Posted on 02/11/2021 9:38:19 AM PST by SeekAndFind
The oldest bank in America will now be storing Bitcoin on behalf of its asset-management clients, according to the Wall Street Journal.
“Digital assets are becoming part of the mainstream,” said Roman Regelman, chief executive of BNY Mellon’s asset-servicing and digital businesses.
BNY Mellon’s announcement marks the first time one of the big custody banks has unveiled a road map for treating digital currencies as any other asset.
Decrypt reports that the bank plans to enable cryptocurrencies to flow through the same systems that it uses for its traditional currencies and stocks.
It has created a prototype for doing this and is engaging with clients to see if they want to use it.
BNY Mellon intends to begin offering these capabilities later this year.
The reaction helped extend a rebound from overnight lows (crypto was oddly weaker after MasterCard and Amazon both announced pro-crypto news), back above $46,000...
Source: Bloomberg
BNY Mellon's move is ironically timed as it follows Tim Lane, the deputy governor of The Bank of Canada, proclamation that costly verification methods and unstable purchasing power makes cryptocurrencies like Bitcoin a "flawed" method of payment.
In a speech on "payments innovation," Lane desperately attempted to pour cold water on the decentralized system of payments would entirely disrupt his industry, exclaiming further that, "the recent spike in their prices looks less like a trend and more like a speculative mania - an atmosphere in which one high-profile tweet is enough to trigger a sudden jump in price."
He doth protest too much we think.
*Car boom is speculative mania says horse dealer https://t.co/32XHrTwPSO — Smokey 🧲 スモーキー (@BeegSmokey) February 10, 2021
The beginning of breaking the Federal Reserve by giving people another system of currency (albeit just as un-backed as any other, save petrodollars).
I have some bottled air for a mere $10.00/bottle(6 oz). Supplies are limited.
...or replacing hard currency with digital currency that is far easier to control & limit by the elites.
...albeit just as un-backed as any other...
I wonder if what we are seeing is big players going “all in” to keep the value of bitcoin high. And when even they run out of steam, what then?
Well unlike the Fed the number of Bitcoin is limited.
The Chinese are working on a Gold backed yuan which could be the new reserve currency.
ONE Bitcoin = 47,256.05 US Dollar (as of today at 11:45AM CST).
I had an opportunity to buy years ago.
I am, as always, one of the majority of losers on this planet.
The value of all of these “currencies” is by Fiat— not the cars, the Latin term=== for “let it be so” as a declaration of those in power (the motto somewhere of “Fiat Lux” Let there be light.)
For all anyone can fathom— it appears the digital currency is backed by petroleum (and all the economy that devolves from it’s production). Of course the oldest backing is gold and silver in history— being in “just enough supply”. Platinum is worth more but not as extant.
To me the use of bitcoin is parallel to the mortgage backed securities mathematical algorithm the banks developed to counter the loans to to “poor’ that was forced on them by the lib fedgov.... “free” money... isn’t and wasn’t. The securities were really worthless- because the loans were never able to be paid at any interest.
Margin Call— a movie that still terrifies. And, btw, they are still loaning and doing this... right now. The bank of resort is no longer ANY private bank— it is fedgov agencies Fannie mae and Freddy mac. Total Ponzi.
Just a note of interest here. This year, the IRS has added a y/n question to the top of Form 1040. “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” A version of this query was on Schedule 1 of the 1040 in the 2019 return as “Have you received, sold, sent, exchanged, or otherwise acquired any financial interest in any virtual currency at any time during the year.”
When the IRS poses a new y/n question, it means that they have a serious interest and saying ‘n’ when you did ‘y’ can mean IRS charges ofFRAUD!
Well it is-— as the wife likes to say all the time—”ONLY if you sell it!” Meaning if you can find a buyer at that rate for one bitcoin. Aye, there’s the rub. Work the middle ground on the “rising” well before such meaningless “value”.
Bkmrk
Completely agree with everything you posted, even the reference to Margin call.
And this sort of thing never ends well. We are in for VERY hard times thanks to the lockdown. I’ve said, even before the lockdown, that this sort of thing usually ends in war.
The lockdown just put a punctuation mark on it. The rioting is happening in Europe. It will happen here as the weather improves, and the impact of the election of Biden and the control of the house and senate start showing their teeth. Even the left is outraged, and might end up being even MORE outraged.
But it has to get REALLY bad before the right actually bring out the guns. Sadly, I think it WILL get that bad.
bookmark
Alexander Hamilton’s Bank
Bitcoin is high because of an old economic law called supply and demand. The supply of Bitcoin is fixed at about 21 million. When there is significant global demand for something limited to 21 million the price is going to get really high.
Tide laundry detergent functioned at one point as virtual currency. For over more than a hundred years corn whiskey has been a exchange currency. The refusal to pay a tax on their own farm product converted to whiskey— a tax demanded by the British overlord Tryon in NC— was the REAL beginning of the Revolutionary War (the Stamp Act— on ALL paper, legal and otherwise was the final straw).
The notion of ‘virtual currency’ cannot be checked if it is not monitored by some organization that ties the transactions to individuals. So we have BATFE—for hooch, baccy, guns and even explosives— enforceable on the basis of “revenue” derived or not, from the sale— in order to TRACK the sale.
Swiss America.com :the War on Cash. Excellent write up.
Apparently cash is trackable... in the bills themselves- or so it is said.
And yet the same criminals of the demonrats do not want PHOTO ID to vote in a precinct one lives in. Oh, no, not that. Not link an actual living voter to a vote within the limits of the registered voters in a precinct. They in fact, impeach a former President because he has the actual numbers and cannot be allowed to expose THEIR FRAUD.
Until it doesn’t get that high, and devalues. The Mexican peso like.
Nothing backs this currency other than “something” setting the fixed number of a substitute currency— for another currency that is also not backed.
A fool’s game. The “need” is not the same as something like— food to remain alive which is a particularly proven “currency” of real value.
Think I could get much for this one:
...yet no one wants to pay you $46,000/can
My favorite on the PA tax return is, “Did you purchase anything online?”
PWOC
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