/biz/ - Business & Finance

>>25547531
I don't doubt the tweet exists but do you have a link? I can't find it

>>25547531
been saying this a while. banks have no need for using illiquid volatile shitcoins for remittances.

>>25547531
i dont get what does it have to do with ripple

>>25547531
>implying I know what xrp or any other crypto does

>>25547876
This was their flagship use case and raison d'etre but banks will just send usdc instead.
Top kek.

>>25547953
Yeah, there is tether fud, but I red somewhere usdc is backed by useless piece of $papers!

Bitcoin maxis are a riot. You can use the same argument against bitcoin

>>25547531
so why would banks ever use bitcoin or any other crypto for that matter?

>>25548309
Banks dont need to use Bitcoin, Bitcoin exists to stifle banks not facilitate them. Fuck banks, and fuck Indians too. - Andrew Jackson

>>25548336
This! why would bitcoin need banks? :)

>>25548309
>>25548336
Also as a heads up, when banks start using bitcoin - and Id prefer they didnt myself, but when they do - they will use it because they are holding it for their customers, who spend dollars against it. What they will then do is USE THE BITCOIN DEPOSITED AS COLLATORAL TO LOAN AGAINST 30X LIKE THEY DO THE DOLLAR. They dont send it between eachother, thats braindead. They will leverage it.

>>25548395
Why would anyone need Bitcoin?

>>25548459
Because it takes power away from banks and makes you your own banker. Tbh Bitcoin costs too much, and thats your answer to why anyone would need Litecoin.

>>25548490
the overwhelming majority of the money banks make are from lending money to businesses/people. How does bitcoin change that? Will bitcoin give you a loan to start a business?

>>25548459
SOV, and a nice memecoin, I myself is an eth "maxi", but btc is a very good investment.(hedge against the dollar)

>>25548541
You can lend WBTC in defi(eth chain)

Did you see this fucking top DUCKDAO new farming model shilling?
Seems like they take my attention

>>25548610
scammer

>>25548124
Store of value, loser.

>>25548541
>the overwhelming majority of the money banks make are from lending money to businesses/people. How does bitcoin change that? Will bitcoin give you a loan to start a business?
When banks loan money they dont just loan money. First they take a million dollars in deposits, and then they press a button, literally just make money up out of thin air. That money, that was created at the stroke of a button in a bank, 30x the actual deposit - is loaned out to people. Without the deposit, there are no loans.

This is why when you pull 10,000$ out of a bank, youre actually taking 300,000$ away from that banks books.

>>25548717
>>25548541
So to be clear, for every 1 million dollars you put in a bank, they loan 30 million out against it. Then they take those other loans, and loan against them, its called rehypothecation. So eventually 18 banks have loans against the same 1 million dollars for like 1 billion dollars and when it collapses like a house of cards, almost nobody gets paid.

But thats how the financial system works, and thats why 1 Bitcoin is worth millions of dollars to a bank.

>>25547953
Which was super fucking obvious to everyone except Schizos. Why would banks buy fucking XRP that dips 50% a day when they can use a Stablecoin and basically have their entire financial system on blockchain instantly?
Banks would obviously get into stable coins first that always have the value of 1 Dollar to be easy to calculate and to have products for customers.

>>25548765
>>25548541
https://www.youtube.com/watch?v=EEXTqtH-Oo4

>>25548717
>>25548765
how can the bank loan 30 million from 1 million? when the bank gives you a loan they give you real cash. Where did that extra 29 million come from? I think you are confusing commercial banks with central banks, central banks print money not commercial banks

>>25548610
>>25548631
Not just a scammer but a namefag
ew

>>25548428
this is the secret this bull run. many anons will sell their bags into black holes that will NEVER sell again. why kill the golden goose? already some confused about 30k holding decently

>>25548459
Because theyre saying all hell's gonna break loose, and you're gonna need a Bitcoin.

>>25548882
trips of truth faggots. Chech' em and don't be a namefag

>>25548847
they can just lend at traditional defi rates or better. expect ETH lending to take a huge spike. thats all you get.

>>25548490
>Bitcoin costs too much, and thats your answer to why anyone would need Litecoin.

Brainlet take. What is fractional banking. Why do you think crypto had so many decimals behind it.

>>25548847
>how can the bank loan 30 million from 1 million? when the bank gives you a loan they give you real cash.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

Banks print money, welcome to the real world. They press a bu8tton, it comes into existence. Much more money exists in banks systems than does in physical cash. This is not a joke.

>>25548847
Central banks loan to commercial banks. And they will loan up to 30x what the commercial bank holds in deposits. >>25548717's is an idiot and has misrepresented it but it's true enough.

>>25548490
How exactly does it take power away from banks to spend bank credit on internet tokens that depend on solving math puzzles? Are you going to pay your taxes with anything other than dollars from a checking account with a bank? does your wage slave job pay you in Bitcoin? keep dreaming.

>>25548847
>>25549008
Actually I dont have the link because its on my old HD but Trumps treasury department ruled this year, in response to the virus crashing the economy - that banks dont need ANYTHING to loan against. Someone around here has it, that 30x thing is gone. Banks dont need collateral to make loans anymore, zero. They print money, they give it to you, nothings backing it up. This happened about 6 months ago, lots of people here saw it, right around the BRRRRRRRRRing meme.

>>25548558
no value to store

>>25549017
If people dont store their bitcoin in a bank, banks have nothing to loan against. It would literally crash the entire economic system if they didnt just rule it legal for banks to hold crypto on customers behalf. Thats why they did it, because people would stop putting money in a bank and hold it in crypto instead, able to send it anywhere they want, any time they want, for pennies. Across the globe, to IRAN if they want, because banks and Jews and courts and states have NO FUCKING POWER.

>>25549016
>>25549059
someone deposits 1 million of real cash in a bank. now the bank has only 1 million of cash to lend to others. how can they lend more than 1 million if they only have 1 million in cash? do they give fake money to the others? how did they create those fake money? and if commercial banks can just press a button and create money, why even need deposits in the first place? why even have a business in the first place? just press the button and make infinite money!

>>25547823
>t keynsian

Here in Argentina if you send me 100 usd via bank i get around 30 usd in the end after fees & conversion rates

>>25549115
Whoever sold you that Bitcoin bought your bank credit. the bank doesn't give a shit what you spend your bank credit on. it's just going to end up back in the bank. Again, can you pay your taxes in Bitcoin? No?

>>25549182
>someone deposits 1 million of real cash in a bank. now the bank has only 1 million of cash to lend to others

They dont loan the million, they loan 30x the million against the million. Someone got that gold silver maloney video explaining this in kids terms. TLDR banks press a button after they get that million deposit and in the banking system was just created 30 million new dollars. They didnt exist before, nobody gave it to them, they just made it. The physical cash doesnt exist, but it does in a computer.

>>25549265
>Again, can you pay your taxes in Bitcoin? No?
Several states made that legal like 2 years ago, DYOR pleb. Yes, you can pay your taxes in bitcoin.

also, just googling this:

>there are methods to pay tax with bitcoins. For example, a company called Snapcard provides its clients with an opportunity to make digital transactions with bitcoins.

>>25548847
Mortgage agreements, and the like. This shit works backwards from how you expect. A man walks into a bank wanting a million dollar mortgage. He signs the paper agreeing to pay back 1 million dollars, plus the interest. The guy gets 1 million dollars credited to his account, and the bank is down 1 million dollars until the guy repays his mortgage in 50 years, and the interest is the bank's fee for shouldering the risk, right?

WRONG.

You see, a piece of paper with your signature on it is a negotiable instrument. That guy just created a bank credit worth 1 million, plus whatever the interest was. The bank is licenced to take that signature and perform conversion on it, and the value ends up on the credit side of the bank's ledger, while the 1 million dollars the guy walks away with is a debt. (Anything public side is in the debt side of a bank ledger, including your bank accounts). Do you think the bank is going to wait 50 years before the guy pays his mortgage off before they "lend" to someone else? NO! They have immediate access to 1 million plus interest that they can now lend out on, and so the process repeats.

And, to answer your question, since the bank is only required to have a fraction of the amount needed to cover any losses in their credit side of the ledger, they can get huge 30x leverage.

>>25549182
when you are given a loan they don’t just hand you a briefcase of cash, your line of credit is just approved for $1,000,000 or whatever m. You don’t actually have that money, it’s just given to a different bank that owns the house/car/dragon dildo collection.

>>25549285
>>25549182
https://www.youtube.com/watch?v=iFDe5kUUyT0
Here ya go. This will explain absolutely everything youre missing.

>>25548124
XRP hodlers have no higher education and it shows

>>25548541
btc is an actual provable reserve
that was golds primary usage and btc is superior at it because anyone can verify it at all times instead of being an easily fraudable high-risk asset to store

>>25549285
so private commercial banks have a magical button that x30 their money when they press it? so why does this button only x30 the money? why not x100? why not x1000? and what if they press the button twice, does it give them x60? so they can just hire a kid and have him press the button all day and make x999999999999?

>>25549390
> You don’t actually have that money, it’s just given to a different bank
so those money do exist and are real?
>>25549369
but the guy that took the loan will eventually pay bank the bank in real cash, the debt that exists will get erased and the bank goes back to having only the original real money that existed plus interest, only the interest is the extra money that bank has

>>25549369
Thanks fren.

>>25549325
lmao. the IRS doesn't take Bitcoin. you'll have to buy some bank credit or have a third party buy some bank credit. (from someone who has an account... with a bank)

>>25549489
>so private commercial banks have a magical button that x30 their money when they press it? so why does this button only x30 the money? why not x100? why not x1000? and what if they press the button twice, does it give them x60? so they can just hire a kid and have him press the button all day and make x999999999999?
Until this year that was the case, but because muh virus (((Mnuchin))) declared banks dont need any collateral, so youre right, imminent collapse incoming, banks have nothing backing up all the loans their giving out as of 2020.

https://www.youtube.com/watch?v=GTTePQucg68
Watch that^^^ and this vvv
https://www.youtube.com/watch?v=iFDe5kUUyT0

>>25549489
>but the guy that took the loan will eventually pay bank the bank in real cash, the debt that exists will get erased and the bank goes back to having only the original real money that existed plus interest, only the interest is the extra money that bank has
the fed is willing to convert it at 100% at any time so its an asset

>>25549549
Several STATES are accepting Bitcoin as a payment for state property taxes and such. The IRS doesnt, yet. I believe Ohio was one, or Idaho? You can dig this shit up, I know Im right. Multiple states accept crypto to pay taxes. Why wouldnt they ,if its extra taxes they collect that they otherwise wouldnt they dont give a shit.

>>25547531
RENT FREE

>>25549183
yeah but the point is you dont need fucking cRipple when you can send instantly USDC/USDT and other stablecoins that are actually not fucking volatile as shit. Banks don't need XRP, banks want STABLEcoins.

>>25549182
Yeah the financial system is a house of cards, enjoy the show

My jewtube isnt even working but heres another on rehypothecation, RT is communist propaganda but years ago it was actually half decent and tried to be more neutral.
https://www.youtube.com/watch?v=AtZTGfOhB7Y

>>25549598
>>25549638
>>25549723
all those debts that exist that seemingly make the supply of money increase are only temporary, when people pay back those debts the debt is erased and the money supply goes back to normal, what you are describing can only happen if the banks just gives loans to literally any random nigger that can't pay back the debt which means the system will eventually collapse, just like what happened in 2007. It all comes down to who the bank gives those loans to

>>25549663
except xrp takes 5 seconds and usdc is an ERC piece of dogshit that takes minutes

>>25549825
i dont think banks give a fuck if it takes 5 seconds or 5 minutes as long as they don't have to deal with volatility.

Based Balajis.

He's also into API3 so I hear.

>>25549814
yea thats why they are desperate to increase debt in every way possible and will print infinitely if things start to go in the other direction

>>25549435
yes its like poetry
btc maximidwits are college tier 110 iq larpers who are useful chinese idiots
xrp schizos are the seekers of true knowledge who care not for meme degrees from modern "universities"

>>25549663
It's obvious you don't understand what xrp is....regardless of what happens with crypto, each country will still issue it's own currency. So if I send USDC to Mexico, how can they spend it? This is where xrp comes in as a bridge currency. I send my USDC to a Mexican bank, xrp is immediately bought, and then immediately sold for (digital peso) all in an instant. Otherwise, we run into the same problem with trillions locked up in remittance accounts.

>>25549646
even if they did accept Bitcoin, they tax you to pay for the debt. and the debt is owed to the bank. and you have to pay the bank with dollars to pay the debt, which means they'd have to sell the bitcoin. the bank can't be removed from the equation without violence/seizure/hyperinflation because the tax payers owe money to the bank. so the bank has the power until then. You want to know who doesn't have the power? Bitcoin holders. No one has to buy bitcoin.

>>25549814
>all those debts that exist that seemingly make the supply of money increase are only temporary, when people pay back those debts the debt is erased and the money supply goes back to normal

>bank has 1 million in collateral
>bank loans out 29 million that doesnt exist
>customers spend 1 million, into the system, the money the bank gave them
>customers ALSO pay back a DIFFERENT million, to the bank, who keeps the cash
You think that equals 1 million in the end? Try again.

>>25549946
You've been lied to. XRP is worthless, token not needed.

>>25550092
lmao can you actually come up with a real FUD instead of "no XRP is bad dont buy"
the shilling is too obvious

>>25549489
Compound interest on the amount that the guy credited the bank for. I was going to type a long reply, but I can't be arsed, just watch this instead:
https://www.youtube.com/watch?v=2nBPN-MKefA

>>25549663
agree , but bitcoin is the only coin doing this well, since you need liquidity on both sides to do that , stablecoins lack liquidity.

I have a dollar someone trusts me to hold.

There is one dollar in the system.

I make 30 of cardboard dollars and say this is backed up by my real dollar.
I give the 30 cardboard dollars out to people,
they spend those dollars telling people theyre backed up by my 1 dollar(this is already retarded, right)
These cardboard dollars are forever more considered real dollars
They pay me back 30 real dollars, I now have 31 dollars.

There are now 31 real dollars in the system, and 30 cardboard dollars that people think are real dollars but in actuality I made those up.

>>25550109
How's that bagholding working out for you so far?
It has ZERO usecase at the moment. Banks are not interested.

>>25549814
The money supply is printed AT INTEREST. It's LITERALLY IMPOSSIBLE to even begin to pay back the interest on the debt, let alone the principal. The money supply will NEVER get back to normal the way inflation is going, it's by DESIGN.

>>25549886
An awful lot of slippage can occur in 5 minutes.

>>25550207
lmao
can you actually tell why that would be?
can you?
i thought not

>>25548777
checked and truthpilled

>>25550201
>doesn't understand a commodity society

>>25549946
But why XRP and not any other random shitcoin?

>>25549946
So the value prop is that banks will buy it and immediately sell it? Ripple first of all doesn't have the liquidity for that on an interbank level, and secondly equal amounts of buying and selling don't actually move the price much. You need much higher price to get more liquidity to even support this level of trading in the first place.
Literally just an argument for Bitcoin settlement between countries which folks like Hal Finney argued a long time ago, and Bitcoin actually accrues value due to holders, which directly translates into higher liquidity for country to country settlement.
The end game here is that individuals get pushed off Bitcoin layer 1 and facilitates this, not that ripple becomes the global settlement coin

>>25550314
This past week the fud has taken a real turn for the worse..its like the fud team had a meeting at work to pep everyone up to turn the final corner, an unsuccessful team meeting, they couldnt even get the team cheer to go off correctly.

>>25550602
Do you not even realize what you just typed? You literally just laid out nearly blow for blow what we have been telling people, fuck... even what ripple has been telling people about their product for a long time now....holy shit I cant believe that you are real.

>>25548777
why would they use that when ripple already has industry tools prepared especially for the banks?
>doesnt mean shit if the banks arent using it
but they are tho

>>25548847
>how can the bank loan 30 million from 1 million? when the bank gives you a loan they give you real cash.

It's called fractional reserve banking.

Also, most loans are digital, and most money is spent digitally.

>>25549946

USDC is on XLM not XRP, so why would they use XRP?

>>25550810
There is no official US stable coin, I used a placeholder name for my example

>>25550690
Why would countries that don't trust each other agree to use a massively centralized blockchain based on the software created by a single company in the US, connecting to nodes that only ripple puts on an approved node list, on a chain that cannot be fully validated because ripple deleted the history in the earliest days of the coin to cover their shenanigans?

BITCOIN IS THE ONLY POSSIBLE OPTION HERE.
Sell your xrp dude. You have swallowed too much cum from jed mccalebs balls

>>25550602
holy moley mate
>Ripple first of all doesn't have the liquidity for that on an interbank level
100 billion potential tokens, ill be generous by being stingy and saying there's only 50 billion available ever, including decimals = a fucking cum load more liquidity, which has been already distributed to banks, btc would have to be sold to banks through some market at a market price. ripple gives it to banks for free/discount to avoid this very problem
>equal amounts of buying and selling don't actually move the price much
no reason to worry much about price action then, especially, ESPECIALLY, if the transactions are completed in mere seconds
>You need much higher price to get more liquidity to even support this level of trading in the first place.
why do you think we believe it will increase in value, anon
>Bitcoin actually accrues value due to holders, which directly translates into higher liquidity for country to country settlement.
value yes, liquidity, no. not when theres a mere million tokens - the movement for banks who need to move a lot of money in many many transactions would move bitcoins price an ungodly amount, plus transaction times = nononono

this correction isnt for you btw, its for the poor anons who saw your post and thought you had anything intelligent to say

>>25547914
this

>>25551011
Not going to spoonfeed you why they would use it, the questions you are asking are questions that have been discussed ad naseum for the past several months, do a little digging in the archives and on google and youll have all the info you need, you may specifically want to look into the worlds green initiative and the need for fast cross border transactions, both of these things are something that BTC cannot by any stretch of the imagination fit into.

>>25551233
No, you tell me why countries that don't trust each other would use anything besides Bitcoin for final settlement? Speed and fees are the least important thing, decentralization is the most important. They will not choose to enrich ripple corp, and trust their shitty software

>>25549946
Sir, I don't want to exchange usd for xrp and then for peso. I want to exchange usd for peso without any additional steps. Pls do not touch stinky craptocurrency, see this clause in my terms of agreement? I opt-ed out of double-conversion.

>>25551428
the cripple retards are delusional and dont understand. just let them baghold lol. cheaper btc and eth for us.

>>25551011
It might be Jed himself...

>>25551024
>tokens tokens tokens
Countries don't give a shit about worthless tokens being wash traded on a chain. They add no value because they are worthless. You need trillions of dollars of real liquidity every day on a decentralized chain before global banks will even think of doing final settlement on a chain. Bitcoin is far and away the most likely outcome here

>>25547678
ARE YOU SAYING ANON IS A LIAR?!?!

>>25551428
>>25551453
you maxis are retarded and still think it's 2008. No, decentralization is NOT the most important thing. Who the fuck wants to spend astronomical fees and wait hours for a transaction.

this board is trash and is filled with pajeets, CCP shills, and discord trannies

>>25551428
just because you were skipping the discussions about XRP last year doesnt mean everyone else was, do some digging in one of the XSG threads and youll have answers to literally every single one of your questions I understand if your dyslexia wont allow you to read though, maybe go out in the kitchen and have mom and dad help you read out loud champ

>>25551637
i'm clearly not a btc maxi when i'm holding 80% in ETH lol
i like alts, but XRP is fucking worthless dogshit and you will realize in due time too. Enjoy the realization of all your missed gains.

>>25551699
>do some digging in XSG threads
Bless the baker XD wagmi $2k eoy !!!!

>>25551637
Countries will pay fees to settle because they will be moving trillions of dollars. The will use the chain with the liquidity to support that without slippage, and the most settlement assurances and immutability, which is Bitcoin due to its massive proof of work energy wall. Bitcoin mining farms will be nationalized all over the world. You have no idea how important immutability is when we get to the point of global settlement. Most of these countries hate each other, they are not going to trust shitty ripple software with its dogshit consensus mechanism. Bitcoin settlement assurances will actually allow them to cooperate.

>>25551719
you do realize smart contracts are a fucking joke, right?

>>25547531
Why would the banks want a stable coin into and out of USD when the USD dollar is being destroyed by the fed? Are you people retards or something?

>>25551866
bitcoin is way too energy intensive and the coming environmental movement will not be friendly to it.

fuck the ccp

>>25548777
Because the problem with a stablecoin based on any existing currency is that it can’t provide liquidity in say, FX markets.

Part of the goal is to create a central liquidity pool ecosystem that is shared by all national currencies (whether or not they’re tokenized), data, commodities, derivatives, etc.

>>25550525
ISO 20022 + partners + speed + cost

>>25552151

>>25548428
Fiat deposited is used for loans in fiat. Not assets. Nice try Boris

>>25551903
the absolute state of cripple holders lel they really do live in a different reality

>>25552026
>build a wind turbine
>it's not very profitable, and sometimes it makes more energy than the power grid needs
>stick a miner in it and run it whenever there's excess power being produced
??????????????????

>>25552026
useless argument
now calculate the total cost of the current system of all the middlemen and fraud and how much energy they get to use with their cut
if we are talking about state level actors mining farms directly build into hydrodams are the anwser adn green at that

>>25548777
> t. smooth brain

xrp is the platform you stupid fucking pajeets. jfl at thinking central banks are going to be trading xrp tokens. Actual holy shit at this absurd fud.

>>25547531
HAHAHAAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHA

Digital currencies are still slower...
You can make 1500 transactions to 1500 countries and it's all completed in 3 seconds. What are you on about nigger?