Banks were supposed to be frightened of Bitcoin

Falconer

legendary

Activity: 2660

Merit: 1141

Quote from: xhoneyael on August 07, 2015, 07:54:46 AM

in my opinion they are not frightened they just dont want to gamble
because of price is not stable and also we cant not say that bitcoin will not last forever..

Actually I dont understand what the point from your opinion, whats going on with gambling?

Its not about gambling, but it is a rivalry between decentralization thing with the centralization one Wink

xhoneyael

sr. member

Activity: 462

Merit: 250

www.AntiBitcoinTalk.com

in my opinion they are not frightened they just dont want to gamble
because of price is not stable and also we cant not say that bitcoin will not last forever..

WhatTheGox

legendary

Activity: 812

Merit: 1000

Banks were frightened of bitcoin more at first and they still are, its just now they mostly are seeing they cant win as such so better just to join in or copy.

Falconer

legendary

Activity: 2660

Merit: 1141

Quote from: bornil267645 on August 07, 2015, 05:17:18 AM

Banks know that they don't have the power to hold their clients accountable anymore. They know this but they can't do anything about it. They are helpless by the power of this virtual currency.

There are many smart persons who working in bank, and surely they wont be hopeless and still keep silent in this situation. I'm pretty sure they are making many strategies to solve this problem.

bornil267645

sr. member

Activity: 406

Merit: 250

AltoCenter.com

Banks know that they don't have the power to hold their clients accountable anymore. They know this but they can't do anything about it. They are helpless by the power of this virtual currency.

robertgoss

newbie

Activity: 42

Merit: 0

well the banks and everyone has seen the power of blockchain , how its transparent and also secure on the same time, bank may be threatened by bitcoin but no one in this world can deny that its tenchonlogy is really creative and powerfull so with time they have to accept it. its revolution

BIT-Sharon

sr. member

Activity: 266

Merit: 250

Digital currency will accepted as payment methods, which is agreed by lots of companies on internet. This is a new challenge for the industry.

eternalgloom

legendary

Activity: 1792

Merit: 1283

Purely from a technological point of view, the blockchain is extremely interesting for banks, but bitcoin itself as a currency is quite a different story, I believe.
Bitcoin as a currency poses competition for them, but with current adoption rates, I don't think they have much to fear, yet.

Falconer

legendary

Activity: 2660

Merit: 1141

Quote from: Aggressor66 on August 06, 2015, 07:45:49 AM

It is more likely that Central bank will one day issue digital currency of their own, based on the fact that metal coins are expensive to manufacture (often costing more than their face value).

How about the bitcoin mining then? Are the electricity and anything that be needed in mining more expensive than bitcoin itself?

Quote from: Xenoph0bia on August 06, 2015, 08:56:58 AM

Quote from: SOAD on August 06, 2015, 07:55:33 AM

Bitcoin is a threat to them for sure but I don't think they have to be worried yet as it's going to take quite some time before bitcoin starts to eat into their profits but I hope its sooner rather than later. I think people are always going to need banks though but bitcoin will likely flourish in parts of the world where people do not have access to a bank.

Yes it is a blessing for those who don't have bank accounts, it would surely attract them towards bitcoins, and as of today we even don't need credit cards for online purchases as bitcoin is taking care of that too, so it would surely affect the business of banks.

Actually I think bitcoin will be more difficult to understand for people who dont have bank accounts, since they would think that they dont really need it. I guess most of bitcoin users here are people who have bank accounts, and feel that the banks are suck with their high fees.

MF Doom

hero member

Activity: 560

Merit: 500

Quote from: SOAD on August 06, 2015, 07:55:33 AM

Bitcoin is a threat to them for sure but I don't think they have to be worried yet as it's going to take quite some time before bitcoin starts to eat into their profits but I hope its sooner rather than later. I think people are always going to need banks though but bitcoin will likely flourish in parts of the world where people do not have access to a bank.

I think its eating more into the payment processors profits than banks (paypal, visa, etc). Plus the user base is SO small compared to those using traditional banks, I think they are relatively un-alarmed, but its definitely on their radar.

I dont expect banks to really try and attack btc until the userbase grows tremendously, and if they really wanted to attack btc, they could do so easily and severely, they have more than enough resources to do so

Xenoph0bia

hero member

Activity: 966

Merit: 501

Quote from: SOAD on August 06, 2015, 07:55:33 AM

Bitcoin is a threat to them for sure but I don't think they have to be worried yet as it's going to take quite some time before bitcoin starts to eat into their profits but I hope its sooner rather than later. I think people are always going to need banks though but bitcoin will likely flourish in parts of the world where people do not have access to a bank.

Yes it is a blessing for those who don't have bank accounts, it would surely attract them towards bitcoins, and as of today we even don't need credit cards for online purchases as bitcoin is taking care of that too, so it would surely affect the business of banks.

SOAD

sr. member

Activity: 324

Merit: 250

Bitcoin is a threat to them for sure but I don't think they have to be worried yet as it's going to take quite some time before bitcoin starts to eat into their profits but I hope its sooner rather than later. I think people are always going to need banks though but bitcoin will likely flourish in parts of the world where people do not have access to a bank.

Aggressor66

hero member

Activity: 728

Merit: 501

It is more likely that Central bank will one day issue digital currency of their own, based on the fact that metal coins are expensive to manufacture (often costing more than their face value).

harrymmmm

hero member

Activity: 576

Merit: 503

Quote from: zeraTunerse on August 06, 2015, 07:07:24 AM

Quote from: BTCBinary on August 05, 2015, 08:08:50 AM

Banks are not affraid of bitcoin; instead they are trying to understand it and very soon will start to integrate it.

Yes and there are very least chances that bitcoin will affect the banking system, as there are many people who still have faith in the banks and would surely invest their money into the banks and not in the bitcoins and banks will never shut down due to bitcoins.

I would say bitcoin has already affected the banking system. They are becoming more competitive. It's noticeable.
Whether a majority of people use a bankcoin is dependent on how well the banks do their PR, and how much lipstick they slap on that pig, but bitcoin will still be there ready to grab a bit more market share every time they slip up. This is a good thing.
Also remember bitcoin is global, and most people don't have banking.

harrymmmm

hero member

Activity: 576

Merit: 503

Quote from: BIT-Sharon on August 06, 2015, 03:36:44 AM

As long as a part of people believe this, bitcoin could survive, however, the releasing limt of 21000000 is the vital defect of bitcoin for becoming main currency.

So you think 2100000000000000 units of currency is not enough? Why not? you want a separate transaction for every particle in the universe?
Jeez.

harrymmmm

hero member

Activity: 576

Merit: 503

Quote from: Kakmakr on August 06, 2015, 01:14:15 AM

Quote from: harrymmmm on August 05, 2015, 07:17:30 AM

Quote from: Kakmakr on August 05, 2015, 05:07:19 AM

This is what I think... When Satoshi wrote that six years ago, he never thought that he would need to hide, and basically abandon his creation. Now his Blockchain technology is going to be used against Bitcoin.

These bankers saw it as a threat, then they saw a loophole and now they are going to change it a little bit and use it to crush Bitcoin with the help from the governments. As soon as their newly developed blockchain technology is released, they would work with the governments to regulate Bitcoin use, and to make their technology the de facto technology.

Omg.
Satoshi knew from the first that he would have to hide. It's no coincidence he chose a pseudonym.

The rest of your post has some credibility, but then again bitcoin was designed from the start to be immune. I'm sure bad PR, bankcoin alternative, etc. will guide many users to that, but it won't change the inevitable rise of bitcoin.

Do you really think his intention was to hide or was his intention just to stay private, because this technology was so disruptive? He was active until talks with the agencies was established, and then he disappeared. The shelf life of Bitcoin will be gone, when the first regulated comes into circulation. Take my word for it, it's just a question of time, who will win the race. Ripple has a clear start.

You had to live thru the times of the digital money startups I guess.
They all were squashed by governments, and founders ended up behind bars for the most part. Certainly the creators were a central point of 'coercion'.

So yes, he meant to hide. Take my word for it.

zeraTunerse

hero member

Activity: 546

Merit: 500

Quote from: BTCBinary on August 05, 2015, 08:08:50 AM

Banks are not affraid of bitcoin; instead they are trying to understand it and very soon will start to integrate it.

Yes and there are very least chances that bitcoin will affect the banking system, as there are many people who still have faith in the banks and would surely invest their money into the banks and not in the bitcoins and banks will never shut down due to bitcoins.

Falconer

legendary

Activity: 2660

Merit: 1141

Quote from: Snorek on August 05, 2015, 01:35:54 PM

Quote from: pereira4 on August 05, 2015, 01:28:18 PM

Quote from: Falconer on August 05, 2015, 09:37:25 AM

If banks really adopt blockchain technology in their system, their customers (non bitcoin user) would think that the technology is really helpful for them. Well actually I'm not really sure if the blockchain technology can working for bank or not, but seems it will attract people and they will think that bitcoin adopt blockchain from banks, since they have no idea about bitcoin before.

Yes the technology can work in a centralized way where only banks have a say on what goes there and who sees the ledger, but once people realize using the real thing (Bitcoin) is better, they will disregard those "bank blockchains" and use the global Bitcoin blockchain which is infinite times more secure.

Using 'real thing' has its problems, there is possibility of corruption or block alternation in open network. Also possibility of double spending because confirmation times can't be lowered due to security problems.
In closed environment these problems will be gone and system could be working even faster.

I dont think the problem is corruption, how can it will be happened? For double spending or confirmation times, I think it will be solved by banks, since they will take high fee for every transaction. So they will improve or add new features on its technology imo.

BIT-Sharon

sr. member

Activity: 266

Merit: 250

As long as a part of people believe this, bitcoin could survive, however, the releasing limt of 21000000 is the vital defect of bitcoin for becoming main currency.

Lagartijo

newbie

Activity: 19

Merit: 0

It is clear that people don't flock to whatever makes more sense, and never have done.

Banks and firms can tinker with blockchains as much as they want, but ultimately it's governments/politics that decides what will be used as money because they are the greatest network, which is what money needs. Everything else that can be done with blockchain, like contracts and whatnot, depends on adoption too. The case has been made pretty solidly here: http://moraluniversal.com/en/why-bitcoin-cannot-win/

Topic: Banks were supposed to be frightened of Bitcoin (Read 2250 times)