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Topic: [2017-11-02] Banks staying away from bitcoin 'bubble' due to money laundering (Read 12248 times)

sr. member
Activity: 308
Merit: 251
If they don’t want bitcoin in the first place they should have speak about it since before but why now that bitcoin price is highly increasing and paint bitcoin negatively. But it won’t work and this strategy wouldn’t buy consensus to the society because we are already aware of what is the truth. That cash/fiat money has been used many times in those crimes more than bitcoin.

Back in the early days banks were likely assuming that people would abandon Bitcoin and everything related to crypto, but now the adoption is increasing significantly, and that in a very short period of time, they finally start to take it serious. And yes, blackmailing Bitcoin won't work anymore -- they are too late for that. Ultimately, we shouldn't be surprised to see them act like this, because they very well understand that Bitcoin has the potential to disrupt their entire way of operating. Let them talk as much as they want, their words hold no actual value since we know it comes from their desperation.

That is what we called “overconfidence”. They literally ignore something that have the big potential to hurt them and that time/year is 2017. It was well known to the community those CEO’s of major banks are criticising cryptocurrency but instead of decreasing its price, it rapidly increases that is not highly expected on they’re behalf. In this kind of war between two system, banking and blockchain the winner will always be the one supported by the people.
full member
Activity: 1316
Merit: 108
Here the banks are clearly pursuing their goal - to defame bitcoin. The fact is that it is not profitable for banks to distribute bitcoin and increasing support from the community. They know that in this case they will lose customers and their profits. So they try as they can. And the best reason to say that it can be used for criminal purposes.
sr. member
Activity: 2352
Merit: 245
The fact that banks stay away from bitcoins because they can be used to launder dirty money is not entirely correct. Banks simply do not want to introduce bitcoin and other crypto currency due to the fact that they are afraid of losing customers and, in this connection, their profits. So they come up with all sorts of reasons to blacken bitcoin. It's vseravno that the client refuses to serve the bank because of the fact that he can be a criminal. But they do not. However, their efforts are vain. Bitcoin receives more and more popular support and the banks will have to accept this.
member
Activity: 84
Merit: 10
We can't blame those banks if they are avoiding the evil side of Bitcoin, since it was used before and is still being used for some illegal activities, which is easier for bad people to do because of its anonymity. But still even in the money on this banks illegal activities still happens.
newbie
Activity: 21
Merit: 0
In my opinion, scare-mongering at its finest through confounding the issue. Writing off Bitcoin for money-laundering is contradictory coming from banks.

But I can also understand from the bank's perspective that they need to release news like this to create perception that they are doing everything they can to avoid being associated with money-laundering because almost all banks fall susceptible to it in some way and potential fines/shareholder value is on the table.

full member
Activity: 248
Merit: 100
https://exclusiveplatform.com/
I guess illicit activity associated through use of bitcoin is not only the reason why they are staying away. Because natural money do the same. Maybe they just don't wanted to get involved now because they still can't see it as a stable currency that will last the way normal currency does. As the supply of this currency is dependent on the demand, and yet they still don't know the count of demand. But I can sight a little interest of banks on bitcoin! just a little.  Cheesy
legendary
Activity: 3430
Merit: 3080
Money laundering has stayed in the society from a very long time even when there were no bitcoin.

No it hasn't, money laundering has only existed for less than around 75 years, maybe less than that.
sr. member
Activity: 434
Merit: 250
This seems like an another negative take of centralized banks on bitcoin . Just finding more ways to defend themselves and to degrade the image of bitcoin .
Money laundering has stayed in the society from a very long time even when there were no bitcoin . Bitcoin is not the sole reason giving initiative to money laundering . It's just the laws and the regulations set by the banks and the corruption associated with bankers that is ultimately going to wipe money laundering . If government is so resisting toward bitcoin because of this thing , then they always have ways to regulate this instead of avoiding it .
The truth is that the banks are too lame and ignorant to understand bitcoin.       
full member
Activity: 476
Merit: 100
That's not a problem because they are going to be useless when bitcoin rules the financial world. Let them stay away because everyone knows that bitcoin is a huge threat to them and that is the reason they act like this.
legendary
Activity: 2478
Merit: 1360
Don't let others control your BTC -> self custody
Banks are reluctant to get involved with bitcoin due to fears of a bubble and illicit activity associated with it, Tidjane Thiam said Thursday

It's that idiot who said that people are trading BTC to earn money and that's why it's in a bubble. Cheesy This means that the whole Wall Street is in a bubble for like 100 years... Guy has no idea what he's talking about. Banks are staying away from BTC not because of some money laundering issues but the fact that they are not needed as a participant in crypto transactions. There's no place for them in the ecosystem.
sr. member
Activity: 1512
Merit: 316
Generally all banks have negative sign about bitcoin may be changed next 10 years (when support blockchain)

Bank have their own channel of operations and btc does not fit into that. Due to which they are not considering it. If for a process to change they would be diagnosing the risk that might be involved and would be considering a huge risk in that due to which they might want to stay away in future as well.
full member
Activity: 420
Merit: 101
Generally all banks have negative sign about bitcoin may be changed next 10 years (when support blockchain)


I don't think it's going to 10 years because just look how awareness in bitcoin spreading fast. I would say that these anti-bitcoin bank will surrender to bitcoin in 3-4 years.

Banks can not harm bitcoin. They are powerless in this. And I think that soon people will understand that it is better to use crypto currency. And then the banks will definitely become useless
full member
Activity: 448
Merit: 100
Generally all banks have negative sign about bitcoin may be changed next 10 years (when support blockchain)


I don't think it's going to 10 years because just look how awareness in bitcoin spreading fast. I would say that these anti-bitcoin bank will surrender to bitcoin in 3-4 years.
newbie
Activity: 40
Merit: 0
Generally all banks have negative sign about bitcoin may be changed next 10 years (when support blockchain)
legendary
Activity: 1232
Merit: 1091
If they don’t want bitcoin in the first place they should have speak about it since before but why now that bitcoin price is highly increasing and paint bitcoin negatively. But it won’t work and this strategy wouldn’t buy consensus to the society because we are already aware of what is the truth. That cash/fiat money has been used many times in those crimes more than bitcoin.

Back in the early days banks were likely assuming that people would abandon Bitcoin and everything related to crypto, but now the adoption is increasing significantly, and that in a very short period of time, they finally start to take it serious. And yes, blackmailing Bitcoin won't work anymore -- they are too late for that. Ultimately, we shouldn't be surprised to see them act like this, because they very well understand that Bitcoin has the potential to disrupt their entire way of operating. Let them talk as much as they want, their words hold no actual value since we know it comes from their desperation.
sr. member
Activity: 308
Merit: 251
Bankers are making excuses again and pointing bitcoin as a tool in crimes like money laundering is nothing but a desperate move just to get away with the pressure from cryptocurrency customers for them to support it but they’re doing the opposite.

If they don’t want bitcoin in the first place they should have speak about it since before but why now that bitcoin price is highly increasing and paint bitcoin negatively. But it won’t work and this strategy wouldn’t buy consensus to the society because we are already aware of what is the truth. That cash/fiat money has been used many times in those crimes more than bitcoin.
legendary
Activity: 3430
Merit: 3080
bankers will start a war against bitcoin. They will use their capital and connections with politicians in order to ban bitcoin.

They've had a long time to do it, and no external actor has ever succeeded in obstructing Bitcoin's progress, bank or not (it's unknown whether any of the various attempts to de-rail Bitcoin have been sponsored by banks in any way).

And it's not just commercial banks that lose where Bitcoin gains; governments, central banks and card payment providers also lose revenues or business to Bitcoin adoption. That's a line up of exceptionally powerful adversaries. But Bitcoin has continued without serious setbacks for nearly 9 years now, and certainly no interruptions from any credible legal bans, or any other type of ban. Satoshi thought long and hard about how to make Bitcoin's design untouchable, and did a very good job.
sr. member
Activity: 434
Merit: 252
I have a dual attitude to such statements. On the one hand I believe that bitcoin will really force banks to change their monetary policy or to leave the market. On the other hand it could mean that the bankers will start a war against bitcoin. They will use their capital and connections with politicians in order to ban bitcoin.
full member
Activity: 140
Merit: 100
Banking industry will definitely give negative remarks about bitcoin since they sees it as a competition. Once Bitcoin becomes successful and  accepted by most of the people banking industry will definitely suffer. They are already losing profit from money transfer business and will loose more if more businesses will accept bitcoin as a mode of payment since it will be more convenient to use bitcoin than credit cards on doing payments.

Expect more statements like these in the future from bank executives.
legendary
Activity: 1582
Merit: 1059
I always laugh every time I see news like this. If we look at the top money laundry cases of the century, we see that banks normally get involved in it, so how can they accuse bitcoin of being used for money laundry, when we already heard reports from the FBI saying that money laundry with bitcoin is minimal and is not really a concern to them, and they are only worried about the use of BTC for cyber crime.

As for money laundry cases we have:

- HSBC with an estimated £5.57 billion

- The island of Nauru with an estimated £53.7 billion. Banks on this Island were allowed to function without verifying the identities of its customers or questioning where deposited money came from

- Standard Chartered - estimated £191.8 billion (again a bank)

- Wachovia - estimated £292.5 billion (again one of the biggest banks in America before its acquisition by Wells Fargo in 2008)

Their accusations are just ridiculous as usual.
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