When I looked at the Australian banks shareholdings about a decade ago they were mostly owned by overseas banks (BNP, Deutschbank, JP Morgan, Barclays etc etc). The only exception was the NAB which had ~12% local ownership and the NAB in turn had shares in all the other Australian banks but they did not have the same in the NAB.
Be interesting to see what's happened now as a couple of the Corporates I've looked at lately have changed over to just being Blackrock, State Street or Vanguard.
I assume that part of the response to this should be to cut these guys out of our economic system. Not sure how good crypto is out in the bush though. Crypto seems a very urban 'solution' to me. Cash is easier & doesn't rely on modern technology, not at the retail level anyway.
I can remember bitcoin being pushed to us back in 2008 or so on some online forum I was on at the time (I cannot remember which one). I'm also sure that I was given something like 10 bitcoins at some stage as some sort of promotion of it, damned if I can find that offer again though.
"changed over to just being Blackrock, State Street or Vanguard" ....that applies to ALL the four major Australian banks now as well as most of the other ones who are publicly listed.
With regards to crypto, here are the two specific advantages/benefits it has compared to cash (even in the bush):
1. Cash is still government money which means they can manipulate its purchasing power or arbitrarily take notes out of circulation (e.g. Nigeria with their attempt to force down the eNaira CBDC down the throats of its citizens).
2. Decentralised crypto allows people to transact easily even if they are not in close proximity to each other and prevents various 'authorities' from controlling their ability to transact (like what happened in Canada).
It is also important to note that not all crypto is created equal. Bitcoin for example is DEFINITELY NOT Private and does NOT allow you to transact anonymously. There are also various debates on whether it, or any other crypto using a Proof-Of-Work (PoW) consensus mechanism, are truly decentralised.
You are 100% correct that Crypto, just like the current Internet Banking systems, rely on the Internet and without it, they cannot be used (mostly).
Agree re cash. Also something like 8 times as many US dollars in circulation now as there were in 2008. Mostly not in physical form though. For example Blackrock garnered a lot of that electronic cash printing (aka Quantitative Easing) and still had it on hand going into 2020.
None are fully decentralised due to the nature of how they reach consensus as both of the two most common consensus mechanisms (namely, Proof-Of-Work and Proof-Of-Stake) have the potential to be 'taken over' in what is known as a "51% attack". Solana uses something called proof-of-history as consensus mechanism which shows promise from a decentralisation perspective as well as from a throughput (number of transactions per second) perspective.
Another project called IOTA is trying to make a decent attempt at 'proper' decentralisation but they are definitely not there yet.
CDBCs will adopt BSV and BSV blockchain, there is no other option. Honesty privacy transparency AND ACCOUNTABILITY for all. Even for Banks and Governments. It will take time, but that's what's going to happen.
I may have misunderstood your comment but it seems to me that what you're saying is that a CBDC (namely, a central bank issued and controlled digital currency) can be a good thing in some context. Did I get this right?
When I looked at the Australian banks shareholdings about a decade ago they were mostly owned by overseas banks (BNP, Deutschbank, JP Morgan, Barclays etc etc). The only exception was the NAB which had ~12% local ownership and the NAB in turn had shares in all the other Australian banks but they did not have the same in the NAB.
Be interesting to see what's happened now as a couple of the Corporates I've looked at lately have changed over to just being Blackrock, State Street or Vanguard.
I assume that part of the response to this should be to cut these guys out of our economic system. Not sure how good crypto is out in the bush though. Crypto seems a very urban 'solution' to me. Cash is easier & doesn't rely on modern technology, not at the retail level anyway.
I can remember bitcoin being pushed to us back in 2008 or so on some online forum I was on at the time (I cannot remember which one). I'm also sure that I was given something like 10 bitcoins at some stage as some sort of promotion of it, damned if I can find that offer again though.
"changed over to just being Blackrock, State Street or Vanguard" ....that applies to ALL the four major Australian banks now as well as most of the other ones who are publicly listed.
With regards to crypto, here are the two specific advantages/benefits it has compared to cash (even in the bush):
1. Cash is still government money which means they can manipulate its purchasing power or arbitrarily take notes out of circulation (e.g. Nigeria with their attempt to force down the eNaira CBDC down the throats of its citizens).
2. Decentralised crypto allows people to transact easily even if they are not in close proximity to each other and prevents various 'authorities' from controlling their ability to transact (like what happened in Canada).
It is also important to note that not all crypto is created equal. Bitcoin for example is DEFINITELY NOT Private and does NOT allow you to transact anonymously. There are also various debates on whether it, or any other crypto using a Proof-Of-Work (PoW) consensus mechanism, are truly decentralised.
You are 100% correct that Crypto, just like the current Internet Banking systems, rely on the Internet and without it, they cannot be used (mostly).
Agree re cash. Also something like 8 times as many US dollars in circulation now as there were in 2008. Mostly not in physical form though. For example Blackrock garnered a lot of that electronic cash printing (aka Quantitative Easing) and still had it on hand going into 2020.
What are the names of some of these decentralized crypto to you btw?
None are fully decentralised due to the nature of how they reach consensus as both of the two most common consensus mechanisms (namely, Proof-Of-Work and Proof-Of-Stake) have the potential to be 'taken over' in what is known as a "51% attack". Solana uses something called proof-of-history as consensus mechanism which shows promise from a decentralisation perspective as well as from a throughput (number of transactions per second) perspective.
Another project called IOTA is trying to make a decent attempt at 'proper' decentralisation but they are definitely not there yet.
Thanks.
BSV solves all this. Educate yourself on what really is Bitcoin. BTC is NOT Bitcoin, and BSV is NOT a cryptocurrency. https://craigwright.net/ and https://www.bsvblockchain.org/ and https://www.bitcoinsv.com/
Can you please elaborate on this? Specifically, what is BSV in your view if not a cryptocurrency?
CDBCs will adopt BSV and BSV blockchain, there is no other option. Honesty privacy transparency AND ACCOUNTABILITY for all. Even for Banks and Governments. It will take time, but that's what's going to happen.
I may have misunderstood your comment but it seems to me that what you're saying is that a CBDC (namely, a central bank issued and controlled digital currency) can be a good thing in some context. Did I get this right?