When will banks start a war against bitcoin - page 43.

Bastime

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Quote from: mrcash02 on August 13, 2017, 10:25:08 PM

Quote from: Aur3 on August 13, 2017, 10:21:32 PM

Quote from: Juggy777 on August 10, 2017, 11:19:34 AM

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 thing it will happen and when?

War? What war are you talking about op. Banks are already using bitcoin technology called blockchain. There are some banks which are paying or accepting Bitcoins. Many are now encouraging it to. Yes there is a fear that banks may loose out business, but it's absurd nothing like this will ever happen, banks are more than happy to encourage Bitcoins as after conversion, it comes back to them.

As I see it, it's nonsense to have a war between banks and bitcoin. Banks can convert bitcoins into cash that is helpful to their daily cash flow. It's also possible to convert bitcoin into other currencies; therefore, these banks have no good reason to start a war. The truth is, the bitcoin technology which is known as "blockchain" protects their transaction round the clock.

But if people invest in Bitcoin they won't let their money laying at the banks, so the banks won't make profit from your money and pay pennies back to you. Banks work like the middleman between you and a good investment, with Bitcoin you skip this middleman and start investing by yourself, 100% profit for you, while investing with banks they pay you few percentes and enjoy all the rest of the money.

Banks hegemony ends if Bitcoin rises and get more adoption.

My point of view is when Bitcoin collapse still Banks has the real money on hold but in the other hand if Banks collapse - what would be the effect for Bitcoin? Of course you can't convert Bitcoin to any currencies and possibilities Bitcoin will have no value at all.

Bastime

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For me Banks doesn't have to execute war or precautions against Bitcoin because they have the real money that circulate to the real community even the value of Bitcoin is soaring high but I don't think it will affect any Banks accounts. Consider Bitcoin is a Gold that came from nowhere around the planet, every bank and institutions acknowledge every gram of it as it is for Bitcoin, Bank doesn't affect Bitcoin accounts as so as Bitcoin to Banks.

jerowacik

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Quote from: helars2008 on August 14, 2017, 12:32:04 AM

I think the banks wont shutdown btc because they cannot or it would be really hard for them.
I think they would rather go with it and use btc in their transactions instead of working against it...

Both have their own goals. I'm sure banks and bitcoins work well. We just wait for time until everything can be centered and work together.

pushups44

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I think the war has already started. Many people are having a hard time liquidating their cryptocurrencies, and it looks like American banks have given the Bitfinex exchange a hard time. Cryptocurrencies will definitely raise concerns about the long-term viability of the dollar (and other fiat currencies) and other matters for governments. On the other hand, it's clear that cryptocurrencies are here to stay. Governments should embrace them and update their laws. Some have apparently done so, such as Japan and Australia.

helars2008

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I think the banks wont shutdown btc because they cannot or it would be really hard for them.
I think they would rather go with it and use btc in their transactions instead of working against it...

romani245

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Quote from: Realist247 on August 13, 2017, 10:30:13 PM

What they DO care about is that people store their money in crypto that they don't issue. This is why banks are coming up with their own versions of BTC.

Indeed, this is why they are filing so many blockchain patents. They want digital currencies that can compete (at least in the minds of consumers) with real cryptocurrencies.

I also think they will start offering custodial services for bitcoin and other cryptocurrencies. It's inevitable if we continue on this trajectory, because consumers won't be able to protect their crypto, by and large.

Realist247

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Quote from: manchester93 on August 13, 2017, 10:54:21 PM

Quote from: Yakamoto on August 13, 2017, 06:09:19 PM

There's a pretty high chance that there is going to be nothing done to Bitcoin at this point, at least, nothing that the banks will be doing directly.

That's my thinking. There was a lot of tough talk a couple years ago... some Congressmen wanted to ban it. I think that due to the global nature of bitcoin and cryptocurrencies (and the fact that they refused to die) made it such that no governments wanted to ban the technology. Doing so would only make them fall behind in a burgeoning sector.

If government wanted to ban it they were using stalling techniques while the banks that lobby them develop their own systems. Of course governments don't want to ban it. They want, more than anything, to be able to track the transactions of all of their citizens no matter where they live globally. This is where people fail to realize that BTC isn't special...it was just first. Governments are studying it and learning from its shortcomings before they release their own versions. When this happens, I hope everyone reading this warning has already cashed out their BTC holdings.

manchester93

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Quote from: Yakamoto on August 13, 2017, 06:09:19 PM

There's a pretty high chance that there is going to be nothing done to Bitcoin at this point, at least, nothing that the banks will be doing directly.

That's my thinking. There was a lot of tough talk a couple years ago... some Congressmen wanted to ban it. I think that due to the global nature of bitcoin and cryptocurrencies (and the fact that they refused to die) made it such that no governments wanted to ban the technology. Doing so would only make them fall behind in a burgeoning sector.

Realist247

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Quote from: Aur3 on August 13, 2017, 10:21:32 PM

Quote from: Juggy777 on August 10, 2017, 11:19:34 AM

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 thing it will happen and when?

War? What war are you talking about op. Banks are already using bitcoin technology called blockchain. There are some banks which are paying or accepting Bitcoins. Many are now encouraging it to. Yes there is a fear that banks may loose out business, but it's absurd nothing like this will ever happen, banks are more than happy to encourage Bitcoins as after conversion, it comes back to them.

As I see it, it's nonsense to have a war between banks and bitcoin. Banks can convert bitcoins into cash that is helpful to their daily cash flow. It's also possible to convert bitcoin into other currencies; therefore, these banks have no good reason to start a war. The truth is, the bitcoin technology which is known as "blockchain" protects their transaction round the clock.

This isn't how banks work. Banks take the money of depositors, leverage it 10 to 1 and then loan it out and collect interest on the loans. So if someone deposits $1000, the bank uses that $1000 to create $10,000 and earns a fat interest rate on that $10,000...and pays the depositor less that 1% in most cases. Accepting Bitcoin is just another means of accepting fiat just as if someone directly deposited the same amount of fiat. In other words they don't care. What they DO care about is that people store their money in crypto that they don't issue. This is why banks are coming up with their own versions of BTC.

mrcash02

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Quote from: Aur3 on August 13, 2017, 10:21:32 PM

Quote from: Juggy777 on August 10, 2017, 11:19:34 AM

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 thing it will happen and when?

War? What war are you talking about op. Banks are already using bitcoin technology called blockchain. There are some banks which are paying or accepting Bitcoins. Many are now encouraging it to. Yes there is a fear that banks may loose out business, but it's absurd nothing like this will ever happen, banks are more than happy to encourage Bitcoins as after conversion, it comes back to them.

As I see it, it's nonsense to have a war between banks and bitcoin. Banks can convert bitcoins into cash that is helpful to their daily cash flow. It's also possible to convert bitcoin into other currencies; therefore, these banks have no good reason to start a war. The truth is, the bitcoin technology which is known as "blockchain" protects their transaction round the clock.

But if people invest in Bitcoin they won't let their money laying at the banks, so the banks won't make profit from your money and pay pennies back to you. Banks work like the middleman between you and a good investment, with Bitcoin you skip this middleman and start investing by yourself, 100% profit for you, while investing with banks they pay you few percentes and enjoy all the rest of the money.

Banks hegemony ends if Bitcoin rises and get more adoption.

Aur3

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Quote from: Juggy777 on August 10, 2017, 11:19:34 AM

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 thing it will happen and when?

War? What war are you talking about op. Banks are already using bitcoin technology called blockchain. There are some banks which are paying or accepting Bitcoins. Many are now encouraging it to. Yes there is a fear that banks may loose out business, but it's absurd nothing like this will ever happen, banks are more than happy to encourage Bitcoins as after conversion, it comes back to them.

As I see it, it's nonsense to have a war between banks and bitcoin. Banks can convert bitcoins into cash that is helpful to their daily cash flow. It's also possible to convert bitcoin into other currencies; therefore, these banks have no good reason to start a war. The truth is, the bitcoin technology which is known as "blockchain" protects their transaction round the clock.

Realist247

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Quote from: bxipp on August 13, 2017, 09:52:16 PM

bitcoin will never lose to the bank if the bank againts bitcoin. and why would bank againts bitcoin also. why dont they buy bitcoin for the asset. it grow every years. bank should buy bitcoin instead picking a fight on bitcoin. or they already did buy some bitcoin?

Why don't banks buy Bitcoin as an asset? The answer is in this fundamental disclaimer of any class of investment: "PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS." I know lots of traders working for banks. None of them will touch BTC in their trades for many reasons and none of them consider BTC anything more than a temporary speculative bubble waiting to burst.

Realist247

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Quote from: Janation on August 13, 2017, 06:13:38 PM

Quote from: Filmmmakerr on August 13, 2017, 06:06:29 PM

Once they realize that bitcoin is uncontrollable and is taking away billions from the banking institutions they'll try to either hop on it and control it or demolish it.

And why are bitcoins is taking away billions from the banking institutions? Any proofs or explanations? Bitcoin is taking no money from banks, it is not the case. The case here is if bitcoin become stable and will be having a low fee fransaction, there is a possibility that banks costumers will dramatically decrease.
They are being afraid of what might happen and what is the effect of this digital currency.

Do you not see how you contradict yourself in the same paragraph?

To correct what you said, if BTC takes customers from banks it therefore takes money away from banks. This is basic logic and reason. What you said is the exact opposite, and that's exactly why anyone not worried about the coming war against BTC are completely lost.

Realist247

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Quote from: HabBear on August 13, 2017, 12:02:56 AM

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

There has been a lot of accusations form banks, that bitcoin is perfect for money laundering and is used for supporting crime.

Banks aren't making these accusations. Politicians and governments are. There's a big difference.

Banks are in business to make money. Bitcoin can make them a lot of money. They're not going to try to bring it down, they want to participate and make a ton of money.

This the politicians we should worry about. They don't have real understanding of what Bitcoin is or why it improves a failed system. A system, by the way, that politicians (over history) have created and continue to support. If politicians deem Bitcoin as a threat they will enforce laws to make it difficult for people to use it.

As the base of voters we can combat that worry by voting in politicians that are supportive of Bitcoin and the market it strives to create.

How can BTC make banks a lot of money? I see this so often that what used to make me cringe is beginning to make me laugh. This is a new form of religious fanaticism. The "system" is doing exactly what it was designed to do. It is designed to fail periodically. Read "Money Mechanics" from the FED.

If politicians are making the accusations that is EXACTLY WHEN speculators in BTC should worry. More likely than not politicians are opening their mouth because banks are lobbying them to do so. That's what politicians do and how/why they do what they do. If you aren't worried about banks and only worried about politicians, you don't understand how the financial system works.

Furthermore, if you think that your vote means anything to a politician, you must be under the age of 30.

bxipp

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bitcoin will never lose to the bank if the bank againts bitcoin. and why would bank againts bitcoin also. why dont they buy bitcoin for the asset. it grow every years. bank should buy bitcoin instead picking a fight on bitcoin. or they already did buy some bitcoin?

Realist247

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Quote from: franco123 on August 13, 2017, 01:26:26 AM

In my opinion, as Financial Management graduate who also studied banks, I think this is not the way that banks will take action about it. They will not start a"war". It will be costly. Trust me, banks will do their best to minimize the cost and maximize the profit.

Instead, they might even start to support Bitcoin. Because it is an opportunity for them to earn money from it. For example, they can offer on accepting Bitcoin tradings and Bitcoin account application with training. Then they might also be available for Bitcoin deposits, securing your Bitcoin from hackers.

There are other more opportunities for banks to earn from Bitcoin. Which is why I think they will not start a war, but instead start to support Bitcoin.

How can banks earn from Bitcoin...fees? That's not even a drop in the bucket if compared to how banks actually make their money.

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I think it's already happened and most of the banks are lost in this war. Now many of them are holding bitcoins and talk behind it's back. The allegations are nothing new to us so we don't believe unless there is some proof.

MAbtc

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Quote from: Vaskiy on August 13, 2017, 06:42:31 AM

Quote from: Aamir1 on August 13, 2017, 02:11:49 AM

I don't see any thread for bitcoin from banks. They may think that bitcoin can be a competition for them but i don't think they can stop people from using bitcoins as they cannot control it nor they can ban it from internet. All they or the authorities can do is to prohibit people within the country to use bitcoin, but still if someone wants to do it they will do it avoiding the prohibition.

As mentioned bitcoin will serve as an competitor for the banking system. Just because of this I don't find there will be an war between the two. Bitcoin is different from conventional fiat in terms of the features it has got. Importantly in future bitcoin might get incorporated with banking systems.

Fiat money has a couple big things going for it. For one thing, governments can mandate that that fiat currency be accepted for the payment of debts or taxes. For another, consumers love the idea of reversibility (being compensated for fraud, having buyer's remorse, etc) even if merchants hate it. For these reasons alone, I don't see cryptocurrencies replacing fiat currencies.

I think they are simply a new asset class that will compete with other types of assets -- stocks, bonds, real property, gold, oil. And it will be harder for the central banks to pump the economy, because people will be putting some portion of their savings into crypto rather than the stock market.

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Quote from: Filmmmakerr on August 13, 2017, 06:06:29 PM

Once they realize that bitcoin is uncontrollable and is taking away billions from the banking institutions they'll try to either hop on it and control it or demolish it.

Where can i find an article explaining about this? can you give me this reinforcing link because I want to sit while reading about this to better understand it. what until now the bank has not realized the bitcoin uncontrolled?

ufaiz50

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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?

that's a bad way to drop bitcoins and of all currencies can be money laundering it all depends on the holder of currencies. I think banks don't care about bitcoin so war will not happen.

Topic: When will banks start a war against bitcoin - page 43. (Read 16230 times)