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It's always been my assumption that the economy would become more and more connected to cryptocurrency over time. I wonder how accurate this article will look

It's always been my assumption that the economy would become more and more connected to cryptocurrency over time. I wonder how accurate this article will look in 10 years.

Animats 4y ago
At this point, it looks like it will be less connected. The WSJ is saying that it's a good thing it all collapsed before it contaminated the entire economy and we had a mortgage-derivative sized collapse. Without the advantage that, since real houses were involved, the market eventually came back. Think of some stablecoin being used on the scale of Treasury bills, and then going to 0.
A4ET8a8uTh0 4y ago
I can offer some semi-credible information here ( I did not personally verify those, but the source is legitimate partially since it is crypto averse; plus ledgers are by design public, but one can have reasonable doubts about it ). Based on a fairly recent seminar, it would appear that crypto today averages approximately 100b in transactions daily and note that it is not that far away from US ACH payments ( 146b in 2021)[1] although there is a valid criticism here that we should be comparing apples to apples ( one currency to one currency[2] and not just payment type, but that data is harder for me to find ). Not bad for a payment type that is so consistently vilified. It should be noted that most of it appears to be int BTC. This is primarily why I think crypto is here to stay in one form or the other unless either majority of the population is convinced its worthless ( as a speculative or money transfer tool ) for one reason or there is another reason to kill it ( if I had to guess, I would bet on environmental since it seems to have most sway now ). [1]https://www.federalreserve.gov/paymentsystems/fedach_yearlycomm.htm https://www.federalreserve.gov/paymentsystems/fedach_yearlyc... [2]https://www.barchart.com/crypto/quotes/%5EBTCUSD/technical-analysis https://www.barchart.com/crypto/quotes/%5EBTCUSD/technical-a... edit: some additional disclaimers in brackets
- belltaco 4y ago
  It's all wash trading. https://www.forbes.com/sites/javierpaz/2022/08/26/more-than-half-of-all-bitcoin-trades-are-fake/?sh=424d7b606681 https://www.forbes.com/sites/javierpaz/2022/08/26/more-than-...

It's always been my assumption that the economy would become more and more connected to cryptocurrency over time. I wonder how accurate this article will look in 10 years.

Animats 4y ago

At this point, it looks like it will be less connected. The WSJ is saying that it's a good thing it all collapsed before it contaminated the entire economy and we had a mortgage-derivative sized collapse. Without the advantage that, since real houses were involved, the market eventually came back. Think of some stablecoin being used on the scale of Treasury bills, and then going to 0.

A4ET8a8uTh0 4y ago

I can offer some semi-credible information here ( I did not personally verify those, but the source is legitimate partially since it is crypto averse; plus ledgers are by design public, but one can have reasonable doubts about it ). Based on a fairly recent seminar, it would appear that crypto today averages approximately 100b in transactions daily and note that it is not that far away from US ACH payments ( 146b in 2021)[1] although there is a valid criticism here that we should be comparing apples to apples ( one currency to one currency[2] and not just payment type, but that data is harder for me to find ). Not bad for a payment type that is so consistently vilified. It should be noted that most of it appears to be int BTC. This is primarily why I think crypto is here to stay in one form or the other unless either majority of the population is convinced its worthless ( as a speculative or money transfer tool ) for one reason or there is another reason to kill it ( if I had to guess, I would bet on environmental since it seems to have most sway now ). [1]https://www.federalreserve.gov/paymentsystems/fedach_yearlycomm.htm https://www.federalreserve.gov/paymentsystems/fedach_yearlyc... [2]https://www.barchart.com/crypto/quotes/%5EBTCUSD/technical-analysis https://www.barchart.com/crypto/quotes/%5EBTCUSD/technical-a... edit: some additional disclaimers in brackets

belltaco 4y ago
It's all wash trading. https://www.forbes.com/sites/javierpaz/2022/08/26/more-than-half-of-all-bitcoin-trades-are-fake/?sh=424d7b606681 https://www.forbes.com/sites/javierpaz/2022/08/26/more-than-...