When will banks start a war against bitcoin - page 41.

bohr

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Quote from: Janation on August 14, 2017, 05:22:25 PM

Quote from: bohr on August 14, 2017, 04:52:41 PM

Quote from: matjas on August 10, 2017, 10:55:08 AM

I know we are still at a start of cryptocurrencies, but bitcoin is growing with lightning speed right now and some banks already see it as a potential threat.
There has been a lot of accusations form banks, that bitcoin is perfect for money laundering and is used for supporting crime.
I think they can do a lot of harm to bitcoin market and they will eventually start with harsh campaign against it.
Do you think it will happen and when?

The war started as soon as bitcoin was created banks make these accusations to bitcoin when it is them the banking system the reason there is money laundering in the first place, where trillions of dollars are laundered and governments do nothing to me it seems they are worried they are going to lose their biggest money maker, illicit activities.

There are some people really doing this using their ties with the bank, make it a way to launder a lot of money on the bank. I've also known a news in my country where in they made a lot of bank accounts using different people to save there laundered money, how greedy of them.
I think they are not worried at all but they are thinking that if a lot of people do not use banks, the only money that will be left in the bank is their money.

Correct, and that is why they are worried a bank without others people money is not a bank but a business, suddenly the bankers will realize that if they want to make money they will have to do it like everybody else in the world, they will have to risk their own money and try to create products and services that people want, they are going to regret abusing their power for so long.

Charot12345

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I think it is not impossible that bank will take a move if the bitcoin is still booming and take them down because the people that preferred bitcoin on saving money than banks are increasing. Many people preferred bitcoin than banks because of the security and change in price that will cause banks to be bankrupt if it still goes on so that I think banks will start war against bitcoin if they are near to bankruptcy.

manchester93

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Quote from: darkangel11 on August 15, 2017, 01:24:11 PM

Quote from: drwhobox on August 15, 2017, 12:28:36 PM

For thoes who decline bitcoin as a alternate currency for thier country it is because of there is no tax when it becomes to bitcoin compared to normal. so that's why they are try to make bitcoin illegal in thier country. Some countries are full of corruption that's why they do not what to make bitcoin a currency or making it illegal in some specific country.

There are taxes when converting to fiat, but once bitcoin becomes an official currency and is used to pay wages, governments will keep an eye on transactions and make sure the taxes are being paid. The easiest way to do it would be to require companies to put all blockchain transaction IDs in the books and monitoring individual employees wouldn't be necessary.

It's actually a bit scary to think about. Bitcoin is so transparent that once it's fully integrated into society (like you suggested), it will be fully trackable and linkable to peoples' identities.

After getting paid your salary (unlike bank accounts), the blockchain is public, so governments can watch what you do with your coins -- where you spend it, for instance. And they might catch you hiding coins if you ever sign a transaction with your "publicly verified" keys, along with private keys they don't know about yet.

coinplus

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Quote from: nicolioz on August 15, 2017, 12:00:03 AM

I think banks are actually trying to design their own cryptocurrencies, but I can see some of them adopting btc once transactions get even faster and easier.

I have not heard whether any bank is making its own crypto currency or not. But still if we consider this possibility then what are the chance of that digital currency of surviving when bitcoin has already become this much famous among common people. Obviously zero, they will be wasting their time if they plan to introduce their own crypto currencies. Bitcoins unite us all. Yes it is true, some banks have started to accept BTC.

drwhobox

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Quote from: darkangel11 on August 15, 2017, 01:24:11 PM

Quote from: drwhobox on August 15, 2017, 12:28:36 PM

For thoes who decline bitcoin as a alternate currency for thier country it is because of there is no tax when it becomes to bitcoin compared to normal. so that's why they are try to make bitcoin illegal in thier country. Some countries are full of corruption that's why they do not what to make bitcoin a currency or making it illegal in some specific country.

There are taxes when converting to fiat, but once bitcoin becomes an official currency and is used to pay wages, governments will keep an eye on transactions and make sure the taxes are being paid. The easiest way to do it would be to require companies to put all blockchain transaction IDs in the books and monitoring individual employees wouldn't be necessary.

i meant was. Some country is not putting some tax to us such as philippines. It's actually free when you're going to transfer money on another wallet with the same wallet carrier. Goverments do keep on eye on bitcoin for thoes who recognize bitcoin as a true currency on the market. But, some countries dosen't even recognize bitcoin as a thing to thier country due to some corrupt reasons.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: drwhobox on August 15, 2017, 12:28:36 PM

For thoes who decline bitcoin as a alternate currency for thier country it is because of there is no tax when it becomes to bitcoin compared to normal. so that's why they are try to make bitcoin illegal in thier country. Some countries are full of corruption that's why they do not what to make bitcoin a currency or making it illegal in some specific country.

There are taxes when converting to fiat, but once bitcoin becomes an official currency and is used to pay wages, governments will keep an eye on transactions and make sure the taxes are being paid. The easiest way to do it would be to require companies to put all blockchain transaction IDs in the books and monitoring individual employees wouldn't be necessary.

Rishabh riyz

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Quote from: RajaJudi on August 15, 2017, 12:27:50 PM

I do not think that bank will start a war against bitcoin due to many reasons. Bitcoin is good right now and people are in love with bitcoin. The number of bitcoin users increases every year and if banks against bitcoin, the number of people who use bank will decrease sharply

well we all know what Bitcoin are made we do know what banks are ,bitcins gives us financial freedom to invest and earn , I agree with you that the number of users of this digital crypto currency is increasing but the number for people using banks are not going down ,
a person after earning bitcoins eventually converts it into cash and deposited it in banks, by this bitcoins don't interfere with banks but instead helps to increase users and account
Their is no advantages to bank after overcoming a currency so why would they do .!?

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Quote from: RajaJudi on August 15, 2017, 12:27:50 PM

I do not think that bank will start a war against bitcoin due to many reasons. Bitcoin is good right now and people are in love with bitcoin. The number of bitcoin users increases every year and if banks against bitcoin, the number of people who use bank will decrease sharply

Banks will not be against bitcoin because bitcoin does not really affect the bank, many people earn bitcoin but in the end, they will also convert bitcoin into cash then the cash will be deposited into the bank, banks will charge service fees, Bitcoin helps banks, so banks do not have any reason to war with bitcoin. In addition, Bitcoin is a trend in the future and banks can develop when working with bitcoin, it is the first development step in their future, they will not be foolish against their good future

MostHigh

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The main aim of bitcoin is to put your money in your own pocket bank and avoiding this banks going around and mismanaging peoples' money. If they are going to make noise they can continue. I know banks unanimously fund drug trafficking, child and unpaid labor trade as well. If i were to be the banking organization's would rather sit up and see how i can find space in crypto and advance my works. There are spaces everywhere for everyone

Coffee135

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Quote from: RajaJudi on August 15, 2017, 12:27:50 PM

I do not think that bank will start a war against bitcoin due to many reasons. Bitcoin is good right now and people are in love with bitcoin. The number of bitcoin users increases every year and if banks against bitcoin, the number of people who use bank will decrease sharply

All the reasons you've mentioned more talking about the fact that banks are not interested in the turnover of bitcoins. The state is also not interested in this competition. Fiat money is the blood of economy of any state. All who recognized bitcoin is to exchange Fiat for bitcoin and kept the BTC. All Fiat will gather in the Treasury and the economy will stop.

drwhobox

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For thoes who decline bitcoin as a alternate currency for thier country it is because of there is no tax when it becomes to bitcoin compared to normal. so that's why they are try to make bitcoin illegal in thier country. Some countries are full of corruption that's why they do not what to make bitcoin a currency or making it illegal in some specific country.

RajaJudi

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Less is more

I do not think that bank will start a war against bitcoin due to many reasons. Bitcoin is good right now and people are in love with bitcoin. The number of bitcoin users increases every year and if banks against bitcoin, the number of people who use bank will decrease sharply

RodeoX

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Quote from: Mett33 on August 14, 2017, 09:41:29 AM

US Launches Quiet Crackdown On Cryptocurrencies

http://www.zerohedge.com/news/2017-08-13/us-launches-quiet-crackdown-cryptocurrencies

If you read the article it says something quite different than zerohedge's click-bait title. It is about "illicit finance" like money laundering. Not about bitcoin, beyond the fact that it will be policed like every other market. There is no surprise here. Actually it would be a surprise if the government said that bitcoin will be considered free money unlike anything else in the economy.

Mett33

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Quote from: manchester93 on August 15, 2017, 05:06:39 AM

Quote from: Mett33 on August 15, 2017, 04:20:33 AM

Quote from: manchester93 on August 14, 2017, 06:06:51 PM

Quote from: SaShiRaJaVu on August 14, 2017, 05:14:15 PM

Quote from: Mett33 on August 14, 2017, 09:41:29 AM

US Launches Quiet Crackdown On Cryptocurrencies

http://www.zerohedge.com/news/2017-08-13/us-launches-quiet-crackdown-cryptocurrencies

This was expected with the amount of money coming in with every ICO and i just want to see how they will be handling this,some of the exchanges have already stopped accepting US citizens to deal with alt coin and majority of the ICO i saw in the past few months are not taking money from US citizens ,but i am not sure how this crackdown works

Surprisingly, the SEC was very lax regarding the ICO hype. They said that ICO tokens may be securities, but they also said they weren't pursuing charges against anyone.

It seems like the crackdown is less against cryptocurrencies, and more against unregulated money service businesses.

I think same, problem is that crypto are anonymous and that no government like.

My opinion is that crypto which will not be connect with banks-government will disappear in the future, not because people will not like, but because government and banks will push them down.

Anarchist say that bitcoin will be future currency but who will regulate it, big miners from China, are they better than our government ?

The winner will be crypto which will be connect with government and banks.

Well, the idea of Bitcoin is not that it is "regulated" or "governed" by miners. They are incentivized to be honest by mining rewards. In this way, Bitcoin can remain decentralized. It makes no sense for a cryptocurrency to be connected with governments and banks; there are much more efficient value transfer systems available in trusted settings.

But in the future, I think governments and banks will try to sell this idea of government-backed crypto to the masses, in order to compete with truly decentralized cryptocurrencies like Bitcoin.

This is happen now miners regulate Bitcoin, they can push price up or down how they like, we small investor can only watch. They sacrifice small quantity of Bitcoin to pump up and big quantity which they have rise on value.

Remember miners will become new bank-gov of crypto and will be same like is now.

manchester93

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Quote from: Mett33 on August 15, 2017, 04:20:33 AM

Quote from: manchester93 on August 14, 2017, 06:06:51 PM

Quote from: SaShiRaJaVu on August 14, 2017, 05:14:15 PM

Quote from: Mett33 on August 14, 2017, 09:41:29 AM

US Launches Quiet Crackdown On Cryptocurrencies

http://www.zerohedge.com/news/2017-08-13/us-launches-quiet-crackdown-cryptocurrencies

This was expected with the amount of money coming in with every ICO and i just want to see how they will be handling this,some of the exchanges have already stopped accepting US citizens to deal with alt coin and majority of the ICO i saw in the past few months are not taking money from US citizens ,but i am not sure how this crackdown works

Surprisingly, the SEC was very lax regarding the ICO hype. They said that ICO tokens may be securities, but they also said they weren't pursuing charges against anyone.

It seems like the crackdown is less against cryptocurrencies, and more against unregulated money service businesses.

I think same, problem is that crypto are anonymous and that no government like.

My opinion is that crypto which will not be connect with banks-government will disappear in the future, not because people will not like, but because government and banks will push them down.

Anarchist say that bitcoin will be future currency but who will regulate it, big miners from China, are they better than our government ?

The winner will be crypto which will be connect with government and banks.

Well, the idea of Bitcoin is not that it is "regulated" or "governed" by miners. They are incentivized to be honest by mining rewards. In this way, Bitcoin can remain decentralized. It makes no sense for a cryptocurrency to be connected with governments and banks; there are much more efficient value transfer systems available in trusted settings.

But in the future, I think governments and banks will try to sell this idea of government-backed crypto to the masses, in order to compete with truly decentralized cryptocurrencies like Bitcoin.

Mett33

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Quote from: manchester93 on August 14, 2017, 06:06:51 PM

Quote from: SaShiRaJaVu on August 14, 2017, 05:14:15 PM

Quote from: Mett33 on August 14, 2017, 09:41:29 AM

US Launches Quiet Crackdown On Cryptocurrencies

http://www.zerohedge.com/news/2017-08-13/us-launches-quiet-crackdown-cryptocurrencies

This was expected with the amount of money coming in with every ICO and i just want to see how they will be handling this,some of the exchanges have already stopped accepting US citizens to deal with alt coin and majority of the ICO i saw in the past few months are not taking money from US citizens ,but i am not sure how this crackdown works

Surprisingly, the SEC was very lax regarding the ICO hype. They said that ICO tokens may be securities, but they also said they weren't pursuing charges against anyone.

It seems like the crackdown is less against cryptocurrencies, and more against unregulated money service businesses.

I think same, problem is that crypto are anonymous and that no government like.

My opinion is that crypto which will not be connect with banks-government will disappear in the future, not because people will not like, but because government and banks will push them down.

Anarchist say that bitcoin will be future currency but who will regulate it, big miners from China, are they better than our government ?

The winner will be crypto which will be connect with government and banks.

nicolioz

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I think banks are actually trying to design their own cryptocurrencies, but I can see some of them adopting btc once transactions get even faster and easier.

Nameless27

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In my opinion, it maybe not that visible or the media is ignoring it. The banks is starting to shift its gear to control bitcoin, slowly but surely. Why? Banks are run by the most greedy individuals next to a devil. Let's admit it, the shine of bitcoins profit and price can't be by all means ignored by banks. It starting and when the day we noticed it we are already puppets of greedy devil officials.

Stardusst

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I don't think the banks are going to control it yet since not all people knows about it. They wouldn't gain a lot yet with controlling bitcoin so far so I think they would just spectate and monitor it's movement for further decisions..

CyberKuro

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Well, don't you know? it's already begun; A recent raid of a bitcoin mining farm in a state-owned, empty swimming pool in Ukraine raises questions about the legality of the cryptocurrency in the country. Following the event, the Ukrainian central bank promptly published a statement about bitcoin’s regulation and legal status. https://news.bitcoin.com/arrests-bitcoin-miners-ukraine-questions-legality/
Fortunately, central bank and govs doesn't regulate about bitcoin yet, but it seems they just let it be around as the biggest exchange in my Country could survive and growing so far, and there are many miners as well.
You can check it here ; https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

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