Crypto as a competitor to SWIFT is kind of interesting though. SWIFT is basically a fast international transfer. Crypto is actually pretty great for that because you can do a fast transfer against domestic crypt/fiat pairs and after the int'l crypto transfer dump back into fiat so the currency risk is relatively low. Using SWIFT / int'l fiat transfer to buy crypto makes no sense.
In short cutting off SWIFT from crypto exchanges is a nothing burger because domestic crypto/fiat pairs are available and int'l transfer of crypto bypasses SWIFT.
The first I explicitly acknowledged by saying it varies by crypto. Both are irrelevant because similar can be said about normal money.
SWIFT is (a) not the only inter-bank system, and (b) is specifically for inter-bank exchanges (the "I" is for Interbank), so when a transaction is between two accounts in the same bank it doesn't need to touch SWIFT.
I have no idea how many cash transactions there are, but I think cash payments of just children's pocket money (let alone school dinner money) and even then just in the UK is by itself enough to exceed BTCs capacity.
I wonder if the Matutus in Nairobi are still cash, or if they're mostly MPESA now? Either way, they're probably also by themselves at least three times over the capacity limit for BTC.
Not that it matters much; while Lightning (and crypto) are technically intriguing, they're all fairly terrible for both practical and economic reasons. All the liquidity of shares, but with higher volatility and the fundamentals of a stock bubble.
They dont want to disconnect Russia completely. I can't find data for all 2022, but between February and August EU countries paid to Russia around $100 billions for energy resources only: gas, oil, etc. Here is the data till November so it's far more than just $100B:
Edit: Searching around, I cannot find another source, so take this news with a grain of salt.
Second edit: There are a bunch of screen shots on Twitter saying that Binance's specific payments processor has stopped SWIFT payments for less than 100k USD, but other normal currencies are fine. Seems to me to be far more nuanced than the OP link suggests, especially as the article cuts the Binance email short.
Its assets. They claim to own so much commercial paper that they would be one of the top owners of the class, yet no one who sells paper for a living has heard of them.
The kinds of audits it has had.
The amount of regular money it has in the banks.
And even lying so badly that basic fourth-grade math says that month-to-month reports from binance cannot be truth.[1]
Having looked around for other info on Binance being cut from SWIFT, both articles on that website seem to me to be "technically true, but written to be misleading".
> If nobody used it, why would they need to cut it off?
Low usage? Crypto's failure to be used as payments? Don't companies like Google and the like do this all the time when a technology fails to live up to expectations?
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[ 3.2 ms ] story [ 82.2 ms ] threadIn short cutting off SWIFT from crypto exchanges is a nothing burger because domestic crypto/fiat pairs are available and int'l transfer of crypto bypasses SWIFT.
It's "competition" only in the same way that New Shepard is competition for the Falcon 9 and Crew Dragon.
- btc has the lightning network for higher volume of transactions
SWIFT is (a) not the only inter-bank system, and (b) is specifically for inter-bank exchanges (the "I" is for Interbank), so when a transaction is between two accounts in the same bank it doesn't need to touch SWIFT.
I have no idea how many cash transactions there are, but I think cash payments of just children's pocket money (let alone school dinner money) and even then just in the UK is by itself enough to exceed BTCs capacity.
I wonder if the Matutus in Nairobi are still cash, or if they're mostly MPESA now? Either way, they're probably also by themselves at least three times over the capacity limit for BTC.
Not that it matters much; while Lightning (and crypto) are technically intriguing, they're all fairly terrible for both practical and economic reasons. All the liquidity of shares, but with higher volatility and the fundamentals of a stock bubble.
https://alhambrapartners.com/2022/02/28/swift-isnt-the-nucle...
https://www.bruegel.org/dataset/russian-foreign-trade-tracke...
It's still more money than US and EU countries spent combined on help to Ukraine:
https://www.ifw-kiel.de/topics/war-against-ukraine/ukraine-s...
The website posted also has an article about UFOs in Ukraine: https://www.asiamarkets.com/russia-shoots-ufo/
Edit: Searching around, I cannot find another source, so take this news with a grain of salt.
Second edit: There are a bunch of screen shots on Twitter saying that Binance's specific payments processor has stopped SWIFT payments for less than 100k USD, but other normal currencies are fine. Seems to me to be far more nuanced than the OP link suggests, especially as the article cuts the Binance email short.
The kinds of audits it has had.
The amount of regular money it has in the banks.
And even lying so badly that basic fourth-grade math says that month-to-month reports from binance cannot be truth.[1]
[1] https://www.kalzumeus.com/2022/11/11/tether-required-recapit...
At no point does this blog post mention Binance, it discusses an entirely different cryptocurrency exchange.
> However, military experts say it’s likely the unidentified object was either an advanced military drone or a hypersonic missile.
Having looked around for other info on Binance being cut from SWIFT, both articles on that website seem to me to be "technically true, but written to be misleading".
The sooner crypto and these exchanges are cut off entirely the better.
Nowadays, I don't see crypto used for payments at all anyway so it makes total sense.
Low usage? Crypto's failure to be used as payments? Don't companies like Google and the like do this all the time when a technology fails to live up to expectations?
I see SWIFT cutting crypto off as a great thing.
Article title is misleading.
Did you just wake up today and decide… “let’s help monger some fear?”