What would happen if the banks take control of Bitcoin? - page 2.

szpalata

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Quote from: shezu007 on January 14, 2018, 11:37:45 PM

Quote from: dewynijhof on January 14, 2018, 11:32:24 PM

if banks take control of bitcoin, surely bitcoin will not anonymous anymore, bitcoin price will be under control of banks so the price will be stable whole time, finally we will all be taxed when using bitcoin, i personally wont accept this and will leave bitcoin forever.

Well, first it is not possible that anyone can take control of BTC even super power countries while if such happen then BTC will lose all their customers because Bank will start accepting taxes on BTC while also price will lose their volatility property due to which trader will stop trading with BTC and BTC will approximately go to end.

It's just not possible for any singular entity to seize control of bitcoin because it is decentralized and it will take everyone of us to surrender it to the central authority which i strongly doubt but the worst they could do will be to make it difficult for everyone to use by setting up laws against it's free movement among several jurisdictions around the world or they will have to switch off the internet worldwide.

shezu007

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Quote from: dewynijhof on January 14, 2018, 11:32:24 PM

if banks take control of bitcoin, surely bitcoin will not anonymous anymore, bitcoin price will be under control of banks so the price will be stable whole time, finally we will all be taxed when using bitcoin, i personally wont accept this and will leave bitcoin forever.

Well, first it is not possible that anyone can take control of BTC even super power countries while if such happen then BTC will lose all their customers because Bank will start accepting taxes on BTC while also price will lose their volatility property due to which trader will stop trading with BTC and BTC will approximately go to end.

dewynijhof

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if banks take control of bitcoin, surely bitcoin will not anonymous anymore, bitcoin price will be under control of banks so the price will be stable whole time, finally we will all be taxed when using bitcoin, i personally wont accept this and will leave bitcoin forever.

HG_Lincs

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I just want to start by saying. It's impossible for Banks to take control of Bitcoin. In order for that to happen, they must Hold, over 50% of the entire circulating supply.
So Unless the banks open up the world best mining farms right now. It's... yeah I'm going to say impossible.

Secondly, the banks already have their Currency of choice.. That would be Ripple.
That's why I can promise you that you're never going to see Ripple at $10

madainfamous

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Quote from: gigi55 on January 04, 2018, 06:01:32 AM

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
Thanks you!

It would be bad for the bitcoin users when banks started to take control of bitcoin. There will probably a much higher transaction fees for its users. But also, altcoins will benefit from this because it will reduce the risk for its company and investors.

HabBear

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Quote from: gigi55 on January 04, 2018, 06:01:32 AM

If BTC goes up, the ALTS goes down.

This statement is 100% not true.

Quote from: gigi55 on January 04, 2018, 06:01:32 AM

If BTC goes down, the ALTS goes down.

Again, totally false. Bordering on lie if the OP is try to deceive us.

Quote from: gigi55 on January 04, 2018, 06:01:32 AM

What would happen if they control most of BTC?

People would abandon Bitcoin and move to Bitcoin Cash, Litecoin, Ripple, Monero, Dash, etc. That's the beauty of it, the bank can't control them all!

ngoinhahoahong

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Quote from: gigi55 on January 04, 2018, 06:01:32 AM

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
Thanks you!

Many banks in the world have accepted and acknowledged bitcoin as a means of payment and deposit as well as a reserve of bitcoin as a new economy, so now is how to get at least 100 bitcoin for descendants.

gambitcoin53

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Quote from: Tonestra on January 04, 2018, 07:13:36 AM

That's not possible. bitcoin runs on a decentralized distributed ledger protocol. The very essence of bitcoin is to give back the power of control to individuals over their money.

agree, it is impossible for banks to run bitcoin exclusively, bitcoin holders are everywhere, no papers, no documents no reference, how would they use bitcoin, they have no idea how much bitcoin is out there in the internet, they do not have the capacity to hold huge amount like that, holders are anonymous and encrypted, who will they call, you are right, the essence of bitcoin is the holders privilege over their on money. bitcoin would not be created if banks has the control over it.

kkaroul4

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Quote from: gigi55 on January 04, 2018, 06:01:32 AM

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
Thanks you!

I am sure bitcoin will be stable again as long bitcoin up and down but until now it is still successful bitcoin investors because they have high confidence will be successful to invest with bitcoin

expert4knowledge

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They can just kill it and we are fucked, but it would be a big waste of money for them

akram143

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Quote from: gigi55 on January 04, 2018, 06:01:32 AM

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
Thanks you!

This is just normal if the bitcoins rise altcoins will fall and vice versa but bitcoin is a decentralised coin which means no one can control it.The price can be decided by the supply and demand so if the bankers can control the demand of bitcoin they can control the price but it is most likely will not happen because market cap of bitcoin is too high so it is impossible to control it completely.

Rodge182

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Quote from: CohY4ohvoh on January 14, 2018, 07:45:15 AM

Quote from: gigi55 on January 04, 2018, 06:01:32 AM

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
Thanks you!

How bank control bitcoin? it’s better to say miners control bitcoin.
if the banks take control of Bitcoin they will ask for ID and will start banning countries

I believe that is true. The Control is on the miners and mining pools. They are responsible for how are tx fees should go. So I'd say miners and mining pools more likely to take control than the banks.

CohY4ohvoh

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Quote from: gigi55 on January 04, 2018, 06:01:32 AM

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
Thanks you!

How bank control bitcoin? it’s better to say miners control bitcoin.
if the banks take control of Bitcoin they will ask for ID and will start banning countries

Rodge182

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The price I think would be stable, they will impose some regulations. The true meaning of a decentralized currency will be forgotten. I don't think it will happen, but these are the possible scenarios.

bitcoinVPSD

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This is bad .. if it is controlled by the bank I am sure it will be imposing fees, controlling the value, and the procedure will be applied bitcoin. I do not want what happens to it to grow naturally

gestknpa

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Quote from: gigi55 on January 04, 2018, 06:01:32 AM

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
Thanks you!

I have never thought of this before. And this kind of thing basically can not happen.

MadonnaLover

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Quote from: gigi55 on January 04, 2018, 06:22:30 AM

IMO. The bankers have most of the XRP, they are going to take advantage of the BTC correction to put it in first place and create FOMO, lower even more to BTC, sell XRP and buy all the BTC. The ALTS will die with the lowering of BTC and the subsequent unchecked rise of BTC. Controlling the BTC would have control of the rest of the coins. No ALT can go up faster than the BTC and create more BTC.

Am I crazy? I promise you that I had that vision last night

Sorry for me English

This is quite an interesting view. I cannot rule out that there is something true. But they won't be able to get many BTCs because BTC whales are whales exactly because they don't sell. They won't get enough BTCs to make a real difference.

WUUEX79

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Yes, they will cripple it at high fees for their (services). Thus, it will adversely affect the development of bitcoin and altcoin (cryptocurrency), because bitcoin and altcoin will be abandoned by their fans, then the bank will shut it down, citing the pressure from the government.

Tonestra

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That's not possible. bitcoin runs on a decentralized distributed ledger protocol. The very essence of bitcoin is to give back the power of control to individuals over their money.

Cryptalking

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What would happen? Well one thing is for sure and that is that it will not end very well for BTC holder i guess. considering they dont like BTC at all there will be a big possibility that they would likely tax BTC with ridiculous amounts such as 75% or something...

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