Will the Banking Industry kill Bitcoin and keep the Blockchain? - page 5.

zimmah

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Quote from: RustyNomad on October 16, 2015, 11:03:22 AM

Bitcoin will not disappear but all these other coins will have a major impact on the adoption of bitcoin.

People will go for whats convenient so a 'bank-coin' which is well integrated into their everyday banking will be their choice instead of bitcoin. Some of the banks are already working together so they can set a certain standard between them so that your coin from bank A will also be accepted and work with bank B etc...

Similar with digital currencies launched by the various countries like Ecuador, Scotland etc... Few people truly understand what it is that makes bitcoin so unique and different from any of these other digital currencies.

I however do believe that bitcoin adoption will grow over time and especially so if and when some of these 'fiat coins' go down with their creators as that is bound to happen in the [near] future. The moment the first one goes down people will start to realize that bitcoin is still standing and that will in time drive adoption on a far larger scale. All you need is for the first 'bank-coin' to go 'tits-up'.

There are two outcomes:

Either the banks have their own centralized coin, which is only secure if they strictly hold their own control. They will sooner or later face the same fate as AOL in this case. On top of that there's huge security risks this way.

They could alternatively make an open decentralized coin, but that means they'd give up control, which is exactly what they want to avoid. Also, if they do this, bitcoiners would soon control the entire network with their quadrillions of hashing power.

Oscilson

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Quote from: RustyNomad on October 16, 2015, 11:03:22 AM

Bitcoin will not disappear but all these other coins will have a major impact on the adoption of bitcoin.

People will go for whats convenient so a 'bank-coin' which is well integrated into their everyday banking will be their choice instead of bitcoin. Some of the banks are already working together so they can set a certain standard between them so that your coin from bank A will also be accepted and work with bank B etc...

Similar with digital currencies launched by the various countries like Ecuador, Scotland etc... Few people truly understand what it is that makes bitcoin so unique and different from any of these other digital currencies.

I however do believe that bitcoin adoption will grow over time and especially so if and when some of these 'fiat coins' go down with their creators as that is bound to happen in the [near] future. The moment the first one goes down people will start to realize that bitcoin is still standing and that will in time drive adoption on a far larger scale. All you need is for the first 'bank-coin' to go 'tits-up'.

Who will control the issue of Bank A and B's coin? Their value will be based on the common coin called bitcoin.

RustyNomad

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Bitcoin will not disappear but all these other coins will have a major impact on the adoption of bitcoin.

People will go for whats convenient so a 'bank-coin' which is well integrated into their everyday banking will be their choice instead of bitcoin. Some of the banks are already working together so they can set a certain standard between them so that your coin from bank A will also be accepted and work with bank B etc...

Similar with digital currencies launched by the various countries like Ecuador, Scotland etc... Few people truly understand what it is that makes bitcoin so unique and different from any of these other digital currencies.

I however do believe that bitcoin adoption will grow over time and especially so if and when some of these 'fiat coins' go down with their creators as that is bound to happen in the [near] future. The moment the first one goes down people will start to realize that bitcoin is still standing and that will in time drive adoption on a far larger scale. All you need is for the first 'bank-coin' to go 'tits-up'.

RKing

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Quote from: QUEDOS on October 16, 2015, 08:40:26 AM

The banks have already began adopting various iterations of the blockchain. However, the most powerful and therefore most secure blockchain belongs to bitcoin

They will present their own versions of bitcoin, but these will always be inferior due to the immense (and growing) hashing power that is allocated to the bitcoin network

So quite frankly, it doesn't matter what the banks think, do or say - bitcoin isn't going anywhere

If a bank open its coin network, it will be attacked by the immense computing power of the cryptocoin society. We have so many GPU, CPU etc.

QUEDOS

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The banks have already began adopting various iterations of the blockchain. However, the most powerful and therefore most secure blockchain belongs to bitcoin

They will present their own versions of bitcoin, but these will always be inferior due to the immense (and growing) hashing power that is allocated to the bitcoin network

So quite frankly, it doesn't matter what the banks think, do or say - bitcoin isn't going anywhere

zimmah

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Quote from: cellard on October 14, 2015, 06:57:17 PM

Quote from: zimmah on October 14, 2015, 05:31:13 PM

Remember the early Internet? Where every company wanted to make their own localized version of it?

Remember how that ended?

That is the correct analogy, the real question is how long will it take for all those "intranet blockchains" to die. I wonder if it will be a matter of a couple of years

you forget that the banks already have a very expensive legacy electronic value transfer system that can be upgraded with blockchain tech to start saving them money immediatly. Banks are not going to lose money when they integrate blockchain tech. they are going to profit immediately from it, based on the massive cost savings they will get, and they will never go back to the old expensive pre-blockchain method. Why would they.

Blockchains, although expensive to maintain and operate, make ridiculously expensive networks permanently more efficient.

Remember that banks are not using the "store of value" app of blockchain tech, but the "value transfer" app

apples and oranges here folks, and therefore, no direct competition. The value of BTC is due to the decentralzed nature of its network.

yes but bank X will use their own version and bank Y will use a non compatible version of their own and bank C will even use another version, not compatible with either of them.

This doesn't solve anything, and even though the banks might shave a bit of their overhead costs with it (which they will probably not pass on to the customer, because they're greedy), it will not kill bitcoin in any way.

In fact, it will only make the people aware that such technology exists, they become familiar with it. (Even if it's only the employees of the bank that come in contact with the technology), and eventually they get to know the real blockchain. And they will convert to the real thing because it's not nearly as limited.

All this takes time though. But banks having their own blockchain will eventually all have to get rid of their own chain and adapt the real thing. Just like AOL and the like.

zimmah

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Quote from: cellard on October 14, 2015, 06:57:17 PM

Quote from: zimmah on October 14, 2015, 05:31:13 PM

Quote from: Blawpaw on October 12, 2015, 09:19:41 PM

Every financial institution and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

Remember the early Internet? Where every company wanted to make their own localized version of it?

Remember how that ended?

Same with Bitcoin, Bitcoin is much better when it's global and all inclusive. Banks that make their own block chain will eventually be almost forced to just join the global block chain, because there is little to gain from having your own bubble.

That is the correct analogy, the real question is how long will it take for all those "intranet blockchains" to die. I wonder if it will be a matter of a couple of years or we will stuck with that shit for decades before we can see Bitcoin shine and go to 1 million dollars per coin where it should be once all businesses run under the protocol.

Indeed, the question is how long it will take for the people to realize the true potential of the blockchain/bitcoin, and not just the crappy intranet version.

Just like it took a while for people to figure out AOL/CompuServe was not the same as the internet.

Maybe people will figure it out a bit faster this time, especially if the bitcoin community helps the not so tech savvy out, but it might take a while still.

Oscilson

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Quote from: FanEagle on October 15, 2015, 11:14:41 AM

Banks will try but fail miserably.
They can always create an altcoin dedicated to banks, so they will own their own blockchain.

I will not use their coins.

Denker

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Quote from: FanEagle on October 15, 2015, 11:14:41 AM

Banks will try but fail miserably.
They can always create an altcoin dedicated to banks, so they will own their own blockchain.

Their altcoin will be nothing more than the actual fiat money. Total control, centralized, permissioned, premined with possibility of changig the supply whenever they want.

RKing

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Quote from: Amph on October 15, 2015, 01:20:22 PM

Quote from: FanEagle on October 15, 2015, 11:14:41 AM

Banks will try but fail miserably.
They can always create an altcoin dedicated to banks, so they will own their own blockchain.

they are already doing this with citycoin, but what would be the point? i would be like having fiat 2.0, nothing added

it seems that the only thing that the blockchain can bring to bank, as advantage vs their current setup is proof of integrety

No other organizations will use city coin. Why would a bank use a money issued by another bank and has no control over it?

Amph

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Quote from: FanEagle on October 15, 2015, 11:14:41 AM

Banks will try but fail miserably.
They can always create an altcoin dedicated to banks, so they will own their own blockchain.

they are already doing this with citycoin, but what would be the point? it would be like having fiat 2.0, nothing added

it seems that the only thing that the blockchain can bring to bank, as advantage vs their current setup is proof of integrety

avatar_kiyoshi

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Quote from: Blawpaw on October 12, 2015, 09:19:41 PM

Every financial institution and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

I see the future from both.

n2004al

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Quote from: Blawpaw on October 12, 2015, 09:19:41 PM

Every financial institution and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

This is is a way which can be used by the banks to attenuating bitcoin. But are not they which decide about its future but the Authorities of every country which make decisions about the money. So the Central Banks and various Governmental Agencies. If bitcoin will be regulated he is superiors from everything known since today in its field of "work". So will not have concurrence. Then to not forget that bitcoin is a world currency. The banks, even the most powerful of those, are not world banks. This is one more reason about the need of the regulation and the official known of bitcoin.

FanEagle

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Banks will try but fail miserably.
They can always create an altcoin dedicated to banks, so they will own their own blockchain.

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Quote from: zimmah on October 14, 2015, 05:31:13 PM

Quote from: Blawpaw on October 12, 2015, 09:19:41 PM

Every financial institution and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

Remember the early Internet? Where every company wanted to make their own localized version of it?
Remember how that ended?
Same with Bitcoin, Bitcoin is much better when it's global and all inclusive. Banks that make their own block chain will eventually be almost forced to just join the global block chain, because there is little to gain from having your own bubble.

That struggle hasn't stopped (Refer internet.org by facebook).
Banks aren't going to stop trying.

boopy265420

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More and more banks showing interest in blockchain technology and giving indicator to adopt it as it is need of time.Bitcoin will not be killed by any banks if governments didn't succeed to finish it the banks can't do this.There will be healthy competition betwwen banks and bitcointo take blockchain technology to advanced level.

VirosaGITS

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Quote from: thejaytiesto on October 15, 2015, 07:30:11 AM

What those clueless morons refuse to understand is that you need a token to keep a decentralized blockchain operative and safe.
Second, you can't have a blockchain to be as solid as the bitcoin one unless you decentralize it. That's why "local blockchains" are doomed from day one.

Actually, you really don't. You don't need a token, you just need some data to to write.

And banks can easily decentralize the verification system by using a node systems. They will create some sort of operation verification system... And then they can simply use the blockchain technology as a super ledger for automated transactions.

They can and will do all that without needing to touch Bitcoin at all.

thejaytiesto

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What those clueless morons refuse to understand is that you need a token to keep a decentralized blockchain operative and safe.
Second, you can't have a blockchain to be as solid as the bitcoin one unless you decentralize it. That's why "local blockchains" are doomed from day one.

Oscilson

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Quote from: VCLChief on October 14, 2015, 09:36:41 PM

All of the BLOCKCHAIN attentions promotes bitcoin by default. Gives it more credibility and changes the perception from Dark Market concept to a Wall Street. Everybody put your big boy pants on - Bitcoin is not dying. Be patient and wait for the next economic downturn. The banks will be up a creek but wont get bailed out next time. And where do you think everybody will run too put their cash? And its only months away.

Bitcoin will also adopt the good points of other blockchain.

chennan

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Quote from: zimmah on October 14, 2015, 05:31:13 PM

Quote from: Blawpaw on October 12, 2015, 09:19:41 PM

Every financial institution and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

Remember the early Internet? Where every company wanted to make their own localized version of it?

Remember how that ended?

Same with Bitcoin, Bitcoin is much better when it's global and all inclusive. Banks that make their own block chain will eventually be almost forced to just join the global block chain, because there is little to gain from having your own bubble.

Exactly, and just think about the fact that even if a bank issues their own local version of it, they would still mainly make fiat transactions riding on the back of the block chain; and not use (or I would think they wouldn't) the banks "coin" to be a currency in it's self since it gets money from the feds. Plus, you have to deal with the fact that bitcoins have WAY more purchasing power than fiat.

Topic: Will the Banking Industry kill Bitcoin and keep the Blockchain? - page 5. (Read 8859 times)