- Jun 14, 2012
- Avatar Name
- Lovely Wandering Bella
RL events put that on indefinite hold.Yep, that's old news. There were a lot of features we were supposed to get with MA being a bank, but somewhere along the line it fizzled out.
This is actually common knowledge, google the question and you get plenty of articles about the why/why not. It's a huge can of worms, or in business terms a risk which needs to be managed at a cost which the customers will have to bear. Unless and until these costs fall in line with managing the risk of traditional currency fluctuations, it is unlikely to happen. For our little niche in all this, we're already happy the young leadership grew out of its wildest ideas that came in the baggage and seems to drive a sound strategy now. We live in times though with growing potential for circumstances changing, so one never knows, but the aforementioned condition applies.
Probably because it is far too unstable. What rate would you have bitcoin to ped? If bitcoin skyrocketed and people withdrew, MA would go bankrupt. From a business point of view, it is highly risky. US Dollar to ped is stable and low-ish risk.
They wouldn't directly. They would potentially do it through a 3rd party that converts automatically to cash to give to them. Problem here would be fees like paypal, which would be passed on to you. I would imagine they can't and is certainly too volatile for them to hold it on their end.
Only someone truly stupid would try to tie BTC into a fixed unit of currency. You however personify the greed of the people... If you deposited 5 BTC at $10000 and withdrew at $5000 you would get 10 BTC as you would scream bloody murder if they only gave you the 5 back, but you are greedy and want your whole 5 BTC back if the price goes to $20000, which would only get you 2.5 BTC back... Greedy people want it both ways... more BTC if price drops yet all their BTC back if price goes up. BTC is like anything else you sell... you get the current market value and if the value then goes up, you need to pay more to get it ALL back or get less of it...Probably because it is far too unstable. What rate would you have bitcoin to ped? If bitcoin skyrocketed and people withdrew, MA would go bankrupt. From a business point of view, it is highly risky. US Dollar to ped is stable and low-ish risk.