/biz/ - Business & Finance

Um well its called blockchain and it proves this monkey pictures mine

Smart contracts retard

The information problem is that you're a banker and you deserve death, and it's coming to you hand delivered via the Blockchain. You don't deserve to use the new financial system, you deserve to die with the old.

>>50113829
Tell me how smart contracts provide any of this information.

>>50113869
Fine. Still don’t get what crypto does to solve the information problem. Happy if it solves the payment problem (which was its primary purpose, but failed at it).

>>50113886
Why should we go out of our way to make you understand something that you obstinately take pride in not understanding, when we can just do nothing and get rich while observing a technological shift that we know is inevitable?

>>50113875
>>50113886
No-one will tell you shit. It's all magic internet beans and it's going to zero. Your firm should short the bubble with everything you have.

>>50113875
all that information can be contained in a smart contract that is brought on the blockchain via an oracle. Buy RLC faggot

>>50113799
>I work in banking
Well, unfortunately for you it will be about 10x harder for you to understand Bitcoin because you sit at the top of the pyramid with immense fiat privilege. You'll have to unlearn all the Keysian propaganda you've been drip fed since you learnt to read. Start with this book.

>>50113799

Regardless of product/profits the reason anyone invests in anything is because they speculate that they will make a return.

At a basic level investing in anything is simply gambling.

Crypto presents an opportunity to speculate / gamble on a return in investment with higher volatility and % return/loss than most traditional investments. It finds value from filling this gap.

>>50113799
>Sell a high yield bond? Well, thanks, what’s your credit, what’s your company doing, how are your KPIs?

You answered your own question

>>50113941
> all that information can be contained in a smart contract that is brought on the blockchain via an oracle. Buy RLC faggot

Nope, it cannot. It’s about information processing and making a risk assessment and actually including a huge amount of relevant information in documentation that are relevant to the parties of a transaction. How do you do that via an oracle? The answer is, you cannot. How would you include a maintenance secured leverage ratio in there? How an asset sale covenant? How would you explain the company’s latest operational maintenance and capex developments and assess what it means for investing in a bond of that company?

How is it solving it? It's not and it never will.

Crypto is the fever dream fantasy of a few different groups who champion it because of ideology, not because of utility or real value to society.

In real life, the only "true believers" I've ever met have universally been naive simpletons.

>>50113799
>information problem
more like the central banking cancer problem

>>50113980
> Keysian propaganda

You think Keynes is relevant in the real world? I am not a politician, I work in finance, I don’t deal in magic like politicians.

>>50113982
Not the question.

The question was how crypto can replace any significant part of the finance industry when at rhe core of 99% of finance (apart from foreign exchange services) sits information that is assessed and created by humans

>>50114056
The average bank-monkey's understanding of the finance industry. Don't reach too far out of your cubicle monkey, you know your place.

>>50114045
>i dont deal in magic
>deals in jew magic

>>50114056
"Crypto" does not replace finance. The majority of "crypto" assets are scams at worst or securities without a legal framework for accountability and enforcing shareholder rights as best. Bitcoin is different because Bitcoin is money, and money is the unit of prices which is the information system of finance.

"Smart contracts" are neither smart nor contracts, because they can't enforce property rights of anything outside of the ledger. That is why Money™ is the only valid "decentralized application" useful for "decentralized finance".

>>50114045
>You think Keynes is relevant in the real world?
The federal reserve is literally a political institution that sets the price of the most saleable commodity of the economy: money. Working in traditional finance and claiming that you're above politics is the biggest LARP I've seen on /biz/ and that's saying something.

>>50113799
wut. i just flipped a switch in my bank app and checked some boxes

>>50113799
Crypto only solves the problems of moneyprintergobrr and transferring large sums of money. Have you ever tried using your own smallhat pseudo-service, cashing a big check? Two fucking weeks for funds to become available. All of the shit you listed is degenerate and unnecessary, being problems to solve only because we live in one giant pyramid scheme.

>>50113799
you are a retard, maybe?

>>50114171
Banking is the same whether we are dealing in physical gold currency or fiat. It doesn’t change and it isn’t magic

>>50113799
Blockchain does not disrupt the banking system at all. A regularly audited, full reserve, gold backed, block chain tracked bank would be peak disruption.
Central bank digital currencies are coming in the near future. Probably sometime in the depths of this depression we are headed towards. So like all things the feds will co opt this shit and turn it into a tool of totalitarianism.

>>50114180
Bitcoin is not money. It has many qualities of money. But it is at best a commodity which may become a money in the future.

>>50114035
It means financial institutions will crash once everyone realizes you faggots are just middlemen. Smart contracts will cut you out completely once they are adopted by real estate and other loan based assets

>>50114705
>A regularly audited, full reserve, gold backed, block chain tracked bank would be peak disruption.
That's just bitcoin with jewelry.

>>50113799
The speed of money and immutability of information.

When centralized, a bank, government, or unscrupulous individual can manipulate information, account balances, and other information. When using the blockchain, transactions and rules are programmed into it. This gets rid of the need of a lot of financial infrastructure, and even to some degree, legal infrastructure. If transactions and penalties can be enforced by the blockchain, you don't need the courts to arbitrate. You also get rid of the need for trust of a centralized body.

Money can also be transferred and handled much faster on the blockchain. Decisions made on financial instruments can happen without going through as much infrastructure, making things happen much more instantaneously. A large portion of banking now is actually tech-related, with a large amount of employees having skills directly related to IT.

This is all basic blockchain knowledge, and everyone here should already know this.

>>50114705
BTC is rarely exchanged for anything other than currency. In every transaction BTC proves itself to be not money because people exchange their BTC for currency then buy what they want. It would be similar to speculating on the price of any commodity. You take profits then buy what you want rather than trying to trade a commodity for whatever you want.

>>50113799
basically paper shufflers like you are NOT NEEDED now and even moreso in the future

It cuts you out as the middle man. You are obsolete. You will soon no longer charge someone a fee to store or transfer their money because the blockchain is open 24/7 and it's fees and infrastructure cost a fraction of what yours do. Notice how zelle and venmo emerged immediately after crypto gained traction? Well crypto is going to replace all of your other pointless, govt mandated jobs too. anything you can do crypto does better because it eliminates centralized authority and control.

>>50114707
> are just middlemen
yes, middlemen as in information providers and information assessors. How will crypto replace this? People are stupid, even smart people have no clue how specialized systems work. If companies could raise capital or do M&A deals themselves, they would, but humans are at the helm there who don’t understand the process. So they need other humans to translate information.

Crypto doesn’t do anything here.

>>50114741
> This gets rid of the need of a lot of financial infrastructure, and even to some degree, legal infrastructure.

What part of the financial infrastructure exactly? How does the “blockchain” talk to a Company’s management and put an info memo together that includes the relevant touchpoints for the relevant investors and tailores T&Cs to the Company’s future operations? The Company can’t do it itself because it has no clue what institutional investors want or in what format the information has to go into presentations and T&Cs. How does a program know it? Are you saying true AI will do all this at some point? If yes, I got news for you, once we have actual AI, there are no jobs left we are supposed to do.

>>50114806
> You will soon no longer charge someone a fee to store or transfer their money
Read the OP, that is what the OP says. 1 percent of finance (holding and transfering currency) can be replaced by crypto, if crypto gets its act together.

99 percent of banking has 0 to do with holding and transfering money. It is about information processing and assessing. Essentially what you do in your head when you do anything wirh your fiat. You make decisions based on information. The larger these decisions the more safeguards in the process and the more humans involved to make an informed decision.

Easier said: let’s say some rando puts out a new shitcoin and there is 0 information what it is supposed to do. The value is 0. Add information about it and internal processes and a team with a vision - normies will start to put fiat into it. Information - presented, processed - investment.

>>50114867
I'm not claiming that ALL financial infrastructure will disappear. I'm saying there's a clear use case for blockchain that will optimize what we have currently. Distributed organizations to some degree will replace centralized ones. Court systems will eventually recognize property owned on the blockchain through NFTs. Transfer of deeds and title will happen on the blockchain someday. There will always be a human element, but current infrastructure will be optimized.

Payroll, for example, can happen on the blockchain itself, and HR infrastructure will be reduced as a result. Payroll software will be optimized. It's not one or the other--it's a hybrid of technologies that makes things more capital efficient.

>>50113886
>it failed at it
Still works better than yours

BTC will never be used as currency, because of Gresham's law. "Bad" money drives out "good". Ironically many of the reasons crypto fans think crypto makes for better money make it much less likely to be adopted over some entrenched fiat in the first place.

One example - the steady inflationary behavior of USD drives people to spend it. BTC is designed to have a fixed supply, not inflationary, so people are less likely to spend it and more likely to hoard. Thus the actual currency used in the economy is USD and BTC functions more like Gold.

Fiat wins out over crypto not because of define grand conspiracy but because of economic laws that are perfectly logical and irresistible.

Smart contacts and other "functional" crypto are retarded and pointless, so we can safely ignore them.

>>50114932
There is no "payment problem". Paying for things is incredibly convenient. This isn't a problem for anyone in a modern society using credit cards.

>>50114981
How long do you think USD can survive if it's only used as a payment system and never as a store of value?

>>50114981
You are a brainlet trying to sound like an educated and sneaky Jew. Take your Gresham's law and blow it out your massive asshole freak.

>>50115092
You'll learn one way or another.

>>50115075
A 2% inflation peg allows it to function well enough as a store of value. That's why it's so important for the Fed to get inflation under control.

>>50114912
I'm not saying that Crypto will replace the need to assess and perform investment operations based on financial data. My argument is that the current regime requires access to priveledged tools like a bloomberg terminal and a centralized authority to pick the winners. This is what crypto will destroy. And the banks with any survival instinct will be the first ones on board. Before crypto only accredited investors were allowed to swim with the sharks in the deep water. Now crypto whales are the sharks. You can be the guy selling buggy whips at the dawn of the automotive age if you choose to do so. You may still be just fine for many years. But the paradigm is changing with or without your employer's or govt's consent.

>>50115206
>It functions well enough if it functions
Very assuring.

Is "the information problem" figuring out who you can scam that can't afford to welch on your scam?

Usury is a sin, loaning money is a scam. Banking is evil.

>>50113799
You will see soon enough.
Plebs are sick and tired of kike bankster shit.
Globalist model is shitting itself and no derivative or imaginary asset or virtual money will buy you food and resources you need to live.

>>50115206
It hasn't had 2% inflation for decades, the CPI is a garbage metric and they've largely "contained" inflation by doing appalling tricks like weighting consumer electronics heavily and deciding bug burgers are equivalent to steak.
USD will die and eventually be replaced by some other bad Gresham's-law-abiding fiat. But in the interim, the nation or entity that issues the new money will need to peg it to something (likely gold or a non-inflationary crypto) to gain confidence for adoption.

>>50113799
The game is over, as I am fond of saying. The bankers won. They are in control of the Pikes Peak batholith and the multi-trillion-dollar granite tunnel system—a highly symbolic 40 miles west of Denver, Colorado in the Front Range. But they are in control of much more than the end-time survival apparatus. They control not only the military and government of the United States of America but through the power of major corporations and the corruptibility of businessmen and government officials, fiat currency manipulation by the WiΩards of Fiat Currency at the Federal Reserve System, a small army of propagandists and “hackers” (this is a technically incorrect use of the term) who are fighting to maintain control of the Frankenstein monster they created called the Internet (in a war I fear they are going to lose), and even the Republican form of government they created which inevitably—and I would argue by design—fosters centralized control and assures only a handful of “elected” officials must be compromised to control an entire country, they control the entire Western world.

>>50113799
Banksters want to get their jew noses into people business in order to give the funny money loan pulled out of a rabbits ass.

They'll take some pages out of the Nazi economy playbook. Bartering goods secured by Blockchain.
>You niggas get us the raw materials we need and in exchange we'll build shot for you.