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The New York Stock Exchange Teases Plan To Launch Cryptocurrency Trading (thenextweb.com)
Wall Street's interest in integrating cryptocurrencies with their business seems to be on the rise. From a report: Intercontinental Exchange (ICE) -- the parent company of the world's largest stock exchange desk, the New York Stock Exchange (NYSE) -- is working on a Bitcoin exchange for large investors, The New York Times reports. ICE is also reportedly planning to set up swap contracts with other financial institutions, which will allow customers to own Bitcoin without an immediate trade with the backing and security of the exchange. The move follows an earlier interest in cryptocurrency trading by Nasdaq and Goldman Sachs.
Unfortunately, due to its volatility, cryptocurrencies cannot be handled like money for the common man. Because you get cases where people would buy a pizza that would be worth more then the budget of a small nation a few years later.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
there will be no more gains to be had for the average person.
Bitcon's gains ran out months ago. I can't see any "large investors" buying bitcoin these days.
It will be easily manipulated for the benefit of the banksters.
It's already easily manipulated by the handful of Chinese miners who have a large percentage of the coins.
Just look at the Bitcoin price history; it goes up in stairsteps, completely unlike any normal stick price. Up, up, up in small volumes then sudden high volume trading and crash. Very obvious that people are pumping and dumping.
The only reason Bitcoin is hanging on is because of all the shysters advertising it to the marks. Now Wall Street wants some of that action? It may be too late. As soon as pumping/dumping stops working for the Chinese they'll just cash in and retire (if they've got any sense). That moment will be the end of Bitcoin.
No sig today...
As soon as pumping/dumping stops working for the Chinese they'll just cash in and retire (if they've got any sense). That moment will be the end of Bitcoin.
The end of Bitcoin would be brought about by the cost to verify a transaction came to exceed transactions.
That system is based on trust between parties. This leads to large inefficiencies, long clearing times, and expensive transfers. Crypto solves many of the problems of banking and remittance in a better way than the existing system.
But it creates as many problems as it solves. For example, if your Bitcoin is stolen, you have little or no recourse. You have to trust that your Bitcoin wallet is secure and software these days is generally riddled with exploits and vulnerabilities.
First sign: Mainstream media report about it.
Second sign: Non-techs start getting interested.
Final nail in the coffin: The NYSE trades in it.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
Charlie Munger of Berkshire Hathaway: “And I think the people who are professional traders that go into trading cryptocurrencies, it’s just disgusting. It’s like somebody else is trading turds and you decide, ‘I can’t be left out.'”
Not sure what you mean. High volatility undermines the practical value of any and all currencies. I can easily accept a modest amount of inflation ordeflation if the long term trend are highly predictable.
You have to be very rich and privileged to like volatility. Normal people cannot afford to be in even medium term agreements with things like Bitcoin. If I am in a year long contract and Bitcoin drops by a factor of 2, I am screwed. If I am in a year long contract and Bitcoin jumps up by a factor of 2, I would be terrified that the business I am working with will go bankrupt. It is too often a lose-lose game.