They sure are interested in blockchain technology. My guess as to why it has not been adopted wide scale by banking industry is that they cannot manipulate it in the way they can the current fiat system.
From my reading of Tether, it is exactly the type of crypto the banks would love to adopt, but as its underlying structure is fundamentally flawed, it will be exposed and return to zero.
The problem the banks have with bitcoin is that, if they were ever to adopt it, is that they would no longer be able to manipulate markets they way they can now. Hence, no uniform agreement in that sector to blockchain.
Followed the link.LINK . That statement above is pure gold. You should keep that for reference in years to come.
As to the potential utility of blockchain the examples I have read about would put it on a par, say, with the invention of the arch lever file. To compare it with the internet is like comparing the paper darts I used to throw with a modern passenger airliner.
Why on earth would banks want something like Tether?? It is a company based in the British Virgin Islands that print money they claim is backed by actual USD cash reserves. It is nothing. Absolutely nothing. They won't even show where their reserves are held.
Bitcoin and other crypto currencies could turn out to be the most amazing things ever invented. Blockchain technology might change the world like the internet has. But they could also turn out to be the latest version of the mini disk. Good luck to people who believe and put their money where their mouth but I think I would rather be sitting here in the future wishing I invested rather than wishing I didn't invest.
It's a strange analogy but I think you're misunderstanding that one specific example of the application of this technology. Using public ledger technology for land registry is not just about doing away with 'wasteful document searches'. If you think land registry is no big deal, tell that to those who have been the victims of Land Ownership Fraud and had to deal with title disputes. It's a global issue.Blockchain seems to have the potential usefulness of ALFs, I am not dismissing it. But let's get some perspective here. Being able to validate land ownership without wasteful document searches is hardly on a par with being able to travel anywhere in the world within a matter of hours.
I would be of the view that I would rather live with the disappointment of losing money than live with the regret of not of having put my money up.
That strikes me as odd. I don't like losing money. I don't really worry about what might have been.
If I buy $100k worth of Bitcoin today and it crashes to zero, then I would be more than disappointed. I would be hurt.
If I do nothing, and Bitcoin doubles from its current price and stays up, then I wouldn't worry too long about what might have been.
My own gut instinct, based on lots of information, opinion (including your own) is that bitcoin is here to stay.
I presume you mean "despite lots of information"?
Brendan
So if they have regulation at the on-ramp and off-ramp (via the exchanges), where's the problem? I'm guessing that one cryptocurrency will operate outside of regulation and will cater for illicit activity in the future. However, it's still going to be difficult for the stakeholders in that crypto to operate because of the point of weakness - where it's traded into and out of FIAT.
Yes, but to read that link of yours you would think blockchain is the greatest invention since the wheel. The fact is that it is a very low level technology on a par with Lever/Arch/Lever. Nobody would be talking about it at all if it was not for its extremely flamboyant and controversial offspring, bitcoin. So I was seeking to set in the light of really spectacular and life changing technologies like air travel, telecommunications, satellite TV, computers, the internet etc.It's a strange analogy...
If the builder is audited he can then say the funds FIAT came from his Coinbase account. If Revenue then want to trace the origin of these funds, how can they? And how would it be worth their while?
Seems like the Revenue cant go further back than Coinbase.
Revenue can ask the builder for his Coinbase statement. There you can see Monero deposits and selling of Monero for Euros. You cant see if they came from you mobile wallet or from Panama, no need for many hops around the globe.
Now the builder can say:
Its less tax (assuming high rate bands?) if the builder lies and tries to get away with CTG.
- it was a gift?
CGT on full euro amount gained from the sale? - it was Monero he was holding for years? No buying receipt, so again CGT on the whole amount.
- the truth? Income tax etc on the whole amount.
In the builder's case, surely a Revenue audit has a good chance to find out the truth, following the builder's business logs, supplier purchase receipts etc.
Tax evasion?But what if the crypto becomes more widely used and the builder, instead of cashing out, goes ahead and buys things himself with these cryptos, like going on holidays. The money is thus never converted to FIAT by him at all. How is Revenue ever going to figure it all out?
Tax evasion?
Easier with cash is it not?
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