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Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11The only way
Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
Share Dialog
Share Dialog
Banks will not touch crypto anymore.
Initially, I thought it was too risky for Banks to get involved in crypto due to regulations.
However, ChatGPT told me other way:
There are a number of banks that have chosen not to work with cryptocurrencies or crypto-related businesses due to the regulatory uncertainty and risks involved. However, this is not the case for all banks, and many banks are still exploring ways to engage with the cryptocurrency and blockchain space. Some banks have even started offering cryptocurrency-related services to their customers, such as the ability to buy and sell cryptocurrency through their online banking platforms. It's important to note that the cryptocurrency industry is still relatively new and evolving, and it's likely that the relationship between banks and cryptocurrency will continue to change over time.
It turns out the bank is just not capable of doing business in crypto simply because the crypto market is too volatile for them to control assets.
Also, It will be too easy for banks to dominate the space and make blockchain useless and inefficient.
Since crypto transactions are mostly irreversible, banks are harder to become regulate and cannot follow specific rules that apply to the traditional financial system.
It will take longer for banks to relearn the new technology while keeping the old system working.
That is likely reducing the bank capability to operate efficient in the old system and decide whether or not to phase out the old one and adopt the new one.
Another reason is that the crypto is too new for banks to use now.
Many cryptos haven't been tested as a massive adoption, and the transactions can't handle up scale flow.
I do not see any beneficial of existing banks to adopt crypto at the moment and in the short term future.
Photo by Etienne Martin on Unsplash
Banks will not touch crypto anymore.
Initially, I thought it was too risky for Banks to get involved in crypto due to regulations.
However, ChatGPT told me other way:
There are a number of banks that have chosen not to work with cryptocurrencies or crypto-related businesses due to the regulatory uncertainty and risks involved. However, this is not the case for all banks, and many banks are still exploring ways to engage with the cryptocurrency and blockchain space. Some banks have even started offering cryptocurrency-related services to their customers, such as the ability to buy and sell cryptocurrency through their online banking platforms. It's important to note that the cryptocurrency industry is still relatively new and evolving, and it's likely that the relationship between banks and cryptocurrency will continue to change over time.
It turns out the bank is just not capable of doing business in crypto simply because the crypto market is too volatile for them to control assets.
Also, It will be too easy for banks to dominate the space and make blockchain useless and inefficient.
Since crypto transactions are mostly irreversible, banks are harder to become regulate and cannot follow specific rules that apply to the traditional financial system.
It will take longer for banks to relearn the new technology while keeping the old system working.
That is likely reducing the bank capability to operate efficient in the old system and decide whether or not to phase out the old one and adopt the new one.
Another reason is that the crypto is too new for banks to use now.
Many cryptos haven't been tested as a massive adoption, and the transactions can't handle up scale flow.
I do not see any beneficial of existing banks to adopt crypto at the moment and in the short term future.
Photo by Etienne Martin on Unsplash
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