RE: Leo Talk 7/01/21 - Come Join Our Chat

nonsowrites (75) 4 years ago

This is great news for the crypto sphere. thinks are actually looking good irrespective of the price fluctuation. I believe we will see more companies and banks follow in the steps on NCR. It is the smart thing to do.

Posted Using LeoFinance ^Beta

finguru (73) 4 years ago

That's a huge step forward. 2021 seems like a great year for crypto. So many users are entering the space everyday and it just doesn't seem to stop anytime soon.

These banks however will charge hefty fees from customers to buy, manage and hold their crypto in cold wallets. Just like crypto exchanges do. Hopefully this will allow investors to explore other opportunities which are better and decentralised.

Posted Using LeoFinance ^Beta

nonsowrites (75) 4 years ago

These banks however will charge hefty fees from customers to buy, manage and hold their crypto in cold wallets. Just like crypto exchanges do. Hopefully this will allow investors to explore other opportunities which are better and decentralised.

I think it is only a matter of time before people begin to explore decentralised options. these centralised institutions and companies cannot be the gatekeeper of crypto. They can only try.

Posted Using LeoFinance ^Beta

$0.00

evernotice.leo (53) 4 years ago (edited)

If it comes to my little bank, then It'll really be a sign of crypto going mainstream. These guys didn't even know what their SWIFT number was when I needed it to go to Germany in 2017! I had to get their info from another bank. :)

Posted Using LeoFinance ^Beta

sgt-dan (65) 4 years ago

I remember a couple of years ago talking to my bank's manager about cryptocurrency. He said that BTC is money out of nothing. I replied, And the US dollar is different in this regard how?

I should ask to see him when I next have reason to visit my bank and ask What are your views on cryptocurrency now?

Posted Using LeoFinance ^Beta

3 votes

taskmaster4450le (80) 4 years ago

It is a major step forward. We are seeing the banks getting their hands into it which isnt surprising. However, it does open the door for more wallets and people involved.

Onboarding into the industry is what is important. Then we can start to lure them elsewhere (like to Hive).

Posted Using LeoFinance ^Beta

$0.00

dagger212 (67) 4 years ago (edited)

Two quotes from the article:

Nydig itself plans to hold the exact amount of assets its clients buy in an off-line, cold-wallet custody environment. “Every dollar of customer bitcoin is actually bitcoin that is held in custody, in trust, for the customers,”

and

“A lot of these banks have seen that one of the biggest outflows from their depositors is moving money from the bank to exchanges like Coinbase,” says Stone Ridge cofounder Yan Zhao, who joined Nydig as president in December 2020. “And so that’s part of why banks are so excited to have this capability for themselves and for their consumers.”

The supply keeps dwindling. I wonder what the price has to get to before these giant banks can't manipulate it. The problem is they are "too big to fail". The Fed will back them up by printing more money which will allow them to keep shorting and manipulating the price. It would not surprise me in the least if we learn at some point that 90% of all Bitcoin in existence is held in cold-storage somewhere. If banks are forced to cover and deliver actual bitcoin to people, they could truly collapse.

Posted Using LeoFinance ^Beta

$0.00

jfang003 (75) 4 years ago

Yea I am surprised but I am wondering more about the big banks since they tend to be the ones with most of the wealth.

Posted Using LeoFinance ^Beta

$0.00

salexa5 (50) 4 years ago

I think that will be great, will have to keep an eye open for my bank to see if they will do crypto currency.

Posted Using LeoFinance ^Beta

$0.00