Topic: Are Bankers trying to regulate/dominate the Bitcoin Market? (Read 292 times)

A part of the institutional money is trying to be benefited by the uncertain crypto market. Probably trying to manipulate it as well. Quite expected. Is not it?

Bankers may try to regulate it or dominate it, but they will fail big. Do you remember the hype about the first future contracts on CBOE? Everybody is talking about how those CBOE future contract will change the crypto world and than, 6 month after they ran it, the contracts had a 67 mil volume. Pathetic to a 1B+/day to Bitmex and another 1B to Okex.

It's the same with ETFs and Bakkt doesn't matter at this point. Payment processors are payment processors and nothing more.

Precisely, well, owning a bank and knowing that this cryptocurrency exists will alarm you so much that you would like to control it instead of destroying it because that is way too impossible. So yes, banks are trying to dominate and control the cryptocurrency market in the way of adapting it and investment more assets to the field, as well.
For example here in the Philippines, the banks partnered with a startup company invested by the silicon valley to operate a block-chain based financial technological application. It means that the people who would like to cash out their money will go to these banks and have a commission/percentage for the fees the person who will withdraw will pay.

It's quite interesting topic to discuss. Bankers influence on the total financial world system. Blockchain is something new and bankers have shown their interest to this phenomenon at least talking about it... Anyway, bankers have their strategy about the Bitcoin market and it is not a surprise if they really want to rule this market.

There is a news that Samsung is going to provide the Crytocurrency  wallet in galaxy S10.

https://www.forbes.com/sites/billybambrough/2019/01/25/samsungs-new-galaxy-s10-could-give-surprise-boost-to-bitcoin-adoption/#1ed9c1c6010b

This looks to me a very positive move if it happen.

I think a more appropriate question is what AREN'T the bankers trying to control and dominate?

I don't know why the people are waiting so eagerly for ETF and Bakkt. They have no idea what they are advocating .

@JC , I saw that video and I will like to echo ETFBitcoin with slight modification "If you can't stop it, then you regulate it".

I just got delayed in posting this but this question was  in mind for at least a month back.

Of course.

Did you see my thread about the new EU directive that undoubtedly stems from the Eton?Oxford banking elite who rule the Western world?
https://bitcointalksearch.org/topic/ivan-on-tech-talks-about-the-new-eu-crypto-regulation-advisory-document-5095842

Bitcoin just turned 10 years few days back and in this 10 year journey of bitcoin has seen many up and down whether it is Mt.Gox or oscillating price or fork of bitcoin to create bitcoin cash. In this journey bitcoin also get associated with various financial products and service. I am going to look at various product and services associated with bitcoin for which many people have enthusiasm but I am bit skeptical about them.

1.ETF
People are looking at ETF as a medium that will make bitcoin easily available to common man or every household. In reality they forget that many of ETF are just going to be paper ETF with no backing with physical bitcoins. It look to me a direct attack to be bitcoin exclusivity of 21 million coin because paper ETF can bloat the supply on their will. Secondly, ETF will treat bitcoin as an asset instead of currency.

2.Bakkt
Bakkt claim that it is working to create a "secure global platform" that will meet "regulatory requirement".Tagline of Bakkt is "Bringing trust and utility". Their tagline keep me wondering do bitcoin require "trust" or need to prove its "utility"?

3.Payment processing site like bitpay.
Ok, they are providing service and their service is cheaper than using credit card but still they are third party or intermediary between the payee and payer. Is usage of bitcoin is not supposed to remove all the intermediaries in between?

Look like, financial institutions and regulatory bodies have joined hand together for devising  scheme to regulate it and dominate its market/value associated with it. Bitcoin to its core will be governed by it protocol and will remain fully decentralized but it will be fully regulated ,scrutinized and governed by centralized authority in our individual wallets.

Is I am the only one or do you also agree?