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Title: [2015-10-18]Banks approach to bitcoin is cynical, says an ex-Barclays tech chief Post by: trinaldao on October 18, 2015, 01:23:34 PM Banks are very interested in the blockchain at the moment, the technology that underpins digital currency bitcoin.
The technology has the potential to make money transfers faster and cheaper, as well as having potential revolutionary applications for everything from stock issuing to the diamond trade. 22 of the world’s leading investment banks have formed a partnership to look at how the blockchain can be used in traditional banking. But the former head of Barclay’s technology division in Europe, the Middle East, and Africa says it is just a “cynical” attempt to try and control the technology. Watson told Business Insider: “I can tell you, it’s the most cynical thing I’ve ever seen. What they’re going to do is what they always do — form a little consortium to block.” Anthony Watson believes the banks are trying to build their own proprietary internal blockchain that will deliver benefits for them but not customers and stop fintech challengers from taking them on. Watson says: “The blockchain is fundamentally transformative, it blows up banks business models because they can’t charge people the same astronomical fees. So they’re forming this to block people. And that’s all it is, it’s a cynical tactic to block people and stop people innovating.” Watson spent 12 years working in banks, running technology at Citi, Wells Fargo, and Barclays. He now heads Uphold, a fintech company that allows free international money transfers using blockchain technology. http://www.businessinsider.com.au/banks-approach-to-bitcoin-is-cynical-says-an-ex-barclays-tech-chief-2015-10 Title: Re: [2015-10-18]Banks approach to bitcoin is cynical, says an ex-Barclays tech chief Post by: Denker on October 18, 2015, 04:02:59 PM He is right in what he is saying.And we all here know this and talked about that a thousand times. But this will not stop Bitcoin or other decentralized Blockchain solutions.
However now he has hired at a company who rebranded itself and turned it's back to Bitcoin and he himself does not believe in it. I remember he said the following: “I’ll be surprised if bitcoin is here in five years,” Watson told Fortune . “The value of bitcoin isn’t the currency, but the technology. I think once the world becomes more accustomed and attuned to the platform of bitcoin, the noise will go away, and the currency will go away, too.” Title: Re: [2015-10-18]Banks approach to bitcoin is cynical, says an ex-Barclays tech chief Post by: LiteCoinGuy on October 18, 2015, 04:20:14 PM He is right in what he is saying.And we all here know this and talked about that a thousand times. But this will not stop Bitcoin or other decentralized Blockchain solutions. However now he has hired at a company who rebranded itself and turned it's back to Bitcoin and he himself does not believe in it. I remember he said the following: “I’ll be surprised if bitcoin is here in five years,” Watson told Fortune . “The value of bitcoin isn’t the currency, but the technology. I think once the world becomes more accustomed and attuned to the platform of bitcoin, the noise will go away, and the currency will go away, too.” good catch - what a rat! |