Topic: Technological Wizards of the Banking Industry - page 4. (Read 2976 times)

Ever wonder why children on My Little Pony forums manage to form coherent sentences, and even spell and punctuate those correctly? And why here, on bitcointalk, that sort of thing hardly ever happens?

Yeah, me neither.

What's the interest rate you get on your bitcoin deposits?

Negative interest rates for all of you greedy people trying to make a savings!

Is this not just the case with any business that has a monoply on things?
Could argue google and apple do not follow this but they either buy a idea or kill the idea mostly before it can grow.
So expecting a bank to do anything but screw us would be like dancing on a busy highway and not expecting to be hit by a car.
Google car would dodge maybe,might go see what the stats say on that.

Reduce transaction costs? I bought some food today and paid with a $20 bill.

What was my transaction cost? How long did it take the transaction to confirm? How many parties were involved in confirming the transaction? Did I need to be connected to the Internet to do it?

Checks can clear absolutely instantly at banks. There is no need for blocks to be solved, confirmations from third parties or anything else. The reason they take some time to clear is not because of some wizard level problem. It is because a check is a piece of paper someone wrote some amount on.

The check writer may not have the money or the check may be forged, that's why it takes a while to clear. Why do people use checks? Because they are really easy to use, if you have a guy working on your plumbing, you can write him a check when he is done. The plumber doesn't need any kind of computer to accept the check and can just put it in his pocket. No merchant processors, no need to connect to the Internet, no bitcoin addresses, no confirmations.

With a U.S. bank, you have a whole host of options when you want to pay someone:

- paper check
- paper cashiers check from the bank account (funds are guaranteed)
- electronic transfer (including via email address or mobile phone number)
- recurring automatic electronic transfers
- wire transfer
- debit card (most have the money in the account, receiver needs merchant account)
- credit card (borrowed money, receiver needs merchant account)

Those are the most common. Banks have zero use for crypto currency, things work great as it is.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I hear you.

Why? So they could reduce their transaction costs and time. How long does it still take a cheque to clear? If not for crypto currency then they'd still be sitting on their wizard sleeved hands.

An equally probing question would be "why haven't they created a currency based on BTCeanie BTCabies?"
The answer would not be much different: "Because that would be stupid. "Distributed ledger" is used in banking. It's called a frickin' DATABASE.

But you probably mean "satoshi's blockchain, a TRUSTLESS distributed ledger, secured by POW, i.e. turning electricity into heat." If that's what you mean, banks don't use it because it is one of the most inefficient databases there is."
If you have any other questions, please do not hesitate to ask.

This is nothing new I would say.
Have the banks ever been good to us? Not in my country!
In my opinion it is time to kick some bankster's butt!

As I stated, my pool guy doesn't have a computer, that is why I have him mailed a physical check each month.

What I posted was completely accurate, what exactly is your problem with it?

Would Ethereum be included in that list of more advanced currencies?  I've been watching the development of it and it seems like an extremely versatile platform.  It's kinda scary what kind of potential it it has....I don't know though....R3CEV has some pretty big players.  

your pool guy prob runs his own miner for all you know

everything u posted is Fiat Fuuudddd

Their technological wizards were responsible for the fiasco's when nobody could make or receive payments when they upgraded their systems. During those fiasco's no customers bosses could pay them their wages, so they couldn't pay their direct debits, and loan payments. The banks then tried charging their customers for not honoring those direct debits, and loan payments although their incompetence had made that impossible.

Those technological wizards will be hard at work designing the banks personal blockchain, which will be as big a fiasco.

Why would a bank want a distributed ledger system when they can just have their own ledger?

With their own ledger system they can:

- make changes immediately
- rollback any fraud
- not have to deal with others when upgrading or running the system

There is zero reason for any banking system to have a distributed ledger. The fully electronic cash and computerized banking system in the U.S. works fine as it is.

All my recurring bills are paid automatically and electronically and 99% are paid without any additional fees. The only one I have a fee for is my pool guy who doesn't have a computer so my bank mails him a physical check once a month at the additional service cost of $1.

All my daily purchases are done via credit card. I get (about 3%) cash back on my purchases and the merchant pays the fees. My balance is paid in full each month, with no fee, from my checking account.

their are bigger fish in the universe with more advanced currency,

haha yes, exactly this.  That is their main motive.  I cannot see them attempting to innovate for the people or really do anything for the people.

Careful what you ask for:

http://r3cev.com/

http://www.coindesk.com/r3cev-distributed-ledger-wall-street/

http://www.pionline.com/article/20160122/ONLINE/160129944/11-banks-complete-experiment-using-blockchain-technology

https://www.cryptocoinsnews.com/jpmorgan-memo-9-billion-slated-studying-blockchain-robotics/


AND: Now they scabbed Mike Hearn too!

http://bravenewcoin.com/news/30-top-banks-and-mike-hearn-have-now-joined-r3-global-consortium/



CONCLUSION:  They're trying to take us out!

everytime everything goes red they just press another zero button "0" watch it all go

green again,  look at the flood of dollars that hits China when they do it 

a new ghost city is built there every week now,

Then I have a quick question for you.. So if it's really up to Visa, Mastercard, and other payment system technologies, then why do we always hear about banks such as JP Morgan Chase boasting that it will be looking to "incorporate blockchain technology" to it's banking sector?  Wouldn't the CEO's of the major banks just leave it up to the Visa and the like to incorporate the blockchain format for them?

I've always wondered about this, and it never really made any sense to me... since there is no "Wells Fargo Card" or "JP Morgan Card"... it's all pretty much Visa now and days.