making request that can be approved which should increase the security.

Re: No one is disrupting banks – at least not the big ones

#94

Post by zellehell »

scarface_74 wrote: post #55
dylan604 wrote: post #45

Earlier quoted context omitted.

if i transfer money from one bank's account to another, it takes minimum of 48 hours if I make the request before 3pm cutoff time. Day 1, the transfer request is made at 1pm. Day 2, the money is no longer available in the sending account yet not in the receiving account. Day 3, the money is available in the receiving account. If I do it after 3pm, the request is not placed until Day 2. Why? WTF does a computer have a…

Zelle is run by the banks and transfers are instant and free. https://www.zellepay.com/faq/how-long-does-it-take-receive-m...

Zelle isn't run by the banks, it's operated by Early Warning and it's a scam service designed to harvest everyone's bank transaction history for intelligence gathering and fraud detection services

https://www.earlywarning.com/

Re: No one is disrupting banks – at least not the big ones

#97

Post by buyucu »

scarface_74 wrote: post #4
Red_Comet_88 wrote: post #3

No one is disrupting banks because the mega banks have the sole power of creating credit out of thin air, and no upstart fintech company has this power. To gain this power requires the creation of a bank, which as you can imagine, is probably the most gate-kept activity on earth. Andreesen talked about this in his Rogan appearance. The banks and gov brought the hammer down on crypto because it was a legitimate threat…

Yes and crypto doesn’t have any inherent risk like a sitting President creating a crypto currency where he has 80% of the currency, will probably make a half billion dollars and then do a rug pull. https://fortune.com/2025/01/22/donald-trump-net-worth-memeco...

[flagged]

Re: No one is disrupting banks – at least not the big ones

#99

Post by henry_bone »

Waterluvian wrote: post #6
scarface_74 wrote: post #4

Earlier quoted context omitted.

Yes and crypto doesn’t have any inherent risk like a sitting President creating a crypto currency where he has 80% of the currency, will probably make a half billion dollars and then do a rug pull. https://fortune.com/2025/01/22/donald-trump-net-worth-memeco...

That’s the thing I can’t ever come to understand about crypto. It’s purely about perception of value. At least with some precious metal, it has a floor value as a function of its practical uses and abundance. Which leads me to believe that the only thing that could be honestly said is that a crypto is purely about winners and suckers and timing.

That's true of everything we use as money, including precious metals. You can't eat them, live in them, use them as weapons, walk down the street in them. They have value bacause we all agree that they do and we all agree to use them as a means to exchange that value. Also, and this is important and I should have said it first, they have value because their supply is restricted.

The same is true for crypto. It's fungible, private, and limited in supply. It's also independent of governments although they are doing their level best to correct that.

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