Banking Elite Meet in Washington To Discuss Bitcoin Threat - page 2.

MF Doom

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Quote from: RodeoX on October 15, 2014, 02:15:45 PM

Quote from: Xiaoxiao on October 14, 2014, 07:35:32 AM

Quote from: ijphlrnxewho on October 14, 2014, 07:25:38 AM

Banking Elite Meet in Washington To Discuss Bitcoin Threat
https://www.cryptocoinsnews.com/banking-elite-meet-washington-discuss-bitcoin-threat/

Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world?

No. Absolutely not. Every day someone posits this idea, but no one has ever show a way to do it. Of course a bank could just start buying the coins, but that would drive the price up. Buying the network is not possible because anyone can use the network and own bitcoin. I for example will not sell my last bitcoin to the bankers for less than 1 trillion dollars. And even if they did the impossible and bought all the bitcoins it would not help them. Since they would be the only bitcoin holder their bitcoins would be valueless. So after spending trillions of dollars, they have nothing at all to show for it. And we would just move on to bitcoin 2.0.

Banks do not threaten bitcoin, bitcoin threatens banks.

Very cool way to look at it, I think you are very correct. Even if they somehow found a way to subvert bitcoin, the concept of cryptocurrency seems to be here for good.

Its seems the bankers are afraid that their complete control over the masses is slipping away. I'm just surprised these bankers haven't been more overt in their methods of bashing bitcoin.

RodeoX

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Quote from: Xiaoxiao on October 14, 2014, 07:35:32 AM

Quote from: ijphlrnxewho on October 14, 2014, 07:25:38 AM

Banking Elite Meet in Washington To Discuss Bitcoin Threat
https://www.cryptocoinsnews.com/banking-elite-meet-washington-discuss-bitcoin-threat/

Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world?

No. Absolutely not. Every day someone posits this idea, but no one has ever show a way to do it. Of course a bank could just start buying the coins, but that would drive the price up. Buying the network is not possible because anyone can use the network and own bitcoin. I for example will not sell my last bitcoin to the bankers for less than 1 trillion dollars. And even if they did the impossible and bought all the bitcoins it would not help them. Since they would be the only bitcoin holder their bitcoins would be valueless. So after spending trillions of dollars, they have nothing at all to show for it. And we would just move on to bitcoin 2.0.

Banks do not threaten bitcoin, bitcoin threatens banks.

MF Doom

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Quote from: chopstick on October 15, 2014, 01:59:26 PM

Quote from: MF Doom on October 15, 2014, 01:56:03 PM

Quote from: chopstick on October 15, 2014, 01:02:34 PM

The bankers cannot kill bitcoin. They will be forced to incorporate bitcoin into their existing structures. I'm guessing it will be a very clumsy incorporation prone to all of the issues of centralization, but a lot of people will use it because they don't know how to make offline wallets or things of that nature..

I agree, I dont think they can kill it, but they can try to make it out to be a "criminal tool" and stop its growth, I think thats what they are currently doing. I've seen some people post quptes and interviews from Jamie Dimon where he clearly hates bitcoin and bitcin users becasue its taking away from his precious banking system

Thats the problem with people. Where does he get off, thinking he has the right to control all of our financial lives?

The traditional banking system is like a parasite, leeching off of humanity by enslaving us all to endless debt.

Bitcoin can help.

Yes I think it is helping. Breaking peoples mentality about money and ways to pay and be paid is key. People should not be looking at people like Dimon for advice, esp. on bitcoin. He is looking out for his million dollar paychecks, and all his 1% buddies, not the rest of the world

chopstick

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Quote from: MF Doom on October 15, 2014, 01:56:03 PM

Quote from: chopstick on October 15, 2014, 01:02:34 PM

The bankers cannot kill bitcoin. They will be forced to incorporate bitcoin into their existing structures. I'm guessing it will be a very clumsy incorporation prone to all of the issues of centralization, but a lot of people will use it because they don't know how to make offline wallets or things of that nature..

I agree, I dont think they can kill it, but they can try to make it out to be a "criminal tool" and stop its growth, I think thats what they are currently doing. I've seen some people post quptes and interviews from Jamie Dimon where he clearly hates bitcoin and bitcin users becasue its taking away from his precious banking system

Thats the problem with people. Where does he get off, thinking he has the right to control all of our financial lives?

The traditional banking system is like a parasite, leeching off of humanity by enslaving us all to endless debt.

Bitcoin can help.

MF Doom

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Quote from: chopstick on October 15, 2014, 01:02:34 PM

The bankers cannot kill bitcoin. They will be forced to incorporate bitcoin into their existing structures. I'm guessing it will be a very clumsy incorporation prone to all of the issues of centralization, but a lot of people will use it because they don't know how to make offline wallets or things of that nature..

I agree, I dont think they can kill it, but they can try to make it out to be a "criminal tool" and stop its growth, I think thats what they are currently doing. I've seen some people post quptes and interviews from Jamie Dimon where he clearly hates bitcoin and bitcin users becasue its taking away from his precious banking system

Monkeynutz

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Good pieces guys, thanks.

QuestionAuthority

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You lead and I'll watch you walk away.

That was a very positive article. When the IIF discusses Bitcoin it usually isn't negative. It's just a report on another financial instrument.

http://www.iif.com/download.php?id=aAj1bgPQxoc=

chopstick

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The bankers cannot kill bitcoin. They will be forced to incorporate bitcoin into their existing structures. I'm guessing it will be a very clumsy incorporation prone to all of the issues of centralization, but a lot of people will use it because they don't know how to make offline wallets or things of that nature..

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: BillyBobZorton on October 15, 2014, 12:57:25 PM

Great, so now they will all buy all remaining Bitcoins via mining monopoly and all for sale Bitcoins and we will go from fiat slavery to Bitcoin slavery ..

Ahaha. Worry not, they can't do that. It'd be political (and perhaps literal) suicide for them. Bankers abandoning fiat would be a betrayal of trust the people would never forgive. They're caught between a rock and a hard place here. As leaders, they have to wait until the masses start divesting from fiat before they can get away with it.

These scumbags have relied on deception and secrecy for far too long, that's over now. See, everything that happens on the blockchain is transparent. You can't secretly dump your fiat and buy bitcoin, because it pushes the price of bitcoin up (or the value of fiat down, which is the same thing, it's all relative).

People would see the value of bitcoin skyrocketing to the moon and it would create chaos and panic, worse than any bank runs in history. This would quickly destroy the dollar, robbing everyone of their fiat savings, which would surely spark a revolution from all the fiat peasants the bankers abandoned.

Trying to kill bitcoin by throwing fiat at bitcoin is like trying to kill a fire by pouring gasoline on it.

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Great, so now they will all buy all remaining Bitcoins via mining monopoly and all for sale Bitcoins and we will go from fiat slavery to Bitcoin slavery ..

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: n0rBit on October 14, 2014, 07:36:42 AM

Is there a threat? I think there isnt.. Its up to people now who will they choose.

It depends on one's perspective. >> "The only thing a capitalist hates more than a communist is a competitor."

Bitcoin is an extremely dangerous competitor, it threatens their monopoly on currency which has been the golden goose for the bankster crooks for a long time.

There is a reason that every alternative non-government currency created up until bitcoin was swiftly stopped by FORCE, with extreme prejudice. They can't use force against a decentralized enemy, so they're shitting bricks. The smart ones are, anyway.

Not that it matters, there's nothing they can do. I said it once and I'll say it again, this game was over before it began. One thing is for sure, this is the last decade the phrase "money laundering" will be in use. That kind of twisted power over people is being taken from them as we speak.

Now that money is information and information is money, we can launder money in our brains. There is no stopping this technology, unless they invent a time machine.

MF Doom

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Quote from: Unbelive on October 14, 2014, 07:44:28 AM

Quote from: Xiaoxiao on October 14, 2014, 07:35:32 AM

Quote from: ijphlrnxewho on October 14, 2014, 07:25:38 AM

Banking Elite Meet in Washington To Discuss Bitcoin Threat
https://www.cryptocoinsnews.com/banking-elite-meet-washington-discuss-bitcoin-threat/

Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world?

Of course they are. But they need to first decide how much hash will each banker pay. This negotiation might take months or even years.
But on tte other hand also Bill Gates got fascinated by Bitcoin, so he might have plans of his own that will cross with bankers plans.

It will be interesting how the elites decide to handle bitcoin as it grows. I dont think it can be "killed" by them though, not now that so much has been put in place to facilitate usage & acceptance. I think they are still relying on the media to scare people away from using bitcoins

Unbelive

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Quote from: Xiaoxiao on October 14, 2014, 07:35:32 AM

Quote from: ijphlrnxewho on October 14, 2014, 07:25:38 AM

Banking Elite Meet in Washington To Discuss Bitcoin Threat
https://www.cryptocoinsnews.com/banking-elite-meet-washington-discuss-bitcoin-threat/

Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world?

Of course they are. But they need to first decide how much hash will each banker pay. This negotiation might take months or even years.
But on tte other hand also Bill Gates got fascinated by Bitcoin, so he might have plans of his own that will cross with bankers plans.

n0rBit

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Is there? Is there a threat? I think there isnt.. Its up to people now who will they choose.

Xiaoxiao

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Quote from: ijphlrnxewho on October 14, 2014, 07:25:38 AM

Banking Elite Meet in Washington To Discuss Bitcoin Threat
https://www.cryptocoinsnews.com/banking-elite-meet-washington-discuss-bitcoin-threat/

Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world?

ijphlrnxewho

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Banking Elite Meet in Washington To Discuss Bitcoin Threat
https://www.cryptocoinsnews.com/banking-elite-meet-washington-discuss-bitcoin-threat/

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