Topic: Big Bankers Say Cryptocurrencies Do Not Threat The Global Financial Stability - page 9. (Read 17104 times)
January 09, 2019, 01:43:07 AM
If the crypto is not a threat then there will be no banning from the government, the feature of crypto ia very suitable for global and anonymous transaction and its faster that bank transaction, and if crypto being used by all people and no one used fiat then it could disrupt the country's cash flow, and can caused inflation, if a country really implemented the full crypto payment and the regulation about crypto is not clear then it could be dangerous
January 09, 2019, 01:30:26 AM
Bitcoin is not a threat to the bigger banks what about the smaller banks? we are aware that bitcoin can serve as a store of value a very important feature of course rather than banking their money as fiat a lot of people or investors will prefers keeping or hodling their coin in their respective secured wallets thus jeopardizing the efforts of smallers banks attracting depositors funds.
January 09, 2019, 12:56:00 AM
As in the title bitcoin as well cryptocurrencies never threat the financial stability, because compared to the traditional flow of fiat the cryptocurrency usage is much low in volume. Only thing that makes banking network fear is, wallets serving as our own banks and we doesn't need to depend on anyone to make use of our money. Looking this lot of users prefer cryptocurrency usage and the same has caused loss to several banks but the same hasn't affected the global financial stability.
As long as the government is still the holder of power and fiat is regulated as the main currency. then there is nothing to worry about cryptocurrency itself. users will continue to use fiat. and crypto will only be an option. it will not disturb global financial stability. 
January 08, 2019, 11:31:31 PM
As in the title bitcoin as well cryptocurrencies never threat the financial stability, because compared to the traditional flow of fiat the cryptocurrency usage is much low in volume. Only thing that makes banking network fear is, wallets serving as our own banks and we doesn't need to depend on anyone to make use of our money. Looking this lot of users prefer cryptocurrency usage and the same has caused loss to several banks but the same hasn't affected the global financial stability.
January 08, 2019, 10:51:28 PM
Crypto will not be able to threaten global economy and banks, because it doesn't have enough users. Bitcoin exists for 10 years and since the beginning people though that mass adoption is coming soon and the revolution will begin, but there's no signs of it coming. It's time to open your eyes and realize that crypto is a niche product that is not suitable for everyone and that majority of the population doesn't care about freedom or privacy.
I can't quite agree with the part that there's no sign of mass adoption coming
Obviously, whether Bitcoin is adopted and how much largely depends on your definition of adoption. If you mean it being used as a means of payment (such as going to a grocery store next block or to a Starbucks), then I would certainly agree with you. However, it doesn't look like it is where Bitcoin's mass adoption is coming from. Bitcoin is being expansively used as both a value transfer vehicle and store of value
Personally, I don't consider it a very good store of value if we take into account only this metric alone without considering other factors at play here. Everything is relative, and in some countries, the ones like Venezuela, with their runaway inflation, it is still better than nothing, given that the majority of population don't have access to such tools as gold or dollar (the use of the latter being strongly impeded by the government)
January 08, 2019, 09:40:17 PM
It doesn't.
I spoke with a top financial banker, a director of Royal Bank of Canda. See my post.
This banker invested in Bitcoins and Ethereum. While they can't offer advice to offer in cryptocurrencies, they definitely take market opportunities
I spoke with a top financial banker, a director of Royal Bank of Canda. See my post.
This banker invested in Bitcoins and Ethereum. While they can't offer advice to offer in cryptocurrencies, they definitely take market opportunities
January 08, 2019, 09:31:55 PM
They can say whatever they want to say. They may see it as a shrimp for now but they'll act differently when they see its market cap starts to hit $1T or so.
Is this thread should be on Press?
Is this thread should be on Press?
Apple had $1T marketcap recently, then it crashed by 40% and guess what, the world didn't end, and even American economy didn't suffer from it. And crypto has low liquidity compared to stocks, so marketcap is even more meaningless in this case.
A lot of peoples' retirement funds cratered in value with the recent market losses. 2008 was much worse and that's what people worry about. If 20% gets shaved off the market (indices, not individual stocks) then that's bad for retirement income stability and planning. It can set people back by several years financially.
It's not the end of the world, but I think the basis for some of the fears about crypto threatening financial stability is a context where the crypto market might be orders of magnitude larger. If it's still experiencing 80% or 90% swings at that point, I'm willing to entertain the argument that it could play some role in destabilization (in the context of a broader financial crisis). On its own, I doubt it could ever destabilize the world economy though.
January 08, 2019, 07:27:12 PM
They are just defending themselves in the precuationary manner,why they need to consider about crypto currencies if its not a threat to the banks (financial system).
I honestly don't see it be a threat to the financial system either. Bitcoin will only become a threat if it challenges the US dollar, and this isn't something I see happening, or at least, not any time soon.
In the end, the main point governments and banks focus on is to have the ecosystem around Bitcoin become a regulated environment rather than something they either ban or selectively attack. Bans and attacks result in economical activities to shift to other countries, or even go underground, which is the last thing you as government want to see happen. You can better have that control than to let it go, and governments start to realize that.
Crypto is power to everyone that wants and needs it, regardless of what their government thinks is good or bad.
January 08, 2019, 05:25:45 PM
Bitcoin exists for 10 years and since the beginning people though that mass adoption is coming soon and the revolution will begin, but there's no signs of it coming. It's time to open your eyes and realize that crypto is a niche product that is not suitable for everyone and that majority of the population doesn't care about freedom or privacy.
Tell that to those supporting the scam coin BSV. I almost feel bad for those who legit believe that governments and the corporate world in its entirety will be using their blockchain to operate on. To accomplish that they are looking to up their block space to over 1TB, which they are extremely serious about. I have never seen this level of ignorance and believe in something that has no chance to survive.
I thought that I have seen everything in the crypto space, but this is some next level shit. I wonder how long they will believe in this nonsense, because it will end bad for those who don't exit on time.
January 08, 2019, 12:27:01 PM
They are just defending themselves in the precuationary manner,why they need to consider about crypto currencies if its not a threat to the banks (financial system).
January 08, 2019, 11:44:57 AM
This not only an Indian deal too. G20 gathered couple months back and they decided that not only cryptocurrency is a problem for the countries, but it should also be encouraged and taxed properly. Which means the countries in G20 that do not have any cryptocurrency laws (specifically crypto related) will soon have them and probably already working on them.
Governments do not take these steps quickly, they don't wake up one morning and say lets make a new law, it takes a while so they are still probably working on it. But as we can see from that G20 leaders gathering that crypto will be relevant in law for a long time and they are working on it.
India is just another one that is stepping in the right direction but there will be a lot more in the upcoming months soon.
Governments do not take these steps quickly, they don't wake up one morning and say lets make a new law, it takes a while so they are still probably working on it. But as we can see from that G20 leaders gathering that crypto will be relevant in law for a long time and they are working on it.
India is just another one that is stepping in the right direction but there will be a lot more in the upcoming months soon.
January 08, 2019, 01:45:40 AM
Of course, if the cryptocurrency will go to the states simultaneously with the national money of these states, it cannot have a noticeable effect on global financial stability. I think that no state will abandon its national money in favor of decentralized cryptocurrency. In addition, cryptocurrency does not yet have significant amounts of investments compared to other types of means of payment.
January 07, 2019, 05:41:45 PM
Crypto is not a threat to the global financial market but adding a positive influence to the global world, it has been confirm at several forum the level of employment and value addition CRYPTO has added to the global world, thou it seems as a threat to the banking sector, with synchronisation but sector will be of benefit to each other and the global world at large.
January 07, 2019, 11:36:33 AM
January 07, 2019, 11:08:59 AM
India is in a cryptocurrency roller coaster right now where I see ups and downs bust mostly negative things against cryptocurrencies. I don't know if this is really a change of heart but recently I am seeing news that their is a new committee that is ruling in favor of cryptocurrencies and they are pushing the government to draft a legal framework for it. The only thing I am seeing as a hindrance is their own central bank which is the RBI as any committee being push around by the RBI is a useless committee and we should expect no progress in their country.
January 07, 2019, 10:44:41 AM
India probably realized that when those companies leave they stop paying taxes as well, you can't pay taxes when you are not open for business. India wanted to regulate it heavily and saw the companies leave and decided to step back on their approach. This will be the stance for many "middle ground" countries in the future as well.
There are countries like Switzerland and Malta and Ukraine that is quite pro-crypto that will get many crypto business starting there and paying taxes there.
There are a lot of countries who still doesn't have a specific crypto law established yet and look at it like an exchange for foreign currency instead (license to buy and sell dollars-euros and so forth applies to being capable of buying/selling crypto in many countries even to this day) and there will be countries like India that will have crypto laws but bend it somehow until finding the right spot.
There are countries like Switzerland and Malta and Ukraine that is quite pro-crypto that will get many crypto business starting there and paying taxes there.
There are a lot of countries who still doesn't have a specific crypto law established yet and look at it like an exchange for foreign currency instead (license to buy and sell dollars-euros and so forth applies to being capable of buying/selling crypto in many countries even to this day) and there will be countries like India that will have crypto laws but bend it somehow until finding the right spot.
Hey from what I read India is trying to get laws to regulate cryptos, after terming it illegal now their top Bank says it's not a threat. It's pertinent to note that India has record breaking transactions, and if those were to be taxed it could open a new source of income for the government. Also many states in USA are accepting tax payments in cryptos, and many other countries will follow suit too in accepting cryptos as tax payments.
January 07, 2019, 10:32:36 AM
India probably realized that when those companies leave they stop paying taxes as well, you can't pay taxes when you are not open for business. India wanted to regulate it heavily and saw the companies leave and decided to step back on their approach. This will be the stance for many "middle ground" countries in the future as well.
There are countries like Switzerland and Malta and Ukraine that is quite pro-crypto that will get many crypto business starting there and paying taxes there.
There are a lot of countries who still doesn't have a specific crypto law established yet and look at it like an exchange for foreign currency instead (license to buy and sell dollars-euros and so forth applies to being capable of buying/selling crypto in many countries even to this day) and there will be countries like India that will have crypto laws but bend it somehow until finding the right spot.
There are countries like Switzerland and Malta and Ukraine that is quite pro-crypto that will get many crypto business starting there and paying taxes there.
There are a lot of countries who still doesn't have a specific crypto law established yet and look at it like an exchange for foreign currency instead (license to buy and sell dollars-euros and so forth applies to being capable of buying/selling crypto in many countries even to this day) and there will be countries like India that will have crypto laws but bend it somehow until finding the right spot.
January 06, 2019, 08:14:45 PM
They know the truth deep down yet, they are pretending it isn't there. The truth remains that cryptocurrency particularly Bitcoin, once threaten the gobal financial when the price was skyrocking. They shouldn't just think that because the price dipped so it's over, Bitcoin is just getting started and we know that these 'Big Bankers' are number one secret investors.
January 06, 2019, 07:56:07 PM
I don't really understand why some people say that cryptocurrency and blockchain are bringing threat to banking system. We know that cryptocurrency can revolutionize significant financial transactions, but will not fully replace every thing. Thus, banking system and its fiat money reserved will still be used in some transactions. Let blockchain revolutionizes other fields aside from financial field.
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