Topic: [2017-10-23] Bitcoin 'doesn't solve a main need in society right now, (Read 10979 times)

This human thinks about bitcoin users as dumb.. We always talk about them for a reason they don’t agree with us is the wrong thing.. Sometimes ignoring them is the easiest way to do it.. We can’t correct them because they’re pride is bigger than they’re brain.. We can’t save them from they’re ignorance because money is more powerful than knowledge..

The main problem of all who are now recognized as a financier is that they grew up in the existing financial system of the closed type. They knew politicians and their plans and therefore had an advantage before the people. That is where all their capital. They do not know how to work in a decentralized environment. Bitcoin scares them. That's why all the bankers against bitcoin and their knowledge in the modern world nothing.

Just let them talk this and that. I really don't care about what they say because for me these kind of people that will bow down to bitcoin in the near future.

The main problem of all who are now recognized as a financier is that they grew up in the existing financial system of the closed type. They knew politicians and their plans and therefore had an advantage before the people. That is where all their capital. They do not know how to work in a decentralized environment. Bitcoin scares them. That's why all the bankers against bitcoin and their knowledge in the modern world nothing.

Yes, I believe that bitcoin does not clearly provide anything for society. Instead it's used for luxuries. Many are saying that this would help somehow but until today, I can't see any development. Maybe the convinience of bitcoin is for rich people only. Rich going richer. Maybe bitcoin can be a charity but since prices are rising I think greediness sprouts from every single user today.
I would really like to see how a poor person got on their feet because of btc. Or a project of charity for homeless.

Bitcoin 'doesn't solve a main need in society right now,' says Royal Bank of Canada CEO

From JPMorgan's Jamie Dimon, to the IMF's Christine Lagarde, bitcoin has become a major talking point for the finance world's established voices.

Now Royal Bank of Canada CEO, David McKay, is joining in calls to question the utility and legitimacy of bitcoin.

"The purpose it [bitcoin] seems to serve today is really to help move money in a hidden way and facilitate, potentially facilitate, criminal activity of moving money in an undetected way," McKay told CNBC in an episode of Life Hacks Live.

"I think some people will call it a fraud. I don't think it's fraudulent … But it doesn't solve a main need in society right now."

McKay doubts bitcoin's legitimacy in the face of the pound, euro or dollar.

"A currency is a promissory note on a future good and service and economy. I hold a dollar, or a pound, or a euro because I want to exchange it for physical good or a service sometime in the future and I'm confident in holding that note because of the political system backing it, because of the strength of the economy, because of a central bank with reserves."

"So when you look at those characteristics and the real need for a currency, how do you apply that to a cryptocurrency? Most of those criteria don't fit; it's not backed by a government, it's not backed by rule of law, it's not backed by economy, there's no reserve against it, you actually have to mine it in a distributed chain environment," said McKay.

Though bitcoin may "serve a need in the future" in reducing the friction in moving money, it's potentially illicit activity means it's in need of regulation, said McKay.

It's the technology underpinning bitcoin rather than the cryptocurrency itself that excites the CEO.

"Most people in the world aren't talking about bitcoin. They're talking about blockchain, the distributed ledger private or public that underpins the bitcoin application of it," said McKay.

"It has a chance to transform everything from our capital markets, and our trading businesses, our security settlement businesses, right into our retail franchise. And so that technology, that ability to work in code and build solutions, are two new technologies and areas that we need."

On the evolution of the banking sector, McKay sees a huge change already.

"When I grew up in banking we were like an enclosed industry. We built everything ourselves, we managed everything ourselves, we interacted one on one with the client."

"Today, banking is about partnerships with fintech, with technology companies, bringing in new ideas, building innovative solutions quickly, breaking them down and rebuilding them. It's a completely different industry," said McKay.
Source: https://www.cnbc.com/2017/10/23/bitcoin-does-not-solve-a-main-need-in-society-royal-bank-of-canada-ceo.html

"I think some people will call it a fraud. I don't think it's fraudulent … But it doesn't solve a main need in society right now."

He is talking out of his arse, trust me, the so called experts don't know any better than you and me. They are all making it up as they go. Bitcoin does not meet any need but FIAT does? whose needs if I may ask? So far as the community use it as an exchange of value, it satisfies every need.

"The purpose it [bitcoin] seems to serve today is really to help move money in a hidden way and facilitate, potentially facilitate, criminal activity of moving money in an undetected way," McKay told CNBC in an episode of Life Hacks Live.

"I think some people will call it a fraud. I don't think it's fraudulent … But it doesn't solve a main need in society right now."

"The purpose it [bitcoin] seems to serve today is really to help move money in a hidden way and facilitate, potentially facilitate, criminal activity of moving money in an undetected way," McKay told CNBC in an episode of Life Hacks Live.

"I think some people will call it a fraud. I don't think it's fraudulent … But it doesn't solve a main need in society right now."

I agree that Bitcoins or digital currencies alike do not solve the financial crisis the people are experiencing at the moment. While the latter statement may be valid, I still take on the side that these digital currencies help solve unemployment rate worldwide. Imagine how many people have access to the internet and how much they could earn just by using it? While it is not a solution to the current crisis, it still helps alleviate falling economies by increasing the purchasing power of the people thereby effectively regulating the chain of supply and demand.

The problem now revolves on governments on why, knowing the emerging growth of digital currencies, they have not addressed the issue squarely?

"I think some people will call it a fraud. I don't think it's fraudulent … But it doesn't solve a main need in society right now."

"The purpose it [bitcoin] seems to serve today is really to help move money in a hidden way and facilitate, potentially facilitate, criminal activity of moving money in an undetected way,"