According to BIS the situation of money as we know it is about to change.
Online credit and payment methods reached a threat level of systemic risk
Only 4 big corporations now control over 80% overall system
and that poses a never ever before envisioned situation..
Money as we know it on paper is about to end..
or left to the point of obsolete method cute and useless
Worth reading and related other media advices..
https://www.bis.org/fsi/publ/insights44.htmThe conclusions (at the end are a must)
The graphic speaks per si over 4 corporations now control the financial assets
Not by chance every human on earth will pay some sort of rent for these guys
Paul
What did you smoke ?
This is totally out of reality
Um this is complete and utter bollocks and out of context.
Case in point the company I work for has more assets than Apple on hand and 50% of their cash and no one has even heard of us. That’s more than most commercial banks have in liquidity.
Big tech are small fries in the scale of things.
I saw the news about a bank run going on in China about 3 days ago. Its quite serious.
The study is quite serious.
And they are not the only source.
The study points 80% of chinese payments are now digital under that cloud.
Ballpark figures are the same for other 3 players of western population summed.. as chinese market is the largest one
Cloud hold is at 70% and growing just by this 4 players cf study. A guild of credit and payment
That poses a cascade systemic risk for all dependent ones.
It is not a joke
Paul
Chinese payments are mostly facilitated by WePay which is state regulated and a closed market to the west and not even relayed to those companies
As for the cloud, yep. We’re fully in AWS. It makes commercial sense.
Worry about your water, food and energy supplies. They are much more fragile.
Also stop smoking whatever you’re smoking.
Oh btw also BIS is a consortium mouth piece for banks. They are getting pissy because they are losing market share to other companies facilitating transactions instead of them. Check your sources. Everyone is still bound by local regulators. The problem is the banks are losing power on regulatory lobbying.
Of course you drink anything which fits your paranoid mindset…
Sounds you have not read the study...
They point exactly the lack of regulation..
And suggest that some type like trade regulation be used..
Insulting me will not change a bit
Paul
Oh I read it. And I know these guys.
They want regulation that favours their market. That’s all there is to say on it.
Note that this is the sector I work in and have done for nearly 20 years.
Edit: as for the insults. Every single one of your posts is on the verge of some paranoid delusion about how everything is either out to get everyone or offensive. You've got a stiffy on for doomsaying yet have literally no ties to the same world everyone else lives in.
They have a point
Pretty sure they are biased but that will not make the point wrong
As it is.. people depends on single node of 4 players... and that may fail
Who is to blame.. who takes liability...
They do have a point
Paul
No they don't. And no one depends on any of them. If they disappeared tomorrow, the world would carry on. There would be a few weeks of pain and meh, back to normal. But everyone would be suffering from the same problem at the same time so that's fine.
What about MasterCard and VISA who are basically a two party facilitator monopoly? Oh no, they're silent on them, because BIS have been pushing their pro digital currency efforts for the last 5 years.
What about consumer credit rating agencies like Experian? They have squashed several large data security scandals. Oh no BIS are saying nice things about them all the time.
What about the big three ratings agencies? (S&P, Moodys, Fitch) who decide EVERYTHING and can take down entire economies and national governments? Silence!
Literally you have no idea or insight about the industry and are reading a corporate mouthpiece that sits in front of the piles of shit telling everyone how good they are and how shit everyone else is. Seriously, just stop posting stuff you don't understand or have any experience with.
My dear just place yourself into a seller which invested all means on single cloud node for revenues..
If that cloud service suffers a shortage of let's say a day.. the loss is not paranoia..
It is a real world common joe problem
Don't be child folly
Paul
"4 corporations now control the financial assets"
No.
They offer technical hosting platforms, but do not "control" the hosted data. I highly assume they have no access to the encrypted containers, even if they wanted to.
If an institution relies only on one hosting partner, that would be a huge oversight, but I assume banks have more than one backup running.
If you really want to protect the world from financial trouble head over to Blackrock.
Don't blame me for the study...
I just pointed the source... BIS is not average Joe...
If they state that kind of risk.. i will even read it with caution..
I am wondering if someone is thinking i have anything with them..
which I don't
The issue was public available on IT forums.
it is not my opinion.. just a study made by BIS
The reference is the glossary
I thought of it overnight and could not dismiss their points...
they have strong points of risk
Paul
