AIUI crypto is traded in Tether, a private digital currency or ‘stablecoin’ that usually trades one-for-one against the dollar.
Ironic that the popular investment thesis for Bitcoin revolves around being a solution to central bank currency debasement, yet Tether can seemingly create new stable coins with questionable backing to the dollar.
"a $5,000 increase in its price on 6 October 2021 was attributable to a single $1.6 billion purchase of Bitcoin with Tether. It is reasonable to assume that Tether issuance is still a significant determinant of Bitcoin price movements."
More:
https://www.economicsobservatory.co...tcoin-risen-fallen-in-the-past-day-week-month
Blockchain technology is for real; I smell a rat with crypto trading in its current form.
Killer App isn’t what you posted, decent Apps abound. The tech is solid just overshadowed by all the coin BS that gets posted/spouted,I’m not sure there will be a Killer App just a gradual adoption and replacement/improvement of current systems - faster/smarter/cheaper to use.Absolutely. Which is why I say that Cryptocurrency will be, ultimately, a busted flush. It is not far removed from a pyramid scheme.
Blockchain - can be useful. Killer app? Not yet - but maybe it will be just used in a load of important but smaller applications.
Er… have you done the maths behind the gamble? Take Bitcoin City: the bond issue is premised on BTC hitting a unit price of $1m in five years time and staying there. Bukele has been elected to run a largely bankrupt and is running out of options to get his hand on foreign currency to repay debt and pay for imports. By pushing people to use the Chivo wallets and minimising transaction costs, Salvadoreans overseas spend their forex to buy BTC to send to relatives and by going through Chivo, the gov’t holds on to the forex. I’m not saying it’s a scam, but certainly it’s an “alternative way of funding” the nation’s coffers. Something similar will happen to the City bond. Note also the interesting perk that holding $100k worth of bonds for five years grants you Salvadorean citizenship, presumably so you can move to Bitcoin City and pay only VAT.
I’m a firm believer in Central Bank management and regulation of payment systems, and of Central Bank independence. Moving to link your economy and monetary policy to a highly volatile asset that is still gaining its feet, is not a clever move; CBDCs are likely to be the future of “national currencies”. If you want a pretty decent example of one in action, have a look at the Bahamian Sand Dollar.
Simon Dixon can say it far better than me…
Simon Dixon can say it far better than me…
Simon Dixon can say it far better than me…
I can't see bitcoin as anything other than a criminal enterprise. It may not have started that way, but that's what it's inevitably become.
Who said these things are mutually exclusive?Those cheeky banks eh, casually accepting bin bags full of cash to the tune of £350m+, nothing sketchy at all totally above board.
https://www.theguardian.com/busines...mitting-breaching-anti-money-laundering-rules
YesHas anyone ever been busted for crypto theft?
What are you wanting to do Rich? Crypto.com is about as legit and noob friendly as it gets.
Those cheeky banks eh, casually accepting bin bags full of cash to the tune of £350m+, nothing sketchy at all totally above board.
https://www.theguardian.com/busines...mitting-breaching-anti-money-laundering-rules
Seems to have endless terrible reviews on Trustpilot with people complaining they can't access their money. Same for Coinbase. I guess any business like this gets it's share of bad reviews. Are these really the least sketchy platforms? Like Richard G just looking to mess around.
Who said these things are mutually exclusive?
The difference is that we know about the above and they've been busted. Has anyone ever been busted for crypto theft?
Ha! Last time I tried to pay in a large amount of cash into a high st bank there were lots of questions. Should have stuck it in a bin bag
Nothing underlines one's economic credentials more than recording your message in a gym.
[edit]
I see that he's the CEO of an online trading platform funny that), maybe it's part of presenting oneself as a disruptor / the epitome of a modern alternative approach to business.