this is just another proof that bitcoin is working as it should and because of that it is striking fear in the minds of those who think they are going to lose their corrupt control over money. this is why banks like GPMorgan are still attacking bitcoin nonstop.
it is like the denial phase at this point and soon they will enter depression and finally acceptance.
Topic: BANK OF AMERICA ADMITS BITCOIN IS A THREAT IN SEC REPORT (Read 188 times)
That is why many countries does not want it to fly so it won't crash their existing system. But government could have invested in it and incorporate it into their system as e banking
BANK OF AMERICA ADMITS BITCOIN IS A THREAT IN SEC REPORT
https://bitcoinist.com/bank-of-america-bitcoin-threat-sec-report/
https://bitcoinist.com/bank-of-america-bitcoin-threat-sec-report/
This is one of the consequences and one of the major benefits of cryptocurrency, as this is a decentralized coin, which means that the government has much more to lose on this and banks which are hinged on the favor and the influence of the governments of the country that they are based in are in a dangerous ground. Knowing this it is no surprise for me that bitcoin is seen as a credible threat and a very worrying rising force in terms of the economical sector
BoA scared a lot in their recent report. Key among the issues for BoA is the widespread acceptance of cryptocurrency in the business world, because the widespread adoption of cryptocurrency could lead to the loss of clients in the future - Bank Of America: Cryptocurrencies Pose A Threat To The Banking Industry:
"Clients may prefer to do business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies"
"Emerging technologies like cryptocurrencies is making it hard for us to track the movement of money. For us to conform to these laws requires us to enhance our capacity for detection and reporting capabilities as well as the oversight modalities" etc. etc.
"Clients may prefer to do business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies"
"Emerging technologies like cryptocurrencies is making it hard for us to track the movement of money. For us to conform to these laws requires us to enhance our capacity for detection and reporting capabilities as well as the oversight modalities" etc. etc.
I was expecting something else, this is blown out of proportion.
The paragraph in question is this one:
https://www.sec.gov/Archives/edgar/data/70858/000007085818000009/bac-1231201710xk.htm#s56FE8F57D1F551E9AF8D375ECF1A891E
They actuality claim that it will be hard and costly of them to introduce those payment options, so if we were to trust them, no chance of bitcoin being used by banks.
Which, from my point of view would have been the most stupid idea ever anyway.
The paragraph in question is this one:
https://www.sec.gov/Archives/edgar/data/70858/000007085818000009/bac-1231201710xk.htm#s56FE8F57D1F551E9AF8D375ECF1A891E
Quote
Additionally, the competitive landscape may be impacted by the growth of non-depository institutions that offer products that were traditionally banking products as well as new innovative products. This can reduce our net interest margin and revenues from our fee-based products and services. In addition, the widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our internet banking and mobile banking channel strategies in addition to remote connectivity solutions. We might not be successful in developing or introducing new products and services, integrating new products or services into our existing offerings , responding or adapting to changes in consumer behavior, preferences, spending, investing and/or saving habits, achieving market acceptance of our products and services, reducing costs in response to pressures to deliver products and services at lower prices or sufficiently developing and maintaining loyal customers.
They actuality claim that it will be hard and costly of them to introduce those payment options, so if we were to trust them, no chance of bitcoin being used by banks.
Which, from my point of view would have been the most stupid idea ever anyway.
Bank of America has also filed loads of cryptocurrency patents:
https://news.bitcoin.com/bank-america-filed-cryptocurrency-patents-company/
It's worth noting though that not all patents filed are granted. The patents office checks whether stuff if in the public domain already and rejects it if a company is filing stuff that is in common usage. (and because of the backlog at the patents office and their rigorous checking it can sometimes take years before they assess a filing and decide whether to grant or reject it). That's why it's really important for developers to keep their github listings up to date.
https://news.bitcoin.com/bank-america-filed-cryptocurrency-patents-company/
Quote
It may come as a surprise then to learn that in the last decade, the company that has more cryptocurrency patents than any other is in many bitcoiners’ eyes the antithesis of everything decentralized currency stands for – Bank of America.
Since Bitcoin’s genesis block was mined nine years ago, over 2,000 related patents have been filed, Bitcoin Patent Report reveals. In the cryptocurrency’s early years, the number of patents was low, averaging under 50 a year, but by 2015 that figure began to pick up and by 2016 was growing exponentially. Some of the companies whose names feature in the top ten are to be expected, such as Bitflyer and IBM, whose interest in blockchain is well documented. The computing giant has filed a total of 34 cryptocurrency related patents, but is outplaced by South Korean brokerage Coinplug, which is third on the list with 39.
Some entrants on the list are unexpected, either because they have publicly expressed little interest in cryptocurrency, or are not commonly associated with cutting edge technology. It makes sense that Mastercard would have an interest in digital payment systems, for example, but it is surprising to see them ranked ninth for cryptocurrency related patents, with 21 filings. The greatest surprise of all is reserved for top spot, which is claimed by Bank of America, with no less than 45 patents. Last year, a total of 1,250 cryptocurrency patents were filed, demonstrating the extent to which corporations have finally caught on to bitcoin’s huge potential.
Bitcoin Patent Report also reveals that 50% of all crypto-related patents come from China (910) followed by the U.S. (676), U.K. (112), and South Korea (98).
Since Bitcoin’s genesis block was mined nine years ago, over 2,000 related patents have been filed, Bitcoin Patent Report reveals. In the cryptocurrency’s early years, the number of patents was low, averaging under 50 a year, but by 2015 that figure began to pick up and by 2016 was growing exponentially. Some of the companies whose names feature in the top ten are to be expected, such as Bitflyer and IBM, whose interest in blockchain is well documented. The computing giant has filed a total of 34 cryptocurrency related patents, but is outplaced by South Korean brokerage Coinplug, which is third on the list with 39.
Some entrants on the list are unexpected, either because they have publicly expressed little interest in cryptocurrency, or are not commonly associated with cutting edge technology. It makes sense that Mastercard would have an interest in digital payment systems, for example, but it is surprising to see them ranked ninth for cryptocurrency related patents, with 21 filings. The greatest surprise of all is reserved for top spot, which is claimed by Bank of America, with no less than 45 patents. Last year, a total of 1,250 cryptocurrency patents were filed, demonstrating the extent to which corporations have finally caught on to bitcoin’s huge potential.
Bitcoin Patent Report also reveals that 50% of all crypto-related patents come from China (910) followed by the U.S. (676), U.K. (112), and South Korea (98).
It's worth noting though that not all patents filed are granted. The patents office checks whether stuff if in the public domain already and rejects it if a company is filing stuff that is in common usage. (and because of the backlog at the patents office and their rigorous checking it can sometimes take years before they assess a filing and decide whether to grant or reject it). That's why it's really important for developers to keep their github listings up to date.
Quote
Now, though, it seems as though Bank of America and other financial institutions are realizing that they can no longer pretend cryptocurrencies are not a threat.
https://www.ccn.com/bank-of-america-admits-cryptocurrencies-are-a-threat-to-its-business-model/
Now that is very interesting. I swear I can see a fear in their eyes now. I like this article and I hope that is everything truth. Banks and the rest of the fiat market actually don't know really how to approach crypto. They got a hot potato in their hands and everything that they try doesn't work how they want it to work. I would lie if I say I do not like this 
BANK OF AMERICA ADMITS BITCOIN IS A THREAT IN SEC REPORT
https://bitcoinist.com/bank-of-america-bitcoin-threat-sec-report/
https://bitcoinist.com/bank-of-america-bitcoin-threat-sec-report/
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