China Supreme Court Sides With Mining Operator in Battle Over 485,000 GPUs

Tefal said:
I suppose that's why the banks are making their own not using the existing ones.

How do those fees scale? Like how much does it cost to move 1billion?
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If you are moving that much then sure fees don't matter at all but at the end of the day you need to cash out and that's just not happening with £1billion. They also do scale with amount especially bitcoin. The more you move the more it costs. It depends on the coin. XRP for instance costs only 0.25 XRP to move as many as you want whether it's 1k or 100k. Every currency has a different fee and different scaling or no scaling at all.

If you needed £1billion to pay someone in Columbia for coffee. Buying £1 billion worth of crypto in one go will drive the price up. Then on the opposite end dumping it will drive the price down. So someone will end up paying more than £1 billion for a billion worth and someone will end up selling £1 billion for less than what it's worth.

At the end of the day it has to be converted back to fiat to actually be useful for anything.
 
Psycho Sonny said:
If you are moving that much then sure fees don't matter at all but at the end of the day you need to cash out and that's just not happening with £1billion. They also do scale with amount especially bitcoin. The more you move the more it costs. It depends on the coin. XRP for instance costs only 0.25 XRP to move as many as you want whether it's 1k or 100k. Every currency has a different fee and different scaling or no scaling at all.

If you needed £1billion to pay someone in Columbia for coffee. Buying £1 billion worth of crypto in one go will drive the price up. Then on the opposite end dumping it will drive the price down. So someone will end up paying more than £1 billion for a billion worth and someone will end up selling £1 billion for less than what it's worth.

At the end of the day it has to be converted back to fiat to actually be useful for anything.
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Well no banks don't "cash out" thats the whole point they simply need to move value

XRP for instance costs only 0.25 XRP to move as many as you want whether it's 1k or 100k.
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So in the trillions range that banks operate in a spectacular saving vs currency conversion
 
Tefal said:
Well no banks don't "cash out" thats the whole point they simply need to move value



So in the trillions range that banks operate in a spectacular saving vs currency conversion
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Banks aren't using it though because the market cap isn't in the trillions.

Bitcoins would be plausible but the fee increases with the amount so it becomes large.

Also bitcoin is extremely slow and you have to pay more to get it to execute faster.

I remember sending BTC and I used a fee at the time it said it should take an hour to transfer. It took 8 hours as everyone after me kept paying higher fees to move theirs before mine. Sometimes it can take days if you set too low a fee or possibly even weeks.

So no banks aren't using crypto at all. The market cap on coins and their disadvantages far outweigh the benefits of lower fees.

They would need to use a stable coin, with large market cap and low fees. That doesn't exist.
 
Psycho Sonny said:
Banks aren't using it though because the market cap isn't in the trillions.

Bitcoins would be plausible but the fee increases with the amount so it becomes large.

Also bitcoin is extremely slow and you have to pay more to get it to execute faster.

I remember sending BTC and I used a fee at the time it said it should take an hour to transfer. It took 8 hours as everyone after me kept paying higher fees to move theirs before mine. Sometimes it can take days if you set too low a fee or possibly even weeks.

So no banks aren't using crypto at all. The market cap on coins and their disadvantages far outweigh the benefits of lower fees.

They would need to use a stable coin, with large market cap and low fees. That doesn't exist.
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Again banks are making their own not using theilly existing ones

Also the market cap on fiat doesn't come close to the amount banks move

There isn't a quadrillion dollars in all the currency inthe world but it moves anually
 
I think he's trying to show the fee is 0.05% or something using Monero.

Again every coin is different Monero isn't even the best litecoin is better I believe for fee's.

XRP is best for the absolute largest amounts as their fee is set at 0.25 XRP.

So it depends on how much you want to move as to which is best and also if the other person has a wallet or exchange that supports it
 
Energize said:
Same thing that happens when there's a power cut and your online banking goes down or there's a network problem that takes the atm system out?
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But people can still carry on as normal with cash because it's a physical object and although a bit of a fiction, has a recognised value, you were saying that a global cryptocurrency is eventually going to supplant all of the world financial systems. I'm asking what happens if the technology to bank gets taken away for even just a week or two given that it's entirely virtual.

Energize said:
Before crypto was invented people risked encountering police officers or dodgy drug dealers etc now people are doing transactions anonymously with escrow via Monero.
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They used their trusted local dealer and paid in cash and if they got bad drugs they knew who to blame and the dealer knew that if he supplied bad drugs he could end up in prison.
 
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mmj_uk said:
But people can still carry on as normal with cash because it's a physical object and although a bit of a fiction, has a recognised value, you were saying that a global cryptocurrency is eventually going to supplant all of the world financial systems. I'm asking what happens if the technology to bank gets taken away for even just a week or two given that it's entirely virtual.
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But no one has £10k of cash in their house, just a credit card, so I don't understand the question?

They used their trusted local dealer and paid in cash and if they got bad drugs they knew who to blame and the dealer knew that if he supplied bad drugs he could end up in prison.
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You mean if they survived and then wanted to get their legs broken? Vs being able to test drugs first and release funds held in escrow later.
 
Crypto is the cause of the decline of the honest local drug lord. Such thought leadership from mmj.
 
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