Topic: The lust for banks...WHAT is going on? (Read 1486 times)

when is release coming... i'm in.

If the banks choose proper dencentralized crypto to do this, I don't see anything wrong with that, it would add transparency and make crypto legitimate in the eyes of "Joe Sixpack".

Problem is, that's probably not going to happen, as transparency and decentralization is not something they're really after (as we can see with "permissioned ledgers").

Hey you can be cynical all you like, in fact I'd encourage it as I'm as cynical as they come.

If I wanted to get "rich" from crypto I could of already, probably 10x over, but it's not about the money for me.  I already have plenty and have lived a mortgage free life with a garage of cars for the past 10 years.  I could have been contracting in London pulling down 6 figure sums, as I have before, for the past 3 years that I've been here, but I'm not.   Sure money is nice, but it doesn't guarantee happiness, as in the end shit still happens.

It'll take me YEARS to recover what I have invested financially into eMunie, I'm not taking any large "insta mine" pay off, I'll likely be one of the lesser holders of EMU overall holding just a few thousand.

If it's a success, sure I'll make plenty from other income streams but I'll never be "billionaire rich" from it, that's for damn sure.

So yeah, be cynical as hell, but also keep an open mind...that's what I've learned anyway

Isn't that what it's always been about? Maybe I'm cynical but don't most tech geeks want to change the world.... and get rich doing it?? Tesla dreams on beachfront properties. Who's kidding who?

If you really want to change the world, leave your front door and walk down main street. Trust me there will be somebody there who needs your immediate help. Change their world.

Sorry, but I'm not falling for any holier-than-thou attitudes on BCT. All techies who change the world become very wealthy indeed. No-one is pulling the wool over my eyes on this board.

Yup, though I guess as long as everyone is increasing the amount of USD they are worth, who cares eh?

probably one of the most important discussions the crypto community needs to be having yet it slides down the pages with comparative very little replies 

good write up OP

We shouldn't forget that another translation of "revolution" is "catastrophe"...

Or just start a war and when all the asset holders are dead and no longer able to take delivery of their paper profits, the economy is magically saved.

the only crypto needed to connect to fiat is BTC ... that is its job ... the rest are cryoto 2 crypto

[on the fringe are LTC & XPL ... maybe ETH]

Banks in my country give kredits to those who would otherwise suffer malnutrition. Maybe they are not the absolute evil?..

Good post. A few point on this:

* Almost all Bitcoin users use third-party services, such as Coinbase, Bitstamp, etc. So the actual benefits are not that visible yet. The real potential of completely new kinds of applications which banks will never be able to implement are all in its infancy

* As a Bitcoin exchange you have to deal with the various regulations (AML/KYC/CTF). The option as a Cryptobased company is to focus on areas where this doesn't apply, but then you're forced to target very small markets.

* Most of the interesting advanced applications require more than digital cash. Bitcoin is anonymous digital cash, and the Bitcoin2.0 idea is more general. For asset transfer and operation at scale one needs different mechanisms. For example anonymous asset issuance in many cases doesn't make much sense, since the fraud rates are going to be very high. Bitcoin has simple smart contracts, but hardly anybody uses them really. Even the exchanges have a hard-time implementing proper multi-sig (Bitstamp and Kraken both use a commercial solution).

* I agree - both sides might be a bit naive. The one party you have not mentioned are the regulators, law-makers, etc. That is when it gets really complex. I personally expect very big changes in the structure and governance of the global financial system. It is very likely that in the future most people will understand the value of a limited money supply.

* Many of the benefits of this new kind of money might not only be related the privatisation of money, but in ways the Cryptocurrency community might not expect. If companies, governments, NGO's were to use a different kind of money the advantages for customers and citizens could be tremendous. I wish for instance I could instead of voting for one party based on empty promises, instead just limit their spending, and in particular spending on military. Or if I pay for a service of a company, which then is not delivered at expected, instead of having to pay a lawyer, use smart contracts so that I get automatically reimbursed (an even more trivial example is the need to prove that a paper document was delivered).

* There is an easy check for the viability of any such "banking projects": is it possible for everyone to buy in, and profit from it? In Bitcoin profits get widely distributed and that's the power. From that perspective these blockchain projects are uninteresting - there is no token of value.

You answered your own question.


It's silly to think anyone here has the upper hand on financial and banking institutions in anything whatsoever. Sure, some (many) talking heads don't really understand blockchain or Satoshi's/BTC 'vision', but there are plenty in the industry that do. Either it's ignored, demonized, re-structured or circumvented for profit, power and control. Simple.

I guess the best way to prove a coin's worth outside the system is for that coin to cater to and must be accepted as of value by ISIS and other insurgents, drug cartels, the black market, and anything related to the criminal underworld.

Pretty funny indeed, many of us came here because we wanted to get rid of our dependence on banks but now we all (or at least the majority of us) worshipping coins connected to banks . Many people also looking at banks like saviours what will take the crypto scene to the next level by handing over money and "professionalism". ...and I didn't even mentioned the "bitcoin must be regulated to make it's way to businesses" idiots :/.

So this means we have yet to see the great cryptocurrency pump ala the tech bubble?

It is the path of least resistance.
Some find such path leads them along the same path as banks, some find such path leads them on an indifferent trajectory to banks.

The world is full of subjective and opposing viewpoints, some of those have very little concern for any concerns voiced here. You must idiot proof your conclusions to accept that someone will always think you're wrong.

It's called Stockholm Syndrome.

I'm not suggesting that everyone should stop using banks, of course that's not going to happen, and I stated in my OP words to that effect.  But I can't be the only one that sees something here is the wrong way around?

WE are in the position of power here, WE are the guys that know how this technology works and WE are all at the forefront of its innovation.  The banks, the corps and governments need US to educate them, yet they show a bit of "leg" and everyone goes rushing off in love giving away every Ace we have!

I'm not saying that we shouldn't work with them either, but at least get something worthwhile in return!  Instead of just giving up a deck full of Aces for a paycheck in fiat which everyone here apparently hates.

Take Bitcoin for instance, if by some miracle Bitcoin became mainstream and every random Joe owned some, they would adopt the same security model the exchanges do.  The majority would just place most of their wealth somewhere like a Coinbase vault account as their "cold" wallet, then something like 5-10% of that would be placed in their non-vault, "hot" wallet that can be accessed by the shift card.  Some minor penance would be placed on their cell phone to, you know, support the whole decentralization cause.  Maybe they would have some of the cold wallet in a safety deposit box or something instead of an actual financial account, but none of them are really going to stop using banks at all should Bitcoin go mainstream.

No matter how computer literate someone is, most will still end up placing the funds in some type of chain of custody due to things like deaths occurring that need wealth transferrence via wills or other such issues.  Some Richard Stallman types would obviously keep nothing in a Bitcoin bank, but those would be the extreme minority in widespread adoption.