Bitcoin Forum

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I thought there were banks supporting the blockchain but not creating their own version of Bitcoin. But the question is how can Bitcoin Classic help banks? I mean weren't banks focusing on an altcoin like ripple?

not this again please, it would only be a centralized version of bitcoin, so basically a fiat that run on a blockchain

also the only reason for them to run one would be proof of integrity, cost and time is not a real problem they are facing with their cluster servers, right now...

Hiring Mike Hearn has now turned into a liability, they really need to

dump his ass quick, can you imagine being associated with the fool

http://www.savedbythebellreviewed.com/wp-content/uploads/sites/2/2014/08/vlcsnap-2014-08-29-19h39m36s69.png

This........AGAIN.

The fiat banking system is too greedy to create a rival blockchain to transfer money like bitcoin. Can you imagine the fees they'd set ;D

It'd be rendered useless as a direct competitor to bitcoin.

That's certainly worrying..But they will have many disadvantages as well.

Banks are regulated entity. so they can't create a decentralized currency. They will have to employ proper accounting system for that. They will have to keep track of every single transaction. So they will never have the anonymity what bitcoin enjoys. So a lot of people will simple not indulge in to this.

But the most worrying part is that, if the banks are started using blockchain technology to create their own currency...we will soon see an influx of fiat currency in to the organized and regulated market which will decrease the value of traditional currency which will in turn make the people poorer, especially those who have never experienced the crypto world. Bad thing for economy.

Is this something expected to happen or this is surprise for all?

I would quit worrying about banks and concentrate on China. Chinese miners are tired of waiting for a blocksize increase and are starting to support Classic. Just may be the push core devs need to fork to 2 MB first. This may be a case of first client to 2 MB blocksize wins.

Not to "TAKE OVER". but to copy.
I find this news to be another example on just how long it takes
big over bloated corporations to adapt in changing markets.
Overdue, that's all.

I guess this is the Banks trying to inflict a final Blow onto bitcoin. It makes me think that Mike Hearn already had the Broken Bitcoin FUD planned with Banks!

Millions people in the world will lost their job If Bitcoin kill banks successfully. People surely don't want that happen. However Bitcoin could serve as a kind of minority payment tool to survive. Personally I don't think Bitcoin will take place of Bank, credit card and central bank. I am a Bitcoin fan though.

Our operative My good friend Gregory Maxwell, Blockstream CTO and Bitcoin Core Developer, would like to squelch these unfounded rumors about the so-called "dangers" of small blocks, which are nothing but lies.
Sincerely,

~A Friend.

Banks to develop their "bitcoin", it is easy to promote
But we will always support bitcoin.

I predict bank blockchain gateways will be raped ddosed to death by those who are not limited by the laws and have 100s millions dollar worth bitcoins to lose. Popcorn may rise in price, time to buy it.

Cannot be possible. I cannot understand the spoken English so I am not able to hear and understand what is told in the video but creating a new FORMAL CURRENCY is not possible to be made by any kind of commercial banks. The only Authority which have such right is only a Central Bank or a similar Authority (for example FED). They can create some coin (even very complicated or using the peer to peer) but there are thousand of those in circulation beginning from the tokens of the games. Any kind of risk cannot have bitcoin from such initiatives (always if will be finalized). Bitcoin is born out of such kind of subjects and have been its activity since today without having even the minimum of need about those. So they can do what will want. Will have to do only with their world. Not with the world of bitcoin.

Another news to stir people to lose hope on BTC, but they need to try harder than this.

Now we'll see what is coming next,they have all the means to set up their blockchain this is just a proof of the quotes" if you can't beat them join them" I want to see how it will come but of course my full support are still on bitcoin still especially now

I'm starting to think Core would rather lose this fight than cave. It's a damn shame. :-\

So this is what this bitcoin classic was about  >:(
I had a feeling something was going on with this mike hearn guy and all the ruckus he caused with just one statement. The banks are getting scared so this is their next move so they can sleep at night not losing anymore minute profits from people getting smart and moving their money out of their hands.

I can see it in the media.

90% of the articles are it's BLOCKCHAIN NOT BITCOIN.

They are already trying to sell that. It's sort of like they are telling the public nothing to see over here.

Well, they can develop whatever they want, nobody will even touch it with a stick. Probably only banks and those who are affiliated with them would use such a centralized currency.

Also, this has nothing to do with Bitcoin, Core, XT, Unlimited, Classic or any other Bitcoin implementation or any altcoin, for that matter, this is about a centralized currency backed by banks which has a blockchain that can be run privately.

If their fee is too high, nobody will use the bank coin. However, if the coin is GPU mineable, I will mine the coin to earn some fees.

I doubt that the banks will rely on private individuals to do the mining for them. One of the risks identified so far with Bitcoin seems to be the anonymity of the miners. The

policymakers do not want to run a whole financial system on a decentralized network consisting of a bunch of unidentifiable nodes. They will most probably use decentralized

data centers situated within banks distributed within different countries. They need to know who to trust, if something goes wrong. If they want to make a change to the

protocol, they do not have to wait for consensus, they can just distribute the new client and it's done.  ::) ...   Time will tell, if I am right or wrong.

Now, i know the reason behind the sudden decrease in price of bitcoins!

Same old same old :(

You are right.   They want to bring distributed ledgers to the financial world.  They have no interest
in creating a peer to peer currency.
 
It is going to be a LONG time before Bitcoin is any real threat to established financial institutions.

You know what he's talking about is not bitcoin classic. Stop trying to spread fud.

Bitcoin is the established financial institutions

What a joke.

These "Banking syndicates" can't even tie their own shoelaces let alone secure their email and create a new revolutionary "bitcoin".

 :D

Mark Karpeles magical number 42 rears its head again

http://images.dailytech.com/nimage/Mt_Gox_CEO_Mark_Karpeles_Wide.jpg

The troll is strong in this thread. What the heck does Bitcoin Classic have do with the banks' plans to copy blockchain technology???

Either an increasing portion of the BitcoinTalk users have their brains turned to mash, care very little about Bitcoin's future or this forum has become entirely useless. I wouldn't be surprised if banks actually paid for trolls to derail any signs of community and co-operation that might (have) grow(n) here. In fact, with the amount of FUD spread here Bitcoin price is going to tank much more before a consensus can be found on such a small issue as block sizes. Actually, at this point - screw consensus. If it gets to the point of decision I'll switch my miners and my node to Classic. Done. You do what you'll see fit. I bet most of these trolls don't even run a full node.

Absolutely nothing. And MicroGuy knows it, too. Fucking liar lying to try to sway any who don't bother to think things through.

I was waiting for someone to say something sane. Thank you.

Based on the blockchain? mmm how secure will be "his" blockchain? how many hashpower will they have?, they must change lot of things from blockchain if they want to made "his own version", i think that this will never have success...


Yes, there is nothing new about it, from my point of view they are just trying to distracting people from bitcoin, while they..... buy and buy :P

Yes they will buy while the prices are low. They're just in it for the money--- cause stir, price dips then buy. rinse then repeat. bummer

+1
100% behind MicroGuy. Not to suggest he's right and/or sane, but I like what he's doing.

You like people using manipulation and deceit to influence the gullible whilst simultaneously pimping their scummy crapcoin?  Well at least you're honest about it.  

CoinDesk:  Bitcoin Farewell Post Was No 'Banker Conspiracy' (http://www.coindesk.com/mike-hearn-bitcoin-post-banker-conspiracy/).

You can all take off your tinfoil hats now.

I've got no problems with altcoins in general.  I just happen to prefer the reputable ones that didn't have a massive premine and aren't designed to completely shaft latecomers.

As for the article/blog, I'm up to the part about how money printing and quantitative easing is supposedly a socialist concept.  This doesn't match up particularly well with the reality that all the western governments I'm familiar with engaging in quantitative easing are decidedly neoliberal and more economically to the right.  I might read the rest later, but what I've read so far doesn't bode well for making valid points.

Not sure why you want to derail this thread, but I will be glad to discuss Goldcoin in private or in a separate thread.

It wasn't pre-mined and none of the original team/devs remain. This is a coin we revived. I'm a "latecomer" who arrived in June 2013 and purchased each and every coin I own on the open market, fair and square. So your later-comer "shaft" comment is misguided at best.

Glad you are enjoying the article. I disagree with much of it wholeheartedly but always enjoy a good read by egomaniacal coders who think of themselves as the divine incarnate - aka banks are dumb, users are dumb, windows sucks, & programmers are God!

~~

the important keyword in this issue is "their own version" so i doubt if it ever can "take over" bitcoin. what the banks create is going to be a centralized altcoin which would serve their purpose and defeat the main purpose of bitcoin or any other altcoin for that matter.

Yeah. and Mike Hearn seems to be working with those guys. That's why he went on and wrote that article that shoke the bitcoin community. Now that he is out, we got rid of a person who wasn't helping much.

Bitcoin Classic helps banks because it centralized nodes with the blocksize increase. Anything that raises the blocksize helps banks. Also they are anti-privacy, you will see if they win, how they will start inserting anti-Tor stuff onto their code. Those guys are the same evil that XT was, but gullible newbies want big blocks and they will not pay attention to anything else.

This does not mean in any way, shape or form that they will be successful. Honestly, I don't believe they will. Wall Street has almost no credibility amongst many in the crypto community.

So far , I haven't seen a single article clearly explain how
banks could actually use a distributed ledger for fiat.

Banks already have ledgers and balances with each
other and no one can be forced to pay except in
court.

I guess it might be easier for a bank to sue another
bank if there's public record of what was owed?

But even that seems like a kind of weak argument
as there would be records.

So, whats the point of a distributed ledger
between banks?

OP, thank you for nice bullshit opening post.

does tgis bank even work pls reply  :-X :-X :-X

I apologize for the vitriol, but not for the underlying sentiment. Your opening salvo was clearly designed to create in the mind of those that do not know better that Bitcoin Classic was created merely as a tool to be used to wrest (in some yet to be revealed manner) control over cryptocurrecy by the banking establishment. Which is, as anyone with a brain can tell, absolute twaddle.

Walking it back. Duly noted. Was 'Bitcoin Classic was created by the banksters as a tool to kill crypto', now changed to an unverifiable speculation that 'banksters think they can subvert Bitcoin Classic trivially, while subverting Bitcoin Core presents an insurmountable obstacle'.

I call bullshit. Again.


Encouraging division? They? Who? The banksters? Care to point out where the banksters are sowing this discord? Let alone the obvious grey area as to who is the divided and who is the dividee. Core has been getting a clear signal for months that at least a non-negligible minority -- and perhaps a clear majority -- is not buying into their so-called scaling plan. It could be argued that it is Core that is the source of the discord.


Umm Humm. Classic, which is planned as legacy with a changed value of one constant, is an altcoin, while Core, which is legacy plus RBF plus SegWit, plus... and totally changes the validity protocol, is not an altcoin. Do you even listen yo yourself?

You are wrong.


You are so stupid that further discussion is completely unnecessary. I've just Ignored you.

Many banks have invested in Bitcoin startups or want to use blockchain technology
themsleves, possibly Bitcoin.  Nasdaq is already doing so.

Your theory of the "banking establishment" out to divide or attack Bitcoin is
unsubstantiated, let alone that they are taking notes about Classic.
 
Ok maybe Jamie Dimon is plotting something.  He's obsessed with Bitcoin.
But he's one guy.

It's Over

Toomim Coin REKT

Whether such syndicates being organized seem a threat, I would still say that this had always been a winning innovation and will always be...
The devs here ain't stupid to just let their superb technology be spoiled by so-called "Banks" so to allow them to just ruin the opportunity of an average joe to live on his own without showing his finances to government...

Maybe after their hard work on the blockchain technology, they found bitcoin is the best to adopt for their business. They might provide services based on bitcoin.

The blockchain technology is great and everyone wants to develop their own versions to use in their networks. I am wondering what will happen if down the line we have competing blockchains and services. Can the banks and Bitcoin co-exist peacefully?

It depends on what you mean by the word "peacefully". Will there come a day when central banks won't want to "control and own" everything, including bitcoin? No.

If bitcoin is not declared by governments, it will coexist with other government coins peacefully. But bitcoin will be the reserve currency.

Why does any bank need to take over Bitcoin? The way it works simply won't ever fit with how those guys operate. They'll take some ideas from it and make something that makes normal banking better but it won't solve any of the deep rooted problems.

Bitcoin will only be the reserve currency if every other coin is interested in allowing it to be the reserve currency. There is the potential for the USD becoming a cryptocurrency and it just remains in the same position.

Bitcoin and other cryptos can co-exist, it all depends on if the government wants to allow for them to or not. And even then, there isn't much they can do about it.

What banks are trying to create is a single standard for information sharing. Currently each bank has its own database, and they have a lot of trouble synchronizing data between them. Now they want a single shared db that everyone will use. They call it "blockchain", for whatever reason. Nothing in common with bitcoin.

Experts call for caution about digital currencies, such as bitcoin and Ethereum, but financial firms are considering adopting them or even establishing their own. News of the 23-year-old, Russian-born programmer’s demise was soon proved false – but not before 20%, or roughly $4bn, had been wiped from Ethereum’s soaring market value. That's certainly worrying..But they will have many disadvantages as well.Banks are regulated entity. so they can't create a decentralized currency. They will have to employ proper accounting system for that. They will have to keep track of every single transaction. So they will never have the anonymity what bitcoin enjoys. So a lot of people will simple not indulge in to this.
But the most worrying part is that, if the banks are started using blockchain technology to create their own currency...we will soon see an influx of fiat currency in to the organized and regulated market which will decrease the value of traditional currency which will in turn make the people poorer, especially those who have never experienced the crypto world.

The banks already have taken over bitcoin... why do you think blockstream and bitcoin core want to implement such an overly complex solution to scailing that oddly enough makes it extremely easy to centralize bitcoin via lightning network nodes? is that a coincidence? no. WAKE UP SHEEPLE.

people want to complain about roger ver and jihan wu trying to assault bitcoin with the bitcoin cash fork but really it's blockstream through bitcoin core that are harming bitcoin with all the financial institutions funding the take over through blockstream.

the fact that the average person investing in bitcoin (btc) are extremely lazy and simply looking to become wealthy is a huge problem... these lazy investors aren't doing the leg work to actually look into lightning network and the effect it will have on bitcoin... they are literally handing the banks the power over bitcoin because they are ignorant and greedy. they would rather take the words of blockstream funded shills like all the dipshits at World Crypto Network and Tone Vays and Richard Heart (Richard Schueler)

sure... i agree. the name bitcoin cash is stupid. but they couldn't simply take the name bitcoin and have two coins with the same name. so bitcoin cash had to be used... but if you look beyond the stupid name they were more or less forced to use, you'll see that bitcoin cash is the original bitcoin chain...

trust me, i fell for the "btc is the real bitcoin" bullshit, too. but eventually, i had to objectively look at the entire situation, all the players invovled and logically come to my own conclusion... which is that bch/bcc is bitcoin. i felt stupid, but got over it. i'm sure plenty of shills will disagree with my sentiment but do the research... you'll see.

don't trust blockstream.
don't trust lightning network.
make sure you know what is going on here.
the banks have taken over btc....