Bitcoin Forum

How to Disclose bank's private blockchain technology hoax ?

Dear banks, it's not about blockchain technology, it's about we don't want you controlling our money any more. ----- from reddit

 

I also have the same opinion which I don't understand their motive. Even if they come up with another blockchain based monetary control system which they claim will make it more transparent with more accountability in it, for me, it won't make any difference. Banks are still banks. The last thing that we want to see is to have our money getting frozen and being charged ridiculously fee to use the service.

banks wont use blockchain tech for the consumer savings and loan market.,
the simple reason is they love creating money out of nothing, when people sign credit/mortgage agreements. they simply add a new balance to the account. but
having a system that has a locked-in limit or require waiting for x blocks to accumulate a certain amount of coins is not in their business plan.

it would be private investors looking for a new asset/commodity market to play the price swings that would and are interested in blockchain tech. its like digging for gold without having to sweat or get dirty. and then playing the markets.

Exactly - Banks will try to reduce vast, redundant middle offices through blockchain technology.
The only benefits that customers will have is reduced settlement times and lower errors.
This is a fringe benefit of banks using new technology and is not the reason why banks adopt it.

Answer is simple - We can't. We are part of the current system when banks are ruling our lives, we can't do anything to fight back.
To destroy banks we would need to live similar to Amishes. But I think there is a way, but it is not simple or fast - just as now standard TV is losing  audience due to internet, similar banks will lose clients in the future due to cryptocurrency.

"...it's about ideas, bruh!" ---- from Kanye "Douchbag" West

For some reason I felt that needed to be said. Which bank has a private blockchain hoax? You're absolutely right though, they won't get more individual accounts (i.e., accounts from regular folks like us) by implementing a private blockchain. But, that's not why they're creating/exploring blockchain technology. The technology makes it cheaper for them to process their transactions...

But, it's important that we vote with our wallets if only to bring success to the Credit Unions and local banks that are doing it honestly and properly and in ways that help our local communities.

i think they know that the difference between a private blockchain and their scam is basically zero

they are going toward that way because of low cost and faster transaction, and a better organized ledger

that was indeed a good slogan OP :D

i would like to see the banks burn by the way  :P

So the way out of getting more and more controlled by banks is to use crytocurrencies like Bitcoin (decentralized,permissionless, borderless networks with embedded value tokens). We are the pioneers and early users of a possible future monetary system which will thrive and exist beside the old traditional dying system. 

Comparing to the traditional database cluster , could blockchain make transaction faster ? I don't think so  ::)

Well you cannot really blame banks and banksters that they want to keep their control and control over our money (and our lives). After all, they were doing this for ages. I don't think they will give up this easily.

In the short-term these centralized, private blockchains will work for them, but not in a long-run. In the long-run they are toasted!

Dear OP. No one ask or force you to send money to the bank. If you want to do this you send the money there and they give you profit. Small or big this is another question. But are you who choose the bank and not the bank you. The bank is an normal business which work with the money and make money. They don't control nothing (for more your money) if are not you in person who go to them and give those your money.

As about the application of blockchain from those this a sign that in those work the most intelligent people that have understand the potential of peer to peer and its application blockchain. Do not worry about this. This a very good sign for peer to peer and if it is good for peer to peer it is more good for bitcoin itself. I hope that their example be followed as soon as it will be possible from to many other businesses. This will be a big step ahead in the known of bitcoin and its potential by to many others.

I pulled out most of my money from banks, since I understood how they "recycle" money into "nothingness" .... A good example was when the Greek people went to the banks to

withdraw their money, during the last economic crisis. People were crying in front of closed doors and the banks felt nothing for them. They even told them, how much of their own

money they can withdraw daily. I think they will use the "Private" Blockchains to transfer money between different bank groups and the central bank. The current methods are too

expensive.  ;) ....In phase two, they will develop a "private" Blockchain for customers. 

I hear bankers saying we don't find bitcoin interesting , but we are interested in blockchain technology. Which I find a paradox...

Of course you don't like bitcoin because you lose the power to mint it yourselves. You would rather use blockchain technology and start an altcoin yourselves.

They don't want an altcoin, they just want to use blockchain technology for storing ledger information, verification, archiving, authentication/validating signatures. An altcoin is pointless to them.

The Coin is just one possible application of this great technology.

a lot people think when banks say they are interested in the blockchain technology that banks are making their own coin. that's not the case as you also mentioned. the technology can work perfectly fine without the coin part.

i guess proof of integrity is the only advantage then

http://bitcoin.stackexchange.com/questions/38711/is-a-private-blockchain-better-in-any-sense-than-a-database

The good news on banks focusing on this crap is that they are putting their energy into a dead end, so in the meantime you can focus on obtaining cheaper Bitcoins. If all the banks jumped on the Bitcoin blockchain the price would raise too much. It's actually a good thing to have a low price for people like us that don't have that many BTC so we can stack them properly.

Its not a deadend. Its blockchain technology in a sense that's absolutely not related to Bitcoin. You can rest easy, banks have no interest in jumping on BTC, they live on FIAT. The blockchain technology however will be very yummy for them. Not that it will change much for customers for a long time.

Banks will understand slowly that bitcoin itself offers a banking system to people.
Even every country has their own fiat, Gold alone acts as a world wide accepted medium of exchange. Same way even every government or bank creates their own crypto-currency, only bitcoin can act as a inter-medium for both exchanging as well as value reference.
Then people will slowly realize what is the need of a new coin which needs bitcoin to get it's own value.

The problem with banks is the same problem as governments. They have long had a strangle hold on money. They control each and every aspect of it.

Suddenly, the notion of blockchain takes away some of their power, and its baffling to them because they will always want centralized control.

Ironically, they have no way of really doing something public without exposing how much manipulation they need to achieve what they want.

Do you really think that there's 160 million Bitcoin users?

blockchain is literally a buzzword like 'cloud' that people use to sucker money away from CEOs who read shitty magazines, no one will ever seriously use a blockchain, with or without bit coins

For us ita about decentralization. For the banks they are trying to save money and understand decentralization. They want to get ahead of the curve. For example KODAK used to be a FILM company, now they are a CAMERA  company.

The banks are trying to stay ahead of the the curve. They dont give a damn about bitcoin.

you'd be surprised.

banks are most likely seriously looking into ways to use blockchain technology for their own benefit, however it won't do them much good because the strength of the blockchain is in the decentralized nature. Centralizing it defeats the purpose.

it's not what he meant, he said that in the case there were 2% of population pro bitcoin, it would still not matter for the bank

i presume we need 1B people to think that bitcoin as reached its adoption

It will optimize their internal processes, they will be able to cut out middle men acting as settlement and clearing houses and reduce their costs. So the Blockchain in a permissioned and centralized way will have some benefits.But it will not have any benefits for the average jou out there who may have a bank account there. Or does anybody here really believe banks will lower their customer's fees?!
However these are just some cosmetics they are doing to delay their own demise.

Only a real open and decentralized Blockchain technolgy with an valued token like Bitcoin will have a massive and global disruptive breakthrough.

16 or 6 million users of cryptocoin might be appropriate. I doubt more than 6 million people heard about bitcoin.

there are currently only 3M, and this number is not official by any means, only a rough estimation

i think we are much less than what we were with the doge mania

This is the whole point. People seen to forget that a bank is a hell tons of servers that need to share data, have consensus and other distributed service problems. And the blockchain solves them pretty well.

Would you want your bitcoins stored in the vaults of some bank that can freeze your holdings whenever they feel like and for whatever reason?

The banks will never adopt bitcoin, because those that use bitcoins only use bitcoins and other crypto currencies so that they can completely bypass the banks and conduct frictionless, semi anonymous and peer to peer transactions

The banks just cannot compete with the fact that my qt client does EVERYTHING a bank can do, and more... and also gives users the ultimate control over their finances

I will use a bank when I need to borrow bitcoin from it. I will also save some to earn some interest with bank.

The last time banks were entrusted to look after commodities, they began to say "hey, forget about lugging around all of this heavy gold... Here, use this paper instead... It's called "currency," it's as good as gold.."

Then they started loaning out more of this paper than they had gold.... which forced them to unpeg this currency from gold, because "gold is evil.." which then made banksters the rulers of the free world.

So I doubt anyone would hand their bitcoins over to traditional bankers, we'd be setting the clock back about 400 years if we were to do that

Pretty much, they could eventually move their data infrastructure to use a blockchain-like validation method, i'm just not how sure it will be changed, since there is not much need to get a miner fee, stable block rate, etc.

It would make tracability and falsifying data harder. And more verification steps could be handled by a machine, less by a human.

The other thing i'm wondering is how they would want to add correction to transactions. Chargeback, etc. Since the bank would be owning all the keys, they could force any transaction from anywhere to anywhere. The difference here is it would be properly logged.

by taking money out of the banking system and putting it into Bitcoin, people are reclaiming the power over that value, in it's holding and it's transaction

it can be regarded as a 'radical' form of economic activism

Bitcoin is a different money system, not just a different way of doing the existing money system...

the fact that the banks are updating their IT doesn't change the nature or the rules of their business.

Banking will always be required, there are services offered by them that cannot be offered by Bitcoin. Bitcoin has the strength and weakness of not being proprietary, which also mean all services comes without administrative powers over Bitcoin.

However Banking with BTC integrated in the future, might give every services we could need with the best of both words.

The banking systems and their supporters (likely the governments) know this truth already , but they always try to hide it, and they try to find other "reasons" to make their offense against Bitcoin a little logical. But i believe they will fail just because people found in Bitcoin which they need and don't find it using other currencies

Bitcoin is not just because of block-chain. Block chain is the back end process which ensures the security of data base and recording of all the events of bitcoin environment. But the concepts and revolutions behind bitcoin creation is misunderstood by all the bankers as well as governments.

The banks are big share holders of most of the large media conglomerates, and therefore have a lot of control over public opinion.

If they publicly promote bitcoin the currency, they are publicly promoting the end of the current financial systems - which would force depositors to lose confidence in the banks, which = bank runs. So instead of doing that, they are leaning towards belittling bitcoin's viability and, instead, promoting the viability of the blockchain which they themselves have already started to use in order to avoid the fees that SWIFT charges them for international remittance

This won't stop people from using bitcoin though, because the cats already out of the bag. In terms of having the MOST control over your personal finances, bitcoin and other crypto currencies reign supreme - and it's only a matter of time before the average man on the street works this out 

We nearly can't do anything about it, even tho if we can do something big. However it's not enough the give an impact on the Bank

I could be wrong, but the blockchains that the banks are working on would be private blockchains, correct?  I mean they wouldn't be open ledgers.  They would be private ledgers between financial institutions.  This is fundamentally different than an open ledger that bitcoin has, so I don't think it would be a threat to bitcoin.

Bullseye.

Banks know that Bitcoin is the end of their system. Using "blockchain technology" is a way to use the enemy to fight the enemy. Pull out the underlying technology, claim they are the same, then throw out the competition.

I hate banks. And for the record, I don't use banks. It's hard to do in today's financial grid, but possible.

yeah,as we know bitcoin created to f*ck the banks ;D and now bank start take over bitcoin technology with blockchain way,yes we all know this is will not good for us,bank will have more technology to control and manipulate our money ???

Blockchain stored privately is not blockchain anymore. In my book there is no private blockchain.
The very definition of blockchain is: 'public transparent ledger used to store every transaction info'.

Blockchain stored privately is called Excel.