Topic: Bitcoins and Bankers - page 5. (Read 3543 times)

So..........you could store coins in your Bitcoin wallet, something that can be done at a bank, but that is the same function as a wallet, thus why they are called wallets in Bitcoin, not banks.  A bank provides a secure storage, that is what the online wallet are doing, not Bitcoin.  A personal Bitcoin wallet has to be keep safe by the user.

Well I'm new here too but in our country ( Philippines ) , I've heard this news :
According to our sentral bank : Added National Bookstore, Mercury Drug, Kultura, Kashieca, Human, Green Pastures, Fully Booked and Enderun Colleges for the Gift Certificates section in the Marketplace and will be adding a few more before enabling the payment system.
So what is this all about? This allows Pesobit users to buy Gift certificates for these big merchants in exchange of their Pesobits. It may not be useful to International holders but for Overseas Filipino Workers or regular Pesobit holders here in the Philippines, this can be put into good use. Overseas workers now know that if they want to pay for the tuition fee or medical products of their family members they will have an assurance that their money will be spent to what the merchant they intended it to be used. Sending money will cause more than the actual buying of these Gift Certificates via Pesobit. The goal is to provide more and more usage for Pesobit holders and ECommerce is one that can drive usage.
Well this is a huge step because the government ( our government is open in regulating cryptocurrencies ). My opinion is that BTC is not such a threat because government can make cryptocurrencies too ( there are amazing guys who work on the government as well) and launch an alternative to fiat and co exixst with BTC just like PHP co-existing with dollars.

Hello and welcome to crypto world, I will answer some of your questions and correct some of your thoughts, I highlighted all I will answer. First of all, no one can fully control bitcoin behind the scenes because even if they control the price temporarily bankers,government or some group of elites cannot control bitcoin forever. Also, they cannot print fiat money to buy bitcoins because it will cause deflation to their own currency and they would not want that. Lastly, they are not stopping bitcoin right now maybe because they still not see it as a threat to the current fiat currency they have now, and some country adopts it. I might be wrong but this is my thoughts.

I'm not really concerned about them controlling it because the divisiveness of the community is something the government wouldn't be doing and they'd just be marching in a mostly-unified direction instead of drawing everything out like they have been. They can print the money but that's a lot of money to be printing if they're intent on buying out Bitcoin. Very unlikely.

They have nothing to go after though. There is no person they can assassinate, no country to invade, no company executive to arrest. That's probably why they haven't gone and attacked anything yet. That's the only reason I can think of, anyways. Not sure why they aren't being more aggressive with it but Congress did pass that one bill allowing for the government to seize accounts. Maybe that's something that they're going to exploit.

Bitcoins itself is not controlled or monitored by anyone so anyone and everyone can make a way into it wether its illegal or legal,bitcoins and bankers somewhat shares a same attitude and work of storing but just intwo different ways of money

Bitcoin so far is moving like a sky rocket going to thw moon. The price value was getting higher because of the
demand of the users also by the investors who is now investing into bitcoin so no wonder why its happenning. moreover lots of crypto altcoins also increasing of I am talking about the legit altcoins in the market.

They're definitely not idiots.  They're just on the advantageous side of a corrupt system at the cost of others.  Farmers feed people, but many farmers aren't rich.  Bankers get a high frequency trading algorithm, helps no one in the world, and they're rich.   

While it's tempting to see bankers and banking/finance industry as complete idiots, they're anything but. Those right at the top, the ones in power, they're the ones able to pull strings and stay out of the limelight at the same time. If they can benefit from Bitcoin, they will. If they can't, they'll do what they can to stop it.

And it won't be in ways we can imagine.

And the technology of bitcoin (blockchain) will be useful for banks to improve their service in the near future. They need to improve, because in 2018 PSD2 will force them to share some of their data with fintech companies. Fintech companies are good in  specialized part of the banking sector (e.g. instant payment, small payments, parking fees, etc.). If PSD2 will come into force, fintech companies can start the development of their systems based on existing financial data and they don't need to gather data thru their app from a limited source.

That's very unlikely (and still less in the near future)

Banks are required to process fiat payments, and they will exist as long as there is fiat still around. And I'd rather say that it is Bitcoin which is going to vanish sooner. And it may happen not in some abstract "near" future but in the nearest future when Bitcoin gets split into several conflicting and competing chains. Aside from that, Bitcoin simply can't scale up to replace fiat in any meaningful degree, at least, now. Things may change in some distant future but it should first survive the future which I just mentioned (i.e. the coming chain split)

No, bitcoin is trying to provide the functionality which are being offered by banks so far and under some totally different circumstances. In near future you cannot expect these both to exist. More probably, banks may get vanished as bitcoin's concepts are ensuring more power to individual rather than just depending on government or simply banks.

I am not sure whether your comparison matches with reality,either way i am not a supporter of both these acts by US and what your doubt is that why is the US not taking extreme measures to stop the usage of bitcoin,well the answer is simple,the technology behind it is superior and you have to accept technological changes.

This is correct. There is a law for that and the UN will be smoking in anger when they printed out too many fiat.
That is one more good thing about it.
Maybe this is also the reason they cant just control this coin.
Sure they can use the multi-millionaire people to be the face as a buyer but still they cant hold enough.
If they do then there will be shortage in fiat which means another problem for one country.
They want people to spend to heighten the tax they get. So if every money is stucked in the bitcoin field then what are they supposed to use.

But the price wouldn't matter

Since, as has been said, the government can just print any amount of fiat required, and after they have bought enough coins (say, to successfully kill Bitcoin or some other cryptocurrency), they can just take (read confiscate) all this fiat that they purchased these coins with. The bottom line is that we shouldn't consider the folks behind at least major governments as complete idiots. They are most likely able to invent a thousand different ways to stop Bitcoin (and other cryptocurrencies as well) if they see it as a threat to their financial dominance

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.

Bitcoin and banks serve entriely different functions and ideally can benefit from each others continued existence.

They will never do such a foolish act.If they do so,their currency would suffer from inflation since the value of their currencies would get reduced.Bankers treat bitcoin as their main rival.They have tried their best to destroy bitcoins.But they have failed in all of their attempts.

It's not realistic that someone even considers buying out Bitcoin. It's a common misonception that there's only 21 million Bitcoins, but each Bitcoin can be split into 100 000 000 satoshi, and as someone tries to buy all Bitcoins, the price will go higher and higher, while the mass of available coins will still be staying big enough to ensure that it can be used as a currency. And it won't be hard to change the protocol to allow even more fractions if needed. It's impossible to take over Bitcoin, governments and banks would be just outlawing it if they will decide to fight.

Bitcoin and bankers are not connected to others and i think that bankers are surely against in bitcoin unless they can control it like the cryptocurrency of Ripple and after that they are all against of decentralization because it means that they have less power or worst they don't have power if there is decentralization so some of the countries, governments, bankers are against in bitcoin that is resulting for bitcoin to get banned.

Your post is full of misconceptions, deliberate juggling and outright garbage

Bankers as well as politicians (i.e. governments) are not against progress by any means. They are against losing profits (in case of bankers) and against losing control (in case of governments). If they really were against progress, we would never see payment cards, online transactions, Internet shopping, and whatnot. As an aside, I would in no case equal banning gay marriages and prohibiting marijuana to preventing innovation and hindering industry progress