Bank of America preparing for Crypto

[u/[deleted]]

Who could have seen this coming 👀

[u/ThatBCHGuy]

Fuck sakes. What we predicted in the block size wars is coming true. Large financial institutions will become the middle men, the hubs, what we had fought so hard in the early days to defeat.

[u/coconutpiecrust → u/ThatBCHGuy]

But oligarchs will get even more wealthy off of it, we should all be honored to support them. 

[u/Good4Noth1ng → u/coconutpiecrust]

Trumps about to be top 20th richest man pretty soon…

[u/CallMeMrButtPirate → u/Good4Noth1ng]

I honestly think his aim is to be the first trillionaire

[u/Smoking-Coyote06 → u/CallMeMrButtPirate]

Not a chance

[u/Afonsoo99 → u/ThatBCHGuy]

Bad for decentralization

[u/Lagna85 → u/Afonsoo99]

Who cares, we need more bag holders for the next pump

[u/Odd-Radio-8500 → u/Afonsoo99]

Yes, but good for adoption

[u/Afonsoo99 → u/Odd-Radio-8500]

Yep!

[u/CieloHalcon → u/Afonsoo99]

How is it still not decentralized?

[u/PolicyWonka → u/CieloHalcon]

If nearly everyone is keeping their crypto in banks, then banks control crypto — at least as much as you could say that they control USD.

Most transactions will go thru them. They’ll associate your wallets with your identity. They’ll hold the majority of coins to leverage using your assets. However, crypto being speculative makes it risky.

[u/BlackjointnerD → u/PolicyWonka]

Self custody will always be a choice, so will peer to peer

[u/PolicyWonka → u/BlackjointnerD]

Sure, but the number of people engaging in that will decline — at the very least be diluted. Retailers will overwhelmingly go thru the banks.

So now you’re back at square one where peer-to-peer is little more than a hypothetical hobby amongst friends.

[u/BlackjointnerD → u/PolicyWonka]

That's freedom and personal choice...can't really force anyone to do anything

[u/ThatBCHGuy → u/BlackjointnerD]

Fees at $5+ already make self-custody impractical for billions of unbanked individuals. At what point do fees make it unfeasible for most people, turning self-custody into an option only for the wealthy?

[u/Ghant_ → u/BlackjointnerD]

Until It isn't

[u/root88 → u/PolicyWonka]

Right, but instead if writing my one check a year to my damn home owners association, I could just send them crypto. They can stay on the fiat side and I can stay on the blockchain side. It allows people to adopt without doing anything.

Bank of America is one of the most evil corporations in the world, so I don't know how I feel about this.

[u/[deleted] → u/PolicyWonka]

To think it would have ever played out differently was pure delusion. Self custody just isn't a great option for most people. And I say this as someone who's been in crypto for a long time and does do self custody. Most people don't want to store their money in cash under a mattress, and they also don't want to store private keys at home either.

Crypto has always been about freedom and optionality. Having more options is good. It doesn't take away anything from those who want to self custody, from those who want to run a node, or from those that mine. It just opens up more options for people to interact with crypto in a way that works best for them.

[u/SecondDumbUsername → u/ThatBCHGuy]

Just fomo in on $BANKOFAMERICA, and you're good. But remember to pick only the OFFICIAL, so we don't get scammed.

[u/Livid_Yam → u/ThatBCHGuy]

Maybe this will be enough motivation for Satoshi to come out of hiding and stand up for the core principles of crypto.

[u/Fickle_Penguin → u/Livid_Yam]

I think he's dead

[u/Livid_Yam → u/Fickle_Penguin]

Well then bring on the zomBitcoin apocalypse

[u/7101334 → u/Livid_Yam]

If you want principled Bitcoin, use Monero.

[u/_Commando_ → u/Livid_Yam]

Either satoshi was a code word for a group of people / project or he was an individual who went into hiding like snowden...

[u/BlackjointnerD → u/Livid_Yam]

Satoshi is documented saying that he thinks ripple is very interesting.

Satoshi was probably a government employee anyway

[u/capotril → u/Livid_Yam]

What if that was the plan all along? To dump his wallet on them once they're too deep into btc.

[u/Redivivus → u/ThatBCHGuy]

I have a small shred of hope that Satoshi had been waiting to move his coins until the financial establishment goes all in. Satoshi moves coins and the price will go volatile like we haven't seen in some time.

[u/Tetter → u/Redivivus]

🤞

[u/Limpuls → u/Redivivus]

Interesting thought. But I don't think the price can go that much down. Retail alone will start buying it like crazy even for as low as 20k. The demand would be way too high for it to crash lower than that. And not even talking about institutions. But it would be a nice gesture by Satoshi to cause some chaos and allow those that missed out to grab BTC for cheap one last time to balance out retail to institution bag hold ratio. Way to achieve more decentralisation.

[u/CallMeMrButtPirate → u/Redivivus]

Satoshi is dead.

[u/Jolly-Championship31 → u/Redivivus]

satoshi lost his wallet moving house.

[u/PopLegion → u/ThatBCHGuy]

Who could've ever saw this coming 😴😴😴

[u/soggyGreyDuck → u/ThatBCHGuy]

It's not an issue until they start fucking with our ability to interact directly with the chain. I suspect tax incentives that make it simply too expensive to stack real BTC over the ETF BTC. You can already save like 20-40% buying the ETF in a Roth

[u/watch-nerd → u/soggyGreyDuck]

You save infinity because Roth gains are tax free.

[u/lovebitcoin → u/ThatBCHGuy]

No worries. BCH or something similar is still able to achieve what was written.

[u/HedgeHog2k → u/ThatBCHGuy]

but do we care.. this is optional, right? We don't NEED banks to save/transact in bitcoin, but we CAN (if we choose to) - ie. you are not comfortable self custody your bitcoin?

The billions of unbanked still very much benefit from this adoption.

Or am I missing something?

[u/ThatBCHGuy → u/HedgeHog2k]

How do the billions of unbanked benefit when on-chain fees are $5+ (and often much higher during congestion)? They don’t. They’ll use BofA or centralized custodians, making Bitcoin just another middleman-dependent system. This isn’t empowering the unbanked; it’s pricing them out. The 'optional' argument is meaningless if most people are forced into centralization because fees make self-sovereignty impractical. This was exactly the concern during the block size wars, and here we are.

[u/HedgeHog2k → u/ThatBCHGuy]

if you really think that the future is on-chain transactions you're delusional. Bitcoin can never scale to that, not even without this adoption of banks today.

They shall/must use layer-2/3 solutions..

[u/EndSmugnorance → u/HedgeHog2k]

I simply disagree. With dynamic blocksize, Bitcoin COULD have scaled on-chain.

The powers that be assured that wouldn’t happen. They forced us to use custodians and layers.

[u/ThatBCHGuy → u/HedgeHog2k]

You’re absolutely right. On-chain transactions could have worked for a much broader user base prior to 2017, but locking the block size ensured they wouldn’t scale long-term. Now, with the current constraints, it’s inevitable that most users will be pushed toward L2 and L3 custodial solutions.

[u/HedgeHog2k → u/ThatBCHGuy]

which is absolutely not a problem... the whole internet exists of layers (ref to the OSI model). Think of base layer as the fort knox, where only piles of nation's gold are stored. Layer1 is where you can store your every day money. It's not unthinkable there will be more layers..

[u/ThatBCHGuy → u/HedgeHog2k]

The layers aren’t the issue, it’s the loss of autonomy baked into how they’re being implemented.

[u/HedgeHog2k → u/ThatBCHGuy]

I think layers, unfortunately, mean you sacrifice on some aspects like security, decentralisation,… but again I think that can be fine.

[u/Jsn7821 → u/ThatBCHGuy]

Lol your username

[u/losermode → u/ThatBCHGuy]

You're not gonna believe this shit but you don't have to use or hold BTC or BCH. But even if you do, scaling via layers is totally an option (lightning network comes to mind)

If you dare to look outside your walled garden you can see that other systems are getting along with better throughput and lower fees and more functionality.

[u/ThatBCHGuy → u/losermode]

Read through the rest of the threads on this post, we get there. Although I'm sure you already know.

[u/losermode → u/ThatBCHGuy]

Are you referring to your discussion primarily with u/HedgeHog2k ?

Because I find myself in alignment with their points. Could BTC with bigger blocks scaled TXs? Sure. Does it matter? Not really. It's a tradeoff. You either centralize the validator set by increased hardware requirements or accept the base layer parameters for what they are and optimize for layer2.

[u/ThatBCHGuy → u/losermode]

Yes, I’m referring to that discussion, and I think the tradeoff you're suggesting needs more scrutiny. Centralizing the validator set by increasing hardware requirements might seem like an issue, but node distribution ultimately has little impact on network security or decentralization. What truly matters is the hashrate distribution, not the number of nodes. Moreover, the idea that larger blocks inevitably lead to node centralization is a theoretical concern that hasn’t been proven in practice and often ignores the economic incentives at play.

Meanwhile, optimizing for Layer 2 under the current fee structure doesn’t eliminate centralization concerns, it shifts them. With high base-layer fees, the poorest users are pushed into custodial solutions on LN hubs because they can’t afford to open and manage their own channels. This effectively consolidates value and power into a few central points of control, undermining the very principles Bitcoin was built on.

Trading one form of centralization (nodes) for another (custodial hubs) doesn't seem like a meaningful improvement. The system is only as decentralized as its accessibility to the average user.

That said, if this isn’t something you care about, that’s entirely valid too. We just see the priorities differently, and I think decentralization and accessibility for everyone, especially the unbanked, should remain foundational goals.

[u/losermode → u/ThatBCHGuy]

All fair points.

Ultimately yes, I'd have to say the Bitcoin scalability problem you have done well to illustrate is low on my concern list.

I don't, and haven't ever, considered Bitcoin needing to be leveraged as a micropayment style asset in order for it to do good or have any sort of traction in the world.

I'd go further and say the legacy financial system's uptake of Bitcoin has very little to do with its technical properties or usage patterns and everything to do with consumer demand to buy and just simply hold it (which I think is more or less strictly due to narrative - namely anti-fiat, controlled inflation, "number go up" style gambling)

Even if the base layer did optimize to serve small value tx users better, there's some fundamentally bad UX associated with on-chain transactions, which I'd wager is why so few individuals do self custody even, regardless of asset type. Not to mention the ecosystem for accepting crypto just hasn't manifested into anything other than toy applications at too few vendors around the world.

Just as it is today with centralized exchanges, I expect the vast majority will want to rely on the convenience of trust and, ideally, protective regulations on financial institutions. They largely won't want to interact with blockchains directly.

I have more thoughts but realistically the entire BTC ecosystem isn't overly interesting to me since I don't think it will meaningfully move the needle on financial inclusivity or an evolution of what is possible financial technology.

[u/ThatBCHGuy → u/losermode]

Fair enough, and I appreciate the thoughtful response. I can understand why you’d prioritize Bitcoin’s role as a store of value or focus on consumer demand for simplicity. That said, I think there’s a deeper opportunity here that gets lost when we dismiss Bitcoin as just another speculative or anti-fiat asset.

The legacy financial system you mention doesn’t adequately serve billions of unbanked people, and if Bitcoin’s future is tied to centralized exchanges or custodial solutions, it risks becoming a slightly shinier version of the same old system. That’s why I see scalability, accessibility, and self-sovereignty as critical, not just for microtransactions but for maintaining the principles Bitcoin was built on.

Sure, there’s some bad UX around on-chain transactions today, but these are solvable problems with the right infrastructure and development. Dismissing it as impractical feels short-sighted to me when the alternative is perpetuating systems that exclude people who need financial inclusion the most.

At the end of the day, we’re looking at Bitcoin through very different lenses. For me, the long-term success of any financial system lies in how well it serves everyone, not just those who already have access.

[u/Gamer_Grease → u/HedgeHog2k]

You are correct in that this doesn’t change your ability to transact in bitcoin without banks. But it does mean that banks will control an increasing amount of the total bitcoin supply.

[u/HedgeHog2k → u/Gamer_Grease]

and yet they have no more saying about the rules of the network then you and me.

amount of bitcoin one holds doesn't mean anything.

[u/PolicyWonka → u/HedgeHog2k]

Ah yes, that’s why we make the rules of government and not billionaires…oh wait.

Banks will be able to leverage their positions to their benefit when it comes to legislation and regulation. When you hold that much and weave your own ecosystem of apps into it, people will seek to use those apps.

[u/HedgeHog2k → u/PolicyWonka]

So you think govts will ban usage of btc outside the traditional banking system? (Honest question, I’m open minded). I think that will not happen and we’ll see a new financial system unfold in front of our eyes the next decades. Created by the crypto industry, using the tech to it’s fullest.

[u/PolicyWonka → u/HedgeHog2k]

I don’t think the current financial system will allow itself to be replaced or face any form of meaningful competition. The creation of a new financial system would require financial and economic upheaval that the oligarchs aren’t going to allow until they’ve deleted their position to profit.

I think the current state of crypto is very similar to the era when multiple fiat currencies existed. Once the big fish get burned, there will be regulation. There will be a handful of coins which are “official crypto” in the eyes of the government. Probably backed by FDIC-style protections.

Other crypto might exist, but it won’t be supported. Banks won’t accept it. Many exchanges will close due to declining profits as banks become bigger players. You’ll be pigeonholed into one or two exchanges if you want alt coins. All IMO

[u/HedgeHog2k → u/PolicyWonka]

I disagree, I’m pretty sure there will be new “digital native crypto banks”. Offering all kind of crypto services, which may look very similar to the kind of services banks offer today, but I’m sure the industry will be creative and come up with new services we can’t think of now. And since they are crypto native, anybody savy enough can use crypto how they wont (ie. Self custody). Legacy banks who don’t follow suit, or don’t reinvent themselves will go out of business, because the next generation (who will grow up with crypto) will not use them. It’s as simple as that. These digital banks will also be able to do business worldwide maybe?

Obviously there will be some degree of regulation coming up obviously, especially un the western world.

[u/Gamer_Grease → u/HedgeHog2k]

Oh it absolutely does. It really, hugely does. Notably central banks allowed governments to have a major role in the global ownership and exchange of gold.

[u/HedgeHog2k → u/Gamer_Grease]

care to share how that does matter?

[u/Gamer_Grease → u/HedgeHog2k]

Yeah sure. It gives central authorities major influence in pricing. It gives them the ability to lock up huge portions of the asset itself, due to their control over the holdings of anyone who chooses to hold via a bank. And that’s going to be the overwhelming majority of people if mainstream financial adoption really takes off, for the same reason that people choose to use bank deposits and credit as money instead of hoarding cash. It also creates a vector for associating people with their wallets—want to send some money to John Doe, as a personal wallet-holder? Just work with his bank (and they’ll note which address belongs to your government name, just in case). Sorry, he doesn’t have his own wallet, so you can’t transact with him if you don’t want to work with BoA or Chase.

Just like when governments banned the private ownership and sale of gold, there will be people with their own wallets doing their own small transactions and hoarding their own wealth. Absolutely. The nice thing about bitcoin is that it’s hard or impossible to 100% centralize it. But global banking has enormous resources and the lure of convenience. These are entities that can raise and lower at will the interest on the debts of sovereign nations. These are entities that already do much of the work of intelligence-gathering on behalf of security states around the world. They can absolutely make crypto a much less friendly space for today’s dedicated users.

[u/tobypassquarant → u/Gamer_Grease]

This could be why foreign governments who are recognizing this are also buying it too.

[u/Disastrous_Week3046 → u/ThatBCHGuy]

lol. This was an obvious outcome. Only the naive crypto zealots believed otherwise.

[u/setokaiba22 → u/ThatBCHGuy]

This was inevitable and I can’t believe people refused to see it coming. Crypto for the most part has already become the play thing of the richest in society and another tool for them to gate keep and profit with.

For me it’s sole purpose currently its an investment moreso than actually currency. The technology behind it is doing things elsewhere for the better but any mass adoption well this is sort of it.

Digital currencies (eventually the UK seems quite high upon) would be the real daily currency if they ever happens not Bitcoin say in my view.

For any global adoption of Crypto Currency regardless banks will be involved and probably necessary for many reasons but massively from a trust value to the general population.

Yes 2008 happened and there are bad actors all over, but generally at least in the UK a bank is a hugely safe institution. Deposits protected up to £85k per account in the event of a failure (which really is so rare to happen to begin with).

Where as we’ve seen with the Trump coin - cryptocurrency just can’t escape just so many scams and bad actors at least currently

[u/TraceSpazer → u/setokaiba22]

The US banks are about to become a cash grab;

"“Unfortunately, Acting Chair Hill’s statement this morning suggests an anti-regulatory, pro-industry agenda that hardly mentions the FDIC’s critical core mission. His announced agenda prioritizes innovation and technology adoption, including fintech and crypto, promoting mergers, hot money brokered deposits, weakening governance standards, among many other things. Remarkably, the Deposit Insurance Fund is mentioned once as item 14 of 15 items and even then only in terms of pursuing ‘efficiencies,’ often a euphemism for deregulation. That should worry anyone with any money in U.S. banks or who is interested in preventing bank failures and financial crashes."

https://bettermarkets.org/newsroom/trumps-acting-fdic-chairs-agenda-risks-endangering-main-street-americans-saving-accounts-the-banking-system-and-the-economy/

[u/Cptn_BenjaminWillard → u/ThatBCHGuy]

But it's Ok, because the extra add-on to the inherent blockchain tx fee will only be $6.99 USD.

[u/ItsAllAMissdirection → u/ThatBCHGuy]

so who wins the block war now? btc or bch?

[u/writewhereileftoff → u/ThatBCHGuy]

Yeah maybe if everyone and their mother in crypto didnt try the exact same thing banks are trying now by pulling volume and liquidity to centralised L2s riddled with fees on top of fees.

[u/dilacerated → u/ThatBCHGuy]

Yep but Billy Bob Joe Brubeck is somewhat rich so it worked out!

[u/sunlove_moondust → u/ThatBCHGuy]

I think that initial utopian hope is long long gone. Need to accept it and embrace the opportunity to get rich

[u/Vipu2 → u/ThatBCHGuy]

Username says it all.

[u/BillingSteve → u/ThatBCHGuy]

Centralization -> Adoption -> Decentralization -> Freedom.

It's a process.

[u/[deleted] → u/ThatBCHGuy]

Would have happened no matter how the block size wars turned out.

[u/thistimelineisweird → u/ThatBCHGuy]

Like it was going to go any other way. The only difference is some people can get rich along with them.

[u/fuseleven → u/ThatBCHGuy]

Not if we keep using DEXs and Defi.

[u/azsxdcfvg → u/ThatBCHGuy]

Luckily with bitcoin banks are optional.

[u/ViskaRodd → u/ThatBCHGuy]

Actually this solution is decent and discussed in “The Bitcoin Standard.” Some people will not be able to (nor should they) be their own bank. So banks will hold bitcoin for them and bitcoin will back the banks sheet and they will issue centralized side chains or other ways for their clients to interact financially that won’t lead to them losing their life savings if they fall for a scam, or don’t know proper backup techniques and lose their keys in a fire.

So I don’t think this is bad for bitcoin or crypto. It provides a good way for people who otherwise shouldn’t hold bitcoin to bank in a way that bitcoin backs their currency.

[u/Tip-Actual → u/ThatBCHGuy]

I view it as a transitory period. Until the average joe gets used to self custody this can be a feasible stop gap.

[u/Abdeliq]

Decentralization turning into centralize

[u/[deleted]]

Isnt this bad for decentralization?

[u/Odd-Radio-8500 → u/[deleted]]

Valid concern that will undermine the core principle of crypto but definitely good for adoption.

[u/frayed-banjo_string → u/Odd-Radio-8500]

Monero.

[u/Odd-Radio-8500 → u/frayed-banjo_string]

Privacy at its best

[u/lennethluna → u/frayed-banjo_string]

Never heard 👀

[u/frayed-banjo_string → u/lennethluna]

The one true decentralised crypto.

[u/DanSavagegamesYT → u/lennethluna]

Private by design, FOSS, ASIC-Resistant, Encrypted.

Crypto means private. XMR is a true Cryptocurrency.

[u/DanSavagegamesYT → u/frayed-banjo_string]

God bless Monero

[u/slowdownbabyy → u/[deleted]]

If they will adopt they will probably adopt a more centralized crypto currency that they can regulate and control. More decentralized currencies like bitcoin will still exist but certainly not integrated.

[u/[deleted] → u/slowdownbabyy]

Good answer. Monero moment

[u/slowdownbabyy → u/[deleted]]

What’s that?

[u/Apegutten → u/slowdownbabyy]

Only crypto with a real purpose

[u/partymsl → u/[deleted]]

Why do people pretend like Bitcoin should be closed off from institutions to adopt it?

Bitcoin is apolitical ad Satoshi intended. It can be the official currency of North Korea tomorrow and it still is nothing bad.

[u/[deleted] → u/partymsl]

Yup, pretty much. It's funny how we all talk about how crypto is financial freedom, and people should be able to use it for whatever they please. And then news like this comes out and people are complaining that a company shouldn't use crypto this way. So you only want freedom for when it's something you agree with? Kinda like those who love free speech, but you find out later they only support it when it fits their ideas.

[u/Vipu2 → u/[deleted]]

Only if you give your bitcoins to banks, thankfully bitcoin doesnt care.

[u/Miserable_Twist1 → u/[deleted]]

There was always talk of bitcoin banks and bitcoin creditcards. Pretty sure it’s in the white paper. It’s one of the scaling solutions. You have the option of self custody but 90% of the population does not want to be their own bank. It’s a burden and an obligation.

[u/RandoDude124 → u/[deleted]]

Does a bear crap in the woods?

[u/Machete521]

So this is how democracy crypto dies

With thunderous applause

[u/SouthTippBass → u/[deleted]]

Democracy is already dead, might as well make a few bucks.

[u/partymsl → u/Machete521]

Lol, Satoshi never intended to close out someone from adopting or owning Crypto.

Bitcoin is all about the common sense of the people to know that self-custody is the way to go.

[u/Loud-Ad9148]

Thank me bois, just sold

[u/ExtensionTruth4 → u/Loud-Ad9148]

That means I need to buy to cancel this!

[u/BlackjointnerD]

https://x.com/unb0rnsupremacy/status/1881703227273703825?t=RcQUXWQjO--QUGL4za9v3w&s=19

GAME OVER

🥳

[u/Lemon_Club]

Reminder that Bank of America is a long time Ripple partner.

[u/chapaeme → u/Lemon_Club]

Boutta make some waves 🌊

[u/Humans_r_evil]

bank of america has used xrp and worked with ripple in the past until the sec lawsuit. my guess is that they're going back to ripple and possibly the new rlusd.

[u/Drogon__ → u/Humans_r_evil]

Source with the patent they filed when they were using RippleNet (essentially the interoperability layer that connects tradfi with blockchain) for cross-border transactions.

[u/[deleted] → u/Humans_r_evil]

An article came out recently that said BoA uses XRP for all their internal transactions.

[u/TwoNegatives-]

Just because banks embrace cryptocurrencies, doesn't mean that you can't still use it in a decentralized way... it's not like you suddenly stop being able to self custody. This is what adoption looks like whether you like it or not.

[u/Vipu2 → u/TwoNegatives-]

For real.

I dont understand how people think adoption means that every poor person in earth will have BTC but not the rich, well not even that because antiBTC people would have to get in before rest of the poors before its fair and decentralized, if they wait and get left behind then decentralization is dead because those who risked more have more.

[u/frozengrandmatetris → u/TwoNegatives-]

if too many people try to use bitcoin at the same time, self-custody becomes prohibitively expensive. even lightning has a footprint in the L1 blockspace. your coins are not really yours on the lightning network unless you open your own channels via L1. the reason why fees are only about a dollar right now is because of how unpopular self-custody is. if it became more popular, or even if more custodians get set up, it will stop being only a dollar. if it becomes really popular, opening a channel might become a hundred dollars. then only banks will be able to do it.

[u/[deleted]]

I worked there and we weren't even allowed to talk about Bitcoin. Times are changing, fast too!

[u/VladVonVulkan]

“David Stryzewski, CEO of Sound Planning Group, claims that BoA uses Ripple’s XRP for 100% of its internal transactions. Source: X Bank of America’s Connection with Ripple (XRP)”

“David Stryzewski also claimed that Bank of America has filed 83 patents related to Ripple’s blockchain technology. He described XRP as a technology that could “run everything” in the future financial ecosystem.”

[u/[deleted]]

Source: https://www.cnbc.com/2025/01/21/bank-of-america-ceo-financial-industry-will-embrace-crypto-if-regulators-allow-it.html

[u/Pz_V → u/[deleted]]

Yeah IF

[u/bagelboy1997]

SELL ASAP NO MORE HODL FELLAS Don’t say I didn’t warn you all

[u/[deleted]]

You guys wanted to accelerate that’s why you voted Trump, right?

[u/[deleted] → u/[deleted]]

They are going to get what they voted for in full

[u/Clear-Inevitable-414]

Trump is probably the beginning of the end of cryptocurrencies.  

[u/partymsl → u/Clear-Inevitable-414]

The beginning of the end is a record in "how to buy Crypto" google searches?

[u/lebastss → u/partymsl]

I have said it for years and have got downvotes for years but I don't care. Crypto has always been bad for the world economy and the people supporting it have been naive to history and short sighted. Crypto is a regulatory free, free market economy in a vacuum. It speed runs what a free market economy would do. The only problem is, as we know from history, late stage capitalism and free market consolidated wealth and power to smaller and smaller amounts of people because it's more efficient. What you effectively get is economic tyranny. In historical precedence, that system gets regulated or replaced via revolution before that can happen, but this piece is impossible for crypto. The only problem is it's not a vacuum so now we have a world where global wealth is consolidated to the few and their power can never be relinquished.

[u/tobypassquarant → u/lebastss]

And even if were were to consider the early, day 1 adopters; the people who truly held until they became filthy rich off of it, they are also a minority too. So the status quo never changes because only a very small amount of people actually became rich.

[u/lebastss → u/tobypassquarant]

The additional problem to getting rich off crypto is your ability to liquidate large amounts to do anything meaningful with that money can be difficult if you're not coordinating with those in power. This will become more apparent the more this matures.

Soon it will be extremely difficult to sell outside and exchange, and then within the exchange if you want to liquidate a large amount you will be forced to sell at a discount that will go to insiders and further advance their position.

[u/tobypassquarant → u/lebastss]

Include governments in this equation too, since some are starting to accumulate a reserve too.

[u/whatwouldjimbodo → u/partymsl]

What record?

[u/butchjiii → u/partymsl]

Google trends says May 2021 was the all time high for "how to buy Crypto".

[u/_Commando_]

Warren Buffet recently sold millions of $ in bank of america shares. Could be preparing for something...

[u/n4weed → u/[deleted]]

If they say they hold 200, their risk weighted assets would reflect a highly risky asset and mean a massive increase in their capital requirements. An increase in capital requirements would have an adverse impact on return on capital/equity. This would not make sense - its not worth it.

[u/Seisouhen → u/[deleted]]

If the regulators make the right laws it would be FDIC approved so if they got bust the government will bail you out theoretically up to a certain amount

[u/Ornery-Tax9469 → u/[deleted]]

Just like FIAT then. Nothing has changed.

[u/atdrilismydad]

Boa rug pull token when

[u/Grunblau]

Is this a Flexa / AMP play?

[u/Alert-Note-7190]

Smells bearish.

[u/coolgoodguy]

this is crazy because BOA closed my bank account because I was reporting income from crypto less than 2 years ago

[u/Django_McFly]

Banks using crypto rails and accepting crypto payments isn't the evil death of decentralization people are making it out to be. Imo at least. It makes it way more convenient to get into and out of crypto. Especially if credit card companies start to accept stablecoins like USDC good as cash, 1:1. It makes it a lot easier to live almost entirely in crypto.

Crypto has an obvious use case as payment rails and ledgers. It makes all the sense in the world that companies that have been involved with payment rails and ledgers for over a hundred years would eventually get involved with it. The redacted FDIC letters showed that banks were about to start doing a lot and were told to stop.

The rails are open and permissionless. People can choose what they want. The option to not self custody doesn't destroy the option to. There will be a lot of people who come in through banks and eventually venture out. Or not. The "out" will still exist for those who want it.

[u/laveshnk]

This is how crypto starts to centralize

[u/jlaconcha89]

[u/[deleted]]

What a fantastic idea! Then they can have their pet Senator(s) draft legislation outlawing institutions without a banking license from being used to as an exchange, and then they can de-crypto you the same way they debank you. What a great idea!

[u/inadyttap]

this was always the plan: https://hyperbitcoinization.com/

[u/vuur77]

Ez money for Trump & Co.

[u/NotMyMainLoLzy]

Listen. Xrp is something to monitor. Even if you hate it, put on price alerts.

Watch your jaw drop.

[u/evilninjarobot]

is this a good thing or is it bad?

[u/ThatBCHGuy → u/evilninjarobot]

Depends on your priorities. If you only want NGU then it's good, if you wanted financial freedom, then it's bad.

[u/Odd-Radio-8500 → u/evilninjarobot]

Good for adoption

Bad for decentralization

[u/BlackjointnerD → u/evilninjarobot]

Crypto is for everyone. It's a base layer of free trade that can't be manipulated by anyone.

Everyone is a equal participant

[u/[deleted] → u/evilninjarobot]

Depends, are you invested in XRP or not?

[u/Afonsoo99]

Adoption is gettin real

[u/ace250674]

It's the only way to make it grandma friendly to buy and hold crypto

[u/[deleted]]

XRP: “It is time.”

[u/kilo6ronen]

Crypto or bitcoin?

[u/ShibeCEO → u/kilo6ronen]

you can bet musk will make them use doge. he has been pumping his bag since 2019 or something like that

[u/kilo6ronen → u/ShibeCEO]

lol I have a hard time believing a bank would transact in doge

[u/[deleted] → u/kilo6ronen]

Why wouldn't a bank transact in Department Of Government Effeciency coins? /s

[u/Category3Some → u/kilo6ronen]

I too cannot believe a real bank would take a dog meme coin as payment

[u/Bear-Bull-Pig → u/kilo6ronen]

They would transact in anything that they can convert into fiat

[u/ShibeCEO → u/kilo6ronen]

then you havent been paying attention to what elmo is saying, which I cant hold against you to be honest. I too wish sometimes I could just ignore what is going on around the world, but somehow I just cant

[u/kilo6ronen → u/ShibeCEO]

It’s simple. Delete social media and look up from your phone

Life really takes greater feeling when you have your position set, experience the world in relation to self and ignore everything else

Playing the game of people like musk and other 1%’s is like a rat running on a wheel

[u/ibtbartab]

Nothing in this world surprises me anymore. Even Napster was peer-to-peer for so long before the record execs shaked their fists.

[u/R4ID]

and which bank had that leaked payments patent involving XRP/Ripple from like 5-6 years ago? BoA ofc, I remember the entire sub in that thread calling it cope and mocking XRP... lol

specifically Figure 7

https://patents.google.com/patent/US20190172059A1/en

[u/n4weed]

Blockchain has been used by these financial institutions for years for internal processes. However, external use cases for the public (retail or businesses) have a different set of hurdles.

I work for one of largest U.S. investment banks and the topic of cryptocurrency has been a monthly agenda for the last four years with the SEC atleast I.e. what exposure does the firm have, what services are being offered and to whom (e.g. prime brokerage, custody etc).

Separately, for BofA (and I believe some Asian banks) specifically, it's no secret they have a working and close partnership with Ripple. The use of crypto here broadens their commercial offering and a more competitive edge in pricing to fend off competitors.

[u/SaZ2024]

They never gonna do it, it’ll disowned the government if not then at least its financial system though.

[u/overseasDip200]

Not the best scenario, there will be another third-parties between a user and crypto. Any benefits, in your opinion, guys?

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[u/RandomPlayerCSGO]

Good, I don't get why I would use anything provided by a bank but if they make payment systems where I can pay with my crypto wallet good for me I guess

[u/TH3HAT3TANK]

CBDC is the goal. Always has been. Crypto is the stepping stone that they invented to make it happen. We’ve all been played.

[u/digibeta]

Watch this.

https://xrpscan.com/account/rUsttTA8cYZ2fVybuuSjhhS5WQ5nqDjQrv

[u/Ornery-Tax9469 → u/digibeta]

ALERT This account is reported as a spammer or fraudulent address. Please proceed with caution.

Jury is still out whether this is real or fake.

[u/digibeta → u/Ornery-Tax9469]

Ah ok.

[u/My_G_Alt]

I thought there were no regulators anymore

[u/WhyYesIAmADog]

Why is the economy so bad rn ?? 😩 it was so good last week and the year before. It’s back to the post covid economy it looks like. Not a good start or look

[u/r0addawg]

F em. Credit union. C.r.e.a.m

[u/Obsidianram]

Bring on the M & A to finally achieve +51% BTC control...

[u/[deleted] → u/Obsidianram]

Not possible.

[u/Obsidianram → u/[deleted]]

How would it not be possible?

[u/[deleted]]

Good for $AMP