Replies to post #54509 on Shiba Inu Token (SHIBUSD)

[cibcmarkets]

gold,silver, fiat money is a 'derivative'
the question is the mechanics of this bitcoin thing.
where is the money or what bank holds the cash?
if someone wants to cashout their bitcoin, where is the money taken out wired out or what?

[cibcmarkets]

For global trade, fiat money was not used til after world war 2 which was the USD. USD was the global currency for international trade as it can be gauranteed to be cash out for gold. Today, gold is considered barbaric metal in the 'financial' world.

[cibcmarkets]

they know AND THE they is the people who run the crypto or the exchange, the regulators are too lazy to know. you have these websites saying anyone can start a new crypto? or exchange, theoretically anyone an setup their own cryto exchange and create a new crypto. if all of them used the same back end transfering of money like banks, anyone can start a bank without investing in any backend software or even have own building like these virtual banks much like stock brokers who use prime brokers to do their backoffice like clearing trades