Crypto has been a great business lately for the exchanges. They do not care less which direction the market goes. Volatility helps them earn more during the daily chaos. It has been a booming business for the past 5 years. You take for example #Binance, they are doing crazy numbers all over the world with no special jurisdiction. Now they are trying to find a location...
#Coinbase is no difference in that space giving great user interface and make it easy to trade and hold crypto in your behalf. The profit has been so good Binance did offer earlier this year a tokenized share of Tesla and other companies. At once it seems the making money has become the way of the exchanges. Soon they will be the future banks replacing what we see on each corner of a city. Since they hold your tokens, you do not have a say in their business deal.
Not your keys, not your cryptos. Somehow we need them since the whole world is not ready for crypto.It has become apparent a centralized platform will never sit well with crypto. Unfortunately some of us has to use their system for now. The same exchanges are looking for ways to maximize their profit by offering other service like lending.
At first I do not see the problem with that aspect. Secondly it goes to the contrary with the banking system and the bond market as well. Not all cryptos are deemed securities. By lending a crypto in the eyes of SEC, it is now a security, demanding more to be done to follow regulations. Every time I look at laws put in place for certain aspect of the economy like you need to be an accredited investor, this is a pure way of elimination a group of folks from having access to a financial program. Crypto alone will push a lot of laws into place to curb the progression of the freedom of money.
Since the majority of cryptos are decentralized the workload has become enormous to regulate the tokens. It will be easier to go after the exchanges or any centralized platform to enforce such regulations.
I read this quote and it cannot get out of my head about the golden rule. Whoever owns the gold makes the rule.
source
This is the main reason crypto belongs to the people.
Due to the nature of humans species, not all players behave in the best interest of the community. This is why even in this blockchain, we drive by principles and we deal consistently with folks unwilling to act upon that principles. At the end of the day the focus is the business at stake.
DEFI
While thinking about Binance issues over jurisdiction and Coinbase with lending, is DEFI users should be concerned?
It may seem that way when #uniswap was questioned over the way it is doing business. At the end of the day it is at the sole discretion of the end user. There is a great deal of risk involved with DEFI.
DEFI holders should stay alert but not over concern cause they are still holding their funds.#Rugpull is still a thing out there. DEFi is more like a togetherness of funds to enable transactions and the owners of the funds earn the most reward while a negligible portion goes to maintain the system. It is the same work of art for #Cub defi. The name says it all, decentralized finance where you run your funds and you move it as you please.
I can understand the rapport of the exchanges trying to earn more. With crypto you need to remain uncomfortable going forward. When crypto is shaking the traditional market, it is not easy to have you and I coming over and find ways that is out of their control. Crypto has created the equilibrium to empower all of us.
If there is something worth noting these days, the evolution of the financial world will continue with crypto onboard. Hard to stop a train that love the high speed rail. I will be interesting to see all moving parts when the crypto market reaches $2 trillion and there is no back down from altcoins making waves.
El Salvador is showing us the good and bad way to implement crypto as a legal tender. I have a feeling other tokens will follow suit to be a legal tender in other countries as long the governments have a say. Unfortunately for the exchanges since al they do, provide service and make a profit on top of it which is great for business, they will be the first in line for regulation.
We as holders, we will patiently hold. We give crypto the needed backing to grow and we will profit for the growth together. As long you play fair, history will be on your side in this race for crypto dominion. Best thing to do while everything gets situated, keep vesting in you, cause you made it happen.
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This is similar to what happened in a supposed seminar I attended yesterday and it was shocking as to how they claimed that finance was their back and how it was better than the traditional banks.
Crypto is definutely going to be adopted when the impact is way more in the early adopters.
It just reminds me of how facemasks became the new norm.
When it becomes serious people will be forced to use it and we will be the ones with the most benefits
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Finance is everyone business.
Unluckily some folks never pay attention
to the ins and outs of the finance world.
Dealing with crypto is a start to manage
your own finance.
!BEER
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BEERKING.You are right, the real Golden Rule, is Who ever has the gold, makes the rules.I agree crypto tries to use code to make up for the greed and frailty of humans, but not even code can do that. The greedy still find a way. Thats why we can trust, but we must verify.
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This is the reason we as small investors
need to start holding early.
The minute the wealthy cloud the market
you are already in and then you will reap the reward.
Now if you keep selling or wait till
the market reaches $4 trillion dollar
you are out o the game.
Early birds get the worms.
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I like the patiently holding part. I've been doing it for a couple of months now and it feels very rewarding
I have to tell you
holding has no fun.
Everyone would love to turn a quick buck
pretty quick.
looking through time
holding is the way to build
consistent financial wealth.
Either crypto or property
you have to put it o work in order to make living.
!BEER
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View or trade
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BEER.very true exchanges will be the new banks, El Salvador shows us the way to the future if we join forces we will all achieve the goal of being free in our cryptocurrencies.
It may appear a good thing now but the ideal way for Salvadorians is to hold their token personally. No need for Chivo long term. Just for daily use case maybe.
!BEER
then we must continue to hold our friend tokens and negotiate by ourselves to avoid intermediaries.
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