On today’s episode of The Cryptoverse…
A story appeared on Coindesk today which gives me the opportunity to share a particular direction in which the crypto economy is expanding. It may not be entirely to your liking, but after my analysis, I think you’ll feel much more accepting of it.
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#Bitcoin #Bitwala #CryptoBanks
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I listened to your episode first, then I caught up on Crypt0’s News from Omar Bham where he had Trace Mayer on. On that episode, Trace talked about his new Proof of Keys initiative, urging an annual tradition of celebrating the Genesis block every January 3rd by removing all bitcoin from 3rd party services just to make sure and prove that they actually have it.
It almost seems they’re eerily related.
@marketingmonk, you said that with banks you can only withdraw 3% of your capital / now that this idea is out there, I guess we’ll see how many exchanges turn out to be legit and which ones aren’t wearing any swim trunks when the tide gets low enough (to use a recent reference of yours)
Yeah, me not happy too. Great talk anyway, that rises my spirits a bit ... :-)
Having a hot wallet and a ledger hardware wallet is the way to go. But the average person may consider it too much effort
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Are we going to see two future parallel crypto economies, one replacing the current financial markets and the other for the "cypherpunk" idealists. If we do, I see a gradual move from current financial to the new as people get used to crypto and realise there is really an alternative.
Crypto banks are indeed a necessary evil, we can't simply just jump people into a solution that isnt user friendly and scalable. Until we can come up with a front end feature that is as intuitve as putting a person infront of Google and asking them to find something its going to be a painful adoption for most.
Cryptobanks may be a solution for helping keep peoples money in crypto, improve transaction volumes and network security and be overall good for the network yes its not a purist practice but we need to make compromises for now.
One day no one is going to have a care about the underlying tech its just going to be how we trade but that future will only be there if we keep making strides. Dont see it as old systems jumping on crypto, see it as crypto infiltrating old systems
Thanks!
being positive person I tend to like more positive titles ... but I do learn lot with your insights
@marketingmonk the Bitwala model may not be purely "individualist" but there is one key aspect that is a huge victory for the cryptocurrency movement. Bitcoin and other cryptos held in trust by banking institutions cannot be used for FRACTIONAL RESERVE LENDING. For banks to be employing this model is a tacit admission of defeat that fractional reserve lending will die with fiat currency.
The whole point of having bitcoin is holding yourself otherwise you go back to centralising power I see the banksters trying to ring fence btc like they did with gold treating it as an asset instead of money using paper futures to suppress the price.
We can only break free by using it as currency and becoming are own banks.
But after watching the video I must agree, average users just leave money on an exchange, even with a hardware wallet right next to them :(
I think this is good news because I know lots of people that will never be interested in having their own private keys. While us early adopters like being in control of our own money, the banking system is ingrained in a lot of people, maybe the majority? Perhaps instead of taking a leap to a new money system, the masses will need to do it in tiny steps?
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