Jump to content

Question about crypto.

Recommended Posts

12 minutes ago, DebSchmal said:

Hello. For what purpose do banks create their own cryptocurrencies?

Hi @DebSchmal,

That is a great question you have asked. Check out this article I found to be interesting, maybe this could answer your question in greater detail https://www.africanexponent.com/post/8920-why-do-banks-create-their-own-cryptocurrencies

Let me know your thoughts on it after you read it.


All the best - MongiIG

Link to comment

Interesting twitter thread.

Any move to a Central Bank Digital Currency (CBDC) requires removal of crypto currencies. That is the Rubicon moment: if they kill the cryptos, CBDC comes next.

3 questions arise:
i) What justification would they use?
ii) How would they do it?
iii) What would be the time interval between killing crypto & CBDC?

The justification is, of course, urgent action on climate change: massive & instant carbon reduction from shutting down digital miners is a big win from COP26. They can also cite consumer protection benefits too!

The how is actually quite easy: they announce they're going to kill the cryptos & peeps will be able to claim limited compensation. Everybody sells, value collapses, compo amounts to, what, 5% of pre-announcement value, if that? Govts say, there you go, we said they were risky

As to timing, I think they'll use COP26 for the international agreement to shut down the cryptos. Govts set up parallel structures for the compo from the kill-date, probably 31 December

Finally, the clue to all this is in what they deny: Rishi has denied using Britcoin to replace cash. Not to replace nongovernmental currencies.

Jules 🌸



FinanceFeeds @FXFinanceFeeds
The Bank Of Jamaica, in a ceremony, has minted the first instalment of its central bank digital currency (CBDC) JMD on August 10 as it looks set to adopt digital currencies in the coming months.

Link to comment

Essentiall, banks want to have a better control over the country’s circulation and the blockchain helps improve centralized system. China and India seems to be competing against Litecoin but other countries are more interested in working with DeFi in tandem with central banks.

  • Like 1
Link to comment
  • 4 weeks later...
  • 4 weeks later...

banks need to have their own crypto as the banks know that the young are into crypto.

The world is changing and the young are not into 8-5 but into things like axie game so they can be involve in NFT.

Just google axie scholarship and you will be suprise how many people post their 'resume' on social network to join the axie game.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • I think we should brace ourselves for the Ethereum ecosystem bull run as the much-hyped Dencun upgrade, initially slated for earlier, is now making its grand entrance in March 2024. Analysts are buzzing with excitement, foreseeing Ethereum (ETH) and its ecosystem projects stepping into the spotlight as the main actors of the next bullish surge. If all goes according to plan, this upgrade could unleash the full potential of the Ethereum ecosystem.   https://consensys.io/ethereum-upgrade   Just a month ago, the Total Value Locked (TVL) in most Ethereum Layer 2 (L2) protocols skyrocketed to all-time highs, with Optimism, Arbitrum, and Metis leading the charge. Following this surge came a wave of gaming projects flocking to the chain, banking on Ethereum to revolutionize gaming experiences and slash those pesky transaction fees.   The ETH price action is sending vibes reminiscent of Bitcoin’s pre-ETF era. As we eagerly await the potential approval of an ETH spot ETF in May, the “Decun” upgrade emerges as another game-changer. Analysts draw parallels between the impact of this upgrade on ETH and the transformative “Fire-Dancer” upgrade on SOL (Solana). In anticipation of these game-changing events, we’re witnessing a flurry of activity, with more L2 and gaming projects sprouting up on the Ethereum chain. OKX is already test-driving a promising L2 chain dubbed X1, while Bitget contemplates building a blockchain to amplify the utility of its Ethereum-based token, BGB. Not to be left behind, Binance has seamlessly integrated Optimism into its smart chain with opBNB.   In just one whirlwind month, a plethora of Ethereum-based projects have burst onto the scene, boasting impressive price actions upon listing—think STRK, MAVIA, NADA, ASTO, and the list goes on.   With ETH soaring above $3k and the charts painting a picture-perfect bull trend (even the likes of OP and ARB notching up multiple all-time highs), it’s time to ask: What are your expectations? Do you believe in the staying power of these new projects, or are they just fleeting sparks in the crypto cosmos? Strap in, folks, because the ride is just getting started!
    • A couple of years back in the crypto space, it was relatively uneasy for beginner traders, with time we have noticed the evolution of well structured frameworks like Copy Trading. Certain platforms have brought forth immensely good copy trading frameworks. Currently, Bitget is heralded as one of the best platforms. Per a PnL publication by the CEX there is a copy trader who made about $7,000 from trading $XRP. This is pretty mind blowing. Quite often, I have advised newbie and inexperienced to leverage on copy trading as means of earning while sharpening their edge. The afore profit amassed by a single trader is a testament to how beneficial copy trading is. With its recent growth, Copy trading seems like a buzzword which is too difficult to participate in, however you can participate in it by simply following an elite trader on Bitget. Once you hop on the homepage of the app you are greeted with its emblem, you just need to follow the prompts. By keenly taking part in this, you could get to rake as much profits as the trader who made a whopping $7,000.    
    • Given the varying volatility levels between assets like shares and natural gas, it seems logical that the amount of historical data considered should differ. Shares typically exhibit less volatility compared to commodities like natural gas. I'm curious to gather opinions on this matter. Specifically, I'm interested in understanding whether you adjust your lookback periods based on the asset class you're trading and, if so, how you determine the appropriate timeframe for each. I'm looking to reach a consensus or at least get a sense of common practices among day traders.
  • Create New...