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> Crypto is essentially a DDOS attack on a regular ban. A "regular" bank moves more money a day than the whole cryptocurrencies market is worth. It'sa too tin
by deepsun 4y ago
> Crypto is essentially a DDOS attack on a regular ban.
A "regular" bank moves more money a day than the whole cryptocurrencies market is worth. It'sa too tiny blip on their radar to DDOS them.
- noah_buddy 4y agoBanks move a trillion a day? Granted you could be right in about a month.
- T-A 4y agoTurnover in global foreign exchange (FX) averaged more than $7.5 trillion per day in April 2022 https://www.bis.org/publ/qtrpdf/r_qt2212f.htm https://www.bis.org/publ/qtrpdf/r_qt2212f.htm
- Agingcoder 4y agoDoes this take netting into account? Bank a owes 100 usd to bank b, bank b owes 100 usd to bank a, net bank flow is zero.
- mike_d 4y agoCrypto has roughly $70 billion a day in total transaction volume. Visa's credit/debit processing network by comparison does about $34 billion a day. (The Visa number is from 2020, I couldn't quickly find a more recent number)
- deleted 4y ago[deleted]
- rocket_surgeron 4y agoTraders trading amongst themselves isn't really a transaction. It's a bunch of bros moaning "arbitraaaaaaaage" while trying to rip each other off. The amount of crypto used for actual goods and services probably amounts to about $3.50 per day. $3.50 is much less than $34 billion
- deepsun 4y agoWe're talking about DDoSing a bank. So we should count only bank transactions. If I make a new cryptocurrency today and announce it is worth 50 trillion-trillion volume and start trading with myself, that doesn't DDoS no bank.
- rewtraw 4y agoWhy compare market cap to volume? It’s apples and oranges. While crypto’s “total worth” is small in the grand scheme of traditional banking, the volume is significant.