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Gozie51

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Quote from: Symmetrick on December 14, 2021, 09:40:54 AM

Someone thinks that the introduction of CBDC will help the development of the crypto industry. Personally, I believe that CBDC will only stick a stick in the wheels of real cryptocurrencies, because they have different purposes. Cryptocurrencies are designed to save a person from banking oppression and make a person financially independent, at least in terms of control over their money, and CBDC is purely a centralized crypto surrogate that is designed to establish centralized control in the digital sector, where cryptocurrencies now rule.

Of very good reason cryptocurrency and CBDC are of different purpose. Cryptocurrency ethusiast understand that CBDC was for fighting cryptocurrency and not to support it. Cryptocurrency have been under critism. Government that have tried to stop the masses in their jurisdiction open up portal for CBDC to discourage the use of bitcoin and cryptocurrency, countries like China, Nigeria and more but El Salvador that has adopted bitcoin is yet to I think so.

Cling18

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Quote from: Tumanggor on January 03, 2022, 04:33:51 PM

Quote from: Lizzylove1 on December 30, 2021, 10:10:09 PM

Bankers are thieves who have been fleecing off the people for ages and today a better alternative than they offer is here, they are scared they won't be able to keep up with their extravagant lifestyle hence condemn crypto and fight it, Someone should educate them they have lost the war already. You can't stop a technological advancement.

banks are very afraid of crypto adoption. Banks are legal loan sharks that have been approved by the government for hundreds of years

when the cryptocurrency has been adopted, the bank function is completely absent anymore. or maybe banks now will become a place to store crypto assets

the conclusion is that banks should accept cryptocurrencies and try to make them survive and exist in the future, there's no point fighting crypto

Cryptocurrency has always been a threat to banks especially now that lots of people are getting more comfortable in using it because of the convenience that it provides as a currency and its profit as an investment. We all know the capability of cryptocurrency to take down banks but they wouldn't allow it as well as the government because they couldn't regulate it. Banks will be banks but crypto is a big threat that might replace them in the future if there would be more adoptions that would happen.

browsiek

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Quote from: Raflesia on January 04, 2022, 07:56:00 AM

Quote from: stomachgrowls on January 03, 2022, 03:30:23 PM

Quote from: Raflesia on January 03, 2022, 02:13:31 PM

In this case, the real reason may not come from the bank but from the government side and the rules they make.
The reason they are too worried about crypto is because they are really very difficult to control and there are even some prominent figures who do say that they hate crypto especially bitcoin because they are very difficult to control.
banks are now almost completely under the control of the government, like it or not they have to run in accordance with existing government regulations

Banks are highly regulated thats why whatever government perceptions and views it may be then they would be always following with that thats why its not really surprising that those things on which

government do hates on would be always the things that they would be hating too thats why its not really surprising that they would be having those kind of impressions too but i have seen some banks

do really deal up with crypto but of course it would depends or vary on that countries government point of view or impressions towards crypto.

Banks and government regulations are one unit that cannot be separated easily.
So what you're saying isn't that it's clear because they really won't be able to reject what the government has decided and can't help but accept the rejection (in this case crypto).
on the other hand, talking about banks that do support crypto, actually it goes back to government policy as well when the government is crypto-friendly like in elsavador then the bank will not be able to prohibit it and vice versa

Because crypto will be the end of the heyday of a fraudulent banking system by transparent, decentralized and low-cost protocols, crypto users think that banking is evil because transaction fees are too expensive and slow for example international transactions and others. In fact, when figures find solutions for easy banking transactions, the world is nervous because of what will happen when the world adopts cryptocurrency as a transaction tool. And if crypto is legalized as a global transaction tool, many banks will go bankrupt because people no longer use their services as intermediaries for transactions. Associated with the country may not be a problem if this crypto provides benefits for the country that adopts it.

Blue0x.com

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Banks are profiting from crypto. If anything, they love crypto. Look at Coinbase FDIC insurance and CIrcle with their USDC. I would venture to guess that USDC is lined up to be the first CBDC. Interesting times we are living in.

lixer

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Quote from: Vaskiy on January 03, 2022, 10:01:21 PM

Quote from: Oceat on January 03, 2022, 03:40:29 PM

I do think that banks are afraid of cryptocurrency especially Bitcoin, somehow since they've been releasing different regulations to control who's using Bitcoin. If the worldwide adoption of Bitcoin happen, maybe they would try to ban users from using cryptocurrency. Although, El Salvador is different from us but they welcome Bitcoin wholeheartedly despite of the volatility of the market.

Everywhere there'll be opposition as well as acceptance. El Salvador too isn't an exception, the people haven't welcomed bitcoin wholeheartedly. There were protests, but the government was strong on the decision. Later people realised the goodness out of the growth of bitcoin price which brought in good sum of money. Now slowly people are getting adopted to it.

Salvador street protest breaks out against bitcoin adoption

People will always go against something big changing, bitcoin being a legal tender is not something easy for most people to understand so it is understandable for them to be against it for a while. The important thing is for governments to force it, and wait for it to go up and then people will understand it, just like how it happened in El Salvador and just like how it will happen anywhere around the world. Adoption is not easy, it is going to be very difficult to have it as legal tender everywhere, not going to be easy to even consider it as foreign exchange.

Consider US dollar, you could take that and go to any nation in the world and can vacation at any spot, you will definitely like it and you will definitely not face any problems. That is exactly what I want to see bitcoin becoming, even if not legal tender, just be able to swap it for local currency anywhere I go.

Raflesia

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_""""Duelbits""""_

Quote from: stomachgrowls on January 03, 2022, 03:30:23 PM

Quote from: Raflesia on January 03, 2022, 02:13:31 PM

In this case, the real reason may not come from the bank but from the government side and the rules they make.
The reason they are too worried about crypto is because they are really very difficult to control and there are even some prominent figures who do say that they hate crypto especially bitcoin because they are very difficult to control.
banks are now almost completely under the control of the government, like it or not they have to run in accordance with existing government regulations

Banks are highly regulated thats why whatever government perceptions and views it may be then they would be always following with that thats why its not really surprising that those things on which

government do hates on would be always the things that they would be hating too thats why its not really surprising that they would be having those kind of impressions too but i have seen some banks

do really deal up with crypto but of course it would depends or vary on that countries government point of view or impressions towards crypto.

Banks and government regulations are one unit that cannot be separated easily.
So what you're saying isn't that it's clear because they really won't be able to reject what the government has decided and can't help but accept the rejection (in this case crypto).
on the other hand, talking about banks that do support crypto, actually it goes back to government policy as well when the government is crypto-friendly like in elsavador then the bank will not be able to prohibit it and vice versa

Vaskiy

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Quote from: Oceat on January 03, 2022, 03:40:29 PM

I do think that banks are afraid of cryptocurrency especially Bitcoin, somehow since they've been releasing different regulations to control who's using Bitcoin. If the worldwide adoption of Bitcoin happen, maybe they would try to ban users from using cryptocurrency. Although, El Salvador is different from us but they welcome Bitcoin wholeheartedly despite of the volatility of the market.

Everywhere there'll be opposition as well as acceptance. El Salvador too isn't an exception, the people haven't welcomed bitcoin wholeheartedly. There were protests, but the government was strong on the decision. Later people realised the goodness out of the growth of bitcoin price which brought in good sum of money. Now slowly people are getting adopted to it.

Salvador street protest breaks out against bitcoin adoption

Quote from: Oceat on January 03, 2022, 03:40:29 PM

Somehow, I do think that what if banks would change their perspective instead of forcing something that would lead to chaos in the long run? I'm not saying it's not hard but it's not that easy too since the people are all divided in ideas and beliefs. Since not everyone has the same point of view.

Some part of the World banks have started to support bitcoin transaction. The lastest being the German bank on the development of infrastructure to support bitcoin and other cryptocurrencies investment directly from the savings bank account. Maybe in the future more other banks can go with similar decision.

German savings banks want to enable Bitcoin for 50M clients

Tumanggor

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1xBit.. recovered their reputation

Quote from: Lizzylove1 on December 30, 2021, 10:10:09 PM

Bankers are thieves who have been fleecing off the people for ages and today a better alternative than they offer is here, they are scared they won't be able to keep up with their extravagant lifestyle hence condemn crypto and fight it, Someone should educate them they have lost the war already. You can't stop a technological advancement.

banks are very afraid of crypto adoption. Banks are legal loan sharks that have been approved by the government for hundreds of years

when the cryptocurrency has been adopted, the bank function is completely absent anymore. or maybe banks now will become a place to store crypto assets

the conclusion is that banks should accept cryptocurrencies and try to make them survive and exist in the future, there's no point fighting crypto

Oceat

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Activity: 2506

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I do think that banks are afraid of cryptocurrency especially Bitcoin, somehow since they've been releasing different regulations to control who's using Bitcoin. If the worldwide adoption of Bitcoin happen, maybe they would try to ban users from using cryptocurrency. Although, El Salvador is different from us but they welcome Bitcoin wholeheartedly despite of the volatility of the market.

Somehow, I do think that what if banks would change their perspective instead of forcing something that would lead to chaos in the long run? I'm not saying it's not hard but it's not that easy too since the people are all divided in ideas and beliefs. Since not everyone has the same point of view.

stomachgrowls

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Quote from: Raflesia on January 03, 2022, 02:13:31 PM

Quote from: Zilon on January 01, 2022, 10:21:14 AM

If the central banks are concerned about how their citizens gets scammed through crypto currency I would say it's not safe with fiat either because which ever way we decide we have scam experts who go about their business without trace. Presenting crypto currency in negative lights wouldn't stop investors as the find it safer for their personal data and how the move large funds without any middle man or intermediary.

In this case, the real reason may not come from the bank but from the government side and the rules they make.
The reason they are too worried about crypto is because they are really very difficult to control and there are even some prominent figures who do say that they hate crypto especially bitcoin because they are very difficult to control.
banks are now almost completely under the control of the government, like it or not they have to run in accordance with existing government regulations

Banks are highly regulated thats why whatever government perceptions and views it may be then they would be always following with that thats why its not really surprising that those things on which

government do hates on would be always the things that they would be hating too thats why its not really surprising that they would be having those kind of impressions too but i have seen some banks

do really deal up with crypto but of course it would depends or vary on that countries government point of view or impressions towards crypto.

Raflesia

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Activity: 2282

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_""""Duelbits""""_

Quote from: Zilon on January 01, 2022, 10:21:14 AM

If the central banks are concerned about how their citizens gets scammed through crypto currency I would say it's not safe with fiat either because which ever way we decide we have scam experts who go about their business without trace. Presenting crypto currency in negative lights wouldn't stop investors as the find it safer for their personal data and how the move large funds without any middle man or intermediary.

In this case, the real reason may not come from the bank but from the government side and the rules they make.
The reason they are too worried about crypto is because they are really very difficult to control and there are even some prominent figures who do say that they hate crypto especially bitcoin because they are very difficult to control.
banks are now almost completely under the control of the government, like it or not they have to run in accordance with existing government regulations

tygeade

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Quote from: laredo7mm on January 02, 2022, 02:10:33 PM

If you know there is something that can take away your main source of income then what will you do? You will be afraid and worried about yourself and everyone you are responsible for. Bank generates income by borrowing people's money with low interest and lending them with high interest. They use people's saving to run their business. So if people can use the crypto wallet to do all those things that they can do with the bank then why they will use a bank. If the use case of banks is less demanding they will be shut down for sure which is a concerning matter to them.

Yup you are correct, the banks are going to be scared of cryptocurrency because they think that it is going to take away their source of income. But, I don’t really think that is going to be the case. Cryptocurrency is not really going to wipe out the banks like a lot of people think. I think that there’s still going to be the need for banks, and there are some very important roles that they will always continue to play in the economy.

So, they wouldn’t go away because of that. And moreover we are now seeing the release of central banks digital currencies, which is going to be issued by the banks as well, so they’re not really going away, they’re still going to be there. I only see cryptocurrencies to serve as an alternative, and not a replacement.

laredo7mm

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If you know there is something that can take away your main source of income then what will you do? You will be afraid and worried about yourself and everyone you are responsible for. Bank generates income by borrowing people's money with low interest and lending them with high interest. They use people's saving to run their business. So if people can use the crypto wallet to do all those things that they can do with the bank then why they will use a bank. If the use case of banks is less demanding they will be shut down for sure which is a concerning matter to them.

Argoo

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Quote from: V-t.Ester on December 16, 2021, 06:25:38 PM

Unfortunately all the indications are that banks don’t like crypto and don't want crypto adoption only if it's not CBDCs. They can’t control it and get commissions from transactions, from profit and from mining. Their expression of outrage makes sense as they lose money that must fill them. In El Salvador central bank immediately provided mobile app with obligatory KYC (to control crypto resources and people, who use them). China that seemed for me loyal to crypto, this year banned BTC mining and USA wants to do the same. What is this if not anxiety of banks that doesn’t get commissions and can’t have a total control among money their people use?

Of course, banks don't like cryptocurrency because cryptocurrency is actually a competitor to the banking system. At the same time, cryptocurrency does not pose a threat to the existence of banks. After all, the banking system is under the full protection of the state and is practically part of the state system of power. Banks can provide services in cryptocurrency, but they will not actively support it.

DrBeer

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Quote from: Symmetrick on December 14, 2021, 09:40:54 AM

....

As a potentially competing technology, I agree that today's settlement model is probably losing out to cryptocurrency models. But who prohibits central banks from adopting competing technologies and legislatively "squeezing" cryptocurrency? To force the exchanges to comply with the legislative exchanges, or to work only "on black" and to prosecute by law - and the "black exchanges" will not last so long ... The fact that an interesting asset for accumulation is - I am sure that the real income from THOUGHTED accumulation is much less than 50% of the total the number of crypt holders, which means the satisfaction rate is not very high, there are more fairy tales and "stories" create a beautiful picture

Alisha-k

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I wouldn't say banks are afraid of adopting crypto but I'd rather say banks are unlike crypto currency are centralized and so subjected to the countries rules and regulations, the can't just adopt crypto if it's not accepted in the country where the operate.

DoverDoane

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Quote from: DaveF on December 20, 2021, 07:55:01 AM

Are some central banks afraid of Crypto? Yes.
The larger ones that can't adapt fast enough, or have certain rules or controls that force them to operate in a way that crypto makes more difficult if not impossible.

I don't think banks are afraid of cryptocurrencies, but there are some things that hinder them. First, they have to adjust to their country's rules because there are still many countries that prohibit cryptocurrency transactions as a means of payment or something else, both cryptocurrencies are volatile, making it difficult for banks to manage them.

Zilon

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If the central banks are concerned about how their citizens gets scammed through crypto currency I would say it's not safe with fiat either because which ever way we decide we have scam experts who go about their business without trace. Presenting crypto currency in negative lights wouldn't stop investors as the find it safer for their personal data and how the move large funds without any middle man or intermediary.

el kaka22

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Quote from: titular on December 30, 2021, 10:46:24 PM

There is no way most banks could support cryptocurrency. While of course, we have countries that will embrace what bitcoin brings, we can't forget that we are threatening the very system that many powerful people built their foundation upon. We can't expect them to go down with a fight.

It's almost laughable to hear banks say that cryptocurrency enables fraud and money laundering. They love to throw that around yet they neglect to mention how much of those same activities transpire within their 4 walls.

It is not about supporting or being against it. Banks are not after being right or doing the right thing. They do not want to offer the best things to customers and help them earn a lot of money. Only thing they care about is making more and more money. To be fair, it is not an easy job neither, if you had 10 billion dollars in cash, turning that into 20 billion dollars in cash would be very hard, you could buy stocks with it and sell it but that would hurt the market if you did it all at once.

So, they are doing something risky and useless, they shouldn't do it at all, simple savings/loan combo would have been enough. In anyway, if they see that crypto would profit them a lot, they would quit all of the complaining about crypto all at once, and "support" it all of a sudden. Not because they like it, just because it would mean more profits.

kryptqnick

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They were dominant for a while and only had to worry about the competition between each other (in places where there are many banks with significant populatiry). Now there's a way to send money online without a bank, so they can unite against the common enemy. That being said, I don't think they're being reasonable. People like banks, they like that there's an institution responsible for their funds and being able to consult them about those funds. With cryptos, you have to be responsible and look for answers, and it's harder to correct mistakes if you made them. Also, the state relies heavily on banks in many cases. For example, in my country, and many others, you can no longer receive an official salary or scholarship without a bank account. So I think the threat is overestimated.

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