Crypto predictions, dead or not.

Would you buy any crypto

  • Yes

    Votes: 8 22.9%
  • No

    Votes: 18 51.4%
  • Go back to south Australia

    Votes: 9 25.7%

  • Total voters
    35

moorey

call me Mia
your onto me, I am quite lovely. That's my dad kochie from channel 7
Problem is, if I was a millionaire there would be so many shitty old bangers to buy I would be broke in no time.
And I have no friends to be envious of me, plenty enemies though
*You’re
 

safreek

*******
Not a fan of CBA, but kinda interesting a major Aus bank moving this way

Yeah it sort of legitimises crypto to the GP but my fear is that the jackpot elements will be taken out of it and it will be similar to shares, slowish growth.
Once these were all crypto deniers, now they have seen the light but with the money of other people to play with, well, every small price rise will be a sell light to get commission
 

Flow-Rider

Burner
Something is going to happen in the near future, banks have moved to raise fixed loan rates, so either negative rates or they're going to start to climb higher.
 

Flow-Rider

Burner
An

Anyone got a copy of the article that's behind the paywall?
Thanks to @Mr Crudley's paywall cheat :p



Commonwealth Bank CEO Matt Comyn has put a stake in the ground for mainstream banks rather than tech giants to be the cryptocurrency providers of choice for most customers, warning that a proliferation of private coins could threaten the stability of the banking system.
Confirming CBA will bring crypto into the mainstream by letting its customers buy and sell 10 different digital coins inside its banking app, as reported by The Australian Financial Review on Wednesday, Mr Comyn urged financial regulators and policymakers to grasp the risks to the economy from the rising popularity of cryptocurrencies.

Commonwealth Bank chief executive Matt Comyn: “This is an opportunity for us to provide a high-quality and secure offering.” Louise Kennerley
He offered to collaborate with regulators – who’ve been accused by politicians of falling behind fast-moving developments in cryptocurrencies such as bitcoin – on a regulatory model that ensures large financial institutions can fend off global technology players seeking to play in the monetary system.
Mr Comyn said trusted, regulated banks must play a central role in digital asset markets, including educating and protecting consumers. Financial institutions working with central banks should be the ones to safeguard national currencies, not technology companies such as Facebook, which has proposed a digital currency known as Diem, he said.
“Australia should be extremely thoughtful about who should be able to issue currency, and that is part of the broader debate around the future of the financial system in Australia,” Mr Comyn said.



“I think Australia would be looking at some of the tech players and their plans to issue their own coins and currencies and be thinking through the implications of that over the long term, on things like monetary policy and the taxation system. It is part of a very important debate, and I know policy-makers are thinking about it at the moment.”


CBA’s surprise move to bring cryptocurrencies such as bitcoin and ethereum into its banking app was met with astonishment on Wednesday. Industry players said it validated the volatile sector, while also creating new competitive tensions with local exchanges. There were also hopes it will reduce incidents of start-up “debanking”, which a recent parliamentary inquiry declared was rife in major banks.
Observers said the validation of bitcoin by Australia’s largest bank would drive more investment into blockchain, the disruptive technology that underpins cryptocurrencies and other digital assets. This could see bitcoin evolve from a store of value or form of digital gold into something that rivals fiat currencies as a means of exchange for payments and other money-like functions.
CBA on Wednesday confirmed The Australian Financial Review’s report that it would partner with Gemini, a US-based exchange founded by the Winklevoss twins, and Chainalysis, which works with US law enforcement on compliance and monitoring, to offer crypto investing to more than 6.5 million users of its banking app.
Recalling the history of CBA, which was created to help consolidate the different banknotes offered by Australian banks into a single national currency, Mr Comyn warned regulators that innovation is moving so quickly that Australia is in danger of being left behind.
“We want to be part of that innovation, we want to be developing that, we don’t want to be responding and reacting to it after the fact,” he said. “Our position would be: we would like to work very constructively with both the government and regulators and the Reserve Bank.”
Exchange caution
Some local crypto exchanges said CBA’s move will drive volumes across the sector, while others questioned why the country’s largest bank hadn’t partnered with a local player.

Independent Reserve CEO Adrian Przelozny: “It’s disappointing CBA went with an overseas player.”
“Expanding crypto into the mainstream, as this move now pushes through, will shake up the industry in Australia,” CEO of BTC Markets Caroline Bowler said.
“Smaller brokers and exchanges must be looking at their business models today. For larger exchanges, such as ourselves, we see this as an opportunity. We’ve been planning for this mainstream expansion over the past year, with technical upgrades and key partnerships to be announced.
“There is more to crypto than buy, sell and hold, and traditional finance still has a long way to catch up.”
Adrian Przelozny, CEO of Independent Reserve, which recently secured a licence to operate in Singapore, said it was frustrating to see CBA partner with an exchange based abroad – Gemini is a US company – rather than an operator in the local market.
The move to partner with Gemini is consistent with CBA’s approach to the buy now, pay later sector, where it invested in Swedish-based Klarna and helped Klarna launch in Australia to compete against Afterpay and Zip, rather than backing a local horse.
“It’s disappointing that CBA went with an overseas player and didn’t engage with local players at all. We will be reaching out to the other Australian banks now,” Mr Przelozny said.
Advisers said the CBA embrace of cryptocurrencies, including bitcoin, would ripple through the industry and drive more investment to respond to demands from younger customers.
“This announcement from CBA reflects a broader movement by the global banking and payment industry in acknowledging the growing customer interest in and adoption of cryptocurrencies, most notably in specific segments like Millennials, tech-savvy and finance professionals,” Ian Pollari, global co-head of fintech at KPMG, said.
Debanking
Several players in the local crypto space hoped the validation by CBA would see it taking a more open, considered approach to providing financial services to the sector, after a Senate committee heard in September that debanking is rife across the industry.
One fintech that has struggled to get banking services from major banks said it hopes the CBA move “reduces the debanking of crypto and brings not only bitcoin but DeFi [decentralised finance] and other blockchain into the mainstream”.
Tristan Dakin, Australian country manager at Wise, which is listed in London, said: “If CBA are willing to offer unregulated products like crypto within their risk appetite, it raises questions around the debanking and restricting of banking services to regulated financial institutions in Australia, citing little more than ‘risk concerns’.
“It won’t be long until other Australian banks will follow CBA, so the question that needs to be asked is why debanking of regulated fintechs has been happening under the guise of AML/CTF, especially since the regulation and the market hasn’t changed.”
Senator Andrew Bragg, who chaired the Senate select committee that proposed a new regulatory regime for the crypto economy two weeks ago, said he welcomes “the further mainstreaming of cryptocurrency” and CBA’s move suggested the inquiry “was right to identify the utility, agency and employment dividends of crypto”.
However, he said ongoing scrutiny is required to ensure regulated banks support innovative start-ups experimenting with decentralised technologies. The final report of his committee called for bank due diligence standards on start-ups to be clarified through the Council of Financial Regulators.
“Perhaps now that the banks have adopted cryptocurrency, they’ll stop debanking Australians,” Senator Bragg said. “The behaviour of banks routinely closing business and personal accounts has unfairly hurt many Australians and the economy at large.”
In a conference call, Mr Comyn said CBA had no board or other policy in the bank to not bank the crypto sector. “We do support some crypto providers, we don’t have a policy against it,” he said.
“Some of those who would like to be banked by the commercial banking sector will continue not to be, based on their business model and the risk profile... It is a case-by-case [assessment] to understand their business model and be comfortable and satisfied the controls we have in place are sufficient to manage the risk we take on by banking that particular customer,” he said.
“Over time, the industry matures.”
‘Clear signal’
Steve Vallas, CEO of Blockchain Australia, said in offering 10 crypto investments to its customers, CBA had provided “a clear signal that regulatory certainty will be sufficient for this to be able to operate. When combined with Bragg and international developments, it says: there is enough certainty to proceed,” he said.
He also said other banks would have to examine their strategies or risk bleeding young customers to CBA.
“The other message is to other financial institutions in Australia that they could miss commercial opportunities by waiting, and it sends an international signal that inspires confidence that one of the biggest financial institutions in Australia has arrived at this view, and this is something they can be involved in,” Mr Vallas said.
“So participation in the sector will grow.”
Mr Comyn recognised crypto was a polarising subject in banks, and some of CBA’s competitors hope “regulators will regulate the industry out of existence – but our view is that is unlikely”.
The decision to join up with Gemini and Chainalysis, a compliance specialist that has just opened an office in Canberra and has clients that include the US FBI, was a response to customers wanting to invest in crypto safely. CBA is a “a named bank with an institution grade offering where they can have confidence and trust,” he said.
“We see both opportunities and risk for the financial sector, so we want to participate in that,” Mr Comyn said.
“This is an opportunity for us to provide a high-quality and secure offering. We recognise this is a space broadly defined as being in a bit of regulatory flux globally, and we think it is important to actively support and work constructively with regulators to make sure we are offering a very good proposition to our customers.”
Dave Abner, the global head of business development at Gemini, said the exchange was closely focused on security and held a trust licence in New York. He said standards had improved since the Gemini founders, who were also early investors in Facebook, set up the business in 2014.
“When Cameron and Tyler Winklevoss first got into bitcoin, it was like the Wild West,” Mr Abner said. “They wanted to create a regulated, institutional-class, easy and safe way to trade and store bitcoin and other cryptocurrencies.”
He said CBA would now lead the charge towards higher institutional and user adoption of crypto in Australia. CBA estimates about 8 per cent of the population currently has some exposure.
“We think this is a monumental moment, a monumental development for the crypto industry, not only in Australia but also globally,” Mr Abner said.
‘Comes with risks’
Mr Comyn said CBA is working with the Australian Securities and Investments Commission (ASIC), The Australian Prudential Regulation Authority (APRA), and the Reserve Bank of Australia, which are grappling with the regulation of crypto after the Senate committee on Australia as a Technology and Financial Centre (ATFC) two weeks ago called for Treasury to develop a new licensing regime for crypto exchanges including local custody rules.
Under CBA’s plans, the custody of the crypto assets will be protected by Gemini, which is licensed as a trustee in New York. CBA also plans to introduce product warnings, and has been keeping ASIC aware of its approach to consumer protection.
“Of course, investing in cryptocurrency comes with risks,” Mr Comyn said. “We make it very clear to customers as part of that process, you should only invest what you can be prepared to lose.
“Of course there is going to be volatility in cryptocurrency, but we see both the demand over time continuing to increase and use cases continue to increase.”
CBA will warn customers to “make sure customers understand the product and are comfortable with the risk”, Mr Comyn said, even though the bank’s analysis shows most transactions in the space are relatively small, in the hundreds of dollars.
CBA will continue to work closely with all its regulators, including AUSTRAC, which stung CBA for anti-money laundering failures in late 2017.
“We have tried to be very open about what we are doing,” Mr Comyn said.
Mr Comyn said CBA would not allow transfers from other crypto exchanges, allowing it to control customer onboarding, transaction monitoring and know-your-client (KYC) obligations. The bank has proposed to AUSTRAC this approach will reduce risk. Nor will it allow trading in stablecoins, which are digital versions of fiat currencies, of or coins designed to obscure traceability.
Payments to come
With Visa and Mastercard announcing this year that they are extending their reach into crypto, Mr Comyn said while CBA will not offer crypto payments immediately, it was possible payment functionality will be added in the future; he pointed to Gemini having a card attached to its offering.
“It is about more than just pure investment,” Mr Comyn said.
“There are certainly some customers, small at the moment, who want to live their life in crypto and would prefer to pay [with it] ... we see that as an area where there will be continued innovation.”
Mr Comyn’s view goes further than the RBA’s, which does not view bitcoin as a potential way to pay.
Mr Pollari said the CBA action will “add momentum to cryptocurrencies as payment vehicles”.
Moves by the global credit cards schemes this year “may be seen as a future-proofing initiative, especially since cryptocurrency and blockchain infrastructure could be seen as a threat to traditional business models,” he said.
KPMG says investment in blockchain and cryptocurrencies heated up dramatically in the first half of this year, with investment more than twice the level seen in 2020 and soaring past the previous annual record high set in 2018.
“We’ll likely see this trend continue, with focus stretching across the crypto ecosystem – from cryptocurrencies and trading platforms to NFTs, alternative asset trading and support structures,” Mr Pollari said.
 

dancaseyimages

Mountain bike pornographer
This also opens up CommBank to lend for crypto as many credit cards were blocked from certain exchanges due to people leveraging their credit then being in dire straits / deemed as suspicious transactions when it came to AusTrac etc.

The same as shares, you could technically take money from your CommBank credit card (they could setup a loan feature in the future) then use the CommSec App to buy shares, like afterpay a transfer of 'debt'.
And if the banks can offer this all in one service I'm sure people will take it up, read about it, get in on the hype and its all a numbers game.
Like sportsbet etc, give you credit for first bet, then the ease of use for an app with less than 3 clicks of a button can spend X amount of money.

The other point to note would be that, 'house prices are rising' (disclaimer: some areas are doing really well like Canberra), people are looking for a way to make 'quick money' that could help them get into the housing market, or alternatively there is a group whom think they are too late for the housing market so are choosing alternate means of wealth. The long-term of crypto is unknown at this stage, lots is being built within the block chain platform, lots of spin offs like NFT's etc. but who knows what it could be in ten or twenty years.
Some things make sense like the development of private blockchain solutions for software licensing, banking, car parts manufacturing, IBM is utilising it for supply chains such as seafood, Sweden testing for titles of land etc, and Wills, but others that are based on games like Crypto Kitties etc., will they last?

For clarity, I hold shares and crypto.
And sportsbet was a UI research project for University on the ease of use of an application.
 
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teK--

Eats Squid
This also opens up CommBank to lend for crypto as many credit cards were blocked from certain exchanges due to people leveraging their credit then being in dire straits / deemed as suspicious transactions when it came to AusTrac etc.

The same as shares, you could technically take money from your CommBank credit card (they could setup a loan feature in the future) then use the CommSec App to buy shares, like afterpay a transfer of 'debt'.
And if the banks can offer this all in one service I'm sure people will take it up, read about it, get in on the hype and its all a numbers game.
Like sportsbet etc, give you credit for first bet, then the ease of use for an app with less than 3 clicks of a button can spend X amount of money.

The other point to note would be that, 'house prices are rising' (disclaimer: some areas are doing really well like Canberra), people are looking for a way to make 'quick money' that could help them get into the housing market, or alternatively there is a group whom think they are too late for the housing market so are choosing alternate means of wealth. The long-term of crypto is unknown at this stage, lots is being built within the block chain platform, lots of spin offs like NFT's etc. but who knows what it could be in ten or twenty years.
Some things make sense like the development of private blockchain solutions for software licensing, banking, car parts manufacturing, IBM is utilising it for supply chains such as seafood, Sweden testing for titles of land etc, and Wills, but others that are based on games like Crypto Kitties etc., will they last?

For clarity, I hold shares and crypto.
And sportsbet was a UI research project for University on the ease of use of an application.
Using a cash advance from credit card to invest in crypto would have to be the most insane thing ever. Maybe second to leverage trading perhaps.

My view is crypto is already volatile enough that anyone investing in it should only use cash money which is not going to be life changing if it goes to zero. Most of the top 50s have a reward:risk ratio of well above 1:1, so the risk is not as great as some naysayers will say. However there is always enough risk that justifies never borrowing at a high interest rate to buy crypto.

Commbank are just getting in on it because they would rather join em since they can't beat them.
 
Using a cash advance from credit card to invest in crypto would have to be the most insane thing ever. Maybe second to leverage trading perhaps.

My view is crypto is already volatile enough that anyone investing in it should only use cash money which is not going to be life changing if it goes to zero. Most of the top 50s have a reward:risk ratio of well above 1:1, so the risk is not as great as some naysayers will say. However there is always enough risk that justifies never borrowing at a high interest rate to buy crypto.

Commbank are just getting in on it because they would rather join em since they can't beat them.
Maybe it's replacing their dollarmite programme ?
 

dancaseyimages

Mountain bike pornographer
Using a cash advance from credit card to invest in crypto would have to be the most insane thing ever. Maybe second to leverage trading perhaps.

My view is crypto is already volatile enough that anyone investing in it should only use cash money which is not going to be life changing if it goes to zero. Most of the top 50s have a reward:risk ratio of well above 1:1, so the risk is not as great as some naysayers will say. However there is always enough risk that justifies never borrowing at a high interest rate to buy crypto.

Commbank are just getting in on it because they would rather join em since they can't beat them.
You'd be surprised what people are trying to leverage at the moment. :)
Its almost the same as withdrawing money at the local club to punch through the pokies, if there's a way for a 'quick win' or the feeling of a win there will be a certain demographic who is watching on the sidelines and wants in.
 

safreek

*******
Ok cryptoneers how's it all going.
Bloody dropping like a sprayed fly eh, hope you were all selling at profit late last year.

After running at up to 3000 profit (yes, I took profit:)) shit has hit the fan and my portfolio has dropped by 30 percent in the last few weeks. Fortunately that leaves me pretty much even over the last year and a bit.

7% drop overnight anyone, don't get me wrong I'm getting ready for the bloodbath but am in for the long haul.

Let's give it a year or 2 and see whether I'm gherkins or rich, I still intend to keep whacking money into top 10 cryptos .

Don't know whether you give a damn but am posting the bad side as well as good, after all, I started this thread so just fair to inform you of progress.

Laff away all you want (told you so;)) I don't care.
I am curious if any of you bailed or will continue to hold or buy. Toodle ooh
 

rockmoose

his flabber is totally gastered
Hoo boy, haven't been bothering to pay attention, so just went and had a look.

Everything is getting smashed. What happened to poor old Luna?

At the end of the day, the big boys like ethereum, bitcoin and solana will come out ok, but all others are a total crapshoot.

Governments around the world will continue pushing for, and legislating centralised, bank controlled tokens, so they can continue the cronyism and control.

But decentralised currencies will continue, and (hopefully) remain out of their reach and control.
 
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