Bitcoin Forum

https://btcmanager.com/banks-have-officially-lost-to-crypto-says-former-jpmorgan-and-bbva-executive/?platform=hootsuite

this article is quite interesting, for the bitcoin sect, because when the banks lose to crypto there is no meaning for the bitcoinsect to evaluate yourself in a comparision with other cryptocurrencies.

the dollar is still your master which the bitcoin cult is using to define themselves as more valuable.

with us dollar and fiats gone, the bitcoin sect will look like the arrogant banksters of the past that was fighting against bitcoin

regards

i knew it. that the banks decided to challenge the blockchain technology does not in any way tell their level of strength as they cannot be as transparent as the technology and also cannot be as fast as the transaction time taken to process transfers

If cryptos and bank continue to be at loggerheads, the banks will lose in the long run, purely on technological and economic grounds.The future of money is in cryotos

Crypto is legendary innovation. And I am proud to be a witness of these. Block chain itseld is a wonderful tech. Most secure and transparent and totally free from centralized authority means no One can control it , alone. Faster Tx speed, more secure protocol, cheaper and convenient, does not depends on weekdays and working hour. no one can print money as much as one's need. No one can submerge/destroy others asset.

Crypto will be main stream but will not replace fiat. But Crypto is the crown-less King. No doubt

nah you are naive, you dont sense the negative side effects that will come for all those that work for money or are supposed to do that.

regards

Banks were due for a major disruption and cryptocurrency was it. For far too long banks have worked in favor of themselves and not regular people so it's not a surprise that they're getting their comeuppance now.

But what do you guys make think that bitcoin will ever replace the fiat like that and at the end banking people will have to face the reality of crypto currencies. I guess fiat is based on strong stage which is built with at most clarity and also it is upgraded every time they have seen the flaws in it. I guess this kind of system will be hard to replace in the future. Crypto currencies son the other hand needs to be upgraded themselves in the way they work today other wise it will be not far when they will be vanished from the face of the earth.

i wrote recently an article with one of my teammembers about what will damage the pow cryptos

https://www.cryptoproductivity.com/single-post/2018/05/30/Mark-Our-Words-On-next-food-price-crisis-the-empty-proof-of-woork-cryptos-like-bitcoin-litecoin-etc-will-be-the-welcome-scapegoat-everybody-is-looking-for-and-everybody-will-use-out-of-opportunistic-reasons

There is no reason for the US dollar to lose, and it's not even a problem to use it to benchmark Bitcoin value.

The main problem is that people think Bitcoin will replace the traditional system, but that's not going to happen and doesn't even need to happen. It's about the freedom to choose which currency you are comfortable using.

For one person that may be the US dollar, where the other prefers to use Bitcoin. They can even choose to switch from currency based on the use and need at a specific time. Coexistence of currencies isn't harmful.

so pathetic, with bitcoin you ultimately layed the foundation for the us dollar to lose power and to dissappear, and you are still so stupid blind and arrogant to think it wont have any consequences, people are now instead of writing businesplans applying at the central banks for business loans are now doing their icos looking for money earning cattle (this is the reason you are not seeing) just like the bitcoin cult started doing.

the us dollar will die it will be gone same with euro and the other fiats. why ask the greedy gambling banksters and their billionaires behind them for money when you can just make your own ico.

then bitcoin will be evaluated as a bitcoin not as a value in us dollar. it will be a token standing for a cryptocult that runs a minercartel, thats all.

POS coins will be the future the people will beg for those.


this time will be called "coins of style"

the national banksters will die.

I don't think bitcoin is anywhere near to replace banks which have their roots deeply embedded in our economy. What banks might do is adopt blockchain tech in their daily transaction to provide 24x7 service but they will never accept bitcoin. However bitcoin is slowly taking some portion of worlds finance.

traditional financial system is just scam the banksters lend to the established rich scamming the rest of the population as their money earning cattle.

it is funny how you are blaming others for the things you are doing yourself :D

for example it has always been the other way around meaning shitcoins that you bag hold are always being compared with bitcoin to "evaluate" themselves and they never compare on things that matter such as their decentralization, their merchant adoption,... instead they compare on things they can manipulate such as market capitalization, time between blocks,...

Cryptos had not really made a headway in taking over banks for now, gradually its adoption is on the rise and some schools of thought reasoned and believed that hodling Cryptos in wallet is more profitable to saving fiat in a bank and more people will buy the idea of hodling in wallet thus reducing the numbers of bank depositors.

Not only to crypto but also to Blockchain technology:

https://medium.com/@AxelUnlimited/2-reasons-why-you-should-want-blockchain-tech-to-replace-banks-asap-4ed86942245a (https://medium.com/@AxelUnlimited/2-reasons-why-you-should-want-blockchain-tech-to-replace-banks-asap-4ed86942245a)

no one compares altcoin with bitcoins people still calculate in us dollar, the game resets with the us dollar gone.


then you will have to lay the arguments for bitcoin plain on the table

1. electricity waste

2. ressource waste.

3. low tech quality

4. high transaction costs.

5. long time to transact.

no usdollar measurement that will keep bitcoin alive, and keep the attention focused on it, especially with the diversification of cryptoindexes. that are getting more and more.

It is not all that bad with banks imo. There are many trusted ones where there's very low risk of bankruptcy or any kind of scam. When you have some funds that are quite a lot for you, it is a lot calmer to have a bank account with this money instead of having it hidden someplace in your house. Debit cards are also very useful to pay for goods, because you don't have to deal with dirty money banknotes all the time and carry coins from the change.
It is not time yet to talk about loss, it is just that cryptos have some technological advancements (decentralization and free market), but there also things people could call the cons (nobody to blame in case bad stuff happens, extremely high volatility).

The article says banks have lost the war to crypto and fintech companies. If you read through it, it mostly talks about how fintech companies are making fiat redundant. Crypto's potential, although praised, was mostly mentioned in passing because you can't really talk digital money without having it come up. Saying the article is about banks losing to fintech companies is more appropriate considering the content.

It's still nice I guess, but we have to take into consideration the fact that fintech companies are also in competition against Bitcoin as far as cashless payments go. They're payment processors, something which Bitcoin is supposed to render obsolete.

why are you supporting bitcoin particularily at all do you have an economic stake?

regards

The article did offer some insight by giving live example on how banks have losing in the race sighting the example of how Alipay is worth than the entire top 3 banks in the world. But rather than saying they have lost, its better to say they are losing and I believe that if they can trace their steps back, they can surely find a way to feature in this new found development which I know several banks have already begun research in that area. Banks I am certain will not be outdated rather they will find a way to synchronized their activities with blockchain and continuing to be relevant. If that won't work, they would acquire crypto startups and established  enterprises since they have the money to make it happen.

Yes, I do have an economic stake, and you'll find that most people on this forum is the same way. Moreover, I believe in the technology and its future potential. These two reasons for my support don't have to be mutually exclusive. I'm not anti-establishment either. I am of the camp that crypto can boom as a very viable alternative without tearing the entire system down. I believe that Bitcoin is, at its core, simply an electronic peer-to-peer cash system, that it doesn't have to be any more than that, and that it can fulfill that role supremely well in the future.

Is there a problem with my line of thinking that you'd like to point out? Or were you questioning my support of Bitcoin specifically over other altcoins?

Emerging technologies such as cryptocurrencies could limit our ability to track the movement of funds, Our ability to comply with these laws is dependent on our ability to improve detection and reporting capabilities and reduce variation in control processes and oversight accountability. 

yes, its correct statement for now to bank lost with cryptocurrencies (especialy BTC). but there is many consortium held to research on the possible applications of the blockchain technology, which includes more than 200 banks and financial companies. Somehow, sooner or later, with well-established, linked to each other, government-approval, also with great liquidity. i believe banks will overcome and start using decentralized system on theirs, fintech application on the conventional way of Banking system will become the most dangerous threat for BTC. we, as crypto supporters needs to be aware of this threat, and find a solution to prevent this event.

still thinking and evaluating thinks in us dollar shows us who is the boss.

Yes, in fact, if we look at what will happen in the next 2-5 years, it becomes clear that the banks will cease to exist. Now there will be a new wave of crisis and all the funds will be introduced into the crypto-currency market. In order to completely eliminate world crises, it is necessary to completely freeze the movement of local currencies against the dollar, if this happens, then the dollar will no longer be needed by anyone, I think that we are moving in this direction.

This is an interesting piece and I hope that banks would lose finally to Cryptocurrency or work hand in hand with cryptocurrency

Thanks for sharing a really interesting article containing useful information on banks. To tell the truth, I don't like banks much and think they can't be trusted sometimes. I prefer crypto as it is decentralized

In my opinion, I think they are yet to loose more to crypto. This is just the beginning of the game. Most people are moving into crypto. And the enormous coins in the system is creating an avenue for people to get their money into profitable investment. In my country, If you save or invest a hundred dollar for a year at the bank, you will not even get a profit of 5usd. So we are all moving to crypto world now.