Bitcoin's Global Reach surpassed large Swiss bank UBS' Global Reach

ron

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Quote from: cloud9 on May 30, 2011, 03:50:54 PM

Amongst other things they are involved in wealth management, investment, currency trading and online banking enabling online transfer of currency - but mostly for someone with a minimum account size of say $10k to $100k or about 1 100BTC to 11 000 BTC at current cost.

exactly! all I'm trying to say is that comparing the two completely different web pages it's doesn't mean anything....reddit gets over 100x times more traffic then goldman sachs OMG!

cloud9

member

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Quote from: ron on May 30, 2011, 09:15:13 AM

Quote from: cloud9 on May 30, 2011, 07:38:44 AM

I'm talking about the amount of interest people are showing in Bitcoins with their mouse clicks. Same goes with the website traffic comparison of paypal. All methods of online exchange - some with more friction to use/new adopters and some with less.

you do know what UBS does right?

I think they were involved in Banking secrecy where the US IRS requested their US customers' banking details and the Swiss even held a referendum on whether they will honour the request (Due to famous legacy Swiss banking secrecy and confidentiality). Amongst other things they are involved in wealth management, investment, currency trading and online banking enabling online transfer of currency - but mostly for someone with a minimum account size of say $10k to $100k or about 1 100BTC to 11 000 BTC at current cost.

BBanzai

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Probably...it seemed on-topic to me, but my head is full of random numbers Grin

Quote from: ron on May 30, 2011, 04:48:58 AM

Quote from: BBanzai on May 30, 2011, 12:39:27 AM

A story does not have to be factual to be true...the whole point of personally picking a medium of exchange for commodities is that hauling around all your onions and wheat and potatoes yourself is a very expensive way to transact. If you make it yourself, you look for efficiencies of exchange. The modern market is geared for bureaucrats and plutocrats, and not for anyone else. As they say, the House always wins. So what if the economy became un-housed? Who besides the B's and P's would lose?

i think you posted in the wrong thread.

ron

newbie

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Quote from: cloud9 on May 30, 2011, 07:38:44 AM

I'm talking about the amount of interest people are showing in Bitcoins with their mouse clicks. Same goes with the website traffic comparison of paypal. All methods of online exchange - some with more friction to use/new adopters and some with less.

you do know what UBS does right?

cloud9

member

Activity: 126

Merit: 10

Quote from: ron on May 30, 2011, 12:15:10 AM

So what? What are you even comparing this too? Some computer nerds on these forums vs the traffic on the UBS main site? UBS trades billions and billions of dollars every few hours. Bitcoins will never be offered by "the major banks" they'll come up with their own.

I'm talking about the amount of interest people are showing in Bitcoins with their mouse clicks. Same goes with the website traffic comparison of paypal. All methods of online exchange - some with more friction to use/new adopters and some with less.

ron

newbie

Activity: 56

Merit: 0

Quote from: BBanzai on May 30, 2011, 12:39:27 AM

A story does not have to be factual to be true...the whole point of personally picking a medium of exchange for commodities is that hauling around all your onions and wheat and potatoes yourself is a very expensive way to transact. If you make it yourself, you look for efficiencies of exchange. The modern market is geared for bureaucrats and plutocrats, and not for anyone else. As they say, the House always wins. So what if the economy became un-housed? Who besides the B's and P's would lose?

i think you posted in the wrong thread.

BBanzai

member

Activity: 84

Merit: 10

A story does not have to be factual to be true...the whole point of personally picking a medium of exchange for commodities is that hauling around all your onions and wheat and potatoes yourself is a very expensive way to transact. If you make it yourself, you look for efficiencies of exchange. The modern market is geared for bureaucrats and plutocrats, and not for anyone else. As they say, the House always wins. So what if the economy became un-housed? Who besides the B's and P's would lose?

ron

newbie

Activity: 56

Merit: 0

So what? What are you even comparing this too? Some computer nerds on these forums vs the traffic on the UBS main site? UBS trades billions and billions of dollars every few hours. Bitcoins will never be offered by "the major banks" they'll come up with their own.

BBanzai

member

Activity: 84

Merit: 10

It seems to me that an awful lot of the people using Bitcoin are exactly the kind of people that do not believe in fractional-reserve lending. To my thinking, that means they also aren't fans of Keynesian Ponzi schemes, usury, and central banks. Much as Communism with a capital C turned out to be an insane plan economically and socially, so has the modern imitation of truly free-markets failed on a grand scale. That might be because a cargo-cult imitation of a free market is pretty much as brain-damaged as it sounds. Unfortunately, their failed vision became our reality. Anonymity is a great way to hide evil and criminal activity. Anonymity PLUS public reputation is a great way to do more good than harm. Dunno what I will do with this strange new money, but I think I like it here!

1F4twRBuYKMRWLREXioViCuUWFZEky5yLH

marcus_of_augustus

legendary

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Eadem mutata resurgo

Quote from: cloud9 on May 29, 2011, 01:02:13 PM

Then they start lending it, more than what is deposited, then fractional reserve starts and then inflation follows, then interest rates on Bitcoins need to be regulated by a Central authority, and Bitcoins follows the same route as gold has - becomes a fractional backup for lots of paper of more value issued.

Maybe. It was more of an idle musing than saying "this is a good thing" ... if bitcoin infects the banking system in any way shape or form it can only be bad for the fiat, fractional reserve model I think ... it will be like a trojan attack. They hate gold enough as it is, but this would be like gold 'n silver in the vampire's veins rather than the solid physical lump anchoring them down. Electronic money is how things spun so out-of-control in the fiat money factory in the past 2 decades. Electronic gold will be a death sentence.

nazgulnarsil

sr. member

Activity: 672

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https://cryptassist.io

so? just like with gold receipt issuance you can simply profit from the inevitable shakeups by simply holding physical gold/bitcoins.

cloud9

member

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Then they start lending it, more than what is deposited, then fractional reserve starts and then inflation follows, then interest rates on Bitcoins need to be regulated by a Central authority, and Bitcoins follows the same route as gold has - becomes a fractional backup for lots of paper of more value issued.

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

Makes one wonder how long until the first private banks (swiss, hk, singaporean or otherwise) are offering bitcoin deposit accounts ...

cloud9

member

Activity: 126

Merit: 10

Also a bit more Sunday goodnews from Alexa.com:

Paypal's Current Global Reach : 2.79% growing at 0.04% over the past 3 months;
Bitcoin's Current Global Reach : 0.033% growing exponentially viral at 327% over the past 3 months.

Currently Bitcoin's reach is then 0.033 / 2.79 = 1 / 85th of Paypal's reach, playing catchup at a rate of 327% - 0.04% = 326.6% per 3 months.

If this growth trend in reach continues, Bitcoin will reach Paypal's reach in just over 3 x 3 months (just over 9 months) from now: (1 / 85) x (1 + 326.6%) ^ 3.1 = 1.05 is > 1 !!

cloud9

member

Activity: 126

Merit: 10

How many Alpaca socks are worn in secrecy - if any, how many are worn with pride?

benjamindees

legendary

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Alpaca socks beat black socks. In hindsight this should have been obvious.

cloud9

member

Activity: 126

Merit: 10

Swiss banking secrecy --- scores 0
Internet cryptographic keys --- scores 1

for this round...

cloud9

member

Activity: 126

Merit: 10

The Global internet traffic Reach on Alexa.com for Bitcoin compared to ubs.com shows that Bitcoin has surpassed UBS, one of the larger Swiss banks, yesterday.

See http://www.alexa.com/siteinfo/ubs.com# under Traffic Stats - Reach , and do a comparison with bitcoin.org - and watch the exponential graph.

It seems like Bitcoins has a wider audience and more of an appeal to the broader internet user base?

Topic: Bitcoin's Global Reach surpassed large Swiss bank UBS' Global Reach (Read 3080 times)