Topic: How the Banks Will Take Over BTC (Read 166 times)
They afraid about bitcoin, the economic centralization will be end, ita time to move the power in the hands of each of us. The decentralization will be better for us. When btc or gold take over bank then bank will not be able to take over btc or gold. I also include gold in my post because gold is the stronges competitor for btc, in my opinion.
And this is what the majority of the population will want - they don't really care about the economic justifications for digital currency. All they want is to be protected from scammers, and to feel that their money is safe. And they trust the big banks for that, because by and large they've done a reasonable job of that. (Bitcoin has a far worse record on bank stability.)
You are right to point out that they don't want to buy up all the bitcoin but rather to co-opt this new source of interest for the common population. They like nothing better than a new carrot to dangle for which the masses will work their asses off, just to acquire some of it. T
Its the people who need to realize that the endgame with crypto-currencies isn't about buying some banker coin. Its about owning a method of transacting value which is running on a decentralized network like bitcoin.
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So the banks will slowly strangle Bitcoin, while making use of the technology with their own coins. That's what they're already doing with Ripple, after all, where they're using the technology, but not the coins.
They may use ripple. The new investors may even profit from it. But when it comes to banks, they won't be sharing their profits with the common people. Ripple is going to be dead in the water and their isn't going to be any incentive for holding it.
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And maybe that's no bad thing. If you truly believe in Bitcoin as an alternative currency, then the fiat link should be anathema to you. Once the speculators have been squeezed out it will revert to its original intention - as a peer to peer currency independent of the financial system. And your BTC will be worth just as much to you as they ever were.
That is my hope too. The people who want to trade or exchange services using crypto should be left alone. If more people want to adopt crypto for borderless transactions then it should be left at that. But its impractical for most governments as they will see it as a sort of attack on their hegemony or call it a parallel economy. Its a tough situation and they will probably tax the hell out of it. Despite that, I can see a future possibility when nations accepting of crypto --> deflationary reserve currencies --> Better Banking practices would adopt them and the regressive ones will alienate the segment of people who believe in it.
The banks may not let the value of BTC to fall to zero. Bitcoin has its up and downs. So as you look at the past moves of the Bitcoin, anyone can easily regain the trust about crypto currency when the prices moves up.
Yeah I'm not sure if it's such a bad thing if governments regulate Bitcoin and other cryptocurrency in the same fashion as regular fiat currency.
In fact, it's one of the only ways that I see Bitcoin get further ahead towards mass adoption.
I'm glad though that you gave a well rounded explanation without resorting to conspiracy theories, even though you might not be right 100%.
In fact, it's one of the only ways that I see Bitcoin get further ahead towards mass adoption.
I'm glad though that you gave a well rounded explanation without resorting to conspiracy theories, even though you might not be right 100%.
Yeah, I also think it that way. The only way to make cryptocurrency accepted worldwide for adoption is to regulate it. Otherwise, it wouldn't be successful, because government will make ways to stop it.
Yeah I'm not sure if it's such a bad thing if governments regulate Bitcoin and other cryptocurrency in the same fashion as regular fiat currency.
In fact, it's one of the only ways that I see Bitcoin get further ahead towards mass adoption.
I'm glad though that you gave a well rounded explanation without resorting to conspiracy theories, even though you might not be right 100%.
In fact, it's one of the only ways that I see Bitcoin get further ahead towards mass adoption.
I'm glad though that you gave a well rounded explanation without resorting to conspiracy theories, even though you might not be right 100%.
I've seen various comments on here suggesting that any fall in the value of BTC is the result of some conspiracy by the banks to make the price fall so that they can buy up all the BTC cheaply, and then get all the profits themselves. The fact that anyone believes that betrays a fundamental misunderstanding of how Bitcoin works, and of the realities of the world.
So let's follow that scenario through. Somehow, by manipulating the news the banks manage to precipitate a massive sell off where the price crashes to almost zero. To do that, you have to convince all the HODLers that Bitcoin has no future, so they all cash out, and you can pick up their BTC for almost nothing.
So what are the banks left with? A digital currency that no-one trusts. If that's what they want, why not just save themselves a lot of time and effort, and create their own blockchain?
But that doesn't mean that the banks won't take over BTC - they'll just be much smarter about it.
What they'll do is simply press for Bitcoin to be under the same regulatory framework as fiat currencies. They'll point to the scams, they'll point to the use by drug dealers, and in some countries they'll point to the use of BTC for illegal currency exports. And they'll say "all these are reasons why all the normal banking regulations should apply to BTC". And then they'll say that any entity that doesn't follow these regulations should be cut out of the system by making transactions with them illegal.
And this is what the majority of the population will want - they don't really care about the economic justifications for digital currency. All they want is to be protected from scammers, and to feel that their money is safe. And they trust the big banks for that, because by and large they've done a reasonable job of that. (Bitcoin has a far worse record on bank stability.)
So the banks will slowly strangle Bitcoin, while making use of the technology with their own coins. That's what they're already doing with Ripple, after all, where they're using the technology, but not the coins.
And maybe that's no bad thing. If you truly believe in Bitcoin as an alternative currency, then the fiat link should be anathema to you. Once the speculators have been squeezed out it will revert to its original intention - as a peer to peer currency independent of the financial system. And your BTC will be worth just as much to you as they ever were.
So let's follow that scenario through. Somehow, by manipulating the news the banks manage to precipitate a massive sell off where the price crashes to almost zero. To do that, you have to convince all the HODLers that Bitcoin has no future, so they all cash out, and you can pick up their BTC for almost nothing.
So what are the banks left with? A digital currency that no-one trusts. If that's what they want, why not just save themselves a lot of time and effort, and create their own blockchain?
But that doesn't mean that the banks won't take over BTC - they'll just be much smarter about it.
What they'll do is simply press for Bitcoin to be under the same regulatory framework as fiat currencies. They'll point to the scams, they'll point to the use by drug dealers, and in some countries they'll point to the use of BTC for illegal currency exports. And they'll say "all these are reasons why all the normal banking regulations should apply to BTC". And then they'll say that any entity that doesn't follow these regulations should be cut out of the system by making transactions with them illegal.
And this is what the majority of the population will want - they don't really care about the economic justifications for digital currency. All they want is to be protected from scammers, and to feel that their money is safe. And they trust the big banks for that, because by and large they've done a reasonable job of that. (Bitcoin has a far worse record on bank stability.)
So the banks will slowly strangle Bitcoin, while making use of the technology with their own coins. That's what they're already doing with Ripple, after all, where they're using the technology, but not the coins.
And maybe that's no bad thing. If you truly believe in Bitcoin as an alternative currency, then the fiat link should be anathema to you. Once the speculators have been squeezed out it will revert to its original intention - as a peer to peer currency independent of the financial system. And your BTC will be worth just as much to you as they ever were.
You cannot take over the Bitcoin network just by buying the Bitcoins in circulation. That is only meant to get to bid for your price during trading. But you cannot buy to control. Bitcoin is not a stock certificate. Holding a huge amount of Bitcoin will only drive the value of Bitcoin to the moon.
I've seen various comments on here suggesting that any fall in the value of BTC is the result of some conspiracy by the banks to make the price fall so that they can buy up all the BTC cheaply, and then get all the profits themselves. The fact that anyone believes that betrays a fundamental misunderstanding of how Bitcoin works, and of the realities of the world.
So let's follow that scenario through. Somehow, by manipulating the news the banks manage to precipitate a massive sell off where the price crashes to almost zero. To do that, you have to convince all the HODLers that Bitcoin has no future, so they all cash out, and you can pick up their BTC for almost nothing.
So what are the banks left with? A digital currency that no-one trusts. If that's what they want, why not just save themselves a lot of time and effort, and create their own blockchain?
But that doesn't mean that the banks won't take over BTC - they'll just be much smarter about it.
What they'll do is simply press for Bitcoin to be under the same regulatory framework as fiat currencies. They'll point to the scams, they'll point to the use by drug dealers, and in some countries they'll point to the use of BTC for illegal currency exports. And they'll say "all these are reasons why all the normal banking regulations should apply to BTC". And then they'll say that any entity that doesn't follow these regulations should be cut out of the system by making transactions with them illegal.
And this is what the majority of the population will want - they don't really care about the economic justifications for digital currency. All they want is to be protected from scammers, and to feel that their money is safe. And they trust the big banks for that, because by and large they've done a reasonable job of that. (Bitcoin has a far worse record on bank stability.)
So the banks will slowly strangle Bitcoin, while making use of the technology with their own coins. That's what they're already doing with Ripple, after all, where they're using the technology, but not the coins.
And maybe that's no bad thing. If you truly believe in Bitcoin as an alternative currency, then the fiat link should be anathema to you. Once the speculators have been squeezed out it will revert to its original intention - as a peer to peer currency independent of the financial system. And your BTC will be worth just as much to you as they ever were.
So let's follow that scenario through. Somehow, by manipulating the news the banks manage to precipitate a massive sell off where the price crashes to almost zero. To do that, you have to convince all the HODLers that Bitcoin has no future, so they all cash out, and you can pick up their BTC for almost nothing.
So what are the banks left with? A digital currency that no-one trusts. If that's what they want, why not just save themselves a lot of time and effort, and create their own blockchain?
But that doesn't mean that the banks won't take over BTC - they'll just be much smarter about it.
What they'll do is simply press for Bitcoin to be under the same regulatory framework as fiat currencies. They'll point to the scams, they'll point to the use by drug dealers, and in some countries they'll point to the use of BTC for illegal currency exports. And they'll say "all these are reasons why all the normal banking regulations should apply to BTC". And then they'll say that any entity that doesn't follow these regulations should be cut out of the system by making transactions with them illegal.
And this is what the majority of the population will want - they don't really care about the economic justifications for digital currency. All they want is to be protected from scammers, and to feel that their money is safe. And they trust the big banks for that, because by and large they've done a reasonable job of that. (Bitcoin has a far worse record on bank stability.)
So the banks will slowly strangle Bitcoin, while making use of the technology with their own coins. That's what they're already doing with Ripple, after all, where they're using the technology, but not the coins.
And maybe that's no bad thing. If you truly believe in Bitcoin as an alternative currency, then the fiat link should be anathema to you. Once the speculators have been squeezed out it will revert to its original intention - as a peer to peer currency independent of the financial system. And your BTC will be worth just as much to you as they ever were.
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