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Cryptos will ‘cannibalise traditional finance in the next few years’

Richard de Sousa, CEO of crypto exchange AltCoinTrader, says cryptos will eat into the market traditionally cornered by the banks. AltCoinTrader is about to launch collateralised lending, and that’s just the start of the revolution in finance about to sweep the globe.

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It bounced of the 50 weekly SMA. Its going up!!

Yeah…..main article this morning about yet another multi-billion rand, but it’s the future, right?

You are in for a rude awakening if you think Reserve Banks will give up their monopoly on the issuance of currency and credit. The largest tech companies in the world have already lost 50% of their value after the Chinese authorities have clamped down on shadow banking.

The Reserve Bank has jurisdiction and excercises full control over all lending and credit.

Exactly my position, regardless how useful the underlying technology is if central banks start rolling out CBDC’s they will quickly kill off any competition.

Hence the urgent need to regulate. Not so much for the actual regulation alone but to see what the anc plan is?

A lot of this is peer to peer so the relatively small turnover (liquidity) of only around $20 billion per day in Bitcoin is understandable.

I guess its like selling your Kruger Rand to your neighbor?

One has to keep in mind that the USA’s oldest bank with founding shareholders like Hamilton, Jefferson and Franklin backs Bitcoin and is on record that they would in future treat Bitcoin like any other currency.

They must have a backdoor or something. Cant believe they would do this knowing the old establishment will shut them down??

Always on the button Sensei.

I agree; if I were a central bank I would also see crypto as interfering with my mandate and would want it highly controlled.

Having said that, as you read this sentence, people are paying for their cups of coffee with bitcoin-loaded visa cards. Crypto is on a daily basis becoming more embedded into people’s daily lives and business systems.

I agree with your statement and I fully support private money in contrast with Fiat money. I want crypto to succeed as a currency. The reality is, however, that Central Banks own a monopoly that is enforced by the military and police forces, supported by the judiciary, on orders from the International Monetary Fund, the lender of last resort for lenders of last resort.

“people are paying for their cups of coffee with bitcoin-loaded visa cards”

BTC is way too expensive to use for buying a cup of coffee.
Even after TX fees plummeting after April highs the average fee is still 2.8 USD per transaction (April high was ~60 USD per transaction)

Does shiba inu count as an alt coin?

Soon we”l be back to cowrie shells … worth more than BC.

End of comments.

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