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RE: What happens if you withdraw $1 million dollars from Coinbase into your bank?
The question is why would anybody move that amount of crypto ever back into fiat? When you have the option to borrow Hero backed by bitshares from your own collateral? Banks have a license by the owners of the federal reserve system to allow you to create fiat out of thin air as long as you back it with collateral - they call it mortgage as one example. Just because they don't tell you that you are the one creating the fiat out of thin air does not mean it ain't so ;-) I rather play the bitshares/Hero game on a decentralized autonomous exchange instead of in a bank. But to each their own preferred game ;-)
This is really interesting. What do you mean borrow Hero backed by bitshares from your own collateral? I guess I'll just research Hero. I like the way you think!
Thanks my friend - an excellent summary and overview is here: http://www.sovereignhero.com/thehero/
I'm resteeming most of Stan's and Dan's posts as well as those from others that are relevant to this game.
Due to interest from others I might consider to create videos where I try to explain my understanding of everything and possibly host a webinar where people can ask questions as it is not that easy to wrap one's mind around. But once it clicks the ingenuity of it makes sense as if it's the most organic progression towards where blockchain tech should naturally be heading anyways.
And I have a feeling that Dan's EOS will fit into it all like a glove ;-) We shall see what happens on monday ;-)
Yes, but that's still cash which is locked in the crypto space. I can't imagine any real world bank viewing this as collateral, at least for another 5 - 10 years.
You ask why would anyone move crypto into fiat... isn't that obvious. The future isn't here yet.
Obviously, most of us don't like the current banking system but we have no choice if you want to spent your crypto millions. As much as we love crypto, it's not possible to live on it without fiat.
What if someone wanted to buy a house or a car with their crypto profits? They would need to cash out into fiat for the foreseeable future. That is the reality today.
I'm optimistic about cryptos future but right now it is a pain in the ass cashing out any large sums into fiat because all real world banks are regulated by anti-money laundering rules which make it incredibly hard for large withdrawals to happen. Esp in the UK and US