>“I’m not so worried about crytocurrencies,” Van Steenis tells Bloomberg (video below). “They fail the basic tests of financial service
>They’re not a great unit of exchange. They don’t hold value, and they’re slower.
>ccn.com
Crypto officially BTFO. Bulls absolutely terrified.
Thanks sold 100k
>Listen to us banks goys, according to our tests only (((central bank))) printed currencies pass our tests! Dumb fucking goys.
Puh-leez
I bought this pile the other day for $15k on craigslist, gonna bring it to the bank tomorrow when they open and put them in a safe deposit box
Won't crack open till $100k per coin
Nevercoiners BTFO
It's dead fags just leave it alone!
But user, "They’re not a great unit of exchange. They don’t hold value, and they’re slower." are facts that anyone with any actual experience with cryptos can't deny without simultaneously admitting to being a delusional idiot.
>hating banks
You are a real edgyboi
UK bank payments take days, though. Payment on Thursday can come in on Tuesday due to bank delays and no processing on weekends. Even Shitcoin is a 5 minute thing.
Please be real and not a larp
>This bank cuck
Not gonna make it
Yep shows over guys. I'll take those useless coins off your hands for a few bucks so you don't leave feeling like you lost it all.
if crypto doesn't hold value, then why is it valued more than mcdonalds right now?
Keep coping bitboy
>crypto "currencies"
ummm guys, you did know this right? did you think that after having one available for use for 10 years, and no-one using it, it was because there was something they were missing?
Crypto "currencies" are a meme, a POC for blockchain and DLT that will be used for smart contracts.
>public ledger
do you show everyone your bank account? do you want to?
jesus, some people are slow on the uptake
Shit bro you're right. If only there was a cryptocurrency that didn't display everyone's balances and transactions.
>and they’re slower.
????????????????????????????????
it takes fucking 7 days to get my money from bank to coinbase
FUCK OFF KIKES
sure. now you just need mom and pop to adopt it, for it to be in stores, for anyone who isnt tech literate to be able to use it. when your grandma starts buying her prune juice with monero, then this is a valid argument
it's dark market and NEET play money till then
they CAN move it near instantly, they choose not to
Coping? It's the banks that are gonna cope. They are scared of crypto and metals, that's why they keep suppressing them. How long will that last you think? kek
OH FUCK BANK OF ENGLAND JUST SAID ITS WORTHLESS GUYS, I"VE SEEN THIS BEFORE. ITS ALL OVER. SELL!!! SELL!!! SELL BEFORE EVERYONE ELSE DOES.
LMAO buy signal is getting real close fellas, were almost there
yep
how low do you think we are going?
>says increasingly nervous man for the seventh time this year
crypto is worthless? yes. 99.9% of it. the problem is btc is not in that 99.9%, and that's all that matters, if you're not some worthless late adopter anyway
>BTC Dominance: 52.4%
btc is 52% of it
>slower.
Its only fast and relatively cheap because no-one uses it. Remember transaction times and cost December 2017?
Btc was disgustingly slow
yeah btc
but there are many other coins that are much faster right?
That makes it even fucking worse
agreed, which is why in countries like Australia, we have NPP. Near instant and free. pay to someones registered email/mobile number across banks
the point being, they can do it, with the right motivation.
think they cant roll that out worldwide when they want, or again, when they have the motivation?
>unit of exchange
This is about government regulation, not the tech. Building a Etpos-like terminal is simple, even the Bch scammers have one. The problem is you can't easily conduct business with it, since the fiat on-ramps act as major choke points. Unless you're working directly for crypto it's too much hassle for day to day use.
>They don't hold value
What are stablecoins? DAI is amazing (since it's totally transparent) & more and more Eth dapps are using it (not that normies give a shit yet - but they will). Again, this has nothing to do with tech, all about other factors.
>They're slower
Behind the scenes bank settlement to the retailer takes days. They basically just have a trust system where they block part of your funds if you pay electronically & let you walk out the store, then they settle everything behind the scenes later. I've had to wait a week or more for purchases to clear. It's easy to implement a similar system eg. a banking smart contract that does the same as the above would be simple, and it's just as fast as the next block mining - not days to settle. Combine that with a system of decentralised Oracles (you know which one...) for validation of the PoS endpoint validity and you've got something far superior for both merchants & banks to use.
Hopefully
They should have the motivation before crypto. Now they will die a slow death.
Crypto has ALWAYS been a pump and dump scheme. You know it, I know it, everyone who has ever heard of it knows it. You don't go to the grocery store and pay with crypto because you fear you're losing out potential gains. You don't hesitate about paying with dollars just because it may go up or down against the yen or euro tomorrow. The cryptomarket is speculators trying to trick each other to get what they really want, which is ironically dollars, yen, and euros, the fiat currency which they "claim" to despise.
This. Crypto as a currency is a meme. He's actually right.
WERE THE EARLY ADOPTERS THEY SAID
>they don't hold value
>and they're slower
Based Bank of England Adviser
>It's easy to implement a similar system eg. a banking smart contract that does the same as the above would be simple, and it's just as fast as the next block mining - not days to settle. Combine that with a system of decentralised Oracles (you know which one...) for validation of the PoS endpoint validity and you've got something far superior for both merchants & banks to use.
Once all these things happen crypto will really take off I bet. I better buy more 10 year old crashed crypto now bc someone is sure to build all that stuff i listed soon...
>don't hold value
The bitcoins I bought in May 2013 for under $100 USD were eventually sold in 2017 at an average price of $5300 USD. Sounds like holding value to me
>slower
Go to your bank and try and transfer $15,000. See how long it takes. Then go home, and send $15,000 in bitcoin from one wallet to another. I guarantee you bitcoin is both faster and cheaper by orders of magnitude.
The year is 2019
Yes, the year is 2019, and even following an 85% decline in value, the traded price today of $3,550 USD is still well, well above where it was at any point in 2013.
Agreed; for anyone that didn't buy the last 6 months of 2017; Bitcoin was a great store of value;
>great store of value over time. oh except that time when people lost thousands
seems reliable, can't imagine why it hasn't had more uptake
You gained money if you bought it for like 90% of the time it has existed
>They don’t hold value
you're missing the point, it went up, great, people made money, but it didn't HOLD its value... its the holding part
Then wtf is the point of anyone else buying past 2017? You literally just fudded yourself.
Stupid question, is there any documentation over the very first currencies in the world taking forever to adopt?
Famous last words
I cant wait until xrp takes a massive dump on his employers chest
>retard can’t into fractions bitcoin is 1/2000+ cryptocurrencies
Mainstream leaders going on television and demonstrating a complete lack of understanding of the technology makes us unironically in early days.
>1/2000+ cryptocurrencies
are you this retarded? use some context you brainlet, hes not on CNN talking about PonziCoin and its $5,000 market cap, or any of the other pieces of shit you wasted money on
Bull run, we made it, bitcoin is 5k and going up. It's time to buy in. Xrp mooning too. Look at those green candles! We're rich. Lambo
lmao kike cope
Craigslist? Lmao.
>the most expensive currency in the world
>coping
Why does (((bloomberg))) hate crypto so much???
The biggest mistake behind this statement is basing a store of value (risk of permanent capital loss) on volatility. CAPM is a load of bullshit if you ask any of the worlds top investors.
The truth is most crypto are finite and deflationary over long periods of time due while FIAT is (in practice) over long periods of time inflationary and infinite.
Therefore, crypto is a better store of value in theory. However, this is only possible after mass adoption. I doubt we will get there because there is no catalyst for mass crypto adoption. Trying to replace FIAT with crypto is like trying to replace Google. Its just not going to happen because of the advantage of stability of FIAT due to network effects.
>Remember banks are our friends goys, remember what happened in 2008!!
Early adopters who cashed out the moment it exploded and entrants to the market started throwing their currency in. A bunch of people got convinced especially in late 2017 that bitcoin was a big deal, and they fulfilled the pay day of all the old fucks, and now it is deflating again. It was mostly a zero-sum game with only a marginal utility for things like avoiding capital controls and buying drugs actually boosting its value.
>because there is no catalyst for mass crypto adoption
tax avoision
being able to pay people under minimum wage
Im sure something will come along
Chainlink isn't 10 years old, what are you babbling about?
Wait...you think all that's yet to be built?!? How stupid are you? We're just waiting on a mainnet to launch MWAHAHAHAHHA Holy fuck you're actually a retarded bommer, who thought I was talking about BTC! Gtfo back to Jow Forumsbuttcoin you plebbitor.
he's right about cryptocurrencies in their current form. apart from that they're more fungible due to permissionlessness.
He's missing the part about being open platforms for innovators to do anything.
How would he understand the value of suprise?
>He's missing the part about being open platforms for innovators to do anythin
Uhh dude have you ever heard of the INTERNEEEET. Its this thing, where innovators can make like. STuff, and you can exchange money on it using paypal or your own checkout system. Wow duuuuuude we need crypto for the "innovators!" to make ah uhh.....another internet!
Yes the internet has been a boon to us all. Hard to imagine most did not understand it's significance.
Very similar with the craftable reward ecosystems of today. Hard to believe some people still don't get it.
All this means is BTC is btfo, which he is right about.
>taking what Bank of Rothchild are saying at face value.
Not. Gonna. Make. It
You don't need crypto to build websites or apps. What the fuck is so special about crypto? I can build a tower by stacking $US dollar bills in real life but guess what, that's not going to affect the price of the dollar.
Crypto can suprise us, it can outlive us. It's permissionless at it's core and can be used by machines.
You want me to iterate use cases? Find some type of practical value for you? No. I don't need you to believe, but pay attention. When you see a dapp that suprises you, remember that is the power.
We live in an age of disruption and crypto is encouraging it while traditional systems are discouraging it.