Bitcoins and Bankers - page 3. | Bitcointalksearch.org

canvan

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Quote from: hovrah on June 29, 2017, 11:54:29 AM

Recently, the banking system works very well with the crypto currency. I have already convinced my country that crypto-currencies will soon be implemented at the state level and the user will not worry about the legal aspects of this issue.

They do work well together and bring benefits not only to us users and those who hate banks but also to the banks themselves.

naidray

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Quote from: Weatherby on June 28, 2017, 05:22:54 PM

Quote from: AjithBtc on June 28, 2017, 02:20:33 AM

Right now we haven't got more of the direct bitcoin acceptance. As stated soon we'll have the increased acceptance in stores as well on our needs. This will surely decrease the usage of banks, because now most of the bitcoin users convert the bitcoin to fiat just because they don't get the chance of using it around their locality.

One thing i have to defer here is that even if bitcoin is accepted world wide then there wont be any decrease in the usage of banks because you need both fiat currency and bank to invest in bitcoin or any alt coin,so they will co exist in the future and it will be like that in the future.I am not sure i am able to reply to what OP is trying to tell here. Wink

If bitcoin is accepted by bank in a future then both will be exist like this. For example if you take your bitcoins in the bank account. Your bitcoin price is also going to be high and also according to price you are getting interest rate. So this is best way if bank accept the bitcoin both will be going very well.

How the bank will be going well for example if bank. If there are a lot of money is coming to bank by people as the price increasing of bitcoin like that bank will giving loans to people and take a reserve rate to Central bank.

Barbarian

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Quote from: diegodog on June 07, 2017, 05:03:07 PM

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it?

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros) have met a swift end.

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped.

Thoughts?

Bitcoin is decentralized that is the biggest defense, all of those examples you give were centralized, there was a single point of failure, the leader, there is no such a thing with bitcoin, who is the leader, the miners, the developers, the truth is, there is no one to fulfill that position.

hovrah

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Recently, the banking system works very well with the crypto currency. I have already convinced my country that crypto-currencies will soon be implemented at the state level and the user will not worry about the legal aspects of this issue.

deisik

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English ⬄ Russian Translation Services

Quote from: roadbits on June 29, 2017, 05:43:20 AM

Quote from: deisik on June 29, 2017, 04:02:25 AM

Quote from: Eternu on June 29, 2017, 03:45:24 AM

Yes that is right, and i agree. For now and in near future people will need banks for exchanging bitcoin to fiat currency, and i guess nothing more. Because of fluctuation who sane would take credit from bank in bitcoin Cheesy

. But why i say in near future, well we all know how bitcoin works, and for paying and dealing with bitcoin in day to day life we do not need banks. But still, some people will need banks for safe keeping their bitcoins.

In fact, it makes perfect sense to take a Bitcoin loan from a bank

It is the bank who is to suffer most from Bitcoin volatility, not the borrower. For example, if you take 1,000 bitcoins and then sell half of this amount for dollars. Let's assume that Bitcoin rises a few times after that. Now you can safely default on your loan (I don't say that you should since I just follow the logic of the bank), forfeit your collateral (whatever it might be), and then buy what you forfeited with now expensive bitcoins and still have some bitcoins left in your pockets (plus dollars that you sold half of your bitcoins for). If Bitcoin goes down dramatically, it's not a big deal either. You just buy back the inexpensive coins with the dollars and return them to the bank (plus any interest accrued)

Yes we have both advantage and disadvantage for this method. According to you if the price drops it is an advantage for us to buy more coins and return to the bank. If the price increase then it is an advantage for banks they will get more income. The only solution for this problem is first the bitcoin price will be stable at one rate like our fiat currency. Once it's done, then we can do this business or else it is impossible.

This is not quite so

If Bitcoin price rises significantly (say, a few times), the borrower will be incentivized to default on his loan. Banks can't take from him more than what he has provided as a collateral, so if the price rises, the borrower will just leave to the bank his collateral. He can buy with his loan what he has forfeited as collateral and still have some bitcoins on hand from the loan. In this way, banks are risking a lot more than borrowers, and that's why we likely won't see Bitcoin loans in the near future (or ever)

Sled

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Bitcoin- in bullish time

Quote from: roadbits on June 29, 2017, 05:43:20 AM

Quote from: deisik on June 29, 2017, 04:02:25 AM

Quote from: Eternu on June 29, 2017, 03:45:24 AM

Yes that is right, and i agree. For now and in near future people will need banks for exchanging bitcoin to fiat currency, and i guess nothing more. Because of fluctuation who sane would take credit from bank in bitcoin Cheesy

. But why i say in near future, well we all know how bitcoin works, and for paying and dealing with bitcoin in day to day life we do not need banks. But still, some people will need banks for safe keeping their bitcoins.

In fact, it makes perfect sense to take a Bitcoin loan from a bank

It is the bank who is to suffer most from Bitcoin volatility, not the borrower. For example, if you take 1,000 bitcoins and then sell half of this amount for dollars. Let's assume that Bitcoin rises a few times after that. Now you can safely default on your loan (I don't say that you should since I just follow the logic of the bank), forfeit your collateral (whatever it might be), and then buy what you forfeited with now expensive bitcoins and still have some bitcoins left in your pockets (plus dollars that you sold half of your bitcoins for). If Bitcoin goes down dramatically, it's not a big deal either. You just buy back the inexpensive coins with the dollars and return them to the bank (plus any interest accrued)

Yes we have both advantage and disadvantage for this method. According to you if the price drops it is an advantage for us to buy more coins and return to the bank. If the price increase then it is an advantage for banks they will get more income. The only solution for this problem is first the bitcoin price will be stable at one rate like our fiat currency. Once it's done, then we can do this business or else it is impossible.

It is impossible for bitcoin to get stabilize because the price of bitcoin is just depending to the demand of the people in the market and it is also decentralized so it is not controllable and the only thing that we can do to it is just to get used to it. The fluctuations for the price is just normal and it is an advantage for us because that is how we are making money and if the volatility will be gone then bitcoin will just be boring.

roadbits

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Quote from: deisik on June 29, 2017, 04:02:25 AM

Quote from: Eternu on June 29, 2017, 03:45:24 AM

Yes that is right, and i agree. For now and in near future people will need banks for exchanging bitcoin to fiat currency, and i guess nothing more. Because of fluctuation who sane would take credit from bank in bitcoin Cheesy

. But why i say in near future, well we all know how bitcoin works, and for paying and dealing with bitcoin in day to day life we do not need banks. But still, some people will need banks for safe keeping their bitcoins.

In fact, it makes perfect sense to take a Bitcoin loan from a bank

It is the bank who is to suffer most from Bitcoin volatility, not the borrower. For example, if you take 1,000 bitcoins and then sell half of this amount for dollars. Let's assume that Bitcoin rises a few times after that. Now you can safely default on your loan (I don't say that you should since I just follow the logic of the bank), forfeit your collateral (whatever it might be), and then buy what you forfeited with now expensive bitcoins and still have some bitcoins left in your pockets (plus dollars that you sold half of your bitcoins for). If Bitcoin goes down dramatically, it's not a big deal either. You just buy back the inexpensive coins with the dollars and return them to the bank (plus any interest accrued)

Yes we have both advantage and disadvantage for this method. According to you if the price drops it is an advantage for us to buy more coins and return to the bank. If the price increase then it is an advantage for banks they will get more income. The only solution for this problem is first the bitcoin price will be stable at one rate like our fiat currency. Once it's done, then we can do this business or else it is impossible.

deisik

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Activity: 3486

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English ⬄ Russian Translation Services

Quote from: Eternu on June 29, 2017, 03:45:24 AM

Yes that is right, and i agree. For now and in near future people will need banks for exchanging bitcoin to fiat currency, and i guess nothing more. Because of fluctuation who sane would take credit from bank in bitcoin Cheesy

. But why i say in near future, well we all know how bitcoin works, and for paying and dealing with bitcoin in day to day life we do not need banks. But still, some people will need banks for safe keeping their bitcoins.

In fact, it makes perfect sense to take a Bitcoin loan from a bank

It is the bank who is to suffer most from Bitcoin volatility, not the borrower. For example, if you take 1,000 bitcoins and then sell half of this amount for dollars. Let's assume that Bitcoin rises a few times after that. Now you can safely default on your loan (I don't say that you should since I just follow the logic of the bank), forfeit your collateral (whatever it might be), and then buy what you forfeited with now expensive bitcoins and still have some bitcoins left in your pockets (plus dollars that you sold half of your bitcoins for). If Bitcoin goes down dramatically, it's not a big deal either. You just buy back the inexpensive coins with the dollars and return them to the bank (plus any interest accrued)

Eternu

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Activity: 560

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Quote from: AjithBtc on June 28, 2017, 02:20:33 AM

Quote from: andrei56 on June 28, 2017, 12:37:02 AM

Quote from: asriloni on June 24, 2017, 10:27:27 AM

Quote from: andrei56 on June 23, 2017, 11:27:42 PM

Quote from: Oceat on June 20, 2017, 02:40:26 PM

Quote from: Md Saad on June 13, 2017, 12:28:16 AM

Quote from: Lieldoryn on June 12, 2017, 06:13:10 PM

Bankers can not influence the situation with bitcoin. Bankers can take an unlimited amount of Fiat money, but to have access to bitcoin they can't. Besides who wants to borrow in bitcoins if the price can rise to it. Such a loan can result in bankruptcy.

this is really complicated to differentiate between bitcoin and bankers. I think both have a different aspect, bankers are basically involved in the traditional banking and bitcoin is involved with the virtual area, but in the future, bankers also will deal with bitcoin.

Yea, bankers will have to deal with bitcoin in the future but bankers can not change the situation in bitcoins. Bitcoin is anonymous while banks is not, both of them has a different aspect concerning about the volatility in both areas.

Neither bitcoins or banks are anonymous, banks will require lots of information before they even allow you to even open an account, in bitcoin this is not the case but every single transaction is there for everyone to see, in the other hand banks only allow yourself and the authorities to see your transactions.

But the bitcoin will need the bank to make a gate for the fiat to get into the bitcoin. I think all of the bitcoin users are need bank to do that. The verification of your id to prevent the money laundering and criminalities.
Every bank around the world will do that.

As bitcoin becomes more accepted as a currency around the world then the need to convert your bitcoin to fiat using a bank account will diminish also you can convert your bitcoin to fiat without the use of a bank account by exchanging bitcoin for cash in a face to face trade.

Right now we haven't got more of the direct bitcoin acceptance. As stated soon we'll have the increased acceptance in stores as well on our needs. This will surely decrease the usage of banks, because now most of the bitcoin users convert the bitcoin to fiat just because they don't get the chance of using it around their locality.

Yes that is right, and i agree. For now and in near future people will need banks for exchanging bitcoin to fiat currency, and i guess nothing more. Because of fluctuation who sane would take credit from bank in bitcoin Cheesy

. But why i say in near future, well we all know how bitcoin works, and for paying and dealing with bitcoin in day to day life we do not need banks. But still, some people will need banks for safe keeping their bitcoins.

Weatherby

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Quote from: AjithBtc on June 28, 2017, 02:20:33 AM

Right now we haven't got more of the direct bitcoin acceptance. As stated soon we'll have the increased acceptance in stores as well on our needs. This will surely decrease the usage of banks, because now most of the bitcoin users convert the bitcoin to fiat just because they don't get the chance of using it around their locality.

One thing i have to defer here is that even if bitcoin is accepted world wide then there wont be any decrease in the usage of banks because you need both fiat currency and bank to invest in bitcoin or any alt coin,so they will co exist in the future and it will be like that in the future.I am not sure i am able to reply to what OP is trying to tell here. Wink

AjithBtc

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Vave.com - Crypto Casino

Quote from: andrei56 on June 28, 2017, 12:37:02 AM

Quote from: asriloni on June 24, 2017, 10:27:27 AM

Quote from: andrei56 on June 23, 2017, 11:27:42 PM

Quote from: Oceat on June 20, 2017, 02:40:26 PM

Quote from: Md Saad on June 13, 2017, 12:28:16 AM

Quote from: Lieldoryn on June 12, 2017, 06:13:10 PM

Bankers can not influence the situation with bitcoin. Bankers can take an unlimited amount of Fiat money, but to have access to bitcoin they can't. Besides who wants to borrow in bitcoins if the price can rise to it. Such a loan can result in bankruptcy.

this is really complicated to differentiate between bitcoin and bankers. I think both have a different aspect, bankers are basically involved in the traditional banking and bitcoin is involved with the virtual area, but in the future, bankers also will deal with bitcoin.

Yea, bankers will have to deal with bitcoin in the future but bankers can not change the situation in bitcoins. Bitcoin is anonymous while banks is not, both of them has a different aspect concerning about the volatility in both areas.

Neither bitcoins or banks are anonymous, banks will require lots of information before they even allow you to even open an account, in bitcoin this is not the case but every single transaction is there for everyone to see, in the other hand banks only allow yourself and the authorities to see your transactions.

But the bitcoin will need the bank to make a gate for the fiat to get into the bitcoin. I think all of the bitcoin users are need bank to do that. The verification of your id to prevent the money laundering and criminalities.
Every bank around the world will do that.

As bitcoin becomes more accepted as a currency around the world then the need to convert your bitcoin to fiat using a bank account will diminish also you can convert your bitcoin to fiat without the use of a bank account by exchanging bitcoin for cash in a face to face trade.

Right now we haven't got more of the direct bitcoin acceptance. As stated soon we'll have the increased acceptance in stores as well on our needs. This will surely decrease the usage of banks, because now most of the bitcoin users convert the bitcoin to fiat just because they don't get the chance of using it around their locality.

xypos

sr. member

Activity: 532

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Quote from: diegodog on June 07, 2017, 05:03:07 PM

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it?

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros) have met a swift end.

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped.

Thoughts?

I really don't think that the whole "banking system" is just behind bitcoin.

Why? Because they have all responded negatively to bitcoin. If they create something, then obviously there should be some sort of motive, right? What is the motive for them to create bitcoin, then they are earning hundreds of millions of dollars by having a centralized banking system? It really does not make sense for me.

And no, they are stopping people from using bitcoin. China's central bank hates BTC, banks are freezing bitcoin related accounts every single week. Government is tracking down people doing p2p trades. So it's really unlikely that it is what you say.

andrei56

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Quote from: asriloni on June 24, 2017, 10:27:27 AM

Quote from: andrei56 on June 23, 2017, 11:27:42 PM

Quote from: Oceat on June 20, 2017, 02:40:26 PM

Quote from: Md Saad on June 13, 2017, 12:28:16 AM

Quote from: Lieldoryn on June 12, 2017, 06:13:10 PM

Bankers can not influence the situation with bitcoin. Bankers can take an unlimited amount of Fiat money, but to have access to bitcoin they can't. Besides who wants to borrow in bitcoins if the price can rise to it. Such a loan can result in bankruptcy.

this is really complicated to differentiate between bitcoin and bankers. I think both have a different aspect, bankers are basically involved in the traditional banking and bitcoin is involved with the virtual area, but in the future, bankers also will deal with bitcoin.

Yea, bankers will have to deal with bitcoin in the future but bankers can not change the situation in bitcoins. Bitcoin is anonymous while banks is not, both of them has a different aspect concerning about the volatility in both areas.

Neither bitcoins or banks are anonymous, banks will require lots of information before they even allow you to even open an account, in bitcoin this is not the case but every single transaction is there for everyone to see, in the other hand banks only allow yourself and the authorities to see your transactions.

But the bitcoin will need the bank to make a gate for the fiat to get into the bitcoin. I think all of the bitcoin users are need bank to do that. The verification of your id to prevent the money laundering and criminalities.
Every bank around the world will do that.

As bitcoin becomes more accepted as a currency around the world then the need to convert your bitcoin to fiat using a bank account will diminish also you can convert your bitcoin to fiat without the use of a bank account by exchanging bitcoin for cash in a face to face trade.

Supercrypt

legendary

Activity: 1554

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Quote from: diegodog on June 07, 2017, 05:03:07 PM

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it?

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros) have met a swift end.

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped.

Thoughts?

It's also this new type of financial network that enables transactions to happen right on the Internet. There's no guarantee that the cost of a bitcoin increases or drop, it keeps depending on the community, as opposed to the technology. For instance, what if an organization or individual decided to begin their own model of bitcoin, it means uncertainty will follow always regardless of how big it will grow in future.

bitart

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Vires in Numeris

Quote from: Sled on June 24, 2017, 10:56:05 PM

Quote from: SinLinJim on June 24, 2017, 04:48:28 PM

Quote from: Eternu on June 24, 2017, 04:36:36 PM

I think that in near future, banks will understand how much potential bitcoin have, if they did not already. So after than it will not take long time when banks will start dealing with bitcoin directly. Electronic currency is future, there are so many advantage than with fiat. But as banks always do, they will deal with everything their own way and for their gain only.

Despite a lot of talk about the fact that Bitcoin destroy the banking system, And yet I'm sure that Bitcoin and banks will cooperate well and the reality of the financial system will only become stronger thanks to such cooperation.

If the banks will not have any idea to stop bitcoin from conquering people then bankers will just cooperate with bitcoin and it will just do the same thing like other people which is adopt bitcoin as a currency and enable people to deposit money in their banks with bitcoin and that is the scenario that i see in the future because bitcoin is unstoppable and it is like, you will adopt it or you will adopt it kind of option Grin

.

Banks are interested in bitcoin. But banks need to be careful, because the basics of the banking system is the trust, banks have. People trust the banks, this is why they put their money into bank accounts and they belive that banks can pay their money back if they need it to spend. So banks need to preserve the gained trust, because without trust the can just finish their business.
And in connection with bictoin, as long as in the Average Joe's mind bitcoin means the currency of the maffia and the terrorists (remember WannaCry?), banks just can't fully adopt bitcoin, because of the negative effect on their trust. It's a long way still...

Sadlife

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Bitcoin will not be controlled or get hack by the Government or NSA they would need a huge amount of hash power to do that to be able to change bitcoin's algorithm to do that they would had to conduct a 51% network attack. Bitcoin has already destroyed the banking system many people has started to get interested cause of it's decentralized monetary system that is free from oppression, exploitation and tyranny. The bitcoin price price will soar up even more as many institutional investors are getting involve in it and soon the government's monetary system might need to change their rules or else get destroyed by bitcoin.

Sled

hero member

Activity: 1680

Merit: 535

Bitcoin- in bullish time

Quote from: SinLinJim on June 24, 2017, 04:48:28 PM

Quote from: Eternu on June 24, 2017, 04:36:36 PM

I think that in near future, banks will understand how much potential bitcoin have, if they did not already. So after than it will not take long time when banks will start dealing with bitcoin directly. Electronic currency is future, there are so many advantage than with fiat. But as banks always do, they will deal with everything their own way and for their gain only.

Despite a lot of talk about the fact that Bitcoin destroy the banking system, And yet I'm sure that Bitcoin and banks will cooperate well and the reality of the financial system will only become stronger thanks to such cooperation.

If the banks will not have any idea to stop bitcoin from conquering people then bankers will just cooperate with bitcoin and it will just do the same thing like other people which is adopt bitcoin as a currency and enable people to deposit money in their banks with bitcoin and that is the scenario that i see in the future because bitcoin is unstoppable and it is like, you will adopt it or you will adopt it kind of option Grin

.

SinLinJim

full member

Activity: 490

Merit: 101

Quote from: Eternu on June 24, 2017, 04:36:36 PM

I think that in near future, banks will understand how much potential bitcoin have, if they did not already. So after than it will not take long time when banks will start dealing with bitcoin directly. Electronic currency is future, there are so many advantage than with fiat. But as banks always do, they will deal with everything their own way and for their gain only.

Despite a lot of talk about the fact that Bitcoin destroy the banking system, And yet I'm sure that Bitcoin and banks will cooperate well and the reality of the financial system will only become stronger thanks to such cooperation.

Eternu

sr. member

Activity: 560

Merit: 257

I think that in near future, banks will understand how much potential bitcoin have, if they did not already. So after than it will not take long time when banks will start dealing with bitcoin directly. Electronic currency is future, there are so many advantage than with fiat. But as banks always do, they will deal with everything their own way and for their gain only.

raven7886

legendary

Activity: 1512

Merit: 1041

Quote from: bitbunnny on June 24, 2017, 01:19:21 PM

Bank is not the only one that asks about personal information. What about exchangers, you have to give your data and still everyone uses them. I think is not the main point of Bitcoin bank like it's not centralization. I think Bitcoin bank could move Bitcoin related services to another level without bad influence on Bitcoin.

I do not find any necessity of having bitcoin bank as we are already dealing with bitcoin comfortably just with wallets hence there will be no need of having any centralized authority for our bitcoin related stuff.

If you will be needing some bank for the purpose of buying and selling bitcoins, that does not mean you are in need of bitcoin bank. Bitcoin bank must be completely different like it will be in forcing us back to go from decentralisation into centralization.

Topic: Bitcoins and Bankers - page 3. (Read 3543 times)