Bitcoin woke up the Giants - page 3.

Omegasun

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Quote from: davis196 on November 16, 2016, 03:13:38 AM

Quote from: Kakmakr on November 15, 2016, 02:42:28 AM

Bitcoin has not just brought us a decentralized P2P payment system or a alternative for the banks. It woke the Giants in the Fintech world. Before Bitcoin, clients at banks were treated as the scum of the earth, even more so, when you are middle class or poor.

Bitcoin came in and they threatened to disrupt the Banking and Remittance services. What happen? These financial services realized that they will lose money, and they suddenly dumped Billions of dollars into Blockchain based technologies and also user-friendly banking services with 24 hour access via Social media platforms like Facebook Messenger and WeChat and some of their own in-house apps.

We have not seen this level of attention given to clients for many years. Why, because the Giants were comfortable with their foot on our neck. They had the monopoly, backed by governments.

We should support Bitcoin to keep these Giants on their toes. If Bitcoin fails, these Giants will go back to sleep and we will be stuck with high fees and poor service.

I don`t think that the banks improved their service because of bitcoin.

They improved their services because they compete against each other and want to get more customers.

I don`t think that most of the banks see bitcoin as a major competitor.

Bitcoin is not a competitor bank, it is their allies in terms of developing banking system nowadays. I think bank will bitcoin as a part on their system in the near future, But this will not gonna made easy because of anonymity feature of bitcoin that contradicts on legalality of banking system. Bitcoin is not a threat for Bank.

davis196

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Quote from: Kakmakr on November 15, 2016, 02:42:28 AM

Bitcoin has not just brought us a decentralized P2P payment system or a alternative for the banks. It woke the Giants in the Fintech world. Before Bitcoin, clients at banks were treated as the scum of the earth, even more so, when you are middle class or poor.

Bitcoin came in and they threatened to disrupt the Banking and Remittance services. What happen? These financial services realized that they will lose money, and they suddenly dumped Billions of dollars into Blockchain based technologies and also user-friendly banking services with 24 hour access via Social media platforms like Facebook Messenger and WeChat and some of their own in-house apps.

We have not seen this level of attention given to clients for many years. Why, because the Giants were comfortable with their foot on our neck. They had the monopoly, backed by governments.

We should support Bitcoin to keep these Giants on their toes. If Bitcoin fails, these Giants will go back to sleep and we will be stuck with high fees and poor service.

I don`t think that the banks improved their service because of bitcoin.

They improved their services because they compete against each other and want to get more customers.

I don`t think that most of the banks see bitcoin as a major competitor.

Pursuer

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whenever there is a growing trend in the world and that growing trend is related to money one way or another, it will always attract all kinds of different people, organizations,... to itself because everybody is looking for making more money.

however

Quote from: Kakmakr on November 15, 2016, 02:42:28 AM

...they suddenly dumped Billions of dollars into Blockchain based technologies ....

this is a different story.
this is just about these people interested in the technology and finding blockchain a good way of using it in their own centralized system and not related to bitcoin at all.

Kakmakr

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Quote from: yayayo on November 15, 2016, 11:30:25 AM

Competition stimulates good business practice...

Unfortunately the so called "Giants" can not effectively compete with Bitcoin. All they can do is trying to delay and slow down customer exodus by offering improved service. In the long run however, no fiat-based payment provider will be able to offer a better product in terms of costs of service and earn money at the same time. Every Bitcoin user can just download a wallet and easily send payments everywhere, without requiring a third party.

All blockchain investments will turn out to be a pure waste of funds.

Quote from: Kakmakr on November 15, 2016, 02:42:28 AM

[...]

We should support Bitcoin to keep these Giants on their toes. If Bitcoin fails, these Giants will go back to sleep and we will be stuck with high fees and poor service.

No we should not support Bitcoin to keep the "Giants" on their toes. We should support Bitcoin to get rid of "Giants" and use a free, sound and decentralized currency instead.

ya.ya.yo!

Agreed, but these Giants will get the support from their respective governments and at some time in the future, Bitcoin will get regulated to death and the same regulations will not be applicable to the banks and other financial institutions to favor them.

These Giants involvement with the governments should not be underestimated. Money is power and they will do anything to be in control of the money, because it gives them the power too.

pooya87

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Quote from: Kakmakr on November 15, 2016, 02:42:28 AM

Bitcoin has not just brought us a decentralized P2P payment system or a alternative for the banks. It woke the Giants in the Fintech world. Before Bitcoin, clients at banks were treated as the scum of the earth, even more so, when you are middle class or poor.

Bitcoin came in and they threatened to disrupt the Banking and Remittance services. What happen? These financial services realized that they will lose money, and they suddenly dumped Billions of dollars into Blockchain based technologies and also user-friendly banking services with 24 hour access via Social media platforms like Facebook Messenger and WeChat and some of their own in-house apps.

We have not seen this level of attention given to clients for many years. Why, because the Giants were comfortable with their foot on our neck. They had the monopoly, backed by governments.

We should support Bitcoin to keep these Giants on their toes. If Bitcoin fails, these Giants will go back to sleep and we will be stuck with high fees and poor service.

yeah this is some good points but something to remember is that bitcoin is not yet that big a deal specially for these giants. you can compare the number of transactions that are happening with bitcoin compared to the number of transactions those giants you had in mind are handling daily, in comparison bitcoin is a grain of sand.

Shady

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Life is a game, you either play it or get played.

Bitcoin surplus has benefitted long standing as well as new users, the systems in place before this were extremely valuable at the fact more structures such as the one you mentioned can come out of nothing.

In all respect, banks became smarter the past few years at decveloping function for external economies not limited by their standard usage.

I believe more will come after block technology evolves, moreover it'll aid the boom and make smaller alt-coins jump into this gold rush.

jak3

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nice words there and i am agreed with your statment that banks do not treat their clients well becoze they are just set of humans who have to handle the whole state every day and bitcoin on the other hand is like a self dependent servic people have the knowledge of their actions so thewhole network is working themself

error08

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I could see bitcoin technology compete with banks system, which one is offering better options related to services in banking world.
When people feels bank systems is better option to do their transaction which easier and trusted instead of bitcoin that still fledgling currency, could make bitcoin can't thrive rapidly.

Chris!

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Quote from: crazyivan on November 15, 2016, 04:52:43 AM

Do you think is going to affect the price? I see lots of banks re buying and storing BTC to deal with potential ransom requests but this is BS. I m sure BTC can be much more useful in the financial sector.

I never did see any proof of this I just saw news articles about it without any real sources or quotes from bankers saying they were stockpiling bitcoins. Why wouldn't they just improve their security rather than "negotiate with terrorists"?

BingoDog

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Whenever the banks are shaken and under some kind of pressure I'm happy. Grin

Bitcoin has done a lot to change the finances and way they are functioning. The fact they want to use blockchain technology I also see as a succes of an alternative called Bitcoin and virtual currencies in general. Banks stil have some kind of fear of Bitcoin and that is good.

Kprawn

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I think it is the other way around.... The giants woke the sleeping public. If we have the history of Bitcoin correct... then Satoshi created

Bitcoin, because he/she were frustrated with the corrupted banking system. Satoshi realized that we can solve that problem with technology,

and he created a decentralized network, that cannot be taken down. Grin

.... This was the birth of Bitcoin.

c4s7or

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Quote from: chesatochi on November 15, 2016, 11:36:56 AM

I think bank will try to create they own cryptocurrency, but in the end is almost to make a profit. They don't have the control over Bitcoin and they scare to lose some market share, the reaction is to try to convince people with advertisements.

When a government of a bank lost control, they feel insecure because they own entity can disappear or they power diminish.

And after their own blockchains failed they will say it is the proof that the whole bitcoin/blockchain thing doesnt work

chesatochi

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I think bank will try to create they own cryptocurrency, but in the end is almost to make a profit. They don't have the control over Bitcoin and they scare to lose some market share, the reaction is to try to convince people with advertisements.

When a government of a bank lost control, they feel insecure because they own entity can disappear or they power diminish.

ABCbits

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Nah, they only invest/use blockchain technology for their own benefits such as more efficient database/security/transaction Roll Eyes

I bet none of them actually care got destroyed by bitcoin or care about their customer.

Also, i totally disagree with the "giants" use bitcoin. We should use bitcoin without 3rd party interference.

yayayo

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Competition stimulates good business practice...

Unfortunately the so called "Giants" can not effectively compete with Bitcoin. All they can do is trying to delay and slow down customer exodus by offering improved service. In the long run however, no fiat-based payment provider will be able to offer a better product in terms of costs of service and earn money at the same time. Every Bitcoin user can just download a wallet and easily send payments everywhere, without requiring a third party.

All blockchain investments will turn out to be a pure waste of funds.

Quote from: Kakmakr on November 15, 2016, 02:42:28 AM

[...]

We should support Bitcoin to keep these Giants on their toes. If Bitcoin fails, these Giants will go back to sleep and we will be stuck with high fees and poor service.

No we should not support Bitcoin to keep the "Giants" on their toes. We should support Bitcoin to get rid of "Giants" and use a free, sound and decentralized currency instead.

ya.ya.yo!

KennyR

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We won't get stamped by giants anymore, because bitcoin has got the attention of lots of users as well in several service providers were getting into usage of bitcoin and its technology. One among the best is that the Australia based travelling website had tested the Blockchain technology for error free transaction for about six months. Soon they are in a plan to implement in all branches belonging to them.

xdrpx

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Banks are implementing the Blockchain technology only for their personal gains and to be on a safer side to not lose their existing customers to Bitcoins or other cryptocurrencies (which I believe they aren't losing any customers yet). Also, I'm sure that majority of the banks would never integrate Bitcoins cause of the decentralized nature and they never like to lose centralized power over their customers. They always have the upper hand in regulating interest rates for loans, restricting withdrawals and freezing peoples accounts (unauthorized monitoring of peoples transactions and freezing their accounts if they find something odd or shady).

But, what you've mentioned is very accurate. "First they laugh at you, then they debate and then they copy what you have and compete". It's how all monopolistic markets work, they always want control but if they find that something innovative has come in to break their control systems, they'll start implementing their own to retain their customers. It's going to be a huge competition for Bitcoin in the coming years.

bitbunnny

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Bitcoin has shaken the earth beneath the bankers feet and that is good. They don't feel like untouchable masters anymore. They have realised they should treat their clients in different manner and respect their rights. This is a big achievment besides everything else that Bitcoin brought to us. Let's just keep going in that direction.

crwth

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A lot has happened when bitcoin become popular especially today where the value is really high. The people who want to control the world or the economy in part of it still wants control. They are noticing what are the possibilities of bitcoin. The giants themselves want to know more about it and probably want more power. They are probably here and some already have control of bitcoins. Either way, they are still giants. Just appreciate what happens, and everything will be okay. A positive outlook is good. Maybe they can improve bitcoin or something.

Juggy777

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Quote from: Kakmakr on November 15, 2016, 02:42:28 AM

Bitcoin has not just brought us a decentralized P2P payment system or a alternative for the banks. It woke the Giants in the Fintech world. Before Bitcoin, clients at banks were treated as the scum of the earth, even more so, when you are middle class or poor.

Bitcoin came in and they threatened to disrupt the Banking and Remittance services. What happen? These financial services realized that they will lose money, and they suddenly dumped Billions of dollars into Blockchain based technologies and also user-friendly banking services with 24 hour access via Social media platforms like Facebook Messenger and WeChat and some of their own in-house apps.

We have not seen this level of attention given to clients for many years. Why, because the Giants were comfortable with their foot on our neck. They had the monopoly, backed by governments.

We should support Bitcoin to keep these Giants on their toes. If Bitcoin fails, these Giants will go back to sleep and we will be stuck with high fees and poor service.

This always happens buddy, when some one has niche and no one is close enough they start to dominate, they feel they can do anything and no one shall object to it. Bitcoin have taken the floor of their feet, for years all the harassed people have woken up and they are killing it. Bitcoin will help us but unfortunately not at the rate we all think it will. It will take a good 5-10 years before it's is firmly established, again that's a long time. But hey we could always use it to leverage in the current situation. So let's be positive about it.

Topic: Bitcoin woke up the Giants - page 3. (Read 2936 times)