Topic: [2017-10-23] Bitcoin 'doesn't solve a main need in society right now, - page 2. (Read 11007 times)

When you are exchanging cash you are also moving money in a hidden way. Why don't you oppose that mr banker?
Those who call it a fraud are simply fearful of what they don't understand. They were raised in belief that the government always has a backup plan and will take care of its people, which is a lie.


One thing hasn't changed. This new industry is still watching you and stealing from you just like they were 20 years ago.

But it is? Do they have an idea that Venezuela and Zimbabwe are not in a economic crisis and bitcoin is their safe haven? This people should have known better, they are in the position to see how bitcoin is being used today but a lot of people specially economic stricken nation. Those bankers are really on the offensive and very opinionated about bitcoin. And you will hear, regulations, regulations, regulations. Bitcoin indeed have tried to regulate itself by getting SEC approval but they turn it down. And I don't know what kind of regulations they really wanted.

Exactly, and Using bitcoin ' to help move money in a hidden way' doesn't mean that it will be used on illegal activities, Bitcoin gives protection and anonymity and also it is backed by the community. But i disagree that it's better that Bitcoin should be backed up by some Government. It is better that they will give fair regulation on how to handle bitcoin.

Bitcoin has a public ledger, so it's much less hidden than some offshore bank account. Ability to trace transactions has been around for quite a while and criminals are moving away from Bitcoin to more privacy-based cryptocurrencies like XMR.


Bitcoin is backed by community and it's better than being backed by some government, as there are countless examples of rapid devaluation of national currencies.

Hah, I was thinking the same thing. I searched bitcoin on google news and saw the OP's article. 3 articles down I saw this:

Bitcoin is breaking all kinds of price records in cash-strapped Zimbabwe

How ironic is this? -> http://prntscr.com/h11d96 {The one thread asks the question and the next thread answer the question}

Venezuela is fighting hyperinflation in their country with the help of Bitcoin. Venezuelans cannot store their wealth in their

local currency, because poor government decisions and politics are destroying their wealth... Bitcoin is their solution. 

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