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Other than the security of your coins, the problem with crypto IMO is liquidity. If a bank sees a transaction from a crypto exchange they can freeze your accou
by 29athrowaway 6y ago
Other than the security of your coins, the problem with crypto IMO is liquidity.
If a bank sees a transaction from a crypto exchange they can freeze your account. Even if it is a good faith transaction where all the funds have documented sources.
The real reason banks hate crypto is because it takes their control away. Banks can create money easily via fractional reserve banking. They also collectively control money supply via the Fed.
They cannot do that with cryptocurrencies like bitcoin, so now they want to extend the power of the "US" (pronounced Fed) dollar to the digital world via "stablecoins" that are pegged to the dollar and have built in fractional reserve support, replicating the dollar system on top of a phony blockchain that offers none of the benefits of a real coin other than making banks powerful and happy. Only then they will embrace crypto, while banning every other crypto.