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Will cryptocurrencies kill the forex star?

Countries and companies are the big movers of current foreign exchange market. What would happen if one digital asset is chosen as a means for transferring wealth instant and reliably across the globe? Would this situation render currencies useless and killing the forex market? How long will it take, 10-15 years?

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The current trend of regulators and central banks is to consider BitCoin and its cousins not as currencies, but as assets, such as gold for example.

On the other hand it is very possible that the states decide to create a digital version of their currency. e-USD, e-CHF, etc.

So maybe the forex will go through the blockchain in the future. On Metatrader 6? :sweat_smile:

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i don’t believe fiat can be replaced entirely…cryptos can definitely coexist with fiat just like cash and cards.

I belong to another social trading platform where the norm now is cryptocurrency and especially Ripple. Infact, some traders got angry with me when I told them bluntly that cryptocurrencies are not yet ripe for speculation and that I will not touch them for the time being.
Now ripple is at all time low and I have seen people’s account wiped off. I have read wide to understand this cryptocurrency buzz and see what the future holds for them but it appears as if it is the more I look, the less I see.

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Twitter’s CEO opinion on Bitcoin

Already involved in the Lightning Network, his payment company Square already integrates it and some see signs it will arrive to Twitter soon.

Who’s trading crypto at Darwinex at the moment ?

Do some of you already use Flubit ? > Amazon (rival), now accepting cryptocurrencies

https://finance.yahoo.com/news/leading-blockchain-group-acquire-flubit-080500905.html

“As Cointelegraph recently reported, Iran is allegedly negotiating with Switzerland, South Africa, France, the United Kingdom, Russia, Austria, Germany and Bosnia to carry out financial transactions in cryptocurrency.”

One more step towards your suggestion :slight_smile:

Update : well, anyway, whatever the financial instrument, there will always be “stories” :sweat_smile:

https://www.bloomberg.com/news/articles/2019-02-06/follow-the-blockchain-becomes-mantra-in-crypto-exchange-debacle

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In Europe, they’re close to eliminate all cash in the economy. Coins and notes, there won’t be anymore in circulation (Sweden is likely the most advanced with it’s e-SEK digital experimentation). That’s the authorities way of controlling people and applying taxes so no one can escape, in a Orwel like behavior

The right cryptos are our new cash : fungible & anonymous by design, censorship free and power control resistant ones that they’ll have a harder time to get back from our hands

Blythe Masters has been one of the most powerful woman in the contemporary financial world.
At her prize list, she is known to be responsible of the murdering of the precious metals through market manipulations, as well as mostly accountable for the 2008 crisis for having largely contributed to the developpment of the CDS vehicle, all back when she was an executive at JP Morgan.

Look at those teeth, ready to scratch the floor :wink: angel or daemon ? You can find books dedicated to her, about how she impacted the beginning of the century

She left her enviable banking carreer some years ago (2014 https://www.bizjournals.com/bizjournals/news/2015/03/11/ex-jp-morgan-exec-at-thecenter-of-great-recession.html) to switch to blockchain duties servicing towards her financial acquantainces. To be heard, she outspokenly wrote that by around 2023-2025 the whole economy as we know it will have collapsed in a blood bath and that the populations will buy Bitcoin in panic mode. She believes that by 2030 the planet earth, not only its financial part, will be fully blockchain based.
I turned to cryptos when I learned about her stance, given the reputation I knew about her past moves in traditional finance and visions.
This article made me brainstorm a couple of days back then. It sold me to dive in deeper
https://www.bloomberg.com/news/features/2015-09-01/blythe-masters-tells-banks-the-blockchain-changes-everything

Amongst other arguments, she foresees the potential as cutting infrasctructure costs immensely in a purely business perspective, so the financial players can fire large amounts of employees and eliminate whole careers busy at unoptimized inefficient tasks, regarding all types of financial transactions.

While globally you are right, would like to insist on importance of cash economy within Germany and Austria.

You need to live it to really believe it :sweat_smile:. They LOVE cash ! Countless stores/merchants that ONLY accept cash.

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Spot on!All Central and Eastern Europe is like that.During communism everybody was doing business and saving in DM(Deutschmarks) even though it was illegal.Even totalitarian regimes could not stop people cutting corners.

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Right, this has to have some roots in past :slight_smile:

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That’s good to learn that it will meet some resistance from the people. Here, they too discovered they were liking cash that day income tax started to be applied (3 years ago). At the same time, they also had to study what “accounting” was ! Before that, there weren’t even an annual filing of tax (today they collect it with a 9 months span time based on trust, without checks of documents). Trust me, they were quite fed up at the news :sweat_smile: They will hate their co-prince Nicolas Sarkozy who pressurized them out of the tax haven status forever.

Blockchain on administrative data (not financial, still a very appropriae application). No more faking of CVs, sigh, where are we heading
https://www.crypto-rating.com/news/andorra-and-malta-went-blockchain/

Malta is is on the rise to be the cryptocurrency jurisdiction of Europe. It seems that other countries wouldn’t mind a piece of the cake.
https://translate.google.com/translate?hl=en&sl=auto&tl=en&u=https%3A%2F%2Fwww.bondia.ad%2Fopinio%2Fel-risc-de-no-arriscar-andorra-i-el-blockchain

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Another local project by a frenchie : solarcoin. It aims to financially reward those transitionning to solar energy so that their installation costs are cut down by a few years of time.

[details=Summary]Can’t manage to add english sub-titles to this video, can you ?

i thought it was relying on speech recognition, but this one requires to add personal translations[/details]

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When I initially heard of SolarCoin, some years ago, I really thought it will fail as many other coins…

But, nowadays, in Germany, there’s some buzz about it :

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For those who consider that their daily random time is worth some little financial incentive and fun, here are already working projects that I know of (only the tip of the iceberg) and use myself

www.bitrad.io pays you to listen to your favourite radio station. If enough of those coins are gathered (+ bought), you can activate a passive income through the concept of “masternodes” which at the moment has an annual ROI of +34.7% (outside of high market volatility, the coin price is unstable before conversion)

Dlive is one of the equivalent for videos, that pays the viewers for watching as well as their activities, like participating in the comments for instance. Then you can keep the Lino coins for yourself or pay back the channel owner.
www.d.tvgj.fr is a permanent TV I am working on at the moment with a group of yellow jackets (we’ll offer 4 weeks of continuous programme soon)
There are other famous Youtube-like services that pays the content creators on a non-ad based model, from the “likes” received, like https://d.tube

https://steemit.com is a “social media platform where everyone gets paid for creating and curating content.” Think of Facebook/Youtube, but broader because you can provide and share any original content (text, blog articles, videos, art, excel spreadsheet or external documents, affiliate links without censorship, etc) but this time you’ll get paid from the “Likes” received, instead of ad revenues, so the quality of your work will be truely appreciated. Then you can of course convert back to Euro/Dollars on your bank account or use the earned coins to backup content creators you fancy in order to amplify them their income… This has grown to be a massively popular platform and one of the top crypto with a use-case.

https://golem.network has the aim to build a decentralized super-computer over the internet, sharing indivdual ressources to achieve computational tasks on request. Basically, you can share partly or fully your CPU and GPU power (custom set to which extent so that your computer remains not overwhelmed if you are to continue using it normally). 2 sides : either you provide your ressources in the background and get paid for the tasks “ordered” by clients on a case by case basis, or you purchase yourself remote ressources, say, to achieve a 3D modeling task which your own computer wouldn’t be capable of (too low specs, hence you’re asking for “help” not buying new equipment)

https://storj.io, above other similar projets, is the look-a-like of Golem directed at sharing your free disk space. The idea is cool : why waste unused equipment ? Easy setup. Share your free HDD or SSD space with others who will store fragmented (decentralized and redondant) data securiky on your computer (compartimented). Get paid for it ! It isn’t valid to buy equipment specially to “storage farm” for a profit, but it’s free money otherwise you have no reason to negate.

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Those won’t make you rich, except a few ones like Steemit/DTube (https://steemwhales.com some earned millions already and many get a senior executive salary from it), but it makes you embrace practical services to figure out there are also many cryptos with a purpose which absolutely do not seek to be the next currency. Bitradio, DTube, Steemit will find adopters easily while pleasing non too technical newbies. Storj and Golem require a little bit more of a geeky spirit to appreciate but are really fun to try! Once you discovered these, you don’t go back. You benefit something extra from before without much drawbacks if at all

This girl has turned into a full-time blogger, traveling the world always (quit her past job some years ago), thanks to the blockchain.

Darwinex users should investigate Steemit to talk about their trading adventures AND Darwinex By the way, you’re free to talk in your own language there ! There are active communities in most countries.
This represents a smart alternative to relying merely on your website ! You will get a whole different exposure and the context will motivate you to offer more through best efforts

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Follow-up regarding to cash economy :


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Very interesting, the actual “allocation” makes sense

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