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Peter Hun

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Posts posted by Peter Hun

  1. 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. 

  2. 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.

  3. 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..

  4. 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.

  5. 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.


    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.

  6. 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.

  7. 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.

  8. 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.

  9. 12 minutes ago, warpig said:

    I'll try and find it, thanks! To me - it looks like it's still intact... but I'm still learning. This is the latest chart... and interestingly after yesterday, the price has jumped back into the ascending triangle and the 50dma has flattened and pushed out the potential deathcross by 1 day, which is a positive development. The deathcross preceeds the point of the ascending triangle by only 2 days now (based on expected inception (green circle)). Maybe Saylor will save the day after all!



  10. 2 hours ago, Freki said:

    Meh Ireland is a massive pain in the butt for EU countries. Should they leave, all the tax evasion happening through them will be gone. They are behaving like stowaways, and are not cooperative (the NL are close seconds). So people can moan, it won't happen

    Ireland won't be leaving the EU and any implication by desperate Brexiteers  that it may happen  is just that - desperation. 

  11. https://www.coindesk.com/el-salvador-residents-are-split-on-bitcoin-adoption-bill

    Isaac is also concerned about the crypto community’s enthusiasm surrounding Bukele and El Salvador. For instance, some crypto influencers and firms have been tweeting about moving to El Salvador, tagging luxurious villas and beaches, along with Bukele himself

    “My objections to this is, why do all these crypto enthusiasts have so much hype for this guy? Aren’t crypto people against Big Government, big regulations, taxation? It seems that they don’t have a problem with a wannabe tyrant as long as he supports crypto,” Isaac said



  12. 12 hours ago, kzb said:

    The courts are independent and people take the government to court constantly.

    Indeed but they tried their best to prevent in the grove/cumming thrift of public funds case


    Question are the thieves who gave our money away going to face jail time for this and the many far bigger crimes?

    we will see.





  13. 10 hours ago, kzb said:

    No but that wasn't the argument. You were saying the corruption was special to the UK and if we were in the EU, it wouldn't have happened.

    It's not as if we can take our government to court or stop them robbing tax payers because they now control the courts.

    I don't know what other countries do and find it remarkable that you find theft on that scale ok because you think everyone is at it.


  14. 8 hours ago, kzb said:

    You do know that most of the budgets were never actually spent?

    Yes it was still bad, but nowhere near as expensive as some assume.

    I expect there was corruption and price gouging all over the world, including in EU countries.

    So giving 500millon to two men in  zero income compamy and no relevant experience with no competitive tending is perfectly OK because, maybe, just maybe some other government did it?

  15. 2 hours ago, kzb said:

    A belief system has developed under our noses that "Britain" is intrinsically evil and the only thing standing between the poor people and "Britain" is the shining knight of the EU.  How this belief came about God only knows. 

    Given that the government has stolen hundreds of billions to give to their mates since leaving the EU I'd say its a very accurate belief.

  16. 11 hours ago, markyh said:

    As usual, @Peter Hunknowledge of anything is 1000 miles wide but only 1 inch deep, bit like EV's.  Because he is a cleaner for a company related to crypto he thinks he knows everything, but yet holds hardly any crypto, so obviously doesn't really "get it".  

    For the true picture Bitcoin and "El Salvador" you need to listen to people who "run" Crypto companies and are involved in directly in "El Salvador", not someone on HPC who is a crypto "Shrimp" owns a handful of ETH. 


    More bull sheet. Its an app that may or may  not use the lighning network.. you have to hand over your BTC to Strike.

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