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RE: Bitcoin appears to be Flagging
It has a decent track record of being stable, especially compared to crypto. If I am moving millions or billions of dollars, I don't want to take on the risk of any volatility in whatever I am using to transfer said funds, ya know?
I foresee most banks doing what JPM did, then eventually one system will be used predominately within the banking sector. Though using one with a coin that is volatile probably isn't appealing to most?
I won't lie. I've been talking about how XRP doesn't make any sense for a while now.
It seemed too obvious, and now people are only talking about it when JPM comes to town? It seems like a severe lack of foresight.
At the same time, nothing stops XRP from creating a stable coin backed by XRP, assuming that is even necessary. The ease at which these assets can be traded means you can use XRP to transfer funds but still be immune to volatility.
Yea I think their best chance was to entrench themselves so deeply in the financial system before any of the other banks jumped in that it just made more sense to use their product. JPM moved a lot faster than most would have guessed.
Unfortunately, it has zero track record of being stable during a recession in which crypto exists. This is the only track record that matters, and there is none. We are entering uncharted territory. We can't look to the past for answers.
I use this same logic in a lot of my posts. Crypto is not comparable to dot com or corporate entities. The Halo Effect and projection of the past into the future is now our enemy.
Well if that is the case bitcoin and crypto would have to change how they have traded the last few years. If you look back at recent price action, bitcoin and crypto has traded very much like a risk-on asset. At the far right end of the spectrum at that. I am not saying you are wrong, but it would mean crypto would have to start trading much differently than they are now...