Topic: There is no currency that banks hate. - page 2. (Read 2737 times)

Would you be willing to have "everything that can be known"/digitised about" YOU recorded and available to anyone who cares, forever?
Sounds a bit Orwellian to me, but what do I know...

Banks just want to make money. They do this by giving out loans along with other things. Bitcoin could also adapt to this. Banks just need to agree with using Bitcoin. A lot of people could get Bitcoin loans.

The UK though was handicapped going in.  It had just gotten burned worse than anybody else in the Eurozone by the mideast Asian banking crisis, before it had really gotten fully and completely recovered from Barents' bank getting Leesoned.  Plus there were Eurozone treaties intended to prevent countries from dragging each other down which had the unfortunate effect of preventing them from working together very easily as well.  I mean, yeah, it did completely suck on the ground, but the guys at Downing Street could have done a hell of a lot worse.  

And most of that money?  Didn't really exist in the first place.  The £45billion was less than the replacement value for a £65billion bezzle,  ie, the money that people were pretending was real in order to continue their scam.  It was distributed throughout the economy, in everybody's pockets, including the fatcats.   When they printed more money, the fatcats' holdings were devalued way more than the ordinary taxpayers'.  And now the £45billion that they printed is distributed through the economy, and they're coming back and making the fatcats pay back about £32billion of it.  So, yeah, you got ripped off, but you and the fatcats lost a very similar percentage of your wealth.  And as for your graph?  Smooth out that bump and you've got a net *increase* in property value over the last few years, so the bubble got popped but your economy didn't sink.  


Back to the uncontrolled six-to-eight year boom/bust cycle that characterized the "natural" state of the economy before economists figured out effective monetary policy, unless I miss my guess.  It was a lot rougher than the ride we've been having since WWII.  


Your faith in the wisdom of crowds is charming, but misplaced.  You can fleece sheep every year.

You're forgetting a very important feature of banks that make banks "profitable", and that is that they lend out loans for profit.  I mean, in a sense people are in a way becoming their own "banks" by doing this exact thing... just look on the lending board in the market place.  People are making profits that way there, or even on exchange sites like poloniex.

Truth is, is that a large majority of people on the planet don't know what Bitcoin is, and this, in itself, makes it not a "hot" asset for banks to accumulate or offer to their customers. Plus, "normal" people don't need Bitcoins to start up a business idea or pay off student debts... they need fiat.

agree with this. having same properties make bank and bitcoin be competitor. and in other side bitcoin is easy use, don't need to go in and go out to make or transfer money.

but OP's right either, banks can use bitcoin as their new feature to make costumers. well, just see what will happen

Can business work out ways of exploiting/utilising an immutable public ledger that has the potential to register "everything that can be known"/digitised about an individual ? Most definitely.

Will they be able to do it via central banks QE and/or commercial banks fractional reserve banking ? I think (probably) not.

I hate to bang on about it, but for me the real issue is the ownership of the means of production. I know some say that in the knowledge/information age that this (Marxist) paradigm has shifted/been supersceded. But I'm not convinced. It just means that the means of production have altered - but these "means" can still be owned, as they always have. Knowledge and understanding can still be garnered in the service of wealth/power/privilege, its acquisition, and its protection.

Why's that a problem?  People won't object, any more than they objected when MtGox did it.  Remember that, even today, more than half of Bitcoin owners don't remember MtGox.  They weren't here when it happened.  They already keep their coins in online wallets where they don't have the keys, make transactions with other people using the same online wallet which don't appear in the block chain, and never check the blockchain to see if their particular transaction went through. 

Banks just take it to the next level, where they can do the same thing between *ANY* two bank account holders, not just the ones that use the same bank.  People will never notice the difference.

Trying to educate and engage. Something that state-sponsored schools brainwash factories clearly failed to do.
And, won't lie, to have a few laughs

Sounds like $ is working just fine for you man, eating your nice snacks and what have you.  Zero crime neighbourhood. Nice car.

Does kind of beg the question though - what are you doing here ?

Whored - is the clue in the title ?

As someone living in US, can tell you it's working fine thus far. Live in a nice house, eat good snacks, drive a fun car, streets are safe.
So your suggesting that "for the people therein there was (and is) no escape" begs the question: WTF you talkin' bout?
No one is trying to escape, Mexico ain't building no wall to keep Amerifats out, we're good were we're at, brah.

QE isn't a one off payment/windfall to banks, its an ongoing subsidy. Also monetary debasement/devaluation/direct vs indirect costs to the average Jo.