Crypto currency (IF banned from CA)

Efcjake said:
What is a lot of companies though Zat?

It is still a tiny minority of all companies.

Customers aren't paying for things in bitcoins when they can hold them and play the speculation game.

Companies may be using them as an intermediary currency to facilitate international transfers but they aren't operating in bitcoin they're operating in fiat currency.

Nobody is paying their suppliers and employees in bitcoin are they? Can you find a single decent sized company that is?

I doubt you can. The volatility and associated risk is far too high beyond 10 minute international transfers.
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You posted "nobody is using them for business transactions" -- not "a tiny minority"...

1: International remittance -- do you know that some of the largest global players (and small/medium) in the global transfer game use crypto for transfers? This is a business in itself worth billions of dollars.

As a general interesting thing to look at for USD theres USDT and USDC which are far superior to USD itself for transfers...not only externally from the US but also within the US --who amazingly have an extremely slow banking system.

2: I have no idea how many people are paid in 'bitcoin' but certainly there are people who choose to receive salaries and bonuses in bitcoin.

Also companies regularly pay one another in crypto. Can you imagine the time it takes (not to mention paperwork) for a company in say Africa to be paid by a US entity?

Theres now a bank in Puerto Rico which is slimming down this process for non-american entities to hold a bank account under US regulations. This improves the ease of receiving payments....but otherwise there are plenty of firms in Africa who are paid in crypto....the popularity there exploded several years ago.


3: Im not sure if you realise how many banks are offering custody services in this space, not to mention trading facilities?

In FX a decent sized institution could trade $1billion a day of volume....crypto just the same. Its not just a bunch of weirdos, its a huge asset class in itself.

4: Some of these coins provide you with different benefits...others are actually providing a cut of a companies revenue --like being a shareholder.

Do you know there are luxury asset backed products...such as private islands, antiques and commercial operations all supporting a crypto product?


Its becoming a behemoth.
 

MikelsGoat said:
The crypto weirdos get so defensive over their weird little make believe play money.

It's insane.

It would be like me explaining that CSGO is real life.
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If its make believe play money, then you would not need the entire MSM broadcasting huge amounts of disinformation on the front pages of their websites/newspapers and governments denouncing it in a desperate attempt to reign it in.
 

MikelsGoat said:
Weirdly governments arent keen on people losing their money to Ponzi schemes.
Click to expand...
no they'd rather have them lose it all to fiat. As I've said, its governments that are attempting to bring it down via multiple channels, simply because its the only way to bring it down. The fear being pummelled down throats is clearly going to make people nervous.
 

MikelsGoat said:
Perfectly fine legitimate currency.

lollollollol
Click to expand...

If you go for one of the smaller, new and virtually unheard of crypto then there is always a chance of it being a scam. The crypto that have been around for years and traded on reputable platforms is not.

There are always winners and losers when you buy stocks and shares, people will have probably lost a load on Debenhams/Northern Rock etc. etc. Don't see why you see it as a big deal tbh.
 
Zatara said:
You posted "nobody is using them for business transactions" -- not "a tiny minority"...

1: International remittance -- do you know that some of the largest global players (and small/medium) in the global transfer game use crypto for transfers? This is a business in itself worth billions of dollars.

As a general interesting thing to look at for USD theres USDT and USDC which are far superior to USD itself for transfers...not only externally from the US but also within the US --who amazingly have an extremely slow banking system.

2: I have no idea how many people are paid in 'bitcoin' but certainly there are people who choose to receive salaries and bonuses in bitcoin.

Also companies regularly pay one another in crypto. Can you imagine the time it takes (not to mention paperwork) for a company in say Africa to be paid by a US entity?

Theres now a bank in Puerto Rico which is slimming down this process for non-american entities to hold a bank account under US regulations. This improves the ease of receiving payments....but otherwise there are plenty of firms in Africa who are paid in crypto....the popularity there exploded several years ago.


3: Im not sure if you realise how many banks are offering custody services in this space, not to mention trading facilities?

In FX a decent sized institution could trade $1billion a day of volume....crypto just the same. Its not just a bunch of weirdos, its a huge asset class in itself.

4: Some of these coins provide you with different benefits...others are actually providing a cut of a companies revenue --like being a shareholder.

Do you know there are luxury asset backed products...such as private islands, antiques and commercial operations all supporting a crypto product?


Its becoming a behemoth.
Click to expand...
Yeah I said nobody but I was exaggerating to make a point.

This stuff about the amazingly slow banking system doesn't strike me as being a massive deal outside of the financial industry.

I deal with very high valued contracts at work and the industry I deal with regularly accepts contracts that with payment scheduled 30 days after services or goods are delivered.

I highly doubt anyone ia being paid in bitcoin. How do you agree an hourly rate or even a price for contract delivery in even the relatively short term when the value is so volatile?

I also deal with contracting in foreign currency and that can be a nightmare to work out even between two relatively stable currencies.

This is what I mean about bitcoin not really being a feasible currency. Even here you are talking about it as a tool for international exchange rather than it being used as traditional currency.

Nobody is taking or providing loans in bitcoin are they? How do you manage the long term risk of the volatility?

It is useless as a currency.
 

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