Bitcoin Forum

Brexit: London’s Fintech Sector is Falling Down

The recent Brexit vote in favor of Britain leaving the European Union has so far had mixed consequences. While there are few sectors that tend to benefit from it, London’s financial sector is not one among them. London has been trying hard over the past few years to gain the distinction of being the fintech capital of Europe. This ambition has led to the creation of a favorable atmosphere for many fintech startups, including those dealing with cryptocurrency and blockchain technology...

http://www.newsbtc.com/2016/08/28/brexit-london-fintech-falls/

I did not link the stability in the price of bitcoin to British exit. I had always thought the bulk of bitcoin transactions occur in China - being the place with the highest number of miners.

I think we'll have to wait and see about the consequences of this. No one knows what form it's going to take yet. Bizarre that a bunch of pissed off nobodies oop North have managed to fuck the only part of the country that generates enough to pay their dole and keep their services open.

The move to Berlin is an interesting one. It would be nice for politicos to be taught a lesson about keeping living costs under control.

Looking at how many conference are being held solely regarding blockchain I would not say London's really falling apart.
http://www.coindesk.com/bitcoin-events/
So many of them are in London which means before Brexit starts showing its consequences we'd have to wait.

What fallout? The stumble in the FTSE has largely been erased, and other than their current decline in the GBP compared to other currencies, things aren't going to hell in a handbasket as the "Remain" camp inferred would happen.

But since we're talking about a group of penny-pinching outsourcing corporate fucks, I'm not surprised they are using this post-crisis to do some unpopular things they can blame on someone else. Its very similar to the minimum wage increases being blamed for everything that goes wrong in the service industry right now. Its never about corporate profit margins that can take a hit (but they'll never lower those, heaven forbid), its just the "poor old corporation" having to pay a living wage for people.

Cry me a river, because I can see through the lies.

How it can go to hell when the route is unknown so far? We don't know if the City retains a financial passport, whether we're in some type of single market or not, whether everyone who's currently here will move wholesale to Ireland or elsewhere. The strife hasn't even started to begin. It's going to take many years for the fallout to be absorbed and understood.

And I'm sure every step of the way the banking and corporate entities that depended on a captive populace for easy labor will whine and whine. They'll also use a "Post-Brexit World" as catchphrase to outsource as much as they can, because hey man, profit over humanity is the rule of the day.

The point here is, the immediate disaster scenario posited by the "Remain" camp never came to pass, and they were threatening dire and immediate consequences would occur if the UK decided to leave the European Union.

You know all of those things, unless (apparently) if the media tell you you do not. The British parliament hasn't even begun the negotiations yet, so until they do, assume you're still in the EU. Because you are.

If you're thinking "duh, the referendum", I'm thinking "duh, the politicians". When the shiny haired people who live inside that black rectangular box in your front room tell you stuff, take this advice: don't listen to them.

Brexit is overblown. A slow-moving disaster. London will remain a powerhouse of finance, if not the powerhouse of finance, for many years to come.

Banks are already struggling to keep control, what does it matter of London doesn't suddenly have access to parts of the crumbling EU banking infrastructure?

Let's see where the UK vs. the EU is in 5 years.

There is some friction in shifting entire companies out. It will take time, but it will happen.
If we look at the new startups set up in London post Brexit, it might be much lower than what it was before.