Banks going full blockchain | Bitcointalksearch.org

OrientA

sr. member

Activity: 462

Merit: 250

Quote from: gentlemand on November 21, 2015, 07:40:13 PM

There will be no price effect. Why would there? It just makes conventional banking better.

If there was a USD token that was near instant that may impact the market as you'd be able to run in and out of Bitcoin exchanges in a matter of minutes rather than having to wait for days on end.

There is no doubt that blockchain technology will make conventional banks better. But if these banks want to use a universal token in their banking system, they will have to use a popular one, that is bitcoin. It is difficult to create a new one and to agree within all the banks. This token should not be controlled by a single government.

pattu1

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It will take years before the tech projects of banks get regulatory clearance and they take off.
This would have absolutely no impact on Bitcoin's price.
As banks take pains in emphasizing, we love the technology (blockchain), but not Bitcoin.

magemist

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banks are always trying to find a way to increase their bottom line. So expect them to take advantage of bitcoin technology to the full extent of their abilities will allow them.
They will go retard on this one. That is a certainty as much as death is to everyone.

gentlemand

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Welt Am Draht

There will be no price effect. Why would there? It just makes conventional banking better.

If there was a USD token that was near instant that may impact the market as you'd be able to run in and out of Bitcoin exchanges in a matter of minutes rather than having to wait for days on end.

bitowl

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Activity: 85

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I guess blockchain is just a buzzword now. I don't think what the banks are doing has anything to do with bitcoin. They're just using some new tricks to make man in the middle attacks harder as far as I can tell. There is no p2p, no mining, nothing resembling a currency. It's like they made a slightly safer encrypted communication protocol and are using bitcoin buzzwords to make it sound sexier than it is.

Amph

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it will not impact directly the price because they will use their private blockchain or something centralized which has nothing to do with bitcoin

but it may put a good light on bitcoin from normal citizens, it would increase the awareness about bitcoin

target

legendary

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Quote from: Pierre 2 on November 21, 2015, 09:12:00 AM

I just think they will go full blockchain without touching bitcoin. So they will create their own cryptocurrency (government-backed)
And I just think it will work. But I think it will not damage bitcoin.

This could be possible and they will implement this for the people and will have the convenience but no anonymity.

hector3115

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Banks are going the way of Blockbuster video and they know it better than anybody. They will try to.make as much money as they can while they can.

hector3115

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Merit: 251

They can make insane amounts of money cutting costs using the blockchain. It will kill them in the long run but they will make money short term. Bank ceos aren't thinking about money control 20/years from now. They have to answer to shareholders who want to see bottom line beats every quarter

hector3115

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Merit: 251

Quote from: Racey on November 21, 2015, 09:23:23 AM

It's just for fiat, using a blockchain type technology, it will be for them nothing to do with BTC.
I suppose they will still continue to manipulate the markets, and insider trading will also continue.

Take no notice of it, bitcoin is a different entity altogether.

The public ledger of the blockchain is what banks are interested in. And the bitcoin blockchain has the largest network making it the most secure network in the world to use. They do not have a fiat blockchain. You are completely confused.

I believe that the bitcoin blockchain will.become the backbone of our financial system. Then once it is widely used eventually they won't bother converting bitcoins back to fiat.

makeacake

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Quote from: hector3115 on November 21, 2015, 09:46:15 AM

Quote from: makeacake on November 21, 2015, 09:23:09 AM

Quote from: hector3115 on November 21, 2015, 08:40:01 AM

So it seems more and more clear every day that big banks are fully integrating blockchain tech to reduce costs.

"Fully integrating"? WTF does that mean?

Quote

What sort of affect will this have on bitcoin price?

Just can't wait to sellout to the banksters, can you, sellout? Anything for extra shekels Roll Eyes

Quote

I know some banks are exploring private chains and all this crap,

Yes, it's called 'permissioned blockchain'. That's what all the buzz is about.

Quote

but the Nasdaq realized that bitcoin blockchain is best and I assume the other banks will come to that realization in time.

No, NASDAQ realized no such thing. Thus, the conclusion you draw is also incorrect. Sellout.

Quote

Buti wonder how this will impact price. Anyone thought of this yet and plugged any numbers in?

Already asked that. There are no 'numbers [to] plug,' just hodl.

First of.all, nasdaq has confirmed that they are using the bitcoin blockchain.

Wrong.
"On Tuesday, at the Money 20/20 conference in Las Vegas, Nasdaq CEO Robert Greifeld will conduct the first-ever demonstration of Linq, a platform for managing shares of private companies using technology derived from that which powers Bitcoin, which was announced earlier this year." -- http://www.forbes.com/sites/laurashin/2015/10/27/nasdaq-unveils-blockchain-enabled-platform-linq-announces-6-inaugural-clients/
Second of all, I will never trade my bitcoins in for us dollars. I would just like their purchasing power to be increased in the future

Quote

Second of all, I will never trade my bitcoins in for us dollars. I would just like their purchasing power to be increased in the future

Hoping to profit from banks using Bitcoin is like hoping to profit from terrorists and child molesters using bitcoin. No blood money 4 U Angry

OrientA

sr. member

Activity: 462

Merit: 250

Quote from: Pierre 2 on November 21, 2015, 09:12:00 AM

I just think they will go full blockchain without touching bitcoin. So they will create their own cryptocurrency (government-backed)
And I just think it will work. But I think it will not damage bitcoin.

If they create government back crypto currency, is that backed by one government or multiple governments? I do not think all the governments can agree on the single currency.
The bitcoin is the currency. Banks might create tokens to use internals, but they do the inter bank clearing, they will have to use bitcoin.

hector3115

sr. member

Activity: 481

Merit: 251

Quote from: makeacake on November 21, 2015, 09:23:09 AM

Quote from: hector3115 on November 21, 2015, 08:40:01 AM

So it seems more and more clear every day that big banks are fully integrating blockchain tech to reduce costs.

"Fully integrating"? WTF does that mean?

Quote

What sort of affect will this have on bitcoin price?

Just can't wait to sellout to the banksters, can you, sellout? Anything for extra shekels Roll Eyes

Quote

I know some banks are exploring private chains and all this crap,

Yes, it's called 'permissioned blockchain'. That's what all the buzz is about.

Quote

but the Nasdaq realized that bitcoin blockchain is best and I assume the other banks will come to that realization in time.

No, NASDAQ realized no such thing. Thus, the conclusion you draw is also incorrect. Sellout.

Quote

Buti wonder how this will impact price. Anyone thought of this yet and plugged any numbers in?

Already asked that. There are no 'numbers [to] plug,' just hodl.

First of.all, nasdaq has confirmed that they are using the bitcoin blockchain.

Second of all, I will never trade my bitcoins in for us dollars. I would just like their purchasing power to be increased in the future

richardsNY

legendary

Activity: 1232

Merit: 1091

They are testing out a few things with the blockchain technology. Can't see them going full into blockchain technology at this point. If they do plan to go full in the blockchain, I really hope they also pay attention to Bitcoin as coin too, instead of ignoring it.

Racey

legendary

Activity: 1134

Merit: 1000

Soon, I have to go away.

Quote from: podyx on November 21, 2015, 09:28:51 AM

Quote from: Racey on November 21, 2015, 09:23:23 AM

It's just for fiat, using a blockchain type technology, it will be for them nothing to do with BTC.
I suppose they will still continue to manipulate the markets, and insider trading will also continue.

Take no notice of it, bitcoin is a different entity altogether.

How can they use fiat with blockchain technology though? It's not possible right?

You can read about it here, like I said it is different.

http://www.ft.com/cms/s/2/eb1f8256-7b4b-11e5-a1fe-567b37f80b64.html#axzz3s8XPIRTD

podyx

legendary

Activity: 2338

Merit: 1035

Quote from: Racey on November 21, 2015, 09:23:23 AM

It's just for fiat, using a blockchain type technology, it will be for them nothing to do with BTC.
I suppose they will still continue to manipulate the markets, and insider trading will also continue.

Take no notice of it, bitcoin is a different entity altogether.

How can they use fiat with blockchain technology though? It's not possible right?

Racey

legendary

Activity: 1134

Merit: 1000

Soon, I have to go away.

It's just for fiat, using a blockchain type technology, it will be for them nothing to do with BTC.
I suppose they will still continue to manipulate the markets, and insider trading will also continue.

Take no notice of it, bitcoin is a different entity altogether.

makeacake

newbie

Activity: 42

Merit: 0

Quote from: hector3115 on November 21, 2015, 08:40:01 AM

So it seems more and more clear every day that big banks are fully integrating blockchain tech to reduce costs.

"Fully integrating"? WTF does that mean?

Quote

What sort of affect will this have on bitcoin price?

Just can't wait to sellout to the banksters, can you, sellout? Anything for extra shekels Roll Eyes

Quote

I know some banks are exploring private chains and all this crap,

Yes, it's called 'permissioned blockchain'. That's what all the buzz is about.

Quote

but the Nasdaq realized that bitcoin blockchain is best and I assume the other banks will come to that realization in time.

No, NASDAQ realized no such thing. Thus, the conclusion you draw is also incorrect. Sellout.

Quote

Buti wonder how this will impact price. Anyone thought of this yet and plugged any numbers in?

Already asked that. There are no 'numbers [to] plug,' just hodl.

NorrisK

legendary

Activity: 1946

Merit: 1007

They see great opportunities to make a shitload of money.

Just imagine the transfer between any bank instantly anywhere on the world for free for the banks.

They charge you 5 usd for the transfer, which is then pure profit for them.

Denker

legendary

Activity: 1442

Merit: 1016

Quote from: hector3115 on November 21, 2015, 08:40:01 AM

So it seems more and more clear every day that big banks are fully integrating blockchain tech to reduce costs.

What sort of affect will this have on bitcoin price?

I know some banks are exploring private chains and all this crap, but the Nasdaq realized that bitcoin blockchain is best and I assume the other banks will come to that realization in time.

Buti wonder how this will impact price. Anyone thought of this yet and plugged any numbers in?

As far as I know NASDAQ only used the Bitcoin Blockchain for research. Now they use another blockchain I believe.Not sure which one.Something called linq or so.

Topic: Banks going full blockchain (Read 1453 times)