Bitcoin makes banks unnecessary - page 2.

Rimmer

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Quote from: BIT-Sharon on May 11, 2015, 02:47:15 AM

Though there are many problems of monitoring on Bitcoin, the root is to remove the centralized banks as entity. It is used widely as investment tool, or sometimes to hide the money of tax auditors, however, Bitcoin proclaim that its intention is to kick out the financial institution, and to purchase a car with a pocket cash to remove it.

I don't think bitcoin will remove the centralized banks and there will always be a need for them and their various services, but what bitcoin shows is its a viable and workable alternative. Bitcoin and the blockchain will undeniably influence society eventually but I don't think it will overthrow or drastically alter the banking system anytime soon.

Amph

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that is the final goal, i think we are not really there yet, but in the end bitcoin should at least be on pair with fiat

and for someone bitcoin already did that apaprently, like for Elwar(read his thread)

shulio

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Quote from: Vod on May 11, 2015, 02:58:29 AM

Bitcoin does not make banks unnecessary.

Bitcoin cannot provide loans.
Bitcoin cannot provide investments.
Bitcoin cannot provide estate security.

Bitcoin has it's place as an option to the intelligent investor. But it will never replace a bank.

This is totally wrong. Everyone can provide a loan with bitcoin and there are already alot of sites that lend people through bitcoin like btcjam.com. Bitcoin will never replace it but it doesnt mean that bitcoin cant stay side by side with it.

Ayers

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Quote from: Elwar on May 11, 2015, 03:45:57 AM

Quote from: Vod on May 11, 2015, 02:58:29 AM

Bitcoin cannot provide loans.

https://btcjam.com/
https://bitlendingclub.com/
https://www.bitbond.com/
https://btclend.org/

Quote

Bitcoin cannot provide investments.

https://cryptostocks.com/
http://mpex.co/
http://www.bitpools.com

Quote

Bitcoin cannot provide estate security.

http://mashable.com/2010/10/11/social-media-after-death/
http://www.coindesk.com/how-block-chain-technology-is-working-to-transform-intellectual-property/

/thread

some are unknown to me good catch

Undermood

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Quote from: Elwar on May 11, 2015, 03:45:57 AM

Quote from: Vod on May 11, 2015, 02:58:29 AM

Bitcoin cannot provide loans.

https://btcjam.com/
https://bitlendingclub.com/
https://www.bitbond.com/
https://btclend.org/

Quote

Bitcoin cannot provide investments.

https://cryptostocks.com/
http://mpex.co/
http://www.bitpools.com

Quote

Bitcoin cannot provide estate security.

http://mashable.com/2010/10/11/social-media-after-death/
http://www.coindesk.com/how-block-chain-technology-is-working-to-transform-intellectual-property/

Fiat money is the same. The beauty of fiat money is behind whole escosystem including gov, financial institutions, banks, and merchants' support etc. Probably btcoin needs those kind of support as well to increase its adoption rate. But banks still pay an important role between fiat money and bitcoin. Ppl use banks' deposit to buy bitcoin, and vice versa.

erikalui

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The money in banks is regulated while bitcoins are not and will probably never be regulated as the identity of a person is anonymous. It's more black money than white. The investment schemes of banks are much more reliable than bitcoins.

The above quoted websites may be genuine but it's true if any of those websites shut down overnight, the investors may not get their money back unlike the case with banks where you can claim at least the principle amount.

Elwar

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Quote from: Vod on May 11, 2015, 02:58:29 AM

Bitcoin cannot provide loans.

https://btcjam.com/
https://bitlendingclub.com/
https://www.bitbond.com/
https://btclend.org/

Quote

Bitcoin cannot provide investments.

https://cryptostocks.com/
http://mpex.co/
http://www.bitpools.com

Quote

Bitcoin cannot provide estate security.

http://mashable.com/2010/10/11/social-media-after-death/
http://www.coindesk.com/how-block-chain-technology-is-working-to-transform-intellectual-property/

frankenmint

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Quote from: LFC_Bitcoin on May 11, 2015, 03:12:38 AM

Quote from: Vod on May 11, 2015, 02:58:29 AM

...

Agree with all of this.
To be honest though I don't care if banks still run as long as bitcoin grows & we gain absolute mass mainstream adoption & it makes me a shit load of money.
Anybody else who is along for the ride, cool.

that's the kinda of ideology that causes these things to stay in cycles rather than be used to create new systems

frankenmint

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Quote from: Vod on May 11, 2015, 02:58:29 AM

Bitcoin cannot provide loans.

We can Replace the loans model if the same efforts of decentralized due diligence and p2peer crowdfunding and an Equally held level of accountability for diligence with guaranteed minimum collateral and a convertible opt-out option - B-corps utilizing sidechains to allow users to work together can be possible.

Quote from: Vod on May 11, 2015, 02:58:29 AM

Bitcoin cannot provide investments.

Holding BTC is an investment - using and participating in the economies around cryptocurrency in and of themselves are investing in BTC and related technology

Quote from: Vod on May 11, 2015, 02:58:29 AM

Bitcoin cannot provide estate security.

I would have to argue that 'neither do banks' have the power to protect your estate security any more than BTC would if properly secured - although the more I think about it, you're probably more correct - for now because it is much easier to secure regular funds as an average user than it is as a complex user who has things well figured out and trained. (make a certain type of special decryption that requires humans as well as proof of death as well as proof of progeny and Bitcoin will supercede bank regulations involving beneficiaries)

Jeremycoin

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It's true that only time can tall what Bitcoin will be in the future. But, however we need to do something so the time will tell better future of Bitcoin Wink

LFC_Bitcoin

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Quote from: Vod on May 11, 2015, 02:58:29 AM

Bitcoin does not make banks unnecessary.

Bitcoin cannot provide loans.
Bitcoin cannot provide investments.
Bitcoin cannot provide estate security.

Bitcoin has it's place as an option to the intelligent investor. But it will never replace a bank.

Agree with all of this.
To be honest though I don't care if banks still run as long as bitcoin grows & we gain absolute mass mainstream adoption & it makes me a shit load of money.
Anybody else who is along for the ride, cool.

Fernandez

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Quote from: Vod on May 11, 2015, 02:58:29 AM

Bitcoin does not make banks unnecessary.

Bitcoin cannot provide loans.
Bitcoin cannot provide investments.
Bitcoin cannot provide estate security.

Bitcoin has it's place as an option to the intelligent investor. But it will never replace a bank.

Don't speak so soon. There some newer cryptos out there which can do all those you mentioned. Perhaps a discussion for a different board.

Vod

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Bitcoin does not make banks unnecessary.

Bitcoin cannot provide loans.
Bitcoin cannot provide investments.
Bitcoin cannot provide estate security.

Bitcoin has it's place as an option to the intelligent investor. But it will never replace a bank.

Fernandez

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Activity: 1008

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Quote from: BIT-Sharon on May 11, 2015, 02:47:15 AM

No matter if Bitcoin is the most important encryption currency, only time can tell. Whether things like Ripple will be accepted by more organizations does not matter, they aim to centralize valuable transaction further and create more widely breakdown point by this.

Ripple is showing legacy banking how to survive in case the crypto movement gains popularity. The fact that Ripple is so openly welcomed here shows that all are in for the money only.

tokeweed

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Yes. Time to take medication.

BIT-Sharon

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Though there are many problems of monitoring on Bitcoin, the root is to remove the centralized banks as entity. It is used widely as investment tool, or sometimes to hide the money of tax auditors, however, Bitcoin proclaim that its intention is to kick out the financial institution, and to purchase a car with a pocket cash to remove it. It deserves to remind that a simple electronic cash point to point edition will allow to pay online or send from one party to another directly without financial institution in these periods.
In historical period, financial institution has proved to not deserve to own any part of these kinds of transaction. They have destroyed many areas of economy and create unsustainable interest rate and made millions of sincere workers go bankrupt. The interest on replacement on financing is at its highest, and Bitcoin came out.
No matter if Bitcoin is the most important encryption currency, only time can tell. Whether things like Ripple will be accepted by more organizations does not matter, they aim to centralize valuable transaction further and create more widely breakdown point by this.

Topic: Bitcoin makes banks unnecessary - page 2. (Read 1907 times)