Banks were supposed to be frightened of Bitcoin - page 2.

S4VV4S

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How can the underlying technology behind Bitcoin, the Block Chain be that good, yet Bitcoin itself be bad?
Does not make sense, does it?

Quote from: MF Doom on August 05, 2015, 06:46:24 AM

they were scared briefly, I think. They made some derogatory comments about btc, and Jamie Dimon was dead set against btc.

But now, being in league with the surveillance obsessed us gvt/nsa, they see that the blockchain technology can be used to further track people and their spending.

Nobody can argue with that I think.

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.

No, they will create their own coin.
It's much less hassle for them and total control over it Wink

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

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.

What would be the difference of using these "Bankcoins" over using a credit card?
There are no benefits that I can think of for a person to use these Bankcoins over credit cards (let alone Bitcoin).

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

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.

neurotypical

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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.

Lol, what do you mean with corruption? How many transactions have been corrupted since Bitcoin started? I can't think of a single transaction that ever got stuck corrupted in the blockchain. Eventually all transactions end up being confirmed and processed, they have to by design... double spending hasn't been a problem for ages.

harrymmmm

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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.

Wut?
I guess my only response to that is 'Hero member + signature' != 'Hero member'.

Snorek

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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.

pereira4

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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.

spazzdla

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They are scared hence the "blockchain good ,bitcoin bad" nonsense they are trying to spin.

commandrix

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Maybe we're starting to see a case of, "If you can't beat 'em, join 'em." The banks that find Blockchain tech useful will adopt it. But keep using cryptocurrencies that have nothing to do with banks, guys, because that's how we're really going to push it through their dense heads that now the concept that we don't really need banks or governments to have a viable medium of exchange has gone digital.

thebenjamincode

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37iGtdUJc2xXTDkw5TQZJQX1Wb98gSLYVP

That is exactly what banks are supposed to do, they need innovations as the population who used bitcoins grow. Usually most banks, Big Banks specifically, fear bitcoins because for them it's a business. Banks needs people money to run, but when people decided to used their money from their bank savings to buy or invest in bitcoin the bank has less money on it's books. In this way they fear bitcoin and sooner or later they will need to have an innovation to compensate.

Slark

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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.

They are trying to investigate this because it is the future. Everyone knows that, if banks miss this moment of time and cling to old ways of processing money they could be in serious problems in the future.
Similar to Nokia fail - Nokia - the biggest cellphone manufacturer in the world missed smartphone revolution - and now they are shadow of company and exists only because Microsoft bought them.
If banks miss blockchain revolution tomorrow they could be gone.

Falconer

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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.

RodeoX

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The revolution will be monetized!

My theory is that banks are really afraid of not getting all the money they could from us. Now that they see why bitcoin is not going away and can't be killed, it is logical to try joining in and trying to leverage their money in the bitcoin economy. It makes sense too me. Huh

gripflierGO

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Quote from: ashour on August 05, 2015, 07:03:35 AM

The banks will use the bitcoin technology for their own benefit, they don't care about bitcoin as a currency. They are more interested in the blockchain technology which would be useful or the banking industry.

Yes banks will look into their own benefits rather than benefiting their customers, and that is the reason the banks are not coming in support of bitcoins, as they are very well aware that if bitcoins hit the mainstream than it would be difficult for them to survive in the market, and even if they get into blockchain technology it would not benefit the customers.

BTCBinary

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

AtheistAKASaneBrain

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They are frightened, the fact they aren't pushing an agenda to completely ban it is the proof. Those using their own blockchains will end up bankrupt anyway since sooner or later people will realize how dumb that is when you got internet (bitcoin) vs intranet (banks blockchains).

harrymmmm

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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.

ashour

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The banks will use the bitcoin technology for their own benefit, they don't care about bitcoin as a currency. They are more interested in the blockchain technology which would be useful or the banking industry.

MF Doom

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they were scared briefly, I think. They made some derogatory comments about btc, and Jamie Dimon was dead set against btc.

But now, being in league with the surveillance obsessed us gvt/nsa, they see that the blockchain technology can be used to further track people and their spending.

frank0929

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Quote from: Ludi on August 05, 2015, 06:42:42 AM

Banks are probably frightened of something they can't control or issue, but it's obvious they themselves can benefit from blockchain tech. I still think even forcing banks to rethink the way they do business or lower their fees is a good thing, though I still don't think they can compete with bitcoins low fees as that's where they make a lot of their money.

I think they can easily adapt Bitcoin in their payment systems. Banks are not doing their big money from sending money fees. They make big profit from interest. In fact money order fees are now "0" in most of the new banks.

BitCoinNutJob

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Bankers are thieves. I hope banking system will collapse soon and bitcoin will be number one of world currency.

Topic: Banks were supposed to be frightened of Bitcoin - page 2. (Read 2250 times)