Do central banks attack bitcoin? | Bitcointalksearch.org

pitham1

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Quote from: ajareselde on March 07, 2015, 12:45:25 PM

Anyways when youre talking about bitcoins market cap, the ~3,8 billion market cap is just an estimate, realisticaly you wouldnt even get 20 % of that if u had enough coins to sell.

That can be argued both ways. Realistically, if you had $3.8 Bn and try to buy bitcoins, you may not even get 10% of the coins.

Possum577

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Loose lips sink sigs!

To be fair, banks don't have access to unlimited money. And I don't think the banks see Bitcoin as a threat (yet). Afterall, nearly everyone that wants bitcoin has to use fiat to get it, which is the banks "bread and butter". If banks did see bitcoin as a threat they would just offer their customers access to it, they'd work it into their business so they don't miss out on the process. They have more to lose by doing something sneaky.

picolo

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Quote from: botany on February 07, 2015, 10:07:47 AM

Quote from: MarihuanaStocks on February 05, 2015, 07:41:27 PM

Do they? If you have access to infinite money, you just have to buy expensive and sell cheap. So you'll kill your hardest rival...

They really wouldn't bother.

They don't think Bitcoin is a rival.

dewdeded

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Quote from: MarihuanaStocks on February 06, 2015, 06:22:12 AM

Nobody trusts in euros by now and they can't risk that the mainstream has an opportunity to get out of euros and maybe uses something like btc.

WTF are you talking about? EuroZone still is and will be the strongest and some of the wealthiest economy. And so will be the Euro.

ajareselde

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Satoshi is rolling in his grave. #bitcoin

Bitcoin is actually currently making banks more money, because there are many transactions happening, and the volume is insane, their fee is also.
Anyways when youre talking about bitcoins market cap, the ~3,8 billion market cap is just an estimate, realisticaly you wouldnt even get 20 % of that if u had enough coins to sell.
So the interest is yet too small to atract fear in some bankers, but with time it will become real, and the fight will then be without gloves, pure survival.

cheers

najzenmajsen

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Quote from: 15Lemon714 on February 05, 2015, 07:46:44 PM

Not sure they care to be honest pal, they control to much in % wise, how much of the population even uses Bitcoin 1 - 3%

But yes if they did care they already control a massive stake but it's pennies to them hey 3 billion

way less than 1-3 % uses bitcoins , just to make you aware. more like 0.01 max

fairglu

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Only as a scapegoat or coolness tool.

Financially speaking, Bitcoin is not even a blip on the lower digits compared to fiat masses and exchanges.

BootstrapCoinDev

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Back in the day when we had a true free market (just a generation or 2 ago) the entire banking industry was less than 2% of GDP. During this time banks did not control anything are were a true service industry. In the past 50 years the banking industry has exploded to over 30% of GDP.
Libertarians across the board want banks reigned in by eliminating the FED who's artificial backstopping is the sole reason the banking industry is out of control.
Libertarians understand money and how banks control just about everything better than most. That is the entire reason Bitcoin first took off with libertarians.

MarihuanaStocks

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Quote from: Bitcoinexp on February 07, 2015, 09:06:18 AM

I think the only way people can attack bitcoin is through the media/press. It's the only unguarded part of bitcoin because bitcoin is decentralized, which means there's no government shaking hands with the press to keep things straight and leave bitcoin out of bad press. Plus, it's so easy, too easy to bring a new-born currency to it's knees by frightening people with accusations of bitcoin's connection to black markets etc.

The Blackmarket-arguement is so retro. Like someone couldn't purchase drugs with fiat. Do the people still believe in this horror-stories?

MarihuanaStocks

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Quote from: Q7 on February 07, 2015, 08:12:29 AM

Quote from: slacknation on February 06, 2015, 02:26:26 AM

there is very little money to be made in bitcoin relatively

To them it might too small of an amount to call profit. Since fiat are being printed indefinitely they can always buy all the bitcoins. Maybe what is more important is seeing bitcoin fails more than anything else

This is a good point i think. They need to see it fail. Destroying it only won't do the job, since another currency could replace it!

botany

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Quote from: MarihuanaStocks on February 05, 2015, 07:41:27 PM

Do they? If you have access to infinite money, you just have to buy expensive and sell cheap. So you'll kill your hardest rival...

They really wouldn't bother.

Netnox

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lol bitcoins 3 billion market cap is pocket money to them, it will get more interesting if bitcoin reaches a couple hundred billion market cap.

Bitcoinexp

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I think the only way people can attack bitcoin is through the media/press. It's the only unguarded part of bitcoin because bitcoin is decentralized, which means there's no government shaking hands with the press to keep things straight and leave bitcoin out of bad press. Plus, it's so easy, too easy to bring a new-born currency to it's knees by frightening people with accusations of bitcoin's connection to black markets etc.

tadakaluri

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They may do, because they loss lot of money by way of taxes (on fiat transactions) - as BTC transactions are not taxable.

1K

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Quote from: MarihuanaStocks on February 06, 2015, 07:43:03 PM

Because Bitcoin has everything Fiat-Money has not. It is fast, cheap, anonymous, deflationary (maybe not at the moment).
It is something they can't control anymore, when it got big. So it's maybe better to destroy it while it's young and weak.

But if they did 'destroy' bitcoin something else would just pop up in its place. If the people want bitcoin or a decentralized currency there is nothing they can do to stop[ it other than spread fear and fud propaganda to try put people off from using it.

Q7

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Quote from: slacknation on February 06, 2015, 02:26:26 AM

there is very little money to be made in bitcoin relatively

To them it might too small of an amount to call profit. Since fiat are being printed indefinitely they can always buy all the bitcoins. Maybe what is more important is seeing bitcoin fails more than anything else

MarihuanaStocks

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Because Bitcoin has everything Fiat-Money has not. It is fast, cheap, anonymous, deflationary (maybe not at the moment).
It is something they can't control anymore, when it got big. So it's maybe better to destroy it while it's young and weak.

Ingatqhvq

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Quote from: MarihuanaStocks on February 05, 2015, 07:41:27 PM

Do they? If you have access to infinite money, you just have to buy expensive and sell cheap. So you'll kill your hardest rival...

Why they should do this? it's nothing good for them.

MJK

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I don't think the banks are that concerned about bitcoin, or won't be for the considerable future. I think btc certainly has the potential to worry them but I think it will always be a niche thing or will operate in tandem with fiat.

vennali

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#SWGT CERTIK Audited

Quote from: thompete on February 06, 2015, 04:21:26 AM

Quote from: MarihuanaStocks on February 05, 2015, 07:41:27 PM

Do they? If you have access to infinite money, you just have to buy expensive and sell cheap. So you'll kill your hardest rival...

If I was the central bank, then I would have purchased a large amount in the early phase seeing it as a potential threat .
And would have dumped it now, to keep the price to very low value. But I don't think they will be able to eliminate it completely.

Yeah..It would be really hard to eliminate BTC..but anyways I dont think most govts have taken BTC as a threat as of now..no clue about the future..

Topic: Do central banks attack bitcoin? (Read 2231 times)