It’s the same for every market.
They can’t let good FUD go to waste.
MtGox you're only talking about 9-10 billion, even if everybody dumped at once it would be a blip, and the majority will just add it to their stacks and HODL.
Could easily be a big sell off then
Wait until the mt gox payouts happen.
Back to where we were at the start of the month. Might be a good opportunity to get some in for anyone who's been waiting for a correction recently.
Ouch. Time to revisit this thread.
Although I maintain the belief this is the just a minor blip on the way to a huge month.
In the current climate the last thing banks want is your money. And there is a difference between the mandates of a central bank and a commercial bank.
Where are you seeing "insane" inflation? If you think that current inflation is "insane" you should have a look to see where it used to go to before we joined the Euro!
For sure the plan is to have currency holders bail-out borrowers (particularly states) via inflation (inflation is just a hidden tax on depositors if interest rates are manipulated to be below inflation level).
But actually central banks have created so many new currency units that I think some commercial banks don’t know what to do with it, I.e. their problem isn’t to attract capital but to figure out what to do with the capital they already have (there is a limit to how much individuals and companies are willing/able to borrow, and holding cash at the ECB with -0.5% interest rate or negative yielding government bonds isn’t exactly a good use of capital for a bank).
They would rather all of us keep our money in the bank where it can be loaned out while it's depreciating due to insane inflation.
The banks are being threatened by the massive outflow of capital.
How f'n original of them, they are only 5 years late with that comparison. 5 years on and my tulips are doing just fine - quite spectacularly even. Save me from words of 'wisdom' from a bunch of banksters.
This is will be the selling point for the public (and it indeed is a genuine advantage).
What they won't say is that it also gives the central bank full visibility (and control) over all monetary transactions. This has massive implications in terms of surveillance capabilities but also in terms of control (for exemple they could apply negative interest rates to all balances whereas currently they can't as people always have cash as a way to avoid it, issue cash with a limited lifespan, prevent an organisation from receiving payments, revert certain transactions, etc).
I work in the markets, entities aren't "scared" of crypto. I suspect Paypal made significant margins allowing people to use their platform to speculate on crypto, so it's likely they'll want to expand that. As for the rest of the industry, many are interested in how blockchain tech, DLT, smart contracts, etc can streamline processes and improve existing systems, which is why many crypto projects partner and work with existing infrastructure, finance, industry and commercial outlets. Most of the tech can also be replicated inhouse if needed.
As for the coins themselves, BTC, LTC, Dogecoin, etc aren't really a threat to anything apart from the public potentially losing significant amounts of money in speculative FOMO runs or being used too much for ransomware, laundering, fraud, etc. Physical cash is especially prone to fraud, laundering, etc and the worry is, as that is phased out, we may see criminals try to default to crypto.
It's based on trust of a system that regulates the supply and adheres to regulations/laws/rules/controls/etc. When an economy doesn't adhere, then there can be issues (e.g. Germany in the 30's, Zimbabwe in the 90's, Venezuela recently). Works well if done correctly.
Banks can create credit from deposits they hold because they know that not everyone will be removing all their money at once. There are limitations and controls on this. This credit allows the money supply to expand. A fixed or inflexible money supply would be a nightmare.
Can look up any of this info online (use good quality sources of course)
All countries print/create their currencies, that's how it's made. It has to be done correctly.
Conversely, cryptos are usually created out of thin air or via artificial systems (mining) by private individuals or companies with little or no regulation. In terms of functioning as a currency, most cryptos are technologically advanced, but economically quite backwards. Most (non-stablecoins) have little in common with modern currencies and are more akin to speculative tokens with artificial supply caps. Basically volatile assets with no stability mechanisms or fluid supplies. Which is why we gamble on them as speculative investments and don't use most to pay for sandwiches.
With a CBDC you can hold a coin that is held by the central bank rather than a commercial bank. So it's extremely secure, banks can collapse but a central bank will go nowhere unless civilisation ends.
What's the story with the trial, are they rolling it out in a few countries to see how it goes? I don't get the point of CBDCs at all, basically a quicker version of online banking. So much for crypto getting rid of the middle men!
Paypal hiring crypto experts makes sense though, they can't afford to be left behind.
Worst still Ireland is part of the trial for the digital Euro
Paypal hiring crypto experts in Ireland - it's like some entities are scared for their future...
What a joke of an article. Comparing crypto to collecting stamps! It's obvious they understand the technology but are trying to spook the public away from the space.
Interesting
Some crypto, which have no link to any underlying assets and therefore no "anchor" to provide stability of value
What exactly is hard cash based on? How do banks loan money they don't own? Many other questions could be asked of the established financial institutes/framework
The USA prints billions of dollars to just give to people for free
http://www.centralbank.ie/news/article/blog-digital-money
Central Bank of Ireland describing the activity around cryptos like bitcoin as having "some characteristics similar to the excitement generated by tulips in the seventeenth century". That blog post shows the regulatory lay of the land and understanding of the regulator from an Irish perspective. I don't think I agree with it but it is important to note as it indicates they are concerned which could be a sign of what the inevitable regulation will look like. This is likely to be consistent with how other EU regulators are viewing cryptos.
Now Binance are halting their tokenised stocks offering and it looks like HK regulators are about to publish something negative about them: https://cointelegraph.com/news/binance-stops-stock-token-sales-effective-immediately
Bad news for them are really starting to pile-up …
Or maybe they all have the same information on what is and isn't going on there
Now the Italian financial regulator is giving a warning about Binance: https://www.coindesk.com/italian-regulator-says-binance-is-unauthorized
Looks like some kind of coordinated campaign against them from regulators ... all around the same time and all specifically going after Binance.
Deleted User wrote: » This is bad news?
cnocbui wrote: » Crypto.com has made a $100 m advertising sponsorship deal with a Formula One racing team, Aston Martin. Does that give crypto a James Bond 007 imprimatur/cred ?https://www.forbes.com/sites/bryancampbell/2021/06/29/cryptocurrency-is-expanding-its-presence-in-formula-one-with-a-100-million-deal/
dirk_dangler wrote: »
![Photo of [Deleted User]](https://wd.vanillicon.com/v2/d3e92925f7bde702415f91ea088d4f7a.svg)
![Photo of [Deleted User]](https://w2.vanillicon.com/v2/2b6abd1dfa48dd1de9143b108494281e.svg)
