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Private Bank is now planning to issue it's own crypto:
Quote:
Mitsubishi UFJ Financial Group (NYSE:MTU), Japan's largest bank by assets and the eighth-largest bank in the world by assets.
According to a report from Japanese online publication Mainichi, Mitsubishi UFJ has plans to launch its own cryptocurrency, to be known as the "MUFG Coin," as well as its own exchange for its MUFG Coin, before the end of the year. The banking giant, which has more assets than Bank of America, has already informed the country's Financial Services Agency of its decision, although regulatory hurdles for such a move still exist.
Mitsubishi UFJ Financial Group (MUFG) has plans to counter the wild volatility seen in cryptocurrencies by roughly pegging the value of an MUFG Coin to about 1 yen. However, the two won't be strictly tied together, with the MUFG Coin allowed to float independently of the yen. The reason? If coins are issued that are identically pegged to the yen, settlement laws prohibit a remittance of more than 1 million yen without regulatory involvement. This way, MUFG is able to work around the traditional bylaws and regulations present in Japan with its coin, but, in combination with its exchange, provide stability to its virtual currency by suppressing wild fluctuations in price.
Assuming MUFG succeeds in keeping volatility to a minimum, it's also possible that the MUFG Coin could move beyond simply being a means to buy goods and services. Instead, it could be used in trading pairs on non-fiat exchanges in place of Tether (USDT). There's a good chance that investors would love having the "backing" of MUFG instead of the relatively unproven Tether.
Now Drumpf is talking about the dollar 'getting stronger and stronger' ... a day after that Munchkin dude was leading cheers for a weak dollar in Davos. Then you had old Wilbur over there popping off about "trade wars" yesterday.
LOL ... Draghi and global markets don't know what to make of this embarrassing collection of republican amateurs...
Now Drumpf is talking about the dollar 'getting stronger and stronger' ... a day after that Munchkin dude was leading cheers for a weak dollar in Davos. Then you had old Wilbur over there popping off about "trade wars" yesterday.
LOL ... Draghi and global markets don't know what to make of this embarrassing collection of republican amateurs...
Gee, that doesn't appear to correlate with small business confidence in this country. NFIB small business optimism index is at an all-time high.
“2017 was the most remarkable year in the 45-year history of the NFIB Optimism Index,†said NFIB President and CEO Juanita Duggan. “With a massive tax cut this year, accompanied by significant regulatory relief, we expect very strong growth, millions more jobs, and higher pay for Americans.â€
nothing like being down 75% first ...... can you imagine if stocks tumbled 75% ?
Unless they find a replacement for that $2T, you will see that. It's starting right now. Crypto has it's own idiosyncratic events that will drive it, but a little homework will show you a new "correlation" has emerged, so it would be in your best interest to NOT bet against crypto.
Why? Because so goes crypto, so goes the market.
At least the broader market has circuit breakers. I'm also not 100% certain that this "correlation" will continue, but as of right now, I would't get too cocky because as stated before, outside of idiosyncratic events, a bet against crypto is a bet against the S&P.
I wasn't sure before, but maybe this whole thing is about to get rekt.
Here is a good (and I think unbiased) article for you to read that highlights some of the pathological problems we have in this sad and divided country.
you can do the worrying for us . the gov't does not keep me on the payroll to worry about and solve their problems . i just worry about playing the cards i am dealt and shifting gears as needed
although he believes the chart indicates we could be acorrection to about $5k first.
Be careful about reading articles about this technology from people who are not technical.
That doesn't mean you should be a "tech" investor like so many venture capitalist firms that have gotten involved in this market and surprisingly (to me) have thrown money at things that I think are completely ridiculous.
Of course even if the tech is good, there has to be use case for the token that drives its utility. You might surprised at how many of these tokens have no utility.
Even then, it's a whitepaper and a lot of the code is open source. That means people can fork the code, which eliminates any potential competitive advantage.
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