Investment Banker - Bitcoin is not a "real" currency ;-> - page 2.

twiifm

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Quote from: vvv8 on April 06, 2015, 12:56:41 PM

Quote from: cakir on April 05, 2015, 03:14:15 PM

He's right Bitcoin is not a "real" currency. It's far better than fiat currency and it's Crypto Currency.
You can't proove the money flow on illegal activities if they've used fiat in cash form.
But You can see even satoshi's transactions from the begining.

Bingo, somebody talking sense.

There are LOTS of people that work in banks, that are void of the knowledge required to be useful in the future that is coming. Alot of them, don't even understand how computers work, how would you expect somebody as impotent as that to grasp the full potential of something as beautiful as bitcoin?

They are stupid, and whether or not they are aware of their own stupidity doesn't really matter, because in the end, people like that are the ones which will be phased out in the global economic future, and rightfully so because there are too many idiots living and breathing in this world which DO NOT BELONG.

RFOL. The smug is strong with this one

OpenOcean

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I use it and have made money off of it.

vvv8

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Quote from: cakir on April 05, 2015, 03:14:15 PM

He's right Bitcoin is not a "real" currency. It's far better than fiat currency and it's Crypto Currency.
You can't proove the money flow on illegal activities if they've used fiat in cash form.
But You can see even satoshi's transactions from the begining.

Bingo, somebody talking sense.

There are LOTS of people that work in banks, that are void of the knowledge required to be useful in the future that is coming. Alot of them, don't even understand how computers work, how would you expect somebody as impotent as that to grasp the full potential of something as beautiful as bitcoin?

They are stupid, and whether or not they are aware of their own stupidity doesn't really matter, because in the end, people like that are the ones which will be phased out in the global economic future, and rightfully so because there are too many idiots living and breathing in this world which DO NOT BELONG.

lucasjkr

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To you it's real money. To me it's somethjng that's potentially valuable. But the banker wants to see more in the way of trabsacting before he considers it a "currency".

My real question is, with so many of us declaring Bitcoin to be the end of banks, what does his opinion matter? What could he or his employer do differently if they thought it was a "real" currency versus not?

I mean, I've suggested in the future that banks could offer safekeeping services in the form if BTC denominated deposit accounts for people who dint feel they're capable of securely holding their coins themselves, but that suggestion is laughed off as out of hand if not derided altogether...

So if we won't give btc too banks to hold or to lend, their primary businesses, what does their opinion matter?

Netnox

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Quote from: deisik on April 06, 2015, 08:14:38 AM

Quote from: Netnox on April 06, 2015, 08:03:18 AM

Anything can be real money as long as people see value in it, paper cash itself is almost worthless its about the trust regarding this paper, you can use something else instead like bitcoin, if people value it and use it as means of exchange then it's real money, whether its cash, bitcoin, shells or rocks doesn't matter. These bankers are damn retarded or scared, bitcoin is coming no matter what.

Well, did its acceptance actually increased in the last year? Bitcoin has inherent deficiencies (due to its decentralized nature primarily) which don't make it very convenient for casual expenditures (actually far from it). So, in a sense, that banker is right that bitcoin is not a true currency, since it doesn't circulate as real monies should do...

Acceptance did increase, it doesn't have to circulate like fiat to be real money, i can order food and get it delivered with bitcoin, to me bitcoin is real money.

deisik

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English ⬄ Russian Translation Services

Quote from: Netnox on April 06, 2015, 08:03:18 AM

Anything can be real money as long as people see value in it, paper cash itself is almost worthless its about the trust regarding this paper, you can use something else instead like bitcoin, if people value it and use it as means of exchange then it's real money, whether its cash, bitcoin, shells or rocks doesn't matter. These bankers are damn retarded or scared, bitcoin is coming no matter what.

Well, did its acceptance actually increase in the last year? Bitcoin has inherent deficiencies (due to its decentralized nature primarily) which don't make it very convenient for casual expenditures (actually far from it). So, in a sense, that banker is right that bitcoin is not a true currency, since it doesn't circulate as real monies should do...

Netnox

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Anything can be real money as long as people see value in it, paper cash itself is almost worthless its about the trust regarding this paper, you can use something else instead like bitcoin, if people value it and use it as means of exchange then it's real money, whether its cash, bitcoin, shells or rocks doesn't matter. These bankers are damn retarded or scared, bitcoin is coming no matter what.

lucasjkr

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I can see where he's hung up on the "general use" issue.

Just as I can't pick up a pebble and trade it among my friends and say its a currency since it's not generally accepted as such, Bitcoin as a global currency might not be there quite yet; with 7 billion and change people on the planet, less than a million people using it, it's not exactly at saturation point. That's not to say it won't be in the future, nor that bankers aren't watching it, but as far as general use, I don't think any of us can argue its reached that point yet.

What are bAnkers missing by not recognizing it yet, though?

Should they offer Btc denominated accounts, or something?

btcxyzzz

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Monero - secure, private and untraceable currency.

Time will come when he will realise Bitcoin is the first real money in history.

deisik

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English ⬄ Russian Translation Services

Quote from: Kprawn on April 05, 2015, 02:55:19 PM

I had a most interesting discussion with a investment banker today.

I asked him the question... "Do you see Bitcoin as a disruptive technology or a threat to the traditional banking system"

His answer {Most arrogantly} ....We do not consider Bitcoin as a "real" currency. Shocked

I then asked him to define a currency in his opinion ...and he said ..." a system of money in general use in a particular country "

I then told him...Bitcoin is a global currency... He then replied.. "But nobody use it"

You should have asked him (do it next time without fail) how it happened that gold is still considered a global currency, though no one actually uses it in everyday transactions. If he says that gold isn't by any means a global currency either, then ask him how come that central banks of most developed countries are still hoarding it?

Amph

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fiat money are not real currency either, because a real currency should not lose its value over time

also a true currency must not be necessarily a tangible thing, digital one are considered true currency in the same way

so no, bitcoin is a true currency much more than any fiat

LiteCoinGuy

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In Satoshi I Trust

Undermood

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Not all of the bankers are ignorant.
https://bitcoinmagazine.com/19864/ubs-open-blockchain-innovation-lab-london/

mercistheman

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I'm of the belief that bankers are the last ones you want to wake up... let them dream of little money printing trees... sleep well my friends.

nachoig

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Quote from: TaunSew on April 05, 2015, 07:53:18 PM

He is right - nobody is using Bitcoin. We have estimates from the FRB, ECB and Jeffrey Robinson which indicates the user base is under 250,000. Schmucks like Coinbase and previously MtGox loved to claim "millions" but addresses =/= unique human users and most of their addresses are empty. Risto Pietila, here on Bitcointalk, has spent countless hours analyzing Bitcoin's adoption.

If this was any other industry or the tech sector then Bitcoin would be considered a fail. A fail in the sense that if it couldn't attain the proof of concept (viral adoption) over 6 years and it probably never well.

In the mean time - Whatsapp is newer than Bitcoin and it has attained 600 million users. Even Telegram app is 2 years old and has 50 million users.

Inb4 "Digital Currency is new" - blockchain might be new but that is about it. We had older stuff like eGold and older predecessors and it goes back to the 1990s. Even estimates indicate that eGold was bigger than BTC in both capitalization and users but it wasn't really covered as much in the media.

Bitcoin got a lot of attention because it made a lot of random people millionaires. Whereas, nobody got rich off eGold except for the scammers and hackers. The media loves that rags to riches story..

Block size is still 1 MB.

Bitcoin is still an experiment. I think it would be very risky to achieve an adoption at WhatsApp, CandyCrush or even Telegram levels at this moment. Also, all these platforms are centralized.

Even more, Bitcoin is not just an end-consumer product. To being functional as everyday money, it needs to be accepted by merchants. And this is a slow proccess. It doesn't have commercials on TV. It doesn't have the "hey, I'm using it and you should use too".

Just to compare, even debit and credit cards still didn't get an universal adoption. Here in South America, there are a lot of informal and formal places which don't accept them, they only work with physical cash.

TaunSew

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He is right - nobody is using Bitcoin. We have estimates from the FRB, ECB and Jeffrey Robinson which indicates the user base is under 250,000. Schmucks like Coinbase and previously MtGox loved to claim "millions" but addresses =/= unique human users and most of their addresses are empty. Risto Pietila, here on Bitcointalk, has spent countless hours analyzing Bitcoin's adoption.

If this was any other industry or the tech sector then Bitcoin would be considered a fail. A fail in the sense that if it couldn't attain the proof of concept (viral adoption) over 6 years and it probably never well.

In the mean time - Whatsapp is newer than Bitcoin and it has attained 600 million users. Even Telegram app is 2 years old and has 50 million users.

Inb4 "Digital Currency is new" - blockchain might be new but that is about it. We had older stuff like eGold and older predecessors and it goes back to the 1990s. Even estimates indicate that eGold was bigger than BTC in both capitalization and users but it wasn't really covered as much in the media.

Bitcoin got a lot of attention because it made a lot of random people millionaires. Whereas, nobody got rich off eGold except for the scammers and hackers. The media loves that rags to riches story..

countryfree

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Your country may be your worst enemy

Quote from: Kprawn on April 05, 2015, 02:55:19 PM

I had a most interesting discussion with a investment banker today.

I asked him the question... "Do you see Bitcoin as a disruptive technology or a threat to the traditional banking system"

His answer {Most arrogantly} ....We do not consider Bitcoin as a "real" currency. Shocked

I quite agree with that. BTC isn't a real currency, but it's definitely disruptive technology, and a threat to the traditional banking system, albeit a small one at this stage.

IDKwhatimdoing

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Typical bakster. Only sees in front of him, and not around... So it is an expected answer!

These guys fear Bitcoin as a disruptive tech, so they want nothing to do with it! Cheesy

Jybrael

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If that is his logic that Bitcoin isn't a real currency...then he should actually look at the fact that money in reality holds on real value as well...it is only dictated by the government and how people use it. Cause at the end of the day it is nothing but a piece of paper with ink on it.

Meuh6879

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Quote from: Kprawn on April 05, 2015, 03:56:49 PM

I was amazed at how very little they cared to learn more about this technology.

well, if you tell someone about gold coin ... it don't care, too.

because nothing of educated people see the INFLATION (less pound for the same price).

the first thing for bitcoin is to protect against this.

but it's complicated to explain at people ... at the first time.
because, they don't want to trust this (more tax, morecost, less money).

Topic: Investment Banker - Bitcoin is not a "real" currency ;-> - page 2. (Read 2568 times)