Placeholder Image

Subtitles section Play video

  • all the bankers, they don't want to see the crypto and defy party ruin What the banking industry has done.

  • I mean, the banking industry is one of the markets that it was never actually made more efficient by the Internet, was it?

  • You got to go online banking, but, and I worked in finance for 15 years.

  • There was a lot of money to be made by keeping the customer slightly ignorant, um telling them will handle your money and then crypto now offers to completely throw that on its head and go peer to peer, you take control of your money, you feel your assets and see your assets.

  • So whether you think that they're trying to stop this or it's just an innovator's dilemma, it's a natural resistance because this is their business model.

  • But then at the same time the customers are asking for this, right?

  • Absolutely.

  • I that that's one of the things when people ask me what's going to happen, crypto is going to appear severe and I'm always saying this, you see the banks Adopting this because it would be the pressure from the clients.

  • They will want to see that they will want to see, you know, anything from the swift transfer, not taking seven days and costing $800 for to send some money.

  • I don't know, somewhere in Australia from something as simple as that and then the transparency and the opportunity for you to earn a little something on your money for them working with it, you know, having this for free.

  • Uh So absolutely, it is going to be a very different world is going to take some adapting from the bank at the same time, I'm not a big fan of conspiracy theories.

  • You know, is this all, have they sat down in a uh dimly lit room with their cigars and made a decision to consciously ruin crypto.

  • I don't think the world works like this anymore has gotten too complicated complex for anyone entity to push it in one direction because if anything crypto is very quick to adapt unless we have like uh you know a coordinated action by the G 20 to shut down, crypto is just going to move away around the world as you saw with mining.

  • You know, they manage in china, next thing you know they set up shop in the United States and wasn't that positive because of uh renewable energy sources for mining etcetera.

  • So it is very flexible and that's the genius of Satoshi having designed Bitcoin in such a way to be so fluid and to adapt to the circumstances.

  • Uh But of course there is like you know the concern this, we all grew up with the concept that bank is the safest thing in the world.

  • You know, it's a bank.

  • I have insurance on it.

  • Yeah, you have insurance up to the 1st $100,000 if you're lucky enough to have €200,000 in europe, $250,000 of F.

  • D.

  • I.

  • C.

  • Insurance in the States, you know anything above that, you are lucky enough to have that.

  • It's just as in short as, you know, any other assets.

  • So, uh, it gets complicated.

  • I understand the mandate of the sec and the regulators to protect regulators.

  • And I have a close friend who is a former, um, um, prosecutor for, for the sec and he quite frankly told me what the regulator at this current stage, at least what he thinks they worry about.

  • They worry about the offering itself.

  • Is it a security?

  • If it has been a security, have you disclosed in proper way, how the money is going to be handled?

  • What you're going to do with it?

  • How are you going to generate the yields that you're paying?

  • But this is more of the form and the package, this is what is known, its strict liability getting into my legal lingo here, but it's either security or it's not.

  • And it's, you know, if it was a security got to stop offering, if you got to repackage it and register it, it's not that big of a deal.

  • Okay.

  • It is a big deal, but it's not the end of the world where it gets trickier is how do you generate the money?

  • And here is what they're concerned about because, uh, they're thinking is that a lot of the projects of Ponzi schemes and this is what is going to separate the good actors from the bad actors.

  • Can you show convincingly and documentary, really how you are uh earning the money that you pay off and here is going to be the differentiators is going to be different actions against those that can and cannot prove, and what else is not mystery.

  • You know, we, to arbitrage between the interest rate that we borrow from our clients and the interest rate that we pay out the client pays us.

all the bankers, they don't want to see the crypto and defy party ruin What the banking industry has done.

Subtitles and vocabulary

Operation of videos Adjust the video here to display the subtitles

B1 crypto security banking insurance interest rate bank

If You Can’t Beat Them, Join Them ? Antoni Trenchev On Banks Adopting Crypto ?

  • 11 0
    林宜悉 posted on 2021/10/14
Video vocabulary