Banks And New Bitcoin News. Any Truth To It?

paoli2 | Oct 12, 2020 | 2,641 posts since 2011

Does anyone know if there is any truth to the latest news on banks and how the new Bitcoin currency will be available soon? It supposedly will make millionaires of those who buy it?? The rest of us will end up poverty ridden I guess. Last week it was gold and now it is the bitcoin. Anyone know what is really happening here and to certain changes in our banking system? Thanks for any info.

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GreenDream | Oct 12, 2020 | 358 posts since 2019

It would help if you'd give links to what you are talking about. Who is saying it will "make millionaires of those who buy it"? and what is the "it" they would need to buy?

As far as banks and bitcoins, are you talking about the letter from the Office of the comptroller from the other month that, as forbes put it, "clarifies that national banks have the authority to provide fiat bank accounts and cryptocurrency custodial services to cryptocurrency businesses"? Basically that just allows banks to offer custodial services (basically what digital wallets do, only at a bank you trust instead). The letter also reaffirms that "national banks may provide permissible banking services to any lawful business, including cryptocurrency businesses, so long as they effectively manage the risks and comply with applicable law". It's really nothing too exciting.

GreenDream | Oct 12, 2020 | 358 posts since 2019

And another point. You say "It supposedly will make millionaires of those who buy it?? The rest of us will end up poverty ridden I guess". Sorry but that's not how economics in general works. It's not a zero-sum game. One person getting wealthy doesn't mean another person is necessarily driven into poverty. For example, Jeff Bezos being a billionaire doesn't mean you'll be pan-handling in the streets. What Jeff Bezo making billions, however, does mean is hundreds of thousand of people gainfully employed, and millions of people benefiting from the services his company provides with an overall net of people, other than Bezos himself, lives being improved not impoverished. The world is a better place because of people who made their millions and billions building businesses and providing jobs and services.

paoli2 | Oct 12, 2020 | 2,641 posts since 2011

GreenDream: I have so many other projects I have to complete, do you really think I remember all these nutcases crying "listen to this video all the way or you won't become a millionaire"! I figured you people on here already saw his video and can calm my concerns just as you did with your appreciated two posts! You are better than a bottle of tranquilizers any day!! Thank you for staying on top of things while I drown in all the family stuff I have to do. BTW, you probably could answer all my questions about Form 709 and why it is costing us so much to pay our tax person to get it done in a couple of months. Too bad you don't do taxes professionally and charge decent fees. You sound like either the man of my dreams or "my nightmares" when you get ticked off at me. That's ok because hubby gets the butt of my anger after I get off of here. (Just kidding!! Sometimes!) Oh!! BTW, what you wrote in first post was exactly what I must have watched so you already know who that guy was. Thanks for explaining and turning my alarm button off,

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