Sametboy2019

13 hours ago, lkn said:

Classic con man. Notice how the interviewer ask a real question about how this will affect someone like J.P. Morgan, i.e. what will the “competition” (XRP/crypto) do better/faster/cheaper, that will cause J.P. Morgan to lose customers/marketshare.

 

And then a complete non-answer, because this guy has no answer!

 

You will find this again and again, I see above you quoted @Neeranamclaiming it takes 5 days and costs $20 to send money to Scotland. So I wonder, if I can teach him how he can send money to Scotland instantly and free of charge, does that make crypto useless?

 

Anyway, it’s really all very simple: A system with tens of thousands of computers constantly working to validate the same transactions (giving it an extremely limited throughput) will never be cheaper or faster than a smaller network of a few trusted nodes, you shouldn’t need to be a computer science genius to understand that.

 

As for XRP, the idea here I think is more to provide an intermediary currency (rather than provide a payment network, although I know they also have such a thing). But USD is already used to solve this problem, but I guess some people will rather trust some founder of a tech startup than the Federal Reserve.

Sorry i must of heard a different answer to you. He asked the question and Draper's answer was overall scenario rather than direct but then Gensler butts in and gets to the point quicker than Draper by saying "Then they adopt the technology"!

The example of tens of thousands of computers v the smaller network is only valid if the tech is the same but using a older system thats is more energy consuming  v a newer greener tech make that argument invalid.

Also the system now is swift  so that is not faster or cheaper than any crypto/blockchain. If you are talking about systems like Wise i get what your saying but im talking from a wholesale point of view not retail. Wise isnt going to take a payment of trillions of dollars like Swift does. Wise is a P2P payment system.

The Federal Reserve are arguably the biggest criminals on the planet.

The initial argument about sending money is correct. I dont know why anybody would use swift to send smaller amounts of money but many people still do through lack of knowledge.

XRP is primarily a settlement system. The ability to exchange in 4 second and for a fraction of a penny. Now with a wholesale CBDC we see a system for banks to move the money they move each day through swift to be moved using XRP (Ripples patented ODL technology) eliminating the need for Nostro/Vostro accounts.

Im not sure that retail will see this technology given to us yet as im sure the banks would like to keep robbing the middle and working class for a few more years.

This all might tie in with the implementation of ISO2022 from Nov 2022 ending with full implementation by the end of 2025.

3 hours ago, Neeranam said:

Cross border payments use a great technology, developed in the 1970s, called Swift. 

If I make a transaction to my family in Scotland, it takes 10 days to arrive and costs only $20. 

Nowadays, I send BTC to my mother, it arrives around 20 minutes after I send it and costs $2.

SCB, the largest in Thailand used XRP in a corridor to Japan, where Thais working in Japan could transfer money using the blockchain in 2 seconds for maybe 5 baht. 

Mexico also uses XRP in a corridor with the USA. The banks obviously don't likethis and are fighting for their lives to create FUD regarding cross border payments using crypto, and moreso about DeFi. Blockchain is the future and those predictable haters saying that crypto has no utility are tiresome. 

I've seen it twice before with BTC; those haters who missed out try to justify their not buying it cheap by waiting until the end of the bull run and subsequent bear market to come and spread FUD, cherry picking numbers from 1 year ago. EXACTLY the same criticisms as when BTC went to $200 in Jan 2015, $3,500 in Jan 2019, or $3,500 in March 2020. The same haters will be here, mark my words, in 2026 when BTC has crashed to $50,000. I have no idea why they can't learn from their error of not buying BTC, and actually buy now, or at least DCA in at $17k. 

Agree with everything you say. Im not on the BTC boat though. I dont see any utility in it and maybe the best gains have already been had but thats just my opinion. 

XRP has the ability to be a real game changer and maybe after this lawsuit finishes we will see some serious adoption. 

This interview clip sums it up nicely

8 hours ago, lkn said:

The problem here is that the banking system is fragmented, do you agree? I.e. does my small savings bank have nostro/vostro accounts with your small savings bank in another country? If not, we have to go through an intermediary, and that add delays and fees.

 

How does blockchain solve that? By having all banks just use the blockchain, right? But then the real solution here is just to have all banks “use the same system”. This is no different than how we already solved the problem in Europe: By having all banks go via ECB. So all banks in the European Monetary Zone can do instant transfers 24/7 between each other, because they are all connected to the same system (ECB).

 

The U.S. has been pretty slow, but I think they now have a similar system where all U.S. banks can now do instant transfers among each other.

 

So to be clear here, blockchain is not the solution, moving everyone to the same system is the solution. People think that blockchain is a solution because “we can already do it with blockchain”, but really, we cannot, we have to go through multiple third parties and end up paying lots of fees, it is way less efficient than something like Wise or SEPA Instant Payments, and it does not connect more institutions (where you have your money) than the former.

 

Also, you have to remember the regulatory requirements. Not just KYC/AML, but also consumer protection, e.g. when Citibank accidentally sends $500 million to the wrong account, there needs to be recourse.

 

How?

But then the real solution here is just to have all banks “use the same system”

Yes i believe moving to one system is the future. It Doesnt matter what the currency is its what is behind it! 

Euro banks moving to each other is obvious as the currency is the same. Why would it not be instant?

Now BRICS are recruiting new countries and they are circumnavigating swift with their own system. An old institution that connected the World in payments will need to adapt. Looks like the iso20022 messaging system will assist in that. A few cryptos out there have alleged partnerships. 

“we can already do it with blockchain”, but really, we cannot, we have to go through multiple third parties and end up paying lots of fees

Who are the multiple parties? and what fees are you paying?

I have money in my bank and i send it to my exchange. I then buy crypto (fees depend on exchange) and then i send it to my ledger. Unless your buying BTC or any ETH coins then transfer fees are almost nothing.

Also most blockchain is open source so anybody with some knowledge can make something on it.

Regulations are coming for sure. I still think something worse is lurking out there for the market in general!

36 minutes ago, lkn said:

I’m not so sure about that. Reports from people tasked with looking into this basically asks: “what problem are we trying to solve?”.

 

The best answer I have seen is to get rid of “private money”, but it’s questionable if we actually want this. There was The Narrow Bank which was basically a proxy for depositing your money directly with The Federal Reserve (which CBDC would be), but they were not granted a banking license, exactly because credit does play an important role in society.

 

And to quote another poster:

 

Exactly, except, we’re not halfway there, we are there! Many countries have been there for at least a decade, in Europe I can move my money between my account with Interactive Brokers (Hungary), Wise (Belgium), and Revolut (Lithuania) instantly and free of charge (with some restrictions).

 

I am not saying that digital money cannot be improved, but this is mostly a regulatory thing, i.e. they want to ensure the KYC/AML stuff and also consumer protection for people who spend money digitally / online.

 

Crypto, compared to what we already have, is a giant step back, and no, it’s not because we are still early. Crypto has to solve problems that money with central authorities does not have to solve, and the price for solving them is high.

 

If you disagree with the current policies, e.g. about requirements for accepting payments online, then yes, crypto solves a problem, but the problem here is then “how to avoid regulation”, it is not a technical problem per se.

Yes agreed. 

Your most interesting statement:

Crypto, compared to what we already have, is a giant step back, and no, it’s not because we are still early. Crypto has to solve problems that money with central authorities does not have to solve, and the price for solving them is high

There are many situations that blockchain/crypto can solve and is definitely not a step back in.

Two that come to mind are. One is finance. The current swift system is archaic and there are payment systems like wise or xe but none of these solve the issue with moving huge amounts of money like swift or cips which need nostro/vostro accounts to cover the payments.

Another is logistics where blockchain can reduce bureaucracy and paperwork. 

Actually almost all sectors can be improved with blockchain. 

26 minutes ago, happydreamer said:

Ya I agree with most of what you're saying here.  Definitely has a long way to go before it has a chance to actually replace fiat.  As of right now its a crappy substitute with far too many technicalities for the average non-technical person over 40 to understand.   I used to think the idea of decentralized currency was good but the recent events and how brazen the people running these businesses are has really turned me off to the idea.  Its like a new level of distrust.  if one doesn't trust their  politicians thats one thing but if you can't trust the people who are custodians of the basis of your wealth...thats not really a world I wanna live in.

Im continuing to accrue passively thru the rewards programs on my credit cards but I'm done with staking and exchanges.  Not worth it.

 

Best of luck...hope you make some good choices ????

I dont believe it replaces fiat. CBDC's are coming. People get scared about this but it doesnt have to be like China. Its like all technology...it can be used for good or bad. The most worrying thing is being switched off but even if physical money was obsolete we would find a way to trade with each other.

Decentralized currency isnt a issue, its who you choose to be the custodian. Always store your stuff on a cold wallet. Remember that banks arent clean either (2008). They basically take your money and invest it. If everyone went and tried to take their money from their banks we would see its not there just like these crypto exchanges.

On 11/13/2022 at 11:40 PM, aldriglikvid said:

Bitcoin keeps falling today (as it did yesterday, and the day before) and even more crypto-exchanges are exploding in realtime. People are starting to realize it's all a ponzi. Be safe and stay out of made-up internet-money. 

 

https://www.forbes.com/sites/billybambrough/2022/11/13/stay-away-binance-ceo-issues-serious-warning-over-another-crypto-exchange-after-ftx-collapse-crashed-the-price-of-bitcoin-and-ethereum/?sh=150c4798793a

Yes this is all part of the process. The space has been built on a foundation of sand. I feel there is much more pain to come. Then in steps regulations and most crypto goes away.

Invest wisely!

7 hours ago, happydreamer said:

Interesting perspective.  Why do you think they would want people out?

Because the first shift will happen in banking. The petro dollar game is almost up. With a new financial system comes a massive transfer of wealth. Mega wealthy dont want anybody else being wealthy....they just want more!

I feel there is a whole lot of pain still to come though. DYOR and buy some coins.....stick it on a ledger and come back in 3 years!

2 hours ago, happydreamer said:

I'll say this much.  I'm a long time Bitcoin adopter and holder.  I believe in the tech, I believe in blockchain as a concept but we are in some really dark days right now and it's certainly not looking good for the current ecosystem.  

We dont know what happens now, the world has never seen what happens during a crypto bear market.  Maybe this is the fallout.  13 years for something like this isn't a long time to have all of the <deleted> worked out especially given the cavalier approach since it's inception.

It's a risk.  A huge flipping risk and a lot of speculation.  I asked myself last week why I was still in it after all thats transpired.  The answer is the same reason it was when I first got into it. It's interesting to me.  The evolution of technology and use cases are interesting.  However I'm pausing my involvement at the moment until the smoke clears and we get some solid rules around this.  My exchanges were Gemini, Binance and BlockFi.  I didn't use FTX, never trusted them since they were based in the Bahamas.

Do I think it's close to being right?  Hell no.  No way.  What this has done right now is expose the criminals within the eco-system.  And when you consider what BTC was initially used for in the early days it doesn't seem now like to far of a stretch that the biggest holders are the criminals who dealt in it from it's inception.  Kinda like the other criminals we know who occupy various administrations in various lands of various people.  They're all criminals.  This being as new as it is has the most loop holes and therefore ways to get burned.  And thats whats happening.  

 

there's no one in the crypto space right now who's NOT feeling the burn of the current state.  I dont care who you are.  You're pinched some way.  BlockFi shut off my credit card.  I found out when I went to pay for something while being out on Saturday.  I mean even something like that is a huge inconvenience and impact on someones life.  I have to to in and adjust approximately 15 different services that autobill to that card now costing me time, frustration, and ultimately money.

 

Am I cashing out? No.  Am I completely done with it? No.  Am I going to continue to support these lawless exchanges by using their cards and paying interest and buying crypto from them. No.  Gemini , I will.  they've made a big effort to separate themselves from the pack.  I still dont trust them though and wont leave any money on their exchange.  All my stuff was migrated to cold storage. Still waiting on the final 10 % of it to complete processing.  Shall see what happens.

 

 

Its all part of the plan! We are on the precipice of adoption of blockchain and they want as much people out as possible.

Nobody in their right mind would be investing now but as they say "He who dares wins"

Must have some excess vaccines that need to be used

Quote

 

On 11/12/2022 at 12:26 PM, bobbin said:

You are in Asia..

 

Strong smells everywhere.

Probably ok with the smell of stale beer and cheap perfume around Sukhumvit though!

22 minutes ago, Sparktrader said:

Lebanon yes. Cash isnt safe. Nothing is. Thats why you spread the risk. Having ETH would  be good for them.

 

 

Argentine Peso also a disaster. ETH or Peso? Pay me in ETH if I was living there.

No thanks. ETH gas fees are a joke. Thankfully there are a new gen of crypto that has solved all BTC and ETH shortcomings!

12 hours ago, aldriglikvid said:

Are you guys still investing in made-up internet-money such as Bitcoin and the other Ponzi's? If you can't spot the fraud a mile away, I don't know what to tell you. 

So, 9 if the largest exchanges worldwide have either ben outright criminal frauds, hacked clean or ponzi's. But not yours, right? ???? Chasing that legit 17% APY. 

True but you dont think banks do the same thing? Remember the 2008 crisis?  People in Lebanon now robbing their own banks to get their own money. 

Imo this crypto purge is to destroy the exchanges and hand the technology over to government custodians. 

Interesting thread. The op has some balls spending 200k on bitcoin.

All these bad players in the crypto space will usher in regulations and most cryptos will dissappear.

There are a handful of cryptos will real world utility and I think they will be at the forefront in the next bull run.

My thoughts in BTC and also ETH is what makes them different to any other technology that was the first on the scene like VHS was to watching movies or tapes were to listening to music. Newer, faster and all round better technology comes to the front and makes them obsolete. 

I don't think most  people really understand where this technology does or where it's going but it will literally affect every part of our lives.

Hopefully for the op Bitcoin has a part to play.

26 minutes ago, bbi1 said:

I thought it was going to be very challenging getting a taxi back from Ban Phe Pier to Pattaya ????

You won't even be able to get off the pier without somebody shouting "Where you go?  taxi, minibus"

On 10/30/2022 at 6:34 PM, asereg123 said:

chilling panda25 (@428pdxob) on Line does good deals. Bought 4 ounces at 320-380 p.g.

 

Mac mints 350

 

 

Finally some decent looking bud!

On 10/12/2022 at 10:34 AM, SkyNets said:

Sorry yes that's the Bruce Banner.

Yeah will buy more, no crazy headache just a deep buzz. Only thing is it sticks the village out with weed, best smell in the world but have nosey neighbors ????

 

Aww BAOX is CBD, was not sure, smells very nice.

Lot of the CBD stuff smells and taste great. Mix this with some cheaper Thai stuff and it gives a good result!

Same as every year then

Removing all restrictions and downgrading the virus yet pushing pfizer vaccines for 6 month to 5 year olds.........Amazing Thailand!

So that many people have had it but the new campaign is let's inject 6 month Olds to 5 yr olds

Anywhere 10k from the sea and 10k from a city.

Holiday home in the mountains 

A photo of a boat and some vague information. No photos inside? 

https://www.facebook.com/Samui-Cruise-109621371798282

Double vaccinated with sinovac July 21.

Caught COVID 6 weeks ago ish. Bad headache, chills and weakness for a few days.

Wife has had 2 sinopharm and one Pfizer , sick for over a week and serious cough and fever.

4 yr old Daughter had a fever, runny nose and cough. Ok after 24 hrs.