Regarding this idea, I think the bank also has a team of experts to analyze the above and whether it can be used or not, remembering that the first thing to test is that market fluctuations in crypto are very susceptible to occurring. But this is also possible because the world of cryptocurrency and blockchain technology also presents a new paradigm that can offer a solution. Regarding rewards, I think, even though it is seen as a symbiotic relationship between the bank and the crypto ecosystem, it needs to be taken back to make it clear.
Topic: There is possibility of great reset and bail out by crypto holders (Read 245 times)
November 29, 2023, 08:39:06 AM
November 27, 2023, 04:54:54 PM
To understand that this idea doesn’t work, just try to simulate what will happen next with NFTs/stables and how the country’s global economy will work - with external obligations of the state, with internal obligations, provision of social benefits, pensions, medicine, salaries of civil servants, and work in general economy...
Stables won't help either, because... they are also backed by fiat funds, which “suffer” from classic problems such as inflation. Stables are generally a tool for simplified interaction between the fiat world and crypto 1:1, without the influence of cryptocurrency volatility
In general, the topic “cryptocurrency will save the economy” is a beautiful fairy tale that has no real basis...
Just be glad that crypto market is helping a lot of people in this community.
That is true, crypto alone won't save the economy of the country.
For now, that is a good ambition. However, we need to be realistic with things.
As the population who are into crypto is still small, only those who are in this market can appreciate its importance.
However, most will stick to the traditional means of investment like real-estate, precious metals, gold.
November 27, 2023, 06:41:10 AM
any common sense person can see that our banks and all the financial system not well.
and you can't stop fire with more fire.....so some new solution is required.
We have high possibility that the fed and other ones might looking for solution and they might use crypto to bail out.
with NFT -s it's simple you give real physical asset ownership rights to nft owner.
For USD funds, everything goes usdc,usdt,busd...paxos usd and all the others.
Crypto owners might save the world in return they get the assets like real estate.
and you can't stop fire with more fire.....so some new solution is required.
We have high possibility that the fed and other ones might looking for solution and they might use crypto to bail out.
with NFT -s it's simple you give real physical asset ownership rights to nft owner.
For USD funds, everything goes usdc,usdt,busd...paxos usd and all the others.
Crypto owners might save the world in return they get the assets like real estate.
I don’t understand how a bailout of the traditional financial system with crypto currencies should work. The financial sector with out crypto currencies is much larger than the whole crypto sector combined. So, even if there would be a lot of capital inflow into cryptos the question would be where the money is coming from during a crisis. Sure, the FED could try and print new money for which they would create crypto currencies, but I doubt that any investors would find them interesting. The reasoning for many investors to start buying cryptos is to reduce their dependency on the traditional financial system, owning now government created NFTs or crypto currencies seems like the exact opposite of what we want to do. Even if there are real assets behind the NFTs like a bank, it would mean that the initial equity holder all get wiped out and there would be a lot of political pressure to rescue those initial equity investors. Who would be willing to give up all their crypto assets for partially owning a bank that is doomed to fail in the long run anyways? I would rather keep my cryptos.
Well i would If i get the real estate in return but maybe crypto holders don't give their btc for 30-40k price, it's a supply and demand... Maybe you don't with 100k but then you get an offer like 200-300k and then Im sure a lot people will do that.
But the new fiat currency coming to people and markets from stablecoins it's a lot more cheaper faster and easy to mint more stablecoins and need just small fractions of btc give little backing to the currency.
November 27, 2023, 04:11:59 AM
any common sense person can see that our banks and all the financial system not well.
and you can't stop fire with more fire.....so some new solution is required.
We have high possibility that the fed and other ones might looking for solution and they might use crypto to bail out.
with NFT -s it's simple you give real physical asset ownership rights to nft owner.
For USD funds, everything goes usdc,usdt,busd...paxos usd and all the others.
Crypto owners might save the world in return they get the assets like real estate.
and you can't stop fire with more fire.....so some new solution is required.
We have high possibility that the fed and other ones might looking for solution and they might use crypto to bail out.
with NFT -s it's simple you give real physical asset ownership rights to nft owner.
For USD funds, everything goes usdc,usdt,busd...paxos usd and all the others.
Crypto owners might save the world in return they get the assets like real estate.
I don’t understand how a bailout of the traditional financial system with crypto currencies should work. The financial sector with out crypto currencies is much larger than the whole crypto sector combined. So, even if there would be a lot of capital inflow into cryptos the question would be where the money is coming from during a crisis. Sure, the FED could try and print new money for which they would create crypto currencies, but I doubt that any investors would find them interesting. The reasoning for many investors to start buying cryptos is to reduce their dependency on the traditional financial system, owning now government created NFTs or crypto currencies seems like the exact opposite of what we want to do. Even if there are real assets behind the NFTs like a bank, it would mean that the initial equity holder all get wiped out and there would be a lot of political pressure to rescue those initial equity investors. Who would be willing to give up all their crypto assets for partially owning a bank that is doomed to fail in the long run anyways? I would rather keep my cryptos.
November 25, 2023, 04:34:12 AM
any common sense person can see that our banks and all the financial system not well.
and you can't stop fire with more fire.....so some new solution is required.
We have high possibility that the fed and other ones might looking for solution and they might use crypto to bail out.
with NFT -s it's simple you give real physical asset ownership rights to nft owner.
For USD funds, everything goes usdc,usdt,busd...paxos usd and all the others.
Crypto owners might save the world in return they get the assets like real estate.
and you can't stop fire with more fire.....so some new solution is required.
We have high possibility that the fed and other ones might looking for solution and they might use crypto to bail out.
with NFT -s it's simple you give real physical asset ownership rights to nft owner.
For USD funds, everything goes usdc,usdt,busd...paxos usd and all the others.
Crypto owners might save the world in return they get the assets like real estate.
To understand that this idea doesn’t work, just try to simulate what will happen next with NFTs/stables and how the country’s global economy will work - with external obligations of the state, with internal obligations, provision of social benefits, pensions, medicine, salaries of civil servants, and work in general economy...
Stables won't help either, because... they are also backed by fiat funds, which “suffer” from classic problems such as inflation. Stables are generally a tool for simplified interaction between the fiat world and crypto 1:1, without the influence of cryptocurrency volatility
In general, the topic “cryptocurrency will save the economy” is a beautiful fairy tale that has no real basis...
November 24, 2023, 07:21:03 PM
What’s the use of NFTs here to solve the financial problem of the banking system? I don’t see any big correlation here especially on a hyped projects like NFTs. This is a normal cycle for the banking industry and they are here for a hundred years already, most probably they already know how to handle such crisis. The government is trying them to help them anyway because if not, the whole financial system will collapse and their country will suffer from a big financial crisis. Crypto is not a bail out for this kind of problem, and the government knows it.
This is what i do also like to say on which whats the connection of NFT on resolving out that financial or banking system? There's no such sense on trying out to patch it up on a certain common problemthat currently existing as of today. Just like on what you had mentioned that problem like this had been through ages and government arent that dumb on not to see on what are the possible solutions to that.
Of course and definitely they wont really be touching up crypto space or something that do talks about NFT. It is really just that not relevant on trying out to connect these things
when it comes to financial crisis or something correlate to it.
Just like i said that there's no way that they would really be considering crypto options for this one. They wont really be touching it up on something that
do really oppose on what they are really that liking specially on decentralized things.
banks are directly connected to the government
most countries are still against crypto because its feature of decentralization
crypto goes against what a bank is for
crypto however does improve on one’s individual financial status
November 24, 2023, 04:43:34 PM
What’s the use of NFTs here to solve the financial problem of the banking system? I don’t see any big correlation here especially on a hyped projects like NFTs. This is a normal cycle for the banking industry and they are here for a hundred years already, most probably they already know how to handle such crisis. The government is trying them to help them anyway because if not, the whole financial system will collapse and their country will suffer from a big financial crisis. Crypto is not a bail out for this kind of problem, and the government knows it.
This is what i do also like to say on which whats the connection of NFT on resolving out that financial or banking system? There's no such sense on trying out to patch it up on a certain common problemthat currently existing as of today. Just like on what you had mentioned that problem like this had been through ages and government arent that dumb on not to see on what are the possible solutions to that.
Of course and definitely they wont really be touching up crypto space or something that do talks about NFT. It is really just that not relevant on trying out to connect these things
when it comes to financial crisis or something correlate to it.
Just like i said that there's no way that they would really be considering crypto options for this one. They wont really be touching it up on something that
do really oppose on what they are really that liking specially on decentralized things.
November 24, 2023, 04:28:41 PM
What’s the use of NFTs here to solve the financial problem of the banking system? I don’t see any big correlation here especially on a hyped projects like NFTs. This is a normal cycle for the banking industry and they are here for a hundred years already, most probably they already know how to handle such crisis. The government is trying them to help them anyway because if not, the whole financial system will collapse and their country will suffer from a big financial crisis. Crypto is not a bail out for this kind of problem, and the government knows it.
November 24, 2023, 04:15:09 PM
No way, How did you even arrive at the conclusion that NFT and stable coins can be a bailout which government can use? Even within the crypto domain NFT is the most useless thing and biggest scam where people were investing big time of illusion due to the amount of hype it has created. Even if government decides something like this then they would consider creating their own digital currency instead of using Crypto. Those stable coins which you have mentioned doesn't have a reserve for the amount of usdt they hodl.
November 24, 2023, 03:48:07 PM
I am not entirely sure if its a "paid spammer" type of topics by the owners (theymos mainly) who hired some people to keep writing topics. After all, we have to be fair and say that the amount of users here are not a whole ton, theymos made enough money (literally thousands of bitcoins) from donations so he has all the incentives to keep this forum going, but he also doesn't want to see it die, there are few hundred people at best, and sometimes we do not start topics. Why am I saying this? Because a topic like this could only be opened by someone who just opened a topic for money or something, I mean this is so terrible that no human would do this for actually sharing opinion, it must be paid to spam and start new topics, there is no other excuse for such terrible opinion topic.
November 24, 2023, 03:44:58 PM
NFTs are not how they were back then in early 2022, the interest is no longer there and most of the ones bought at higher prices has lose 10x of their value, I really wonder how you think such assets can be use as bailout by the banks. Even the new projects that are trying to get investors attention don't like to invest in them because it's seems to be noise and nothing serious about it. Some people even think NFTs are now use for money laundering.
Stable coin are centralized assets and there is no difference between them and the fiat you use on regular basis because they can redeem into equivalent of 1:1 in fiats, now what's the difference is it making from the banks? I guess we are still going back to where we left initially. I even doubt if the banks have the power to do that unless they have the support team of the CBN fiscal policy, they can't do anything or act on their own.
I just wish people would understand that USDT=USD in fact it's even worse because you are not trusting a whole government that is probably strongest economy in the world but instead you are trusting a company. That has been the case ever since it was created and unfortunately people still trust USDT like crazy, no idea why.Stable coin are centralized assets and there is no difference between them and the fiat you use on regular basis because they can redeem into equivalent of 1:1 in fiats, now what's the difference is it making from the banks? I guess we are still going back to where we left initially. I even doubt if the banks have the power to do that unless they have the support team of the CBN fiscal policy, they can't do anything or act on their own.
There are tens of billions of dollars that went into it, and that means the moment the company says "whoops we lost it all" that is going to grow and when that finally happens one day, tens of billions of dollars worth of money will be taken from people and they will have nothing they can do, it's all gone. I can't understand why people are ending up with something like this, they need to think better.
November 24, 2023, 03:41:53 PM
any common sense person can see that our banks and all the financial system not well.
and you can't stop fire with more fire.....so some new solution is required.(...)
The game or competition for market share in the cryptocurrency market is becoming bigger and bigger. Large funds and organizations are making their own moves in this field, and it is considered part of the financial market. But what is being discussed will probably not be the key to unlocking this problem, as the general situation of the economy faces different challenges. Now things are happening unpredictably, so we cannot guarantee the opportunities they bring.and you can't stop fire with more fire.....so some new solution is required.(...)
The IoT scenario is as far away as we are from adoption, although compared to the past, this change brings extremely useful improvements. Remember that technology is not the core of life's operations, and its nature is similar to economics, the part of life that brings about human connection.
November 24, 2023, 02:13:16 PM
Crypto owners might save the world in return they get the assets like real estate.
I am sure that there were many of us that have already sold their cryptos to buy real estate assets. And that's part of the diversification that they're doing and to reward themselves as well as shelter is one basic necessity.Let's not go into that extreme but something about NFT could be the plan of goverment why else they created blockchain then off course when the time is right they make moves.
They're too late on the game if they're looking forward to get along with NFTs. What they're up to this time is about the CBDCs and also the possible approval of the Bitcoin ETFs and ETH ETF. That's what they're trying to get busy nowadays and we're likely done with the reset and that happened during the covid-19 pandemic.
November 24, 2023, 01:25:02 PM
NFTs are not how they were back then in early 2022, the interest is no longer there and most of the ones bought at higher prices has lose 10x of their value, I really wonder how you think such assets can be use as bailout by the banks. Even the new projects that are trying to get investors attention don't like to invest in them because it's seems to be noise and nothing serious about it. Some people even think NFTs are now use for money laundering.
Stable coin are centralized assets and there is no difference between them and the fiat you use on regular basis because they can redeem into equivalent of 1:1 in fiats, now what's the difference is it making from the banks? I guess we are still going back to where we left initially. I even doubt if the banks have the power to do that unless they have the support team of the CBN fiscal policy, they can't do anything or act on their own.
I just wish people would understand that USDT=USD in fact it's even worse because you are not trusting a whole government that is probably strongest economy in the world but instead you are trusting a company. That has been the case ever since it was created and unfortunately people still trust USDT like crazy, no idea why.Stable coin are centralized assets and there is no difference between them and the fiat you use on regular basis because they can redeem into equivalent of 1:1 in fiats, now what's the difference is it making from the banks? I guess we are still going back to where we left initially. I even doubt if the banks have the power to do that unless they have the support team of the CBN fiscal policy, they can't do anything or act on their own.
There are tens of billions of dollars that went into it, and that means the moment the company says "whoops we lost it all" that is going to grow and when that finally happens one day, tens of billions of dollars worth of money will be taken from people and they will have nothing they can do, it's all gone. I can't understand why people are ending up with something like this, they need to think better.
November 24, 2023, 10:15:13 AM
any common sense person can see that our banks and all the financial system not well.
and you can't stop fire with more fire.....so some new solution is required.
We have high possibility that the fed and other ones might looking for solution and they might use crypto to bail out.
with NFT -s it's simple you give real physical asset ownership rights to nft owner.
For USD funds, everything goes usdc,usdt,busd...paxos usd and all the others.
Crypto owners might save the world in return they get the assets like real estate.
and you can't stop fire with more fire.....so some new solution is required.
We have high possibility that the fed and other ones might looking for solution and they might use crypto to bail out.
with NFT -s it's simple you give real physical asset ownership rights to nft owner.
For USD funds, everything goes usdc,usdt,busd...paxos usd and all the others.
Crypto owners might save the world in return they get the assets like real estate.
NFTs are not how they were back then in early 2022, the interest is no longer there and most of the ones bought at higher prices has lose 10x of their value, I really wonder how you think such assets can be use as bailout by the banks. Even the new projects that are trying to get investors attention don't like to invest in them because it's seems to be noise and nothing serious about it. Some people even think NFTs are now use for money laundering.
Stable coin are centralized assets and there is no difference between them and the fiat you use on regular basis because they can redeem into equivalent of 1:1 in fiats, now what's the difference is it making from the banks? I guess we are still going back to where we left initially. I even doubt if the banks have the power to do that unless they have the support team of the CBN fiscal policy, they can't do anything or act on their own.
Let's not go into that extreme but something about NFT could be the plan of goverment why else they created blockchain then off course when the time is right they make moves.
November 24, 2023, 05:35:18 AM
any common sense person can see that our banks and all the financial system not well.
and you can't stop fire with more fire.....so some new solution is required.
We have high possibility that the fed and other ones might looking for solution and they might use crypto to bail out.
with NFT -s it's simple you give real physical asset ownership rights to nft owner.
For USD funds, everything goes usdc,usdt,busd...paxos usd and all the others.
Crypto owners might save the world in return they get the assets like real estate.
and you can't stop fire with more fire.....so some new solution is required.
We have high possibility that the fed and other ones might looking for solution and they might use crypto to bail out.
with NFT -s it's simple you give real physical asset ownership rights to nft owner.
For USD funds, everything goes usdc,usdt,busd...paxos usd and all the others.
Crypto owners might save the world in return they get the assets like real estate.
NFTs are not how they were back then in early 2022, the interest is no longer there and most of the ones bought at higher prices has lose 10x of their value, I really wonder how you think such assets can be use as bailout by the banks. Even the new projects that are trying to get investors attention don't like to invest in them because it's seems to be noise and nothing serious about it. Some people even think NFTs are now use for money laundering.
Stable coin are centralized assets and there is no difference between them and the fiat you use on regular basis because they can redeem into equivalent of 1:1 in fiats, now what's the difference is it making from the banks? I guess we are still going back to where we left initially. I even doubt if the banks have the power to do that unless they have the support team of the CBN fiscal policy, they can't do anything or act on their own.
November 24, 2023, 04:06:58 AM
Despite this, people still use banks for their transactions and have not used crypto for transactions. This is because many governments have not legalized the use of crypto as a means of payment. The government could use crypto as a bailout but that is still waiting for its time.
Indeed, state assets can be taken by foreign military forces. But the government will definitely not let that happen. They will definitely protect their assets from takeover by foreign military forces. Yes, the fact is that even now, there are still many people who trust the government. Because after all, we live in a country that has a government that regulates everything.
Like it or not, that is what happens in many countries. We can only accept it. But we are lucky that the government still allows us to use crypto as an investment. And that is what we must use for our benefit. If the government finally allows and legalizes crypto, we will be ready, including using everything related to crypto.
Indeed, state assets can be taken by foreign military forces. But the government will definitely not let that happen. They will definitely protect their assets from takeover by foreign military forces. Yes, the fact is that even now, there are still many people who trust the government. Because after all, we live in a country that has a government that regulates everything.
Like it or not, that is what happens in many countries. We can only accept it. But we are lucky that the government still allows us to use crypto as an investment. And that is what we must use for our benefit. If the government finally allows and legalizes crypto, we will be ready, including using everything related to crypto.
November 24, 2023, 04:04:28 AM
If the current financial system is bad, then USDC, USDT, BUSD... Paxos is a representation of that system and it is one of its bad aspects, as the authority of the central money has moved from an official body that attaches importance to the opinion of investors to companies that print thousands of currencies without a monetary cover and whose primary concern is profit. Stablecoins should have no value as more than just a method of trading or the financial system that emerges will be severely distorted.
November 24, 2023, 03:38:18 AM
What must be saved first is our efforts to get decent and sufficient work that you can easily enter the world of investment.
So, regarding what you said above, we as users who don't have the capacity just follow developments and choose which one suits our investment situation and conditions and always update the news if there are changes.
So, regarding what you said above, we as users who don't have the capacity just follow developments and choose which one suits our investment situation and conditions and always update the news if there are changes.
November 24, 2023, 03:20:51 AM
I don't think NFTs can be used as an analogy in this case at all. However, the government is starting to shyly enter the world of blockchain by creating a CBDC, which is actually a step that makes the government closer to crypto. They are just embarrassed to admit that crypto and bitcoin also interest them. So they try to match this by creating a CBDC. But actually it's just the same thing as regular fiat. It's just that transactions are easier to track because they use a blockchain system. The current centralized banking system is not doing well. But the government has always been able to fix it so far. It's just that what needs to be improved now is the world economy and the humanitarian crisis which is increasingly being ignored. The current economy is slowly continuing to decline. Even fiat becomes more volatile when compared with other countries' currencies. Which means that the economy of all countries is currently far from stable. Everything is in shock and is trying to survive so as not to be knocked down (inflation).
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