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Are members invested in Bitcoin/crypto?
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Observer
·Yes, but their motivation is profit. They don't care what it represents and would fund their own fruit farms if that's what customers wanted and it made them money. Not saying there's anything wrong with that but I don't need to layer it with any upselling. I've worked at multiple international banks, predominantly in the Compliance and Anti-Financial Crime departments since 2006 so I'm not disillusioned by their motives.
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Dan S
·Sorry for putting words in your mouth. I felt the content of your first paragraph gave me license for some mind reading of my own.
Decentralization is great, but the truly important factor is trustlessness.
I do think that financial institutions believe in crypto. That’s why every major central bank is busy creating their own.
I think they are definitely coming to believe in blockchain as a technology, but I'm not sure they are particularly interested in public chains for their own use. Their interest in cryptocurrencies is probably mostly in response to customer demand. Just my own speculation, since I have no actual insight into banking.
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sgrenald
·I don't understand the discussions around volatility in bitcoin, no ones seems to care about volatility of gold or silver.
With exceptions, gold and silver aren't that volatile. Certainly compared to BTC, they aren't volatile at all. Both PM's recent peak was about 10 years ago (ironically, I sold my Tesla stock to buy silver derivatives then - oops). Gold has gotten close to that value recently, but silver hit 50 back then, and I don't think it's gotten above 25 subsequently. Bitcoin has appreciated more than that in 2021. But besides that, precious metals have centuries (or millennia) of history, so they're reasonably well understood. Crypto is still being figured out. It's like probably like 1998 with dot-coms.
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Bugbait
·I think they are definitely coming to believe in blockchain as a technology, but I'm not sure they are particularly interested in public chains for their own use. Their interest in cryptocurrencies is probably mostly in response to customer demand. Just my own speculation, since I have no actual insight into banking.
I agree, many corporate bodies have been interested in blockchain technology for many years. My father, who is retired but used to day trade to keep his mind active invested in various blockchain companies and has done well from it.
Banks often create new products based on customer demand so I absolutely agree with you there. They also come up with many products that will never see the light of day due to various issues, law, regulation and exposure being the common blockers.
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Observer
·I think they are definitely coming to believe in blockchain as a technology, but I'm not sure they are particularly interested in public chains for their own use. Their interest in cryptocurrencies is probably mostly in response to customer demand. Just my own speculation, since I have no actual insight into banking.
That may sound a little doomy, but that’s where we’re headed.
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Bugbait
·Blockchain tech is vastly more efficient than the present system.
That's a very generic statement. In what context? Certainly not for daily electronic currency transactions. I've not looked too deeply into it, so correct me if I'm wrong but isn't there still a scalability issue with most/all cryptocurrencies and blockchains in general? Although it is being worked on it's not a feasible replacement for current payment systems. I wish it was, the current and legacy payment systems are rubbish and barely fit for purpose. I'm looking at you SWIFT!
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eugeneandresson
·I've not looked too deeply into it, so correct me if I'm wrong but isn't there still a scalability issue with most/all cryptocurrencies and blockchains in general?
Those that claim to be ‘Gen3’ should have worked this out already, and if not, there will be a next generation...the power of OpenSource 👍 (and don’t get me wrong, I’m not invested in Bitcoin at all, I’m invested in a growing understanding for the Comp.Sci nerd factor 😀 But still a lot to figure out...like NFTs, DeFi, the mechanism for earning interest far superior to banks etc )
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Observer
·That's a very generic statement. In what context? Certainly not for daily electronic currency transactions. I've not looked too deeply into it, so correct me if I'm wrong but isn't there still a scalability issue with most/all cryptocurrencies and blockchains in general? Although it is being worked on it's not a feasible replacement for current payment systems. I wish it was, the current and legacy payment systems are rubbish and barely fit for purpose. I'm looking at you SWIFT!
The current banking system is a mishmash of add-ons and fixes that can never be efficient. There will be multiple interoperable blockchains in the future. Every major central bank will probably have their own. Individual banks and payment systems may have their own. The key is interoperability, which is one of the places where fortunes will soon be made in the current crypto space.
I wouldn’t try to tell you anything about the current system as you must know far more about it than I care to.
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Bugbait
·Those that claim to be ‘Gen3’ should have worked this out already 👍 (and don’t get me wrong, I’m not invested in Bitcoin at all, I’m invested in a growing understanding for the Comp.Sci nerd factor 😀 But still a lot to figure out...like NFTs etc )
I've not researched all cryptocurrencies but the main (currently most valuable) ones don't seem to contain much information on the transaction, i.e. Only account/wallet identifiers and amount ignoring system values such as "gas" for Etherium. Other electronic transactions contain a lot more information than this.
It will be interesting to see how this evolves since mainstream adoption would require regulation around this. Cross border and geographic location for starters to comply with most AML, Sanctions, Embargoes and Tax evasion regulations.
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Bugbait
·My limited understanding says;
The current banking system is a mishmash of add-ons and fixes that can never be efficient. There will be multiple interoperable blockchains in the future. Every major central bank will probably have their own. Individual banks and payment systems may have their own. The key is interoperability, which is one of the places where fortunes will soon be made in the current crypto space.
I wouldn’t try to tell you anything about the current system as you must know far more about it than I care to.
Well, that's certainly a nice ideal but there are so many hurdles around this. I'll sit back and see what happens 😀 I've seen many large data projects (involved in one right now but as a data consumer) that have attempted this and not quite succeeded (many failing dismally).
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eugeneandresson
·I've not researched all cryptocurrencies but the main (currently most valuable) ones don't seem to contain much information on the transaction, i.e. Only account/wallet identifiers and amount ignoring system values such as "gas" for Etherium. Other electronic transactions contain a lot more information than this.
Me neither, there are too many to research. What I can say is I find the mechanisms of the ‘main’ ‘valuable’ ones outdated and cumbersome in respect to where this whole thing is going (they are after all a decade old, and in software things move fast) and what is currently being achieved ... and in my humble 2c opinion guys that are doing the kind of work like Cardano (and there are more) are where it’s at in terms of the fundamentals, ie as a currency and medium between currencies...
Im also keen to see how it all plays out.
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Observer
·Well, that's certainly a nice ideal but there are so many hurdles around this. I'll sit back and see what happens 😀 I've seen many large data projects (involved in one right now but as a data consumer) that have attempted this and not quite succeeded (many failing dismally).
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dscoogs
·I have been invested in the stock and bond markets for many many years, but can't claim to understand either the stock market or the bond market, so I used 3 low cost index funds 😀
Wondering if/when some genius(es) will offer a low cost cryptocurrency investment fund 🤨
Wondering if/when some genius(es) will offer a low cost cryptocurrency investment fund 🤨
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Dan S
·I have been invested in the stock and bond markets for many many years, but can't claim to understand either the stock market or the bond market, so I used 3 low cost index funds 😀
Wondering if/when some genius(es) will offer a low cost cryptocurrency investment fund 🤨
There are a number of passively managed (low expense ratio) funds (typically ETFs) that invest in cryptocurrencies. I see them mentioned pretty frequently but haven't really investigated the pros and cons.
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Observer
·There are no crypto ETFs on US exchanges. There are similar funds offered by Grayscale like GBTC and ETHE. Others groups issue them, too. Canada has, I believe, three Bitcoin ETFs now. The new SEC boss is crypto friendly so we should have a Bitcoin ETF in the US pretty soon.
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Walrus
·Ok I know there are many Canadian members here. Please correct me if I’m wrong. Bitcoin hit a 1.12 trillion dollar market cap. I got a buddy in Toronto he is a big crypto guy he is telling me Btc market cap is now greater than the supply of Canadian loonies or Canadian dollars in circulation. I tried verifying online but I only found the 2019 value of the Canadian dollar at 93 billion or there about. That is pretty amazing. Even if this is a short term bubble the fact bitcoin has hit that value is quite astounding.
I don’t think Canada is doing what the US is doing as far as saturating the country with with the money printer and I am not denigrating or saying anything negative here about Canada I just find it amazing that people have enough faith in bitcoin to put it at that valuation. April could be a strong month for many cryptos. I could enumerate many faults with bitcoin but darn you gotta be impressed that something that had the original value of .0009 of a penny, not even worth 1 cent has become what it has become. I also realize saying “market cap” and “bitcoin” don’t really go together but allow me the poetic license, really friggin amazing to ponder.
I don’t think Canada is doing what the US is doing as far as saturating the country with with the money printer and I am not denigrating or saying anything negative here about Canada I just find it amazing that people have enough faith in bitcoin to put it at that valuation. April could be a strong month for many cryptos. I could enumerate many faults with bitcoin but darn you gotta be impressed that something that had the original value of .0009 of a penny, not even worth 1 cent has become what it has become. I also realize saying “market cap” and “bitcoin” don’t really go together but allow me the poetic license, really friggin amazing to ponder.