I have to assume that anything you buy is priced in fiat. So when you pull out your crypto debit card what is the process. Does the merchant get paid in fiat? How and when is the crypto converted? If you hold more than one crypto, which one gets converted? Or do you have fiat in your account that the debit card is used against? Does the merchant pay a fee? Who rewards you with the cash back? Where does that come from?
Crypto Talent
- Thread starter GlobalMacro90
- Start date
Pretty much the same. Which ever service you use would have a cash balance that debit's would draw from and have settings to liquidate whatever crypto you designate to sell at spot to settle cash withdrawals and debits.
The better one's offer various rewards, from charging whole numbers and then buying crypto with your change - to the ability to stake crypto and earn interest.
Blockchain has gotten way more credit than it should because of Bitcoin, it is a good start but it is not even half way of what a distributed ledger should be. Looking at the replies to this thread this article might fly over your head:
https://101blockchains.com/disadvantages-of-blockchain/
I know this is not aligned to your cryptoboys' narrative but if you guys are looking for 'talent' a bit of knowledge won't hurt anyone.
https://101blockchains.com/disadvantages-of-blockchain/
I know this is not aligned to your cryptoboys' narrative but if you guys are looking for 'talent' a bit of knowledge won't hurt anyone.
OK "angrytrader" will do. I have posted many interesting things on this topic and 99% of the time I am met with "what about tether" or "this isn't real" or "it's for criminals". Im sure you can see, it gets quite nauseating.
So how about this which I think is "interesting". I was a bond trader (market maker) for 12 years. As everybody on this forum knows, you do a trade in principle but the transaction doesn't actually happen until the trade settles, aka you dont give $$ and get bonds until some time in the future. Its typically the next day (reg settle) but could be in 2 days (skip) or 3 (corp) or longer (term).
This leads to many inefficiencies. It happened 100000x in my career. One of the many inefficiencies are "DKs" aka "don't knowns". This is when you have a record of doing a trade, but when your repo guy goes to settle the transaction the counterparty says they don't know the trade. This is a problem and needs to be worked out. Typically, especially if it's a buy-side customer on the other end, the market maker (aka me) just eats it. It blows. This has happened way more than you would expect. Cost me millions over those 12 years.
Enter the BTC network. You do a transaction and get CASH FINAL SETTLEMENT in roughly 10 minutes (once a new block is mined). 10 minutes vs days. This can lead to a much more efficient system IMO.
Oh yea, can this network that achieves cash final settlement in 10 minutes legit cant be shut off, trades 24/7, doesn't care what country you are in or your background, has no CEO/people that have outsized control over it, etc
So there. There is something interesting I think about the BTC network, not just a comment that the price is going to 300K (though for the record I think it is). This is something that resonated with me as a former market maker.
Its my view that when a more efficient system presents itself, its just a matter of time before its the standard.
if you have a trading system which ca trade futures you can easily trade crypto in a style that is free. i measure unusual momentum and noise size, then using limit orders i get my trades done for free.
like ETH i hate to trade cause of the burn rate - this hate taught me to get my money back by using the markets own volatility against itself.
The main use case for Bitcoin has never been to replace the bonds market. The very same way you brought a network that is less efficient than Bitcoin to illustrate your point I could bring a few that are more efficient to help mine, but that would point me as a hater in front of your acolytes.
I don't think you can take the Bitcoin network as an example of efficiency, in fact it is one of the easiest points to challenge for nocoiners. Not impressed so far, but I keep reading if you come across with something else.
I am not saying its a replacement for the bond market. I am saying its a more efficient way to settle transactions
i just read that and laughed - WHEN put into the context of what i know about Chicago and NY markets.
OMG LOL LOL - the stories i could write about the fallacies of the stock and future exchanges!
Blockchain is a god sent.
I knew there was some kind of divinity involved
Talent flowed into the space because there is (or was) money to be made. Crypto is a highly fragmented and inefficient Wild West market, where almost anything goes without any pain-in-the-ass regulation. On top of that, most participants are retail gamblers or lotto-ticket winners lost in the Dunning-Kruger effect, self-selected for gullibility, limited financial literacy, and a poor to nonexistent grasp of sound investment principles or prudent risk-management practices.
None of this says much at all about where crypto prices will go over the next X years, let alone about the meta-level social usefulness of crypto tokens or blockchain.