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

in LeoFinance • 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).

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4 years ago in LeoFinance by
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     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.

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