Crypto Currency Thread
Discussion
The African banking gap is very rapidly being closed by mobile phones offering banking services using fiat currency not crypto
Money transfer to India - the cost to transfer pounds to crypto to rupees would I think offset the transmission savings. Plus there is a strong alternative money transfer system that is cheaper than WU etc. When there are large numbers of expats (Filipina in HK say) the costs of money transfer come down a lot
I.e if here in SIN I wanted to transfer a lot of money to Indonesia I would go to a certain set of brokers who will arrange a p2p transfer at much better rates than HSBC, and take a small commission. I give an Indonesian who needs Sin dollars in Sin SGD to an account here, or cash, they do the same (but in rupiah) in Indonesia
Money transfer to India - the cost to transfer pounds to crypto to rupees would I think offset the transmission savings. Plus there is a strong alternative money transfer system that is cheaper than WU etc. When there are large numbers of expats (Filipina in HK say) the costs of money transfer come down a lot
I.e if here in SIN I wanted to transfer a lot of money to Indonesia I would go to a certain set of brokers who will arrange a p2p transfer at much better rates than HSBC, and take a small commission. I give an Indonesian who needs Sin dollars in Sin SGD to an account here, or cash, they do the same (but in rupiah) in Indonesia
wisbech said:
The African banking gap is very rapidly being closed by mobile phones offering banking services using fiat currency not crypto
Money transfer to India - the cost to transfer pounds to crypto to rupees would I think offset the transmission savings. Plus there is a strong alternative money transfer system that is cheaper than WU etc. When there are large numbers of expats (Filipina in HK say) the costs of money transfer come down a lot
I.e if here in SIN I wanted to transfer a lot of money to Indonesia I would go to a certain set of brokers who will arrange a p2p transfer at much better rates than HSBC, and take a small commission. I give an Indonesian who needs Sin dollars in Sin SGD to an account here, or cash, they do the same (but in rupiah) in Indonesia
The crypto coin Electroneum (ETN) is trying to bridge this gap and appear to be doing a good job so far, despite the fall in value.Money transfer to India - the cost to transfer pounds to crypto to rupees would I think offset the transmission savings. Plus there is a strong alternative money transfer system that is cheaper than WU etc. When there are large numbers of expats (Filipina in HK say) the costs of money transfer come down a lot
I.e if here in SIN I wanted to transfer a lot of money to Indonesia I would go to a certain set of brokers who will arrange a p2p transfer at much better rates than HSBC, and take a small commission. I give an Indonesian who needs Sin dollars in Sin SGD to an account here, or cash, they do the same (but in rupiah) in Indonesia
CryptoSuperDave said:
it doesnt just have to be about physical banking though (let's 'ignore' the African countries that do actually need this..) what about the millions of migrants working/slaving their arses off to send money home?(eg Indian national in construction in dubai etc)
.. sure they could send their earnings home to help family via western union.. but at what cost ?.. 5 days & 10% ? .. or maybe they could send their money straight home in 30 seconds via BCH/LTC etc for 5p or less...
sadly us westerners are fking ignorant of the rest of the world...
one love.
The whole third world banking benefit is excellent on paper. Cut out high risk local currency, cut out expensive Western Union, cut out the issue of many poor people not being near physical banking solutions. .. sure they could send their earnings home to help family via western union.. but at what cost ?.. 5 days & 10% ? .. or maybe they could send their money straight home in 30 seconds via BCH/LTC etc for 5p or less...
sadly us westerners are fking ignorant of the rest of the world...
one love.
What’s to stop a charity from running such a system and pegging the coin to the USD which is the global micro transaction currency after barter? Well, security.
But as you say, many Westerners are ignorant. The benefit of electronic micro banking is that the client wealth is centralised in secure facilities. Extracting that wealth on the street takes time, noise and effort so it isn’t done. Ergo micro finance holdings are secure.
It’s the same reason for the cost of Western Union. Security.
A wealth that is stored on a portable, personal device is a severe security risk.
And there is also the highly patronising Western view that such people need us to save them when obviously they have long developed financial street systems of barter, slate and Third party fx that are far superior and efficient than prancing about with mobile phones and needing to sport big beards, ill fitting trousers and a lumberjack shirt.
sicasey said:
The crypto coin Electroneum (ETN) is trying to bridge this gap and appear to be doing a good job so far, despite the fall in value.
But still involves 2 xchange/ conversion rates not one (SG to ETN to IDR). So unless/ until vendors in rural Java accept ETN for vegetables in the market, still more expensive I guesswisbech said:
But still involves 2 xchange/ conversion rates not one (SG to ETN to IDR). So unless/ until vendors in rural Java accept ETN for vegetables in the market, still more expensive I guess
And not to forget the 'free' ETN that users can earn via the iPhone / Android simulated mining app...and the ETN payment eco system that will be rolled out to store owners etc. providing instant, almost commission free transfers.
They seem to be achieving a heck of a lot more than many other coins out there at the moment.
Anyone see this earlier?
https://www.bbc.co.uk/news/business-45245149
Decent analysis by the BBC IMO.
Anything which is fixed to a fiat currency will simply encourage SWIFT and the banking system to improve, and thus, in the long term, will render the competition unnecessary.
While at the same time, the EU wants a banking system independent of the US dollar based reserve currency.
https://uk.reuters.com/article/uk-iran-nuclear-ger...
https://www.bbc.co.uk/news/business-45245149
Decent analysis by the BBC IMO.
Anything which is fixed to a fiat currency will simply encourage SWIFT and the banking system to improve, and thus, in the long term, will render the competition unnecessary.
While at the same time, the EU wants a banking system independent of the US dollar based reserve currency.
https://uk.reuters.com/article/uk-iran-nuclear-ger...
Condi said:
Anyone see this earlier?
https://www.bbc.co.uk/news/business-45245149
Decent analysis by the BBC IMO.
Anything which is fixed to a fiat currency will simply encourage SWIFT and the banking system to improve, and thus, in the long term, will render the competition unnecessary.
I agree, stable coins are a road to nowhere. The volatility inherent in a new asset like Bitcoin is to be expected and certainly doesn't need fixing by tying value to existing monies. Volatility will settle out in due course and will probably take many years to do so.https://www.bbc.co.uk/news/business-45245149
Decent analysis by the BBC IMO.
Anything which is fixed to a fiat currency will simply encourage SWIFT and the banking system to improve, and thus, in the long term, will render the competition unnecessary.
At the end of that piece, the journalist highlights tokens with high throughput. Transaction throughput doesn't need fixing with a different coin. The correct approach is to keep the base settlement layer extremely secure and allow upper layers to settle to it. Nobody needs retail coffee transactions immutable & kept for eternity.
It’s just the penny share formula. Nothing ever changes. These things always run to the exact same formula because humans don’t change. It doesn’t matter how it’s packaged and claimed to be something never seen before it is always exactly what has been seen before and will be seen again.
A bit more time and the corporate, legislated, secure V2 end products will begin to take over.
A bit more time and the corporate, legislated, secure V2 end products will begin to take over.
XJ75 said:
Goldman Sachs have canned their plans for a crypto trading desk, I think that's what has caused the drop.
No, that's what a couple of lazy reporters threw onto the page. Goldman delayed their desk in favour of working on proper custodial services for institutional investors. It's more important and lucrative for them to get that sorted out before running a trading desk.Price went down because people sold, simple as that.
Let me know when you actually capitulate so I know the bottom is probably in 
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