Bank of England warns against Cryptos

vladaziya4

jr. member

Activity: 238

Merit: 1

Interestingly, develop your project and you will succeed. This is an interesting topic for people, you can look at it. Thank you for attention. Wink

It seems to me green, as there is a different increase in different currencies. Every time the market makes us happy, then it's green, I do not see any other option. Grin

I think you need to wait, this time is an important thing in the crypto currency, which must be observed. All will be well with you, believe in it.

Cremiopel

newbie

Activity: 42

Merit: 0

This is disheartening to the crypto space and an awful news to the cryptos yet in all actuality we have heard news most noticeably awful than this previously yet cryptos still survives, So no measure of debilitation will make individuals to stop cryptos totally. On the off chance that cryptos is that awful, for what reason is that huge organizations are putting gigantic sum into cryptos? Consider it and remain positive, everybody must not bolster cryptos, banks are against it as a result of what they remain to lose when cryptos go standard.

bohr

sr. member

Activity: 994

Merit: 257

Quote from: jamesashmore1964 on June 29, 2018, 03:16:31 AM

The Bank of England sent a clear warning:

Sam Woods, the Bank of England deputy governor responsible for financial supervision said that “in their short history, crypto-assets have exhibited high price volatility and relative illiquidity.”

Writing in a letter to the chief executives of banks and insurers he said: "Crypto-assets also raise concerns related to misconduct and market integrity – many appear vulnerable to fraud and manipulation, as well as money-laundering and terrorist financing risks.”

https://www.express.co.uk/finance/city/981330/Bitcoin-price-barclays-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news

To people like us that have been in this market for some time, this is no news since we know this is the case, there is high volatility and there are some projects that seem suspicious but like always instead of accepting this as the current nature of the market the banks warn of this as if this is a unique feature of this market, if I remember correctly the crisis in 2008 was caused by the derivatives bubble which was many times worse than the market we have.

cryptotrade007

newbie

Activity: 55

Merit: 0

Thats another way of saying this is a great opportunity to make money. Thats what I hear, anyways! But then again I'm a bit of a fiend for risk, so...What can I say.

Vektrum

member

Activity: 420

Merit: 14

Banks in general do not like changes in the financial sector, and such significant and so revolutionary. England generally fell asleep with its reactionary character. And the charge of the crypto currency in its possible use for illegal purposes is already traditional. Therefore, there is nothing surprising in this statement. The time will come, and this bank will provide services in the crypto currency.

hubballi

sr. member

Activity: 882

Merit: 297

This type of news are always floating but it wont affect much on bitcoin, bitcoin have sustained the $6000 mark and now moving back up. And it is true that all world banks and financial institutions are afraid of bitcoin as they are loosing the control of the fiat currency and their earnings.

Perumweil

newbie

Activity: 39

Merit: 0

This is disheartening to the crypto space and an awful news to the cryptos however in all actuality we have heard news most exceedingly awful than this previously yet cryptos still survives, So no measure of demoralization will make individuals to stop cryptos completely. On the off chance that cryptos is that awful, for what reason is that huge foundations are putting colossal sum into cryptos? Consider it and remain positive, everybody must not bolster cryptos, banks are against it in light of what they remain to lose when cryptos go standard.

QueenCryptomarket

jr. member

Activity: 100

Merit: 1

Not only the Bank of England is afraid of crypto-currency. The whole world banking system is waiting for its death. Those who are in power are afraid of losing control over the financial system. They can be understood. You can also look at China with a smile.

ELE.ZYK

full member

Activity: 434

Merit: 100

This is normal, the vigorous development of the encryption industry to a certain extent has had a great impact on the traditional financial industry.

Tim Murray

member

Activity: 154

Merit: 10

Everybody is protesting against the crypto currency. Because they worry that the crypt will be more in demand. After all, it is not regulated by anyone. Lives on its own. And it works the same way. So, that's what I think.

Meraki

full member

Activity: 448

Merit: 110

Quote from: jamesashmore1964 on June 29, 2018, 03:16:31 AM

The Bank of England sent a clear warning:

Sam Woods, the Bank of England deputy governor responsible for financial supervision said that “in their short history, crypto-assets have exhibited high price volatility and relative illiquidity.”

Writing in a letter to the chief executives of banks and insurers he said: "Crypto-assets also raise concerns related to misconduct and market integrity – many appear vulnerable to fraud and manipulation, as well as money-laundering and terrorist financing risks.”

https://www.express.co.uk/finance/city/981330/Bitcoin-price-barclays-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news

Yes it is true we cant deny the fact that crypto has many fraud, manipulation, volatile, and etc etc but still we cant also deny that crypto and blockchain are to be considered good invention in history. We also cant deny the fact that many people instantly turned millionaire by the help of cryptocurrency. Crypto has disadvantages but also it has advantages it is clearly depends on the people on what action they will do here in crypto.

jwplayer0

copper member

Activity: 224

Merit: 30

[REP] Augur

That's because of such news the market of crypto currency is at the bottoms. But the development of the crypto currency is already difficult to stop.

Jamie Oliver

member

Activity: 125

Merit: 10

Many Banks and countries do not approve of investing in crypto because they feel that investing in crypto is risky and not suitable for long-term investment, which is also bad news for the BTC.

longyenthanh

sr. member

Activity: 1221

Merit: 250

Quote from: KingBit.io on August 09, 2018, 02:41:16 PM

Many people who warn of the dangers of cryptocurrencies are investors of it... who knows... Huh

That is true but for me most of those people just don't know what crypto is exactly, cause in this type of market we decide what we will do with our budget.

iwah

jr. member

Activity: 196

Merit: 2

TREEBLOCK.io

Quote from: kl8847 on June 29, 2018, 10:14:43 AM

Quote from: jamesashmore1964 on June 29, 2018, 03:16:31 AM

The Bank of England sent a clear warning:

Sam Woods, the Bank of England deputy governor responsible for financial supervision said that “in their short history, crypto-assets have exhibited high price volatility and relative illiquidity.”

Writing in a letter to the chief executives of banks and insurers he said: "Crypto-assets also raise concerns related to misconduct and market integrity – many appear vulnerable to fraud and manipulation, as well as money-laundering and terrorist financing risks.”

https://www.express.co.uk/finance/city/981330/Bitcoin-price-barclays-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news

Those news are really discouraging, also recently I have heard one of the top world leading economists said that you need to be fast and quit the game because it's going to end soon.

Everybody will not support crypto currency, some people will be against it while other will still support it, so we should always focus on the positive news and forget about the negative news about crypto currency

Jammypoe

newbie

Activity: 272

Merit: 0

This is really a bad publicity stunt for the crypto market. And that it is coming from one of the leading banking sector in the world would equally send the wrong signals. Truth be told, he was right with his revelations there, only that the crypto world needs to work on how to improve the short comings associated with it.

KingBit.io

newbie

Activity: 28

Merit: 0

Many people who warn of the dangers of cryptocurrencies are investors of it... who knows... Huh

obility

newbie

Activity: 140

Merit: 0

There are many banks that have shown some support to cryptos so bank of England is not really a source of worry, I believe in the near future, they will still support cryptos, and the more these banks support cryptos the more the space will stabilized.

tot-o

newbie

Activity: 210

Merit: 0

Crypto is not all about supplying money to terrorist or to buy illegal. Item or smuggle weapons from some country its also about communication of one person to another country... Making transaction between crypto members and creating bonds and mutual trust..

iamreal

newbie

Activity: 168

Merit: 0

Yeah it is true that crypto currency is so volatile but I would expect the Bank of England and other to help to find a lasting solution to the problem, instead of attacking crypto currency, they should work closely with the space to improve it because in the long run, it will benefit everyone.

Topic: Bank of England warns against Cryptos (Read 628 times)