When will banks start a war against bitcoin - page 47.

New2coin

newbie

Activity: 45

Merit: 0

Quote from: pedrog on August 10, 2017, 11:04:59 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?

People been making those kind of allegations and other complicated conspiracy theories since bitcoin's inception, it never happened and it will never happen, people working at banks don't care about bitcoin, shareholders don't care, CEOs don't care, tellers even less.

They only complain about the unfair paying field, they have to spend millions in compliance while some bitcoin startups who offer similar services don't.

I believe the owners of banks do care! Not only is there money to be made but we're also taking money from their pockets, which is fine by me.

iram1011

hero member

Activity: 896

Merit: 521

Banks are indeed wary of Bitcoin but they won't be starting a war against cryptocurrencies. Rather they will integrate Bitcoin into their system as done by banks in Switzerland and most probably would start their own cryptocurrency as being tested in China and soon to be done by Russia for reducing the dominance of bitcoin. They would definitely try to curb popularity of Bitcoin but would not try to eliminate them from the system.

jimn

sr. member

Activity: 360

Merit: 250

I don't think banks will sart a war against Bitcoin, at least in our nearest future. We even see that many governments allowed to install Bitcoin ATM to let people withdraw their bitcoins . Bitcoin in my opinion will help more the banking systems.

paragoncoin

newbie

Activity: 56

Merit: 0

Quote from: Cassandre on August 12, 2017, 09:34:05 AM

They already did. From my memory, there is several major banks, including Central European Bank, which clearly said to people that it was dangerous to invest in Bitcoin, and that they should focus on their investment plans with ridiculously low yields.

Banks will always try to scare people away from it because there is no way for them to profit from it. They try to make it sound scary and super risky, but I would assume that anyone who actually does the research would see through their warning pretty easily.

Cassandre

newbie

Activity: 30

Merit: 0

They already did. From my memory, there is several major banks, including Central European Bank, which clearly said to people that it was dangerous to invest in Bitcoin, and that they should focus on their investment plans with ridiculously low yields.

Drnice

sr. member

Activity: 588

Merit: 251

Banks going against Bitcoin in the country is for the safe keeping of the country's money and monitoring every fraudulence act in the country.
They way Bitcoin is becoming so popular, the bank will have no choice to accept Bitcoin, But if banks accepts Bitcoin, will there be tax?

ReLieD

sr. member

Activity: 546

Merit: 255

I don't feel that banks care about Bitcoin , people Trust banks more than Bitcoin. No Matter what happens people will choose banks over Bitcoin. The prices of Bitcoin is not fixed , other currencies price change a bit like minor changes but in case of Bitcoin it changes frequently which might affect daily transactions of people.

paragoncoin

newbie

Activity: 56

Merit: 0

Quote from: stevebc on August 12, 2017, 07:54:17 AM

The banks won't start a war against bitcoin.

Now Central banks, tax authorities, law enforcement agencies... they might take action.

You see the IRS hassling Coinbase
FBI hassling BTC-e

Exactly. Although, I can definitely see the bigger banks lobbying for lawmakers to take action against crypto once it starts actually affecting their bottom line.

ClvrGmr

full member

Activity: 322

Merit: 100

Banks has not been so affected of bitcoin progress because bitcoin is not yet so widely used by many. Banks will be only concern to bitcoin when it finally be used by the majority. Why? Because it will steal yhe opportunities from the bank and it can also now offer what bank can offer. These makes bitcoin a competitor and this is where war will began. Banks will now be rebelling and will do every single thing to make bitcoin fall down and disappear to the community. Its not a good thing to be harassed by a bank but its not so far to happen t this poit because bitcoins growth is at a very large scale and continuously growing over time.

djuvantebit

member

Activity: 83

Merit: 10

Be a part of the revolution

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?

Just bumped on this post now. Just like many have highlighted, BTC provides an unregulated alternative risk takers cannot resist, the bulk of bank holdings and investment capital comes from this folks, so yeah first reaction is to resist, it just that the BTC revolution is coming vat a time folk are tired of the current financial system screwing them over so the banks can't have it as business as usual, the reason the cryptocurrency blow out we now experience. The beauty of the BTC blockchain revolution is that it is an improvement on the present system hence, the present financial system will eventually have to get on board, right now they will just be playing for time for them to get an handle on the technology, then the control drive will begin. I think the best chance the cryptocurrency ecosystem has to reinforce their position and be ready to harmonize the old to the new in a symbiotic relationship.

Carlsen

hero member

Activity: 910

Merit: 501

I do not see that banks are feeling threatened by bitcoin.
A bank needs customers who want a loan. Or they earn money for services they provide, like consulting.
Or they earn money from working with businesses.
But the average bank user who has already some money in his account turns out to be more and more a problem for the bank.
If he puts his money elsewhere, the bank has no problem with that.

stevebc

full member

Activity: 209

Merit: 100

The banks won't start a war against bitcoin.

Now Central banks, tax authorities, law enforcement agencies... they might take action.

You see the IRS hassling Coinbase
FBI hassling BTC-e

so yeah...I guess that was has started!

smileee

member

Activity: 84

Merit: 10

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?

I think that situation will happen soon. Bitcoin is growing strongly and attracting many people. That is bad for banks and of course banks will try to overthrow the bitcoin.

Slark

legendary

Activity: 1862

Merit: 1004

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.

Haha, that is because everyone can now start to launder their dirty money, and banksters are not the only group with this privilege. /s
But to be perfectly honest - banking industry helped to launder so much money that Bitcoin users might never be able to beat that record.

Do you want some examples? Here you go:

https://www.americamagazine.org/content/all-things/vatican-bank-scandal-nobody-talking-about
http://www.businessinsider.com/gods-bankers-financial-scandals-at-the-vatican-2015-2?IR=T

Lampaster

sr. member

Activity: 406

Merit: 255

Quote from: paragoncoin on August 12, 2017, 07:19:58 AM

Quote from: Russlenat on August 11, 2017, 09:29:41 PM

I think banks should also adopt bitcoin on there transactions just like other paper currencies for there daily transactions because it is a big opportunity for the banks! It is good also that we have a bank for bitcoin that can easily be exchange our bitcoin to real fiat. There's no need for war in it.

completely agree. i think we are seeing the banks also agree--more new activity by mainstream institutions every day.

Why would the banks accept bitcoin? How will they be able to capitalize on this? Transactions are miners and have a fixed price, a loan in bitcoins to take profitable. Moreover bitcoin creates capital outflows from the banking system. No, I do not believe that banks will accept bitcoin.

paragoncoin

newbie

Activity: 56

Merit: 0

Quote from: Russlenat on August 11, 2017, 09:29:41 PM

I think banks should also adopt bitcoin on there transactions just like other paper currencies for there daily transactions because it is a big opportunity for the banks! It is good also that we have a bank for bitcoin that can easily be exchange our bitcoin to real fiat. There's no need for war in it.

completely agree. i think we are seeing the banks also agree--more new activity by mainstream institutions every day.

orions.belt19

full member

Activity: 686

Merit: 146

Quote from: jc89 on August 12, 2017, 04:19:37 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 think it will happen and when?

We can't deny the fact that it really is a threat to banks and if you own a bank you will be alarmed if people started pulling out their money. Before it gets worst your first step is to do everything in your power to control the damage btc will bring to your business. That being said, it is a good plan to start with publicity stunts such as propagating bad news to prevent people from investing. Then comes the involvement of government. They have the power to ban btc in their country and the banks will be happy. These things aren't surprising at all but I think at this point they cannot stop btc. What they should do is to study and get on board with btc trend. Develop services involving btc (if the banks in your country don't support btc yet) and it will be a win-win situation for all parties.

I don't know what country have banks that don't support btc but here in ph almost every bank supports btc.

I totally agree with this. It is very likely for the banks to feel threatened by BTC but they should instead provide some support for it and come up with services for bitcoin. "If you can't beat them, join them". With the vast population of bitcoin users, I don't think there's much that they can do to prevent or attack the Bitcoin community. Its beyond their power. Here in my country, I can directly transfer and exchange my btc to my bank account, and all the other banks should provide services such as these for the btc users. This could make them more popular and they can profit more at the same time.

Banks should cater to the consumer's needs, and not wage war against competing entities.

zarados

full member

Activity: 364

Merit: 130

Quote from: OmegaStarScream on August 10, 2017, 11:17:12 AM

The bankers control the world, they could simply start by shutting down the exchanges but they won't do that because people will start talking about freedom of belief, speech and that kind of stuff. Instead, they will do whatever they are doing with Islam for example, they will make it look bad, you will see more pedophiles and terrorists, weapon and drug dealers, kidnappers on the media asking for bitcoin and eventually this will put away a large amount of people away.

I agree, the shareholders of the bankers in the world are the person who is influential on the economy, So they will'nt just sit back there while the bitcoin rising and threatening their business. I think the war begin when the bitcoin showup. They'll do anything to safe their business, with good or bad ways, with their weapon mainstay, "Media". With media, good things can looks bad, and bad things can looks good. And the bank is not the only one will start a war against bitcoin.

Farfenkugel

member

Activity: 78

Merit: 10

Quote from: pedrog on August 10, 2017, 11:04:59 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?

People been making those kind of allegations and other complicated conspiracy theories since bitcoin's inception, it never happened and it will never happen, people working at banks don't care about bitcoin, shareholders don't care, CEOs don't care, tellers even less.

They only complain about the unfair paying field, they have to spend millions in compliance while some bitcoin startups who offer similar services don't.

If you think the banks do not care then you are wrong.

Everything that threatens the banks profit, if it's big or small, they will monitor every move to use it in there advantage.

The reason the banks are not involved yet is because of the high risk of losing there money... Mark my words as they will get involved once they installed some rules and regulation wich provides less risk for them to invest. If you think the banking sector will not jump on to this huge oppurtunity then they have something coming for you Cheesy

jc89

sr. member

Activity: 364

Merit: 250

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?

We can't deny the fact that it really is a threat to banks and if you own a bank you will be alarmed if people started pulling out their money. Before it gets worst your first step is to do everything in your power to control the damage btc will bring to your business. That being said, it is a good plan to start with publicity stunts such as propagating bad news to prevent people from investing. Then comes the involvement of government. They have the power to ban btc in their country and the banks will be happy. These things aren't surprising at all but I think at this point they cannot stop btc. What they should do is to study and get on board with btc trend. Develop services involving btc (if the banks in your country don't support btc yet) and it will be a win-win situation for all parties.

I don't know what country have banks that don't support btc but here in ph almost every bank supports btc.

Topic: When will banks start a war against bitcoin - page 47. (Read 16230 times)