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banking connection

  • Wed, Aug 16, 2017 - 03:11am

    #8

    davefairtex

    Status Diamond Member (Offline)

    Joined: Sep 03 2008

    Posts: 3132

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    banking connection

MJB-

So satellites aren't permanent, invulnerable fixtures in the sky.  They're pretty easy to take out.

But my focus these days isn't on the internet partition issue – its on the banking connection to the exchanges.  Sever the banking connection (and that actually happened to bitfinix) and then nobody can turn bitcoin into cash any longer.  One day you have $100,000 worth of bitcoin.  Next day: how much is it worth if you can't get it out?

If you have a bank deposit of $100,000 in a bank that doesn't allow you to make withdrawals…is it really a bank deposit?

CHS says that they won't pull the plug this way – and he could well be right.  I certainly didn't let it stop me from buying my ETH.  Then again, I have a lot more money in bank deposits than I do in ETH.