Topic: Banks were supposed to be frightened of Bitcoin - page 3. (Read 2250 times)
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.
banks should not fear the innovation it should continue to update for progress in financial transactions.
It's already happening, and with the amount of money that is being invested ion fintech, a lot of mew things will come to the banking industry in the coming years.
http://www.paym.co.uk/faqs
http://www.paym.co.uk/faqs
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.
These bankers saw it as a threat, then they saw a loophole
The same topic has been discussed many times over. The banks can utilize the blockchain, but since bitcoin poses competition to them, they seperate their interest
in blockchain tech away from bitcoin.
imho it doesn't matter, bitcoin is advancing slowly, and taking away their fees and profits, and it's just a matter of time when they won't be able to ignore it anymore.
cheers
Exactly. As soon as they have started cherishing blockchain technology only, it was a sign that they were starting to become afraid. Basically they are trying to separate the technology from Bitcoin itself.in blockchain tech away from bitcoin.
imho it doesn't matter, bitcoin is advancing slowly, and taking away their fees and profits, and it's just a matter of time when they won't be able to ignore it anymore.
cheers
They will try to upgrade and improve their systems so that they can keep up. The real question is, are people going to stay blind to their schemes?
That's right.They will be able to improve their internal systems.They will be able to trade stocks, bonds etc. without any third party.
They will be able to disintermediate the clearing houses and settlement systems that offer centralized control over transaction, security and equity clearing.This will be an enoumus reduce of costs and save them a lot of time.
But in how far will this have an positive effect for the customer?
I doubt that banks will reduce their fees that much.They are greedy and sneaky as hell!!
And what about the people in the world who don't have access to a bank?
Bitcoin still offers the main advantages and best solutions for all of that, especially in the long run when more and more Bitcoin companies innovate and offer their services.
Let's hope the people out there will realize that on day.
They have the media, they could keep BTC at bay, but they do not understand how disrupting it is. This tech robbing happens regularly when non-disruptive.
The same topic has been discussed many times over. The banks can utilize the blockchain, but since bitcoin poses competition to them, they seperate their interest
in blockchain tech away from bitcoin.
imho it doesn't matter, bitcoin is advancing slowly, and taking away their fees and profits, and it's just a matter of time when they won't be able to ignore it anymore.
cheers
in blockchain tech away from bitcoin.
imho it doesn't matter, bitcoin is advancing slowly, and taking away their fees and profits, and it's just a matter of time when they won't be able to ignore it anymore.
cheers
Quote
First they ignore you, then they laugh at you, then they fight you, then you win.
Mahatma Gandhi
Mahatma Gandhi
I hope it will work out this way.
Even though considering the little knowledge people have around this matter at large I'm not surprised at all if one day banks will start using their own blockchain technology and people will fall into it without even knowing of BTC existence.
The same topic has been discussed many times over. The banks can utilize the blockchain, but since bitcoin poses competition to them, they seperate their interest
in blockchain tech away from bitcoin.
imho it doesn't matter, bitcoin is advancing slowly, and taking away their fees and profits, and it's just a matter of time when they won't be able to ignore it anymore.
cheers
Exactly. As soon as they have started cherishing blockchain technology only, it was a sign that they were starting to become afraid. Basically they are trying to separate the technology from Bitcoin itself.in blockchain tech away from bitcoin.
imho it doesn't matter, bitcoin is advancing slowly, and taking away their fees and profits, and it's just a matter of time when they won't be able to ignore it anymore.
cheers
They will try to upgrade and improve their systems so that they can keep up. The real question is, are people going to stay blind to their schemes?
Perhaps it's different from other revolutions such as the paper to the digital for companies because this one isn't going to cost them anything.
Actually it is going to cost them everything as soon as Bitcoin picks up. Bitcoin is slowly growing, and as soon as some big retailers start accepting it, things will change. That would make Bitcoin overthrow any service such as Paypal in no time. However, the block size debate needs to be resolved before that can happen. 
it would force them to innovate.
That was 2009, now it is six years later and banks have been forced to rethink some things, but as to be expected, it did not turn out to be that drasctic and the banks saw an oppurtunity to make a tech bubble make it seem they innovated and put the cost at the customers, spend money to make money, but they did not addapt to the basic idea of bitcoin, the decentralisation of the economy of money, the internet of things, that is where we are going, the banks took what they thought fitted within their grasp and existing systems and labelled it 'blockchain technology'. It is like the cheese on the frozen pizza's there is not real cheese in it, but they sell it as such.
The same topic has been discussed many times over. The banks can utilize the blockchain, but since bitcoin poses competition to them, they seperate their interest
in blockchain tech away from bitcoin.
imho it doesn't matter, bitcoin is advancing slowly, and taking away their fees and profits, and it's just a matter of time when they won't be able to ignore it anymore.
cheers
in blockchain tech away from bitcoin.
imho it doesn't matter, bitcoin is advancing slowly, and taking away their fees and profits, and it's just a matter of time when they won't be able to ignore it anymore.
cheers
Perhaps it's different from other revolutions such as the paper to the digital for companies because this one isn't going to cost them anything.
How blockchain, the technology behind Bitcoin, could turn traditional banking on its head
Last year, in a commentary for Fortune called “Why banks fear Bitcoin,” MIT business professor Trond Undheim wrote that “banks are afraid of Bitcoin because it would force them to innovate.”
“Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve,” Satoshi Nakamoto, the mysterious inventor of Bitcoin wrote in 2009. “We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.” In some countries, banks even banned any transactions connected to Bitcoin.
But lately, banks have been warming to the technology behind Bitcoin, called blockchain — using it to innovate, in fact — having recognized the advantages of the lightning-fast, decentralized transaction verification system as having broad applications for transactions involving everything from stock trades to money and property transfers.
http://business.financialpost.com/news/fp-street/how-blockchain-the-technology-behind-bitcoin-could-turn-traditional-banking-on-its-head
Last year, in a commentary for Fortune called “Why banks fear Bitcoin,” MIT business professor Trond Undheim wrote that “banks are afraid of Bitcoin because it would force them to innovate.”
“Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve,” Satoshi Nakamoto, the mysterious inventor of Bitcoin wrote in 2009. “We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.” In some countries, banks even banned any transactions connected to Bitcoin.
But lately, banks have been warming to the technology behind Bitcoin, called blockchain — using it to innovate, in fact — having recognized the advantages of the lightning-fast, decentralized transaction verification system as having broad applications for transactions involving everything from stock trades to money and property transfers.
http://business.financialpost.com/news/fp-street/how-blockchain-the-technology-behind-bitcoin-could-turn-traditional-banking-on-its-head
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