More than half of the world’s banks are already in a weak position before any downturn that may be coming, according to a report from consultancy McKinsey & Co.
A majority of banks globally may not be economically viable because their returns on equity aren’t keeping pace with costs, McKinsey said in its annual review of the industry released Monday. It urged firms to take steps such as developing technology, farming out operations and bulking up through mergers ahead of a potential economic slowdown.
Most of these banks are in the eurozone. Germany for example has at least a dozen very weak banks. They can't make a profit thanks to the eurozone's negative interest rates. Negative interest rates are at their lowest in the eurozone and in Denmark at -0.5% an. In Japan it's -0.1%. If your country has positive interest rates, the banks are likely safe and profitable. It's the negative interest rate zones that are a problem. |
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The fall came because of the news of quantum computers and since, a strong support was broken, the price was expected to undergo more drop. But instead price went up by 3k in a few hours without any news or happening to support it. The rise was more manipulated than the drop. There was no reason for such a big pump when sentiments were negative. This shows that whales were playing against the market sentiments.
The "news" is supposedly that China is backing bitcoin. Which seems to be a mistranslation - they've simply passed a law on cryptography and how China wants to be a leader in cryptography, which is a whole other thing to cryptocurrency! |
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What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?
Developed countries certainly already have regulations regarding taxes. there are several ways that allow the government to tax users of crypto. For example working together with local exchangers that are usually used to exchange crypto to fiat. In my opinion as we know, that it is still not possible to use crypto for living expenses or to buy something. The impact of the use of crypto on the economic sector is not much as long as the government still requires the use of fiat. I think in some American states, you can use bitcoin to pay for state taxes, but until this is widespread, crypto won't get traction. |
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Nothing makes fiat wortless in general. Only crypto maximalists thinks so.
If we are talking about currency drop - politics and nothing more. There are undervalued and overpriced currencies
If you look at history - some currencies have become completely worthless. For example, when England joined with Scotland in 1801, the deal was that the Scots kept their own currency, the Pound Scots. But it had already been losing value before the Union, and afterwards it just collapsed, and people in Scotland started using the currency that belonged to England and Wales instead - the pound sterling. Similarly in the 1920's both the German and Austrian currencies rapidly became worthless and people there scrambled to get their hands on either gold, pounds or francs. In the modern world Argentina's currency became worthless in the early 2000's, and they had to replace it with a new currency. Fiat ony has value if someone else accepts it in exchange for goods. As soon as they start refusing it becomes worthless. |
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Not to mention the thing they are supposedly "backed by" (even though we all know they aren't actually backed at all), is fiat. Even if your $1 million purchase of Tether is still redeemable for $1 million USD in 10 years time (and that's a big if), you will have lost a significant percentage of your purchasing power thanks to fiat being a sinking ship. So you can add that to the list of risks. If you own Tether on an exchange, then someone else is holding an insolvent currency which is constantly devaluing on your behalf.
Tether is a scam. Everyone would do well to exit it as soon as possible.
Exactly. If you wanted something "stable" why not hold real dollars, instead of a pretend dollar coin? Or hold bitcoin which at least protects you against inflation. |
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If it pleases the users to use their crypto funds to bet, let them be. Somehow, this is also one of the major factors or development that bring about more awareness and mass adoption of blockchain technology. So many people who are into online games today are not yet aware of this aspect.
This. People are going to gamble anyway. So they might as well use cryptocurrency to do it. If crypto can dominate this industry, at least it provides a use case for digital money. |
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I am at a loss what is happening right now with Bitcoin. Just hours ago, I was watching at the preev site and it was at the $7400 zone and then suddenly when I came back it jumped to the $8500 level and then now we are almost touching $10000. Just unbelievable. This is really the Bitcoin that I know of in 2017 when you can watch the figures changing right before your eyes. It is amazing how it got back with a big vengeance. But knowing the real score with Bitcoin, I would not also be surprised if a cold water will suddenly drop on the price and another dip can follow. Oh, well. But I am so excited today and that matters for now.
Except in 2017 the trading volumes were lower, so you didn't need that many dollars to move the price. Order books must have really thinned out to allow such a movement - or maybe someone pulled sell orders to allow the pump to happen. |
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It's more than a partial store of value.
At the start of 2017 bitcoin was under $1,000, and gold was about $1,200. Bitcoin is now over $8,000 and gold is about $1.500.
So storing your money in bitcoin beat both holding dollars or gold.
Roubini is assuming everyone bought at the top. But most people bought either before the top, or after it had dropped back down again.
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We have come across so many national currency becoming worthless and recently we have heard the news of barter system in Zimbabwe due to the fall in the value of national currency but what really makes the Fiat worthless? Is it corruption or war or national economical crisis? Or the National GDP which makes it fall?
Inflation, it's always inflation. As to what causes inflation - usually restrictions on trade. So if you can't import say wheat, and your domestic wheat harvest yields are not so good, then prices rise. What you can buy with one unit of currency then drops - and that's how a currency becomes worthless. Usually needs price rises of several hundred percent for it to happen though. |
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The source is legit so i think the US really want to shutdown Bitcoin but maybe by Donald Trump demand. Wont do be so sure about it. Trump knows the current market scenario and though he may not accept bitcoin into the government mode of payment he wont try to stop it. They more or less know who and how are using bitcoin and though they dont attempt to stop it they wont punish you for it. They might have tried that and after several failure, I think they now want to look for a way to actually incorporate it into their own system, and I think that they will only accept it as digital asset as against using it as currency, so everything they will do in their power right now too is to ensure that they changing people's mindset towards accepting it as digital asset which they think it is even more beneficial to them as they will be able to create platforms that will make it taxable. If bitcoin system was possible to shut down, I am sure that even countries like China and France would have joined hand with the United states to do so, but I think they have already seen it as something that is impossible which they will never even think towards that angle of shutting it down again. I think once they realised that it wasn't really anonymous but was a public ledger system, that made them happier about it. After all no need to get warrants to look at someone's bank transactions - it's all there on the public ledger. |
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No, people would not go into digital things when they have ecnomic crisis. Just imagine, if you are so poor and worries about what can you eat tonight, will you put your last dollor into bitcoin?
It doesn't require the poor to switch to bitcoin. Just those who have assets who fear losing it all. In other words the upper middle classes. |
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Will I Invest my hard earned real money into Bitcoin?? The answer is no! Will anyone who is in rational mind Will Invest in btc?? The answer is clear no!!
Will I Invest into stable coins? The answer is yes!! Stable coins are the best Thing what Ever happened! Clearly but Bitcoin is not.
Stable coins are safe until some govt raids them and asks them to prove that they're really backed with fiat currency (which they're not). In other words stable coins are nothing but an elaborate con game. |
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i know libra is going to be big, i am so positive about it but waiting for so long before lauching the coin is my concern. but i know all the delay is to give the best, so it wont end up OVERHYPED
I don't know why you are positive about it. One thing that came out of his grilling by Congressmen: https://techcrunch.com/2019/10/23/zuckerberg-testimony/He wouldn’t commit to blocking anonymous wallets but he’s open to baking more anti-money laundering into Libra’s network Congress is worried that as he knows so much about Facebook users, and refuses to allow the wallets to be anonymous, he'll use both sets of info (info about the users and about what is in their wallets) to bad purposes. And they're right. Centralised coins are bad enough - but putting all that data in Facebook's hands is asking for trouble. |
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That is the problem, if you want to use something small from altcoin list to have a faster and cheaper movement, you are not going to cash it out to fiat that easily, whats the point of changing money from person A to person B using something like nano first but then the person who gets the money turns that nano into bitcoin and then cashes out, it doesn't work unless you can cash out nano to fiat directly and easily.
It is why I feel like there is absolutely no reason to use anything other than bitcoin and ethereum, ethereum is usually capable of turning into fiat in many places as well so that works but that's about it, only a few places have litecoin as well because of the back in the day popularity of it but most new places don't have that neither.
Recently I took a look at the Philippines cryptocurrency exchanges to see which coins they were listing. https://bitpinas.com/cryptocurrency/list-cryptocurrency-exchanges-philippines/#list_of_cryptocurrency_exchange_philippinesIt's mainly bitcoin and ethereum to the Peso, and some exchanges have litecoin and bitcoin cash listed as well. That's it. There is a gap in the market for an alt with low fees, if it can get listed on the phillipines exchanges as well as on the western exchanges, so that remittences can happen directly, cutting out the middle man. (The person sending money from the US just sends the coins directly to their relative's crypto address on the philippines exchange where they can sell them for peso) |
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Why many forum on bitcointalk tread always talking with Libra coins, so far we know Libra still not active as cryptocurrency or other digital payment. Not get allowed from United government make Libra never listed to public, how ever without know when coin open to public will make less investor and less trusted from people with Libra coin, maybe libra never can't disrupt bitcoin price.
Libra is not active but it's affecting the entire cryptocurrency universe as it is focusing government attention on the entire industry and on cryptocurrency in general. Hopefully it doesn't result in crypto being banned or heavily regulated. But some of us would have preferred if Zukerberg had stuck to his social media empire and left crypto alone. |
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Goldman Sachs: Bitcoin can be useful for a troubled economyAccording to the report of Goldman Sachs, Bitcoin and other crypto-currencies can be a good alternative to the national currency for countries with an unstable economy. Analysts at Goldman Sachs Zack Pandle and Charles Himmelberg said that digital currencies and, in particular, Bitcoin, can become a viable means of payment in countries where traditional money is not sufficiently provided. Goldman Sachs experts: crypto-currencies can help the troubled economy
But how will they earn bitcoin? Same logic goes to how they can earn fiat? Fiat or cryptocurrency, there must be a means to earning them. Sure, cryptocurrency could open up new opportunities but I don't think a large percentage could utilize it, especially for third-world countries. It does, however, provide ease in transactions, removing limits and intermediary. It could be, as it said, me another means of payment, but I don't really know if all of these would do better to a slow economy. Given that bitcoin transactions require network connection, and validation is not that fast, it will still be a theory. There are a lot of Venezuelans on Steemit who earn Steem and then exchange it for bitcoin. I expect Steemit, Trybe and other methods of earning through writing will get popular if the economy tanks and people are actively looking for new methods of earning. |
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We have thousands of coins in the market right now, and thousands of them are dead coins do you have a coin that you've supported than turn dead and making a comeback, and will you support a coin that you've invested and become a dead coin and making a comeback.
mine was Xtrabyte it becomes a deadcoin, but adopted by a new developer and it becomes profitable.
It's more likely that if a deadcoin makes a comback, the bagholders will dust off their wallets and sell their coins and breathe a sigh of relief. The selling will of course kill the coin again. |
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Another Libra hearing going on now with Mark Zuckerberg himself - https://www.youtube.com/watch?v=B1a5h5KncNMI expect another major league kicking. Interesting that he's aligned himself so closely with this. He must realise his face is a negative in the minds of many. He got absolutely hammered by Congressmen: https://www.ft.com/content/2c5fd142-f5a7-11e9-a79c-bc9acae3b654How could Mr Zuckerberg persuade a largely hostile Congressional committee to give its backing for its plan to launch a digital currency? Invoking the threat that China could overtake US technology seemed like a good idea, with Mr Zuckerberg pointing to China’s plans to launch a similar project — a public-private partnership with some of the country’s biggest companies — in the next few months.
Nevertheless, the defence failed to persuade many politicians. “I think you’ll be hard pressed to find somebody who’s more of a hawk on China in this committee,” said Anthony Gonzalez, a Republican member from Ohio. “But this isn’t Mark Zuckerberg versus Xi Jinping.”
...
Mr Zuckerberg signalled the group was more flexible than initially indicated about the make-up of the Libra reserve — initially pitched as a basket of currencies, including the dollar, the British pound, the euro, the yen and the Singaporean dollar.
For one, he conceded that it would be “completely reasonable” for US regulators to restrict the currency to being backed “primarily” by US dollars.
But he also raised the possibility of creating a set of different Libra coins that would each be backed — presumably one for one — by different individual currencies. This might be more acceptable to regulators; for example, the New York State Department of Financial Services has previously approved the launch of so-called stablecoins in this format. But it could lump Libra and users looking to convert currencies with additional costs. My reading of this is that the US will prevent his coin being backed by US dollars. So then it needs to be backed by other currencies and those countries might not like Facebook using them in that way. |
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That's the problem when someone trying to do a manipulation. Imagine one wallet user who sell at a very low price will dragged down the entire market. I dont know if his idiot or just simply wants to monetize and give up already the crypto and decided to leave everything. I hope someone can do the vice versa buy who will right? That someone should have deep pocket in order to pull of this one just like the last bitcoin bubble. Anyway nothing can be done. Just hoping for a huge come back soon. Market really hurts.
They might not have wanted to tank the market. Perhaps when they made their sell order, there were buy orders on the books, that suddenly got pulled which meant that the sells then crashed through the remaining buy orders... The lack of decent market makers in bitcoin world is a serious problem. |
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This guy has been concern trolling since 2013/4. Not a single one of his predictions have come true. I actually took the trouble to find out how to ignore people on Reddit just for him as he hangs out there the most.
His most recent 'metric' has been measuring the discounts you can get on Purse.io. If they're out of kilter then according to him we're all dead. I prefer deeper and better distributed evidence myself.
No one need give a shit about mining other than miners. So far it has ALWAYS taken care of itself and I don't expect that to change.
The pro-hashing guy might be concern trolling, but he might not be. He's one of the few business people in the crypto space and thus picks up on stuff early. He was the first to flag up the issues that fees were causing in Dec 2017 (which then led to businesses like Steam disabling their bitcoin payment options), so while he is overly negative, not everything he says is wrong... |
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