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Peter Hun

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Posts posted by Peter Hun

  1. 11 minutes ago, MonsieurCopperCrutch said:

    Noob comment is noob:

    "Customers wishing to avail themselves of this service will have to register with banks which provide this service. "

     

    You still don't get it do you!!! Apart from salty fiat lovers, the people don't want nor need banks. 🤣🤣

    Read the second article, two billion mobile phone payment customers.

    The billion phone banking customers in India have bank accounts on their phones.

    That's half the world population who have mobile banking services.

    No need for Bitcoin.

  2. 8 hours ago, MonsieurCopperCrutch said:

    Indeed. 70% of El Salvador’s  population are locked out of traditional banking and have to heavily rely on expensive remittance services. Yet that seems acceptable to salty noobs. I’d rather live in a fairer more inclusive society. 

    Wow, it's back to 1995 before the Third world went mad for mobile phone micro payment systems.

  3. 1 hour ago, markyh said:

    Now i'm pretty certain you are Autistic, as you seem in capable of emphatic thinking. That coffee probably cost 25p , where are we will pay £4.  And trust me, i have seen villages in Kenya where they live in mud huts with no wired leccy in the village yet every fooker has a Smartphone. You obviously never travel out of 1st World destinations, if out of the UK. 

    In South Africa last time i went in 2017, a big juicy Steak Dinner in a Spur was cheaper locally than a chicken dish on the menu, and 1/3rd of the cost in GBP that you would pay in a UK Beefeater.  All prices adjust to local incomes. 

    You know the cost of beef production versus chicken?

  4. 8 hours ago, goldbug9999 said:

     The characteristic that distinguished a blockchain from other types of datastore is that of Byzantine Fault Tolerance.

    A blockchain with no restrictions on participation including ability to extent the chain (ergo a "public" one) based on Proof of Work such as bitcoin exhibits this characteristic.

    A blockchain with pre-approved participants does not, and therefore offers no functionality that a database cannot also provide.

    Bolloxs.

  5. On 11/06/2021 at 02:06, goldbug9999 said:

    But making that ownership useful depends on something/someone external to the blockchain honouring the link between the utxo on the chain and the "thing" in the real world.

    Not a fan of blockchain are you?

    If the "something external" was another blockchain, say a currency - a real currency, and the  other things were equally unbreakable such as identity then the system as a whole would be more secure, faster and cheaper than the alternative. 

  6. On 10/06/2021 at 23:23, MonsieurCopperCrutch said:

    Neither of you are. Blockchain technology is already being trialled by HM Land Registry and has been proven to reduce a sale and purchase for all parties from 22 weeks to under 10 minutes, with increased trust and transparency of the transaction. Quite a saving in time and cost. 

    That's correct.

    Block chain is also going to revolutionise share settlement, the costs and time impact of which are huge.

  7. 3 hours ago, goldbug9999 said:

    Interesting, I guess their hand would have been forced at some point to to the El Salvador situation, I wonder what sort of "capital rules" they have in mind since bitcoin inherently has a 100% reserve ratio built it.

    What El Salvador does is irrelevant. Its not as if any country is setup to accept BTC. You cannot have a bank account  for crypto. They can no more force BTC onto another country than demand they accept coke  in payment. 

    I think the idea is to treat cryptocurrencies the same as fiat,  you deposit it and the banks spends most of it..

  8. 1 hour ago, goldbug9999 said:

    In some cases such companies have know public key addresses so the amounts they hold can be externally validated. Another advantage of bitcoin - you can provide absolute proof of holdings (by using your private key to sign a message) without exposing the underlying coins to any risk.

    Which companies do that? Not coinbasr certainly. 

    1 hour ago, goldbug9999 said:

    .

    You are right (for a change 😉) - this is whats know as the oracle problem i.e. while a blockchain may be immutable it has no magic way to filter bad data on the way in. This is why non-money uses of blockchain don't work because they all need some external trusted reference for data.

    Land registry is going onto blockchain, as are ...lots of things.

  9. 37 minutes ago, goldbug9999 said:

    Why is it a ban - they just have to hold the underlying 1:1 like all the exchanges do, like Etoro do, like paypal in the US do etc etc.

    The capital requirement for other assets is 8-10%. 15% is unviable for mortgages for instance.

    100% is insane.

    https://www.investopedia.com/ask/answers/062515/what-minimum-capital-adequacy-ratio-must-be-attained-under-basel-iii.asp

    41 minutes ago, markyh said:

    No different to current crypto secured fintech loans, max LTV is 50%, so want to borrow £10k against Bitcoin, you need to deposit £20k of BTC as security (100%).  If you boorow the full 50% LTV and the price of Bitcoin drops, you have to deposit more BTC until back to 50% vs fiat drawdown you have taken, otherwise they start selling you Bitcoin to reduce your FIAT drawdown exposure.

    They are doing great business, even with the recent 50% drop in BTC price.

    I'm sure they are doing great business,  not so good for the customer is it.

    Besides that's not capital requirement for regulated entities. Its security for a loan from a pawnshop.

  10. Quote

    Some assets, such as stock tokens, would fit into modified existing rules on minimum capital standards for banks. Others, such as bitcoin, would face a new “conservative” prudential regime, it recommended.

    Stablecoins — cryptocurrencies pegged to traditional assets such as currencies — would also qualify for existing rules if they were fully reserved at all times, the committee said. Banks would have to monitor that this was “effective at all times”, it added.

    All other crypto assets, including bitcoin and ethereum, would go into the new, more strenuous regime. The Basel committee proposed a risk weight of 1,250 per cent, in line with the toughest standards for banks’ exposures on riskier assets.

    That would mean banks would in effect have to hold capital equal to the exposure they face, and be prepared if the value of the asset were worthless. A $100 exposure in bitcoin would result in a minimum capital requirement of $100, Basel said.

    The standards would apply to assets created for decentralised finance (DeFi) and non-fungible tokens (NFTs), but potential central bank digital currencies were outside the scope of the

    From The FT

    100% capital requirement? Basically a ban.

  11. 1 hour ago, MonsieurCopperCrutch said:

    Bitcoin price shoots up after global regulator proposes first ever rules for banks to hold crypto

    Basel Committee news sees cryptocurrency shoot up by more than $2,000, despite being placed in high risk category
     

    Bitcoin has been formally recognised as an asset class by the Basel Committee, the regulator of international banking standards, with a proposal to introduce capital rules for cryptocurrency.

    The price of bitcoin received an immediate boost following the news, shooting up by around $2,000 after the announcement was made.

    That's good news for crypto. Currently regulated entity's won't touch cryptocurrencies with a barge pole.

  12. 6 minutes ago, Young Turk said:

    This is interesting. Perhaps it is just my lack of understanding, but I wonder if such solutions would be possible.

    I'd heard someone being interviewed (I think a senior person at Blackrock or some other enormous investment firm) saying they could use a blockchain to save hundred of millions of dollars in administrative costs. I think I can see how they would do that, as it can be unilaterally imposed and is a matter of internal organisation.

    You just might be onto something there...🙂

    Buy the key point about block chain is that it is unilaterally imposed everywhere, globally. It will save the finance industry hundreds of billions.

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