Dear banks, it's not about blockchain technology

vinaha

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Quote from: maku on March 28, 2016, 12:46:27 PM

Blockchain stored privately is not blockchain anymore. In my book there is no private blockchain.
The very definition of blockchain is: 'public transparent ledger used to store every transaction info'.

Blockchain stored privately is called Excel.

maku

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Blockchain stored privately is not blockchain anymore. In my book there is no private blockchain.
The very definition of blockchain is: 'public transparent ledger used to store every transaction info'.

RealPhotoshoper

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Quote from: p2pbucks on October 09, 2015, 10:52:09 PM

How to Disclose bank's private blockchain technology hoax ?

Dear banks, it's not about blockchain technology, it's about we don't want you controlling our money any more. ----- from reddit

yeah,as we know bitcoin created to f*ck the banks Grin

and now bank start take over bitcoin technology with blockchain way,yes we all know this is will not good for us,bank will have more technology to control and manipulate our money Huh

vinaha

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Quote from: p2pbucks on October 09, 2015, 10:52:09 PM

How to Disclose bank's private blockchain technology hoax ?

Dear banks, it's not about blockchain technology, it's about we don't want you controlling our money any more. ----- from reddit

Bullseye.

Banks know that Bitcoin is the end of their system. Using "blockchain technology" is a way to use the enemy to fight the enemy. Pull out the underlying technology, claim they are the same, then throw out the competition.

I hate banks. And for the record, I don't use banks. It's hard to do in today's financial grid, but possible.

aardvark15

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I could be wrong, but the blockchains that the banks are working on would be private blockchains, correct? I mean they wouldn't be open ledgers. They would be private ledgers between financial institutions. This is fundamentally different than an open ledger that bitcoin has, so I don't think it would be a threat to bitcoin.

Jeremycoin

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𝓗𝓞𝓓𝓛

We nearly can't do anything about it, even tho if we can do something big. However it's not enough the give an impact on the Bank

KoinKartel

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The banks are big share holders of most of the large media conglomerates, and therefore have a lot of control over public opinion.

If they publicly promote bitcoin the currency, they are publicly promoting the end of the current financial systems - which would force depositors to lose confidence in the banks, which = bank runs. So instead of doing that, they are leaning towards belittling bitcoin's viability and, instead, promoting the viability of the blockchain which they themselves have already started to use in order to avoid the fees that SWIFT charges them for international remittance

This won't stop people from using bitcoin though, because the cats already out of the bag. In terms of having the MOST control over your personal finances, bitcoin and other crypto currencies reign supreme - and it's only a matter of time before the average man on the street works this out

Supercrypt

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Quote from: Hellacopter on October 17, 2015, 08:09:08 PM

Quote from: p2pbucks on October 09, 2015, 10:52:09 PM

How to Disclose bank's private blockchain technology hoax ?

Dear banks, it's not about blockchain technology, it's about we don't want you controlling our money any more. ----- from reddit

The banking systems and their supporters (likely the governments) know this truth already , but they always try to hide it, and they try to find other "reasons" to make their offense against Bitcoin a little logical. But i believe they will fail just because people found in Bitcoin which they need and don't find it using other currencies

Bitcoin is not just because of block-chain. Block chain is the back end process which ensures the security of data base and recording of all the events of bitcoin environment. But the concepts and revolutions behind bitcoin creation is misunderstood by all the bankers as well as governments.

Hellacopter

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Quote from: p2pbucks on October 09, 2015, 10:52:09 PM

How to Disclose bank's private blockchain technology hoax ?

Dear banks, it's not about blockchain technology, it's about we don't want you controlling our money any more. ----- from reddit

The banking systems and their supporters (likely the governments) know this truth already , but they always try to hide it, and they try to find other "reasons" to make their offense against Bitcoin a little logical. But i believe they will fail just because people found in Bitcoin which they need and don't find it using other currencies

VirosaGITS

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Quote from: ?? on ??

Quote from: steeev on October 16, 2015, 09:59:48 PM

by taking money out of the banking system and putting it into Bitcoin, people are reclaiming the power over that value, in it's holding and it's transaction

it can be regarded as a 'radical' form of economic activism

Bitcoin is a different money system, not just a different way of doing the existing money system...

the fact that the banks are updating their IT doesn't change the nature or the rules of their business.

Yes. Bitcoin is revolutionary. Banking will be an option in the future.

Banking will always be required, there are services offered by them that cannot be offered by Bitcoin. Bitcoin has the strength and weakness of not being proprietary, which also mean all services comes without administrative powers over Bitcoin.

However Banking with BTC integrated in the future, might give every services we could need with the best of both words.

steeev

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by taking money out of the banking system and putting it into Bitcoin, people are reclaiming the power over that value, in it's holding and it's transaction

it can be regarded as a 'radical' form of economic activism

Bitcoin is a different money system, not just a different way of doing the existing money system...

the fact that the banks are updating their IT doesn't change the nature or the rules of their business.

VirosaGITS

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Quote from: DarkHyudrA on October 16, 2015, 07:13:41 AM

Quote from: VirosaGITS on October 10, 2015, 02:06:51 PM

Quote from: btc_enigma on October 10, 2015, 12:30:14 PM

I hear bankers saying we don't find bitcoin interesting , but we are interested in blockchain technology. Which I find a paradox...

Of course you don't like bitcoin because you lose the power to mint it yourselves. You would rather use blockchain technology and start an altcoin yourselves.

They don't want an altcoin, they just want to use blockchain technology for storing ledger information, verification, archiving, authentication/validating signatures. An altcoin is pointless to them.

The Coin is just one possible application of this great technology.

This is the whole point. People seen to forget that a bank is a hell tons of servers that need to share data, have consensus and other distributed service problems. And the blockchain solves them pretty well.

Pretty much, they could eventually move their data infrastructure to use a blockchain-like validation method, i'm just not how sure it will be changed, since there is not much need to get a miner fee, stable block rate, etc.

It would make tracability and falsifying data harder. And more verification steps could be handled by a machine, less by a human.

The other thing i'm wondering is how they would want to add correction to transactions. Chargeback, etc. Since the bank would be owning all the keys, they could force any transaction from anywhere to anywhere. The difference here is it would be properly logged.

BantamSystems

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Quote from: RyanX on October 16, 2015, 11:34:55 AM

I will use a bank when I need to borrow bitcoin from it. I will also save some to earn some interest with bank.

The last time banks were entrusted to look after commodities, they began to say "hey, forget about lugging around all of this heavy gold... Here, use this paper instead... It's called "currency," it's as good as gold.."

Then they started loaning out more of this paper than they had gold.... which forced them to unpeg this currency from gold, because "gold is evil.." which then made banksters the rulers of the free world.

So I doubt anyone would hand their bitcoins over to traditional bankers, we'd be setting the clock back about 400 years if we were to do that

RyanX

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Quote from: Xagon6 on October 16, 2015, 10:40:40 AM

Quote from: ?? on ??

When banks cannot prevent the booming of bitcoin, they will adopt it

Would you want your bitcoins stored in the vaults of some bank that can freeze your holdings whenever they feel like and for whatever reason?

The banks will never adopt bitcoin, because those that use bitcoins only use bitcoins and other crypto currencies so that they can completely bypass the banks and conduct frictionless, semi anonymous and peer to peer transactions

The banks just cannot compete with the fact that my qt client does EVERYTHING a bank can do, and more... and also gives users the ultimate control over their finances

I will use a bank when I need to borrow bitcoin from it. I will also save some to earn some interest with bank.

Xagon6

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Quote from: ?? on ??

When banks cannot prevent the booming of bitcoin, they will adopt it

Would you want your bitcoins stored in the vaults of some bank that can freeze your holdings whenever they feel like and for whatever reason?

The banks will never adopt bitcoin, because those that use bitcoins only use bitcoins and other crypto currencies so that they can completely bypass the banks and conduct frictionless, semi anonymous and peer to peer transactions

The banks just cannot compete with the fact that my qt client does EVERYTHING a bank can do, and more... and also gives users the ultimate control over their finances

DarkHyudrA

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English <-> Portuguese translations

Quote from: VirosaGITS on October 10, 2015, 02:06:51 PM

Quote from: btc_enigma on October 10, 2015, 12:30:14 PM

I hear bankers saying we don't find bitcoin interesting , but we are interested in blockchain technology. Which I find a paradox...

Of course you don't like bitcoin because you lose the power to mint it yourselves. You would rather use blockchain technology and start an altcoin yourselves.

They don't want an altcoin, they just want to use blockchain technology for storing ledger information, verification, archiving, authentication/validating signatures. An altcoin is pointless to them.

The Coin is just one possible application of this great technology.

This is the whole point. People seen to forget that a bank is a hell tons of servers that need to share data, have consensus and other distributed service problems. And the blockchain solves them pretty well.

Amph

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Quote from: RyanX on October 16, 2015, 05:00:47 AM

Quote from: mallard on October 11, 2015, 03:48:31 PM

Quote from: kingcolex on October 10, 2015, 03:48:54 AM

2% of the population

Do you really think that there's 160 million Bitcoin users?

16 or 6 million users of cryptocoin might be appropriate.

there are currently only 3M, and this number is not official by any means, only a rough estimation

i think we are much less than what we were with the doge mania

RyanX

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Quote from: mallard on October 11, 2015, 03:48:31 PM

Quote from: kingcolex on October 10, 2015, 03:48:54 AM

2% of the population

Do you really think that there's 160 million Bitcoin users?

16 or 6 million users of cryptocoin might be appropriate. I doubt more than 6 million people heard about bitcoin.

Denker

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Quote from: zimmah on October 16, 2015, 03:28:10 AM

Quote from: TeamButtcoin on October 11, 2015, 04:51:33 PM

blockchain is literally a buzzword like 'cloud' that people use to sucker money away from CEOs who read shitty magazines, no one will ever seriously use a blockchain, with or without bit coins

you'd be surprised.

banks are most likely seriously looking into ways to use blockchain technology for their own benefit, however it won't do them much good because the strength of the blockchain is in the decentralized nature. Centralizing it defeats the purpose.

It will optimize their internal processes, they will be able to cut out middle men acting as settlement and clearing houses and reduce their costs. So the Blockchain in a permissioned and centralized way will have some benefits.But it will not have any benefits for the average jou out there who may have a bank account there. Or does anybody here really believe banks will lower their customer's fees?!
However these are just some cosmetics they are doing to delay their own demise.

Only a real open and decentralized Blockchain technolgy with an valued token like Bitcoin will have a massive and global disruptive breakthrough.

Amph

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Quote from: mallard on October 11, 2015, 03:48:31 PM

Quote from: kingcolex on October 10, 2015, 03:48:54 AM

2% of the population

Do you really think that there's 160 million Bitcoin users?

it's not what he meant, he said that in the case there were 2% of population pro bitcoin, it would still not matter for the bank

i presume we need 1B people to think that bitcoin as reached its adoption

Topic: Dear banks, it's not about blockchain technology (Read 2988 times)