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Title: [2016-01-25] Bitcoin: Banks are worryingly complacent about the coming storm Post by: LiteCoinGuy on January 25, 2016, 04:48:24 PM Bitcoin: Banks are worryingly complacent about the coming digital currency storm
The financial services industry is dangerously complacent in its approach to digital money. Some of the major banks almost look like they fear technological change that promises greater transparency, efficiency and security at a lower cost. https://www.cityam.com/232975/bitcoin-banks-are-worryingly-complacent-about-the-coming-digital-currency-storm?ITO=stream Title: Re: [2016-01-25] Bitcoin: Banks are worryingly complacent about the coming storm Post by: aso118 on January 26, 2016, 01:32:55 AM Bitcoin: Banks are worryingly complacent about the coming digital currency storm The financial services industry is dangerously complacent in its approach to digital money. Some of the major banks almost look like they fear technological change that promises greater transparency, efficiency and security at a lower cost. https://www.cityam.com/232975/bitcoin-banks-are-worryingly-complacent-about-the-coming-digital-currency-storm?ITO=stream I wouldn't say they are complacent. Many banks are investing in blockchain companies, trying to benefit from cost savings that the blockchain can offer. Plus with the regulators analyzing new technologies and making occasional positive comments, banks have no choice but to evolve with the times. Title: Re: [2016-01-25] Bitcoin: Banks are worryingly complacent about the coming storm Post by: Carlton Banks on January 26, 2016, 02:19:53 AM I wouldn't say they are complacent. Many banks are investing in blockchain companies, trying to benefit from cost savings that the blockchain can offer. What possible cost savings could blockchain records offer over centralised record verification systems? How can it be more efficient to replicate the same job, thousands and thousands of times over, in a relatively data intensive format, with constantly inflating baseline processing overheads? (and the electricity to match) Where, oh where, are these constantly hearkened "cost efficiencies" going to come from? Printing more money to cover it, perhaps? There's always some stock market types telling us that blockchain means cheaper operating costs, when it inherently means anything but. |