Bitcoin, Cryptocurrency, and the Future of Global Finance

[reecetn]

Make it plain. What is this?

The Judge in the Ripple vs SEC case denied the SEC's attempt to hide emails leading up to the Hinman speech claiming XRP was a security. She literally put a boot in their asses with the paragraph at the bottom of page 6.

The hypocrisy in arguing to the Court, on the one hand, that the Speech is not relevant to the market’s understanding of how or whether the SEC will regulate cryptocurrency, and on the other hand, that Hinman sought and obtained legal advice from the SEC counsel in drafting his Speech, suggests that the SEC is adopting the litigation positions to further its desired goal, and not out of a faithful allegiance to the law.

Settlement is incoming and regulations soon to follow!!!!!

 

[Rasputin_Vol]

Settlement is incoming and regulations soon to follow!!!!!

Regulations? For a decentralized alternative to the USD?

 

[n_huffhines]

Regulations? For a decentralized alternative to the USD?

Ripple is not a replacement for the USD. It's not meant to be currency. It's a token that pays gas fees for their on/off ramp. For example, a migrant worker would use XRP to send remittance to his home country, and bypass the international banking fees involved, which I believe are like 10%. Ripple can do the transaction at a fraction of the cost.

 

[Rasputin_Vol]

Ripple is not a replacement for the USD. It's not meant to be currency. It's a token that pays gas fees for their on/off ramp. For example, a migrant worker would use XRP to send remittance to his home country, and bypass the international banking fees involved, which I believe are like 10%. Ripple can do the transaction at a fraction of the cost.

How would that work?

 

[reecetn]

How would that work?

Cross-Border Payment Settlement Solution | Ripple

 

[theFallGuy]

Ripple is not a replacement for the USD. It's not meant to be currency. It's a token that pays gas fees for their on/off ramp. For example, a migrant worker would use XRP to send remittance to his home country, and bypass the international banking fees involved, which I believe are like 10%. Ripple can do the transaction at a fraction of the cost.

yep, i moved all my XRP to an offline wallet and it literally took 5 seconds at a cost of pennies.

 

[theFallGuy]

Cross-Border Payment Settlement Solution | Ripple

Get it while it's down. This thing is going to rip once the case is done.

 

[Rasputin_Vol]

Cross-Border Payment Settlement Solution | Ripple

Help me understand who the sending and receiving institutions are. Are these banks?

 

[reecetn]

Help me understand who the sending and receiving institutions are. Are these banks?

View attachment 472383

It could be banks or any institution that wants real time settlements. They have not disclosed all of their partnerships but the Bank of England and Bank of America are 2 big ones that are public. The CBDC's will be controlled by central banks so if any country uses CBDC's they will need ripple.

 

[Rasputin_Vol]

It could be banks or any institution that wants real time settlements. They have not disclosed all of their partnerships but the Bank of England and Bank of America are 2 big ones that are public. The CBDC's will be controlled by central banks so if any country uses CBDC's they will need ripple.

I just don't understand your idealistic view of this. Look at what you just told me. You were bragging about how cheap the transfers were, yet even in the link you provided and your explanation, you have to use banks as the on ramps/off ramps. Don't you think banks will tack on fees at some point that will drive up costs? And with banks (as we have seen with SWIFT and Canadian truckers, etc.) they can easily block access to the on ramps/off ramps for political reasons.

 

[Caculator]

ripple is on sale right now

 

[reecetn]

I just don't understand your idealistic view of this. Look at what you just told me. You were bragging about how cheap the transfers were, yet even in the link you provided and your explanation, you have to use banks as the on ramps/off ramps. Don't you think banks will tack on fees at some point that will drive up costs? And with banks (as we have seen with SWIFT and Canadian truckers, etc.) they can easily block access to the on ramps/off ramps for political reasons.

Ripple does not control what banks do. Banks charge fees now do they not? Soon those fees will not be inherited from the settlement process and you will not see the "pending" status on your bank statements for 3 days because it will be instant. So back to banks. What do you do if a bank charges outrageous fees?

The on and off ramp thing.

For those that are technically sound you will not need banks anymore. You can use this.....

Sologenic NFT Marketplace | Mint, trade & collect NFTs on the XRPL

That is what banks are terrified of and why they sicked their sockpuppets at the SEC on Ripple. Now that that lawsuit has been shredded it is time to fly!!!!

 

[theFallGuy]

Ripple does not control what banks do. Banks charge fees now do they not? Soon those fees will not be inherited from the settlement process and you will not see the "pending" status on your bank statements for 3 days because it will be instant. So back to banks. What do you do if a bank charges outrageous fees?

The on and off ramp thing.

For those that are technically sound you will not need banks anymore. You can use this.....

Sologenic NFT Marketplace | Mint, trade & collect NFTs on the XRPL

That is what banks are terrified of and why they sicked their sockpuppets at the SEC on Ripple. Now that that lawsuit has been shredded it is time to fly!!!!

and it's why their fake "i stand with the little people" Elizabeth Warren, keeps saying bad things about crypto, because she's in bed with the banks. Lies and deceit

 

[n_huffhines]

I just don't understand your idealistic view of this. Look at what you just told me. You were bragging about how cheap the transfers were, yet even in the link you provided and your explanation, you have to use banks as the on ramps/off ramps. Don't you think banks will tack on fees at some point that will drive up costs? And with banks (as we have seen with SWIFT and Canadian truckers, etc.) they can easily block access to the on ramps/off ramps for political reasons.

It's not that these banks are a cartel that have all agreed to be equally greedy and charge exorbitant fees to do international transfers...The banks do not have relationships with one another and there is regulatory red tape to deal with when sending these remittances. That's where the costs comes from.

I send $ to my homeys in the Philippines via Paypal for years now, and the banks aren't tacking on fees.

 

[Franklin Pierce]

Texas Bitcoin Miners Halt Operations to save energy during heat wave

Bitcoin miners in Texas have suspended operations and answered the call to conserve energy and spare the Lone Star State’s fragile power grid as demand has soared during an intense heat wave.

Companies who engage in industrial scale crypto-mining such as Riot Blockchain, Argo Blockchain and Core Scientific use millions of computers to mine bitcoin in an energy-in
tensive process that environmentalists say exacerbates climate change.

According to Bloomberg, these companies, which were attracted to Texas due to its lower energy costs and friendly regulatory environment, have made the state a hub of crypto-mining.

But with the mercury hitting triple digits throughout the region, the companies have complied with a request by the state’s power utility, the Electric Reliability Council of Texas, to conserve energy in order to avoid rolling blackouts.

Texas bitcoin miners halt operations to save energy amid heat wave

 

[theFallGuy]

 

[Electric Orange]

"Take The Tragedy In Sri Lanka And Multiply By Ten": The Fed Just Lobbed A Financial Nuke That Will Obliterate The Global Economy

 

[VolStrom]

Celsius becomes third major crypto firm in two weeks to file for bankruptcy

 

[Rasputin_Vol]

Celsius becomes third major crypto firm in two weeks to file for bankruptcy

Celsius, whose mantra has been “Unbank Yourself,” offered both retail and institutional customers high-yield interest savings accounts. The firm earned yield for customers by lending its assets out to hedge funds or depositing them in higher risk decentralized finance trades that relied on additional leverage.

 

[VolStrom]

Yeah, I could have done the same thing without buying crypto currencies.

 

[reecetn]

Yeah, I could have done the same thing without buying crypto currencies.

LOL, this may be the first time I agree with you.

 

[Franklin Pierce]

Democrats Target Crypto Companies Because Their Carbon Footprints Are Too Big

Democratic lawmakers on Monday urged a probe of cryptocurrency companies’ mining activities and their impact on climate change.

Cryptocurrencies are “mined” as computers operate “proof of work” algorithms that solve complicated mathematical problems, thereby earning new tokens. According to the letter — signed by Sen. Elizabeth Warren (D-MA), Rep. Rashida Tlaib (D-MI), and other lawmakers — the amount of power used to procure the coins now rivals the total annual energy usage of countries like Norway or Sweden, and may surpass the reductions in greenhouse gas emissions ascribed to electric cars.

Democrats Target Crypto Companies Because Their Carbon Footprints Are Too Big | The Daily Wire

 

[Vol423]

From what I have read, cryptocurrency is incredibly exposed to a potential "run-on-the-bank" event because the amount of actual cash underlying the system is infinitesimally small compared to the amount of cryptocurrency in existence. If true, the slightest jitter in the market could cause the whole system to implode.

The problem comes when people say, I'm done with crypto. I want U.S. dollars that I can actually spend. When enough people do that, you end up with a "run-on-the-bank scenario". There isn't enough actual cash to exchange for the cryptocurrencies. When word of that leaks, more and more people try to cash out. Then, the whole system implodes like a house of cards.

Most people don't even understand that the banking system works this way. A bank branch may only have enough cash in the vault on any given day to cash-out 5% or 10% of all funds on deposit with that branch. They specifically carry more cash in the vaults on days that are normal paydays, like the 15th and last day of each month, for example, because more people cash their paychecks or even make additional withdrawals on those days. Thee proliferation of debit and credit cards over the last twenty years will have relieved so many of the cash transactions that it wouldn't surprise me if banks hold well below 1% of funds in cash on some days.

Celsius reveals $1.2 billion hole and floats bitcoin mining fix during first day of bankruptcy trial

 

[Rasputin_Vol]

This is the ultimate goal of central bank digital currencies... to track and trace every transaction. Using cash will be a criminal offense.

Israel's War On Cash Is About To Get More Drastic | ZeroHedge

“We want the public to reduce the use of cash money,” Tamar Bracha, who's responsible for carrying out the law for Israel’s Tax Authority, told The Media Line.

“The goal is to reduce cash fluidity in the market, mainly because crime organizations tend to rely on cash. By limiting the use of it, criminal activity is much harder to carry out.”

Next, Israel's finance ministry plans to deliver a proposal to parliament to criminalize the mere possession of cash exceeding a certain sum. One version of the proposal set the possession cap at the shekel equivalent of just $14,700.

 

[davethevol]

This is the ultimate goal of central bank digital currencies... to track and trace every transaction. Using cash will be a criminal offense.

Israel's War On Cash Is About To Get More Drastic | ZeroHedge

Absolutely. Cashless societies and they’ve been working slowly on disarming the people as well. They have an endgame, and it’s all coming to fruition.