How does that work logically? If it is tied to the dollar, where is your interest coming from? Are they loaning your investment out like a bank? Or is it just a sign of a ponzi scheme?
It’s kind of like if you were lending your Canadian dollars to a CalForex in exchange for a share of the fees when someone exchanges a foreign currency for the CAD.
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How does that work logically? If it is tied to the dollar, where is your interest coming from? Are they loaning your investment out like a bank? Or is it just a sign of a ponzi scheme?
That's the thing.
You can't be both fully safe, like the currency that you're pegged to, but at the same time, offer way higher interest to holders. The only way you can generate higher than risk-free returns, is to take more risk. Risk and return are related, there is no free lunch.
The minute you are being offered more, with the guarantee of being risk-free, you should start asking why/how. And why/how is almost always a scam, pyramid, or otherwise shady business.
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The Delhi police have announced the formation of a crack team dedicated to nabbing the elusive 'Monkey Man' and offered a reward for his -- or its -- capture.
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I mean, he literally created dogecoin as a joke mocking the crypto world. I doubt he has significantly more insight into the upper echelon of the crypto world than the average retail investor would at this stage in the game.
To start speaking of politics and cabals and shadowy figures in the background reminds me of Tom Cruise speaking out on the environmental state of Canada.
Get rich schemes have been around forever and we see the same thing going on in the stock market today with people jumping all over meme stocks. It's pretty ironic that he speaks out against the very thing he created and undoubtedly made him a fairly wealthy individual. I think the most apt comparison for crypto is the internet. It's still in it's infancy and requires more adoption and regulation.
The people who think Crypto is just a fad and will disappear are naive and choosing not to see the future of finance.
I mean, he literally created dogecoin as a joke mocking the crypto world. I doubt he has significantly more insight into the upper echelon of the crypto world than the average retail investor would at this stage in the game.
To start speaking of politics and cabals and shadowy figures in the background reminds me of Tom Cruise speaking out on the environmental state of Canada.
Get rich schemes have been around forever and we see the same thing going on in the stock market today with people jumping all over meme stocks. It's pretty ironic that he speaks out against the very thing he created and undoubtedly made him a fairly wealthy individual. I think the most apt comparison for crypto is the internet. It's still in it's infancy and requires more adoption and regulation.
The people who think Crypto is just a fad and will disappear are naive and choosing not to see the future of finance.
You're kind of ascribing arguments that were never made, and it's pretty well established that most coins rise and fall are controlled by certain whale wallets. Coordinated pump and dumps happen daily and are extremely visible and trackable.
"Regulation" of crypto is antithetical and he is absolutely not wrong about how the principal systems are applied.
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Quote:
Originally Posted by MrMastodonFarm
Settle down there, Temple Grandin.
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I mean, he literally created dogecoin as a joke mocking the crypto world. I doubt he has significantly more insight into the upper echelon of the crypto world than the average retail investor would at this stage in the game.
To start speaking of politics and cabals and shadowy figures in the background reminds me of Tom Cruise speaking out on the environmental state of Canada.
Get rich schemes have been around forever and we see the same thing going on in the stock market today with people jumping all over meme stocks. It's pretty ironic that he speaks out against the very thing he created and undoubtedly made him a fairly wealthy individual. I think the most apt comparison for crypto is the internet. It's still in it's infancy and requires more adoption and regulation.
The people who think Crypto is just a fad and will disappear are naive and choosing not to see the future of finance.
I think you mistake someone like me who thinks seeing any currency, be it crypto or dollar's, as an investment vehicle is a fundamental misunderstanding of what a currency needs to be a practical means of exchange.
Yes some form of regulated digital currency will have a use in the world, it may or may not be some form of blockchain, but by definition that would make it a terrible investment, the fundamental property of a functioning currency is price stability.
Unlike the internet crypto doesn't fundementally operate differently than any other currency, a bit coin isnt any different in function than a dollar, two parties can use it for an exchange of goods, the fact that it is issued, 'printed' if you will, and tracked differently than a dollar or a pound doesnt alter its funtion at all, in the end I give you a dollar or a bitcoin and you give me something back, if you couldnt transfer regular money digitally I would agree with you but I can send you a dollar on line just as easily as I can send a bitcoin in most situations and that is where the internet analogy falls down.
I think you mistake someone like me who thinks seeing any currency, be it crypto or dollar's, as an investment vehicle is a fundamental misunderstanding of what a currency needs to be a practical means of exchange.
Yes some form of regulated digital currency will have a use in the world, it may or may not be some form of blockchain, but by definition that would make it a terrible investment, the fundamental property of a functioning currency is price stability.
Unlike the internet crypto doesn't fundementally operate differently than any other currency, a bit coin isnt any different in function than a dollar, two parties can use it for an exchange of goods, the fact that it is issued, 'printed' if you will, and tracked differently than a dollar or a pound doesnt alter its funtion at all, in the end I give you a dollar or a bitcoin and you give me something back, if you couldnt transfer regular money digitally I would agree with you but I can send you a dollar on line just as easily as I can send a bitcoin in most situations and that is where the internet analogy falls down.
And this is where I believe misinformation comes in as there isn't main stream adoption yet.
Your post in 1990 would read "I can send a letter and it works fine. Why would I ever need to send a digital letter, it takes forever and it's a pain to make sure someone can even receive it and it's the same thing.
I'll agree that Bitcoin is useless but there are other cryptos looking to tokenize as smart contracts or others that are looking to provide on demand liquidity between standardized currencies. Right now it costs us 20$ to send a wire transfer and takes days to settle payments between accounts. Sure we can pay a bill online but actual payment is 2-5 days afterwards. The fees to exchange between currencies are exorbitant. These are just some of the uses people are exploring.
Again I'm just trying to argue that's it's disingenuous to paint the entire crypto space with the same brush. I agree that it's being manipulated and it's definitely needs regulations and government intervention. I just believe it's the obvious future of our financial system world wide.
There are lots of countries worldwide that don't have the benefits of the G20 banking systems, crypto will help level the playing field for those countries.
And this is where I believe misinformation comes in as there isn't main stream adoption yet.
Your post in 1990 would read "I can send a letter and it works fine. Why would I ever need to send a digital letter, it takes forever and it's a pain to make sure someone can even receive it and it's the same thing.
I'll agree that Bitcoin is useless but there are other cryptos looking to tokenize as smart contracts or others that are looking to provide on demand liquidity between standardized currencies. Right now it costs us 20$ to send a wire transfer and takes days to settle payments between accounts. Sure we can pay a bill online but actual payment is 2-5 days afterwards. The fees to exchange between currencies are exorbitant. These are just some of the uses people are exploring.
Again I'm just trying to argue that's it's disingenuous to paint the entire crypto space with the same brush. I agree that it's being manipulated and it's definitely needs regulations and government intervention. I just believe it's the obvious future of our financial system world wide.
There are lots of countries worldwide that don't have the benefits of the G20 banking systems, crypto will help level the playing field for those countries.
The difficulty with the mail analogy though is that unlike money it wasnt possible for the mail to magically copy what the internet does where as the banks and regular currency can do all the things crypto does, its just the choice of the system not to so far, what crypto really means is banks will just start offering faster and cheaper services, regular money will just copy crypto, theres nothing stopping banks from offering free instant money transfers except greed and lack of competition
And this is where I believe misinformation comes in as there isn't main stream adoption yet.
Your post in 1990 would read "I can send a letter and it works fine. Why would I ever need to send a digital letter, it takes forever and it's a pain to make sure someone can even receive it and it's the same thing.
I'll agree that Bitcoin is useless but there are other cryptos looking to tokenize as smart contracts or others that are looking to provide on demand liquidity between standardized currencies. Right now it costs us 20$ to send a wire transfer and takes days to settle payments between accounts. Sure we can pay a bill online but actual payment is 2-5 days afterwards. The fees to exchange between currencies are exorbitant. These are just some of the uses people are exploring.
Again I'm just trying to argue that's it's disingenuous to paint the entire crypto space with the same brush. I agree that it's being manipulated and it's definitely needs regulations and government intervention. I just believe it's the obvious future of our financial system world wide.
There are lots of countries worldwide that don't have the benefits of the G20 banking systems, crypto will help level the playing field for those countries.
This is the biggest load of BS in the whole crypto world.
Like this is some shining light for the poor and disenfranchised world to get parity.
However crypto ends up playing out, it will be super rich people manipulating and owning the power, while making heaps of money exploiting the poor and suckers.
I have no problem with people making money on bubbles, and I do think there's real value in blockchain technologies; but let's not pretend this is some revolution for the little guys.
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Right now it costs us 20$ to send a wire transfer and takes days to settle payments between accounts. Sure we can pay a bill online but actual payment is 2-5 days afterwards.
When I do payroll online it costs me either $30/month or $2/transfer. As long as it's in by noon it's in the new account the next morning. I get a verification of the transfer in minutes but the receiving bank waits until the next day (probably overnight) to deposit the funds.
I also do online bill payments both personally and through the business. Both of them are covered in the standard monthly bank fee. The payments get applied the next day, credit card payments get applied same day. The fee gets refunded in my personal account, I'd have to look up the business fees but they are cheap.
Quote:
Originally Posted by afc wimbledon
theres nothing stopping banks from offering free instant money transfers except greed and lack of competition
I just transferred money to a friend today to grab me something at a store. He called me and told me how much, I punched the transfer into my bank app and hit send. He had the money about a minute later and I got an email telling me the transfer was complete about a minute later. There was no fee, I think there is a small fee for transfers over $1000.00.
I have 2 different free, instant money transfer apps on my phone right now (MobilePay and Pivo). You can also pay in stores with them, and they've been around since 2013. They take about two seconds to process a transfer from one bank account to another, and you don't have to know any bank details, if you have their phone number on your phone and you both have MobilePay, it's about as easy as sending a chat message.
(Obviously I also have mobile banking apps too, but they're so much more hassle, so they're really mostly used as online identification tools for things like getting a vaccination time.)
MobilePay is pretty much the presumed way you give money to a friend, and probably about half the used stuff I've bought or sold from individuals (facebook marketplace etc.) is paid with MobilePay.
Americans are way behind the curve in banking services and have been for as long as I can remember. We used to laugh at cheques, paper bills are probably going to look funny soon.
This is all great for functioning G7 banks. Talk to someone about basically any other banking system and then tell me crypto doesn't have a purpose in the world today. I've spoken to Nigerians and heard some stories...
Africa will be where we first see mass adoption of blockchain for day to day life. It's not just money, it's so much more. Lex Friedman did a podcast with Charles Hoskinson recently, if you find yourself questioning why this tech is so revolutionary and want to challenge your beliefs give it a listen.
I have 2 different free, instant money transfer apps on my phone right now (MobilePay and Pivo). You can also pay in stores with them, and they've been around since 2013. They take about two seconds to process a transfer from one bank account to another, and you don't have to know any bank details, if you have their phone number on your phone and you both have MobilePay, it's about as easy as sending a chat message.
(Obviously I also have mobile banking apps too, but they're so much more hassle, so they're really mostly used as online identification tools for things like getting a vaccination time.)
MobilePay is pretty much the presumed way you give money to a friend, and probably about half the used stuff I've bought or sold from individuals (facebook marketplace etc.) is paid with MobilePay.
Americans are way behind the curve in banking services and have been for as long as I can remember. We used to laugh at cheques, paper bills are probably going to look funny soon.
Europe is way ahead of the curve with their open banking policies
They also have tons of VC backed Fintech's that loose $$ on every txn. When a company pays for the cost of you using their app/money $$ it is easy and free. It also leads to long term bankruptcy
These companies would all switch the rails they move the $$ on in a heartbeat if something was cheaper
*Fuzz searches for podcast*
5 hours???!!! I'm out. Who does he think he is, Peter Jackson?
Is there a specific, maybe 30 minute bit that you are referring to?
Haha yeah it's a long one...maybe just try the first 30 minutes or so and see if it's worthwhile. I took a few days listening in 15 minute segments whenever I had a chance. It's a deep dive into the crypto space but Hoskinson talks like a normal person so for me it was pretty good.
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This is all great for functioning G7 banks. Talk to someone about basically any other banking system and then tell me crypto doesn't have a purpose in the world today. I've spoken to Nigerians and heard some stories...
Africa will be where we first see mass adoption of blockchain for day to day life. It's not just money, it's so much more. Lex Friedman did a podcast with Charles Hoskinson recently, if you find yourself questioning why this tech is so revolutionary and want to challenge your beliefs give it a listen.
But it is just money, and you dont need blockchain to provide banking for Africa, what you are likely to see is a multi national digital banking system using US dollars, my guess is some form of 1st National Bank of Africa, I would agree Bitcoin will no doubt point the way to both the need and the market but standard safe regulated digital banking with some form of loan facility is where the market will develop and it will use US or Euro or Yuan
But it is just money, and you dont need blockchain to provide banking for Africa, what you are likely to see is a multi national digital banking system using US dollars, my guess is some form of 1st National Bank of Africa, I would agree Bitcoin will no doubt point the way to both the need and the market but standard safe regulated digital banking with some form of loan facility is where the market will develop and it will use US or Euro or Yuan
This is all great for functioning G7 banks. Talk to someone about basically any other banking system and then tell me crypto doesn't have a purpose in the world today. I've spoken to Nigerians and heard some stories...
Africa will be where we first see mass adoption of blockchain for day to day life. It's not just money, it's so much more. Lex Friedman did a podcast with Charles Hoskinson recently, if you find yourself questioning why this tech is so revolutionary and want to challenge your beliefs give it a listen.
Well my first point was that being in the G7 has crap all to do with the quality and cost of personal banking services. US is a G7 country and has laughably archaic services. Finland is not and has services among the best kn the world.
Also cryptos have massive issues of instability, unsafety, privacy and outright scams, which are exactly the things you don't want from your banking.
Cryptocurrencies have crap all to do with quality of banking services one way or the other, and there's no actual way they could be a difference maker in that regard.
I'd say that "if you believe that, I have some cryptocoins to sell you", but I guess we're past that point already.
