While banks keep failing, Bitcoin has proven to be reliable

Slark

legendary

Activity: 1862

Merit: 1004

Quote from: aso118 on May 18, 2015, 07:09:04 PM

Why are you comparing Bitcoin with banks?
Bitcoin is a currency while banks are corporate entities?
You should compare Bitcoin with failed currencies.

Alternatively, you can look at the failure rate among Bitcoin exchanges/companies vs banks.

Read the article in the Op. We are not comparing banks as corporate entities with bitcoin but instead we compare security of Banks with bitcoin protocol. While banks are failing to protect our money and their networks are full of holes bitcoin still stand strong. Since 2009 through 2013, bank failures resulted in a total loss of at least US$65 billion, according to the FDIC. Bankrate.com stated that the FDIC closes more banks each week. The number of bank failures have exponentially increased and have resulted in more than US$100 billion in losses over the last decade. - That is the meaning behind 'Bank Failures' from the Op post.

tyz

legendary

Activity: 3360

Merit: 1533

Actually, there has not been a real stress test for Bitcoin yet, in my opinion. Bitcoin software is currently able to process seven transactions per second. This is not real in oder to replace payment processors like banks.

mrhelpful

legendary

Activity: 1456

Merit: 1002

Quote from: Kyraishi on May 18, 2015, 12:10:24 AM

Quote from: MightyStorm on May 18, 2015, 12:02:01 AM

Do you have any idea how many US banks have failed since Bitcoin has been invented and launched?

Banks keep failing because they keep playing with fictional money.
It's just numbers that show up on a screen and "lend" it to you.

Well if you really think about it, its a business that doesnt really create anything.. lol.

As for the fiat system goes, they keep failing only cause they can as well since everything else is deep within their powers to buy or pay off people like chess pieces. But, its also cause wages are way worst then compared now from back then.

aso118

legendary

Activity: 1918

Merit: 1012

★Nitrogensports.eu★

Why are you comparing Bitcoin with banks?
Bitcoin is a currency while banks are corporate entities?
You should compare Bitcoin with failed currencies.

Alternatively, you can look at the failure rate among Bitcoin exchanges/companies vs banks.

arallmuus

legendary

Activity: 2562

Merit: 1414

Quote from: clementinal on May 18, 2015, 04:19:31 AM

its still hard to believe that bitcoin will replace fiat.
banks that are weak are failing, thats true tho

BTC have the ability to replace the old FIAT system but BTC will never replace FIAT because FIAT is issued by the goverment which means that goverment will do anything to not replace their FIAT. Using BTC is not benefical for the goverment since it is decentralize.

Quote from: newcripto on May 18, 2015, 03:00:51 AM

Bitcoin will rule the next financial system which will be based on blockchain technology.

BTC will on the lead to rule the financial system but it will not be leading anything if there is still FIAT on the same road with it since more people will still favor FIAT over BTC.

Quote from: MightyStorm on May 18, 2015, 12:02:01 AM

url=http://cointelegraph.com/news/114265/527-us-banks-have-failed-since-late-2008-but-the-bitcoin-protocol-still-hasnt-been-hacked?utm_source=google&utm_medium=cpc&utm_campaign=bitcointalk&utm_content=EVG

This is quite biased article to compare this things IMO. BTC is acknowledge by most people on the late 2010/2011 and it has nothing to do with the banks failling there

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: clementinal on May 18, 2015, 04:19:31 AM

its still hard to believe that bitcoin will replace fiat.
banks that are weak are failing, thats true tho

Not hard at all, just don't think about it. Bitcoin will never replace fiat.

Banks will update their old fashion system to something related to the blockchain. Which will give them 20 years or so without having to worry about the blockchain getting "old" like their current system.

maku

legendary

Activity: 1288

Merit: 1000

Quote from: newcripto on May 18, 2015, 03:00:51 AM

Bitcoin will rule the next financial system which will be based on blockchain technology.Banks are pro capitalism they are failing because they failed to give some real time benefit to people.Only rich became more rich and corporates became giants with the help of banking system.Bitcoin is hope in this dark time for bright future.

And how do You thing bitcoin will give more riches to the poor or middle class? If you don't have money you cannot do investment, no matter is it dollar euro or btc. If you will have plenty of bitcoin you can use it as dollars for investment or to start your own business. And banks will just adopt btc and will go on, becouse banks are needed, what needs to change is the way banks are over watched and supervised.

clementinal

newbie

Activity: 36

Merit: 0

its still hard to believe that bitcoin will replace fiat.
banks that are weak are failing, thats true tho

BIT-Sharon

sr. member

Activity: 266

Merit: 250

How about the failing rate of the banks? maybe just 1-2%. However, there is no one Bitcoin bank yet.

Kyraishi

hero member

Activity: 952

Merit: 513

Quote from: Ingatqhvq on May 18, 2015, 03:02:30 AM

Bitcoin still didn't be adopted by massive people, bank is still the only choice for most of people even they keep failing.

Mainstream adoption is still far away.
There are issues that need be taken care of for that to happen.

Ingatqhvq

hero member

Activity: 532

Merit: 500

Bitcoin still didn't be adopted by massive people, bank is still the only choice for most of people even they keep failing.

newcripto

hero member

Activity: 728

Merit: 500

Bitcoin will rule the next financial system which will be based on blockchain technology.Banks are pro capitalism they are failing because they failed to give some real time benefit to people.Only rich became more rich and corporates became giants with the help of banking system.Bitcoin is hope in this dark time for bright future.

Denker

legendary

Activity: 1442

Merit: 1016

Fitch ratings plans to downgrade several european banks this week.

http://uk.reuters.com/article/2015/05/17/europe-banks-ratings-idUKL5N0Y80N320150517

boopy265420

legendary

Activity: 1876

Merit: 1005

It is true there is a big list of failed banks in last few years.They failed because of their own policies and issuing unrealistic credits and governments. Still banking system with all its faults is trusted by everyone everywhere.Bitcoin is becoming popular and being adopted everyday but still is nor reliable and trusted by everyone.Future belongs to Bitcoin and especially to blockchain but still is long way to reach there.

NUFCrichard

legendary

Activity: 1218

Merit: 1003

One bitcoin bank failed too!

Neo&Bee were a start up Bitcoin bank in Cyprus, but the owner ran off with everyones money. Regulations are usually there for a reason, even if they can be annoying, a normal bank can't just up and leave with all of the money in the vaults!

Out of interest, how many banks have failed in the last 5 years? I would guess not too many. I am pro-bitcoin, but I fear you are picking out figures to make bitcoin look good and banks look bad!

Kprawn

legendary

Activity: 1904

Merit: 1074

Read the comments on the article, people quickly pick up on Bullshit.

Yes, we all know, banks cannot succeed with it's current business model. There are always weak points in EVERY system, even with Crypto currencies.

The protocol can be as solid as a rock, but once the 3rd parties enter the scene, and the human factor gets involved, the house of cards collapse.

Humans can be bribed, threatend, blackmailed and they create these "weak points" in the system.

Keep the human factor out of the equation, and you have the safest system. {The Bitcoin protocol was developed in such a way to keep people honest}

Amph

legendary

Activity: 3248

Merit: 1070

they didn't fall because of bitcoin, especially those in the early 2009 until 2012, there were other reasons that have to do with the current crisis which started in 2008, inflation and so on

Possum577

sr. member

Activity: 434

Merit: 250

Loose lips sink sigs!

This article headline is misleading. Certainly hearing that 575 banks failed since 2008 is a big statistic. But it's misleading because it makes people think that the customers lost their savings, which isn't what happened. The only example used in the article is Washington Mutual (WaMu), WaMu failed and was bought out by a competing bank. The only change the customers noticed was a different name of their bank. The only hardship the customers noticed was having to get used to a new website for their online banking.

To be fair, how many bitcoin users have lost their bitcoins since 2008? A shit ton! Way more than customers of banks have lost their savings.

I love bitcoin. I'm a supporter. I just don't like it when people use misleading facts to push bitcoin forward, bitcoin doesn't need that kind of bullshit help.

Kyraishi

hero member

Activity: 952

Merit: 513

Quote from: MightyStorm on May 18, 2015, 12:02:01 AM

Do you have any idea how many US banks have failed since Bitcoin has been invented and launched?

Banks keep failing because they keep playing with fictional money.
It's just numbers that show up on a screen and "lend" it to you.

MightyStorm

member

Activity: 602

Merit: 10

God is with us

Do you have any idea how many US banks have failed since Bitcoin has been invented and launched?

Topic: While banks keep failing, Bitcoin has proven to be reliable (Read 1595 times)