Cryptocurrency

[scooterscot]

Because there's blood on the streets? That's the time to be buying.

If the whole market gets pumped, that's when you should be selling.

[scooterscot]

The stage is set the orchestra engaged...


Fidelity rolls out cryptocurrency custody business

Fidelity is ramping up its cryptocurrency custody business, hoping to profit from the scarcity of big, regulated institutions in the chaotic world of digital assets, according to Abigail Johnson, the investment group’s chief executive.


The Boston-based financial group, which has $2.8tn of assets under management, announced the launch of Fidelity Digital Assets last autumn, promising “enterprise-quality custody and trade execution services” for hedge funds, family offices and financial advisers dabbling in cryptocurrencies.


Fidelity started adding clients in the first quarter and is now engaged in a full rollout of its custody and trading services for digital assets — a boon to what is a fragmented and complicated industry, Ms Johnson told the FT in a rare interview.


“If you’re either interested or technically adept, then it’s not really that big of a deal, but compared to everything else that you do in terms of financial relationships that you have with either a bank or a brokerage firm . . . it’s just more nascent. It’s just not developed.”


Ms Johnson, chief executive of the group since 2014, sees Fidelity’s cryptocurrency custody service as a big selling point, pointing to stories of thumb drives lost and holders passing away without sharing their digital keys with relatives.


“There are people out there with significant amounts of wealth in cryptocurrencies, probably bitcoin, and they’re looking for somebody to hold those coins for them because in the event of their passing — which is going to happen at some point or another — you’ve got to have a plan to be able to get those coins to somebody else,” Ms Johnson said.


Coinbase, a cryptocurrency exchange, already stores billions of dollars worth of digital assets on behalf of its customers. Last year it also launched its own custody business for third parties. But Coinbase “is still a company that most people had never heard of, and they don’t have the existing relationships with the independent advisers”, according to Ms Johnson.

[DimPrawn]

Is anyone still listening? Does anybody care anymore?

[BR14]

Is anyone still listening? Does anybody care anymore?

no

[DimPrawn]

Congressman Warns Bitcoin Is A Threat To The U.S. Dollar

“For the richest man in the world to come here and hide behind the poorest people in the world and say that’s who you’re really trying to help – you’re trying to help those for whom the dollar is not a good currency: drug dealers, terrorists, [and] tax evaders,” said Sherman.

How long before the USA imposes the death penalty on anyone found hodling BTC?

[scooterscot]

Many popular crypto exchanges are moving out of the US to protect global customers. Bittrex recently moved to Malta from Vegas. Binance recently opened a US ony exchange requiring n'th levels of identity processing not applicable to global customers but abides be SEC rules for US customers. Clearly the FED is sheet scared of losing control over the money supply. So what do they do? Print more.

This is all about money supply.You can see from the chart below the classic double bottom signal indicating a trend reversal is very near (circled in red). The value of the dollar will tank up REPO / QE4 whatever you want to call it.

This is where BTC becomes important and why the FED hate it. The supply is fixed. Furthermore we've got the halving approaching together with increased money supply. i.e. BTC money supply is about to become restricted by half.

Just think for a minute, one supply increases. This is the main reason BTC/USD pair will sky rocket even without adoption in the short term.

[rogerfederer]

German Bank Predicts $90,000 Bitcoin as Halvening Hardens BTC

Are BayernLB a 'real' bank?

Their twitter feed and website are horrendously unprofessional to the keen eye.

In the crypto world it seems A flashy website and a logo get you notoriety as a trustworthy source and this is why I ask the question.

I still have zero crypto 'investments' and don't plan to. I know of people being paid in crypto AND keeping it in crypto rather than cashing out, but there's something amiss with them in terms of realisation of perspective and the imminent possibilities of high prohibitive taxation, banks ceasing to allow funds from crypto, etc. Could happen and, in my opinion, is likely to happen within the next year, as globally we're heading into recession in which such actions are the norm to discourage divestment from fiat currency.

https://mobile.twitter.com/BayernLB/media/grid?idx=4

Just me, or does it look as if the BayernLB logo has been photoshopped on to this generic conference picture?

[scooterscot]

Cryptocurrency

Are BayernLB a 'real' bank?

Your definition of a real bank may be limited to the 4 or 5 big banks that dominate the UK financial industry and thereby control as a cartel.

Whereas the German banking system is made up of almost 1,800 banks, which include 200 private banks, 400 publicly-owned banks, and 1,100 member-owned credit unions.

Many German banks actually use deposits to lend to local businesses. You’ll not find this in any UK reserve banking.

Now tell me what a real bank is...

[IR35 Avoider]

Many German banks actually use deposits to lend to local businesses. You’ll not find this in any UK reserve banking.

Taking the opportunity to derail the thread with some interesting facts. Banks don't have to have money in order to lend it. They create it out of thin air by increasing the balance on a current account when they make a loan. There will be an offsetting balance change on the customers loan account, so neither the bank nor the customer experience a change in net worth in the instant money is created.

A current account balance and a loan account balance both represent an amount of debt. The current account balance is an amount owed to the customer by the bank, while the loan account is an amount owed to the bank by the customer. All modern-world money is debt, but not all debt is money. The debt represented by the current account balance is money because it is portable, it can be transferred around the banking system. The debt represented by the original loan is not money, because it is not similarly portable.

If you imagine a simplified scenario where there is only one bank in the world and deposits are the only kind of money, when the money created is spent, all that happens is that one customer current account is debited and another customer account credited. So the sum total of deposits at the bank doesn't change, and the sum total of deposit money always matches the sum total of outstanding loans. (Whenever a loan is repaid, a corresponding amount of money is destroyed.)

In the real world, money that is spent can flow to other banks. To ensure the integrity of the banking system, banks are required to balance their books. One way they can do this is to compete for deposits by the interest rate they offer. So it may often be true that total deposits at a bank roughly match total lending, but the idea that deposits are lent has things backwards. Deposits are not used to create loans, the making of loans creates deposits.

(I obtained these fascinating insights from articles on Bank of England web site. )

[scooterscot]

hoo-lee fook

Should anyone be wondering why BTC and a number of alt's went crazy the past 24 hours... (such as Chinese projects like Neo and VET)... it was because of the comments coming out of Beijing.

President Xi Says China Should ‘Seize Opportunity’ to Adopt Blockchain

Xi Jinping, President of the People’s Republic of China and General Secretary of the Communist Party of China, said the country needs to “seize the opportunity” afforded by blockchain technology.

Speaking as part of the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing, Xi said blockchain technology has a wide array of applications within China, listing topics ranging from financing businesses to mass transit and poverty alleviation.

State funded FOMO, bring it on. The US has been doing its upmost to protect the FED from the threat of Blockchain and now China has done a 180 on them. Marvellous.