And the last part that many people don’t think about is: What happens if you go away? People die. An anonymous reader quotes a report from Reuters: Global cryptocurrency exchange Binance had secret access to a bank account belonging to its purportedly independent U.S. And that means you have to have backups and the backup needs to be secured. If you lose your computer, or if you lose your crypto wallet device, you can still get it back. Binance CEO Changpeng Zhao joins CNBC’s ‘Squawk Box’ to discuss reports of money laundering through Binance and the company’s relationship with FTX. Today it’s quite difficult to hold your cryptocurrency in a secure way, meaning that if your computer breaks or if your computer gets a virus, your crypto is still safe. I actually think the biggest factor blocking or hindering the growth of crypto is ease of use. There’s a large number of people who are in this industry for investment gains or speculative trading, and those guys actually prefer volatility. Zhao: Today, in the crypto space, there are a lot of active traders. Q: Is that volatility the biggest barrier keeping people out of cryptos today? But the money that you can set aside for two years, five years, you can move that money into highly volatile assets. You can’t just put that at risk in highly volatile assets. ![]() dollars next month, then you need to hold some U.S. If you look at a $100 trillion asset market, putting in $1 million is not going to move the price at all If somebody tried to use $1 million to buy the coin, the price is going to go up much more than 10% because not everybody is selling that coin. Let’s say you look at a small coin with a total market value of $10 million. Once you have liquidity, a thing has value, according to the neutral market. But guess what? For something to be valuable, you only need one other person to want to buy it.įor something to have liquidity, you need a large number of people to want to buy it or sell it. And now we have Shiba, which is also a meme coin. It's gone up and down, up and down, but it’s lasted. If a large enough number of people in the community values it because it’s cute, because they like the meme, then it has value.Īnd Dogecoin has lasted so many years. ![]() But this shows the power of decentralization. Zhao: To be honest, I don’t get Dogecoin. ![]()
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