The only way to fight the banks is to stop using them, that is the whole reason Bitcoin came into existence if I am not mistaken? Bitcoin is too small a problem for them right now, their fiat must survive and that is getting more and more difficult as more people are discovering their scam
People are well aware of their scam, but there is not much u can do about it since this financial system we have today is hard coded into our systems, and it takes alot of time to get over that. Banks are the worst enemy you can have when it comes to bringing up whole another system of payment, because in this case you are touching their profits, and it wont go without a fight, and whats stoping them from terminating every bitcoin related account ? nothing.. For that to stop u would need to fight them on a political stage, and guess who controlls polititians... yup |
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It may have been too small a year ago, not so much anymore. Everyone is practically talking about Bitcoin these days, usage still needs to grow, but that is precisely what the bankers fear. Bitcoin can overtake them very quickly without them having much time to react, that is what they are worried about. Bitcoin is too small a problem for them right now, their fiat must survive and that is getting more and more difficult as more people are discovering their scam
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You can now use your Asic to hash for BitcoinUtopia Boinc project and the BTCUtopia credits will count towards mining Gridcoin! https://cryptocointalk.com/topic/1331-new-coin-launch-announcement-grc-gridcoin/page-684#entry165757Fasten your seatbelts, we are about to end productive transition!  Rob Halförd - (Gridcoin), Today, 01:59 PM Gridcoin Research 3.3.9.3/22.5 - Exchange Release Candidate Mandatory Upgrade - Refreshed Project List for Leiden Classical - Transition Block 136635 As GRCnation stated, Simply amazing: we broke 63Million boinc-credits, which is double our last all time highscore.  |
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It will only get worse, they can't allow cryptos to succeed, it is a direct challenge to their power. The best they can do is try to subvert it somehow, but that will fail as well. No one likes the big banks after what happened in 2007. Once this quagmire in Europe starts to unravel and the big boys start feeling the heat it will only be a matter of time before the large banks start go under! Every institution is attacking bitcoin since one year ago, there was a bill still report on this, its indeed a silent war in the making.
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If Bitcoin succeeds in a major way, the Banks will be out of biz and they know it. No one will be using then anymore, their need to exist will simply cease. They are the middle men. I think banks may be doing this to prevent money laundering rather than just to cause war against bitcoin. Though I can certainly see why the banks would oppose bitcoin as it could threaten their bottom line.
if they have the idea that BTC = money laundering, then they want war against BTC. and the banks banning btc = people going to other banks. if BTC goes to moon they won't want lose so many costumers. |
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My rule is, if it is not in your hands you don't own it! Yep, safety deposit boxes are no good, they will get raided. Haha, good point, investing in home safes might not be a bad idea. Safes are obsolete now that money can be stored as pure information, just make a good brain wallet offline with paper backup, stick the paper in a safety deposit box or similar. Safety deposit box? Where did they first start looking for gold to confiscate during '33? I read that a few safety deposit company owners robbed their customer's safety deposit boxes themselves. They tried to make it look like a robbery but it turned out to be an inside job. |
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Yep, safety deposit boxes are no good, they will get raided. Haha, good point, investing in home safes might not be a bad idea. Safes are obsolete now that money can be stored as pure information, just make a good brain wallet offline with paper backup, stick the paper in a safety deposit box or similar. Safety deposit box? Where did they first start looking for gold to confiscate during '33? |
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Haha, good point, investing in home safes might not be a bad idea. Banks not only keep your money secure they also devalue it and tell you what you can't spend it on and love to keep cutting interest rates to the point where increasing them is not an option as the bubbles are too big, then where you have negative interest rates, oooh goodie I pay the bank to keep my money secure.
when it gets to the point were banks charge customers to hold there fiat this will be the nail in the coffin. I'm thinking home safe sales will increase, will see.
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YEP! No merchant will have confidence in bitcoin to hold it, it will just become another payment gateway for them. Which is ok, but that is not what Bitcoin was designed for. What happens in exchangers is that even though there is a buying and selling activity going on involving bitcoins in actual fact, btc never changed hands. It is just numbers adding up and reducing. And that is what gives the power to trader to short sell and pushing the price down with money they don't actually own. And yes, it affects bitcoin negatively.
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I never suggested any kind of central control on traders, just imagine what will start to happen when traders are able to borrow 10:1 or 50:1, you think that won't create ridiculous volatility?? You think any merchant will accept Bitcoin with massive daily swings? Because that is where things are headed! Maybe we should have guys with guns in every city that oversee every Bitcoin trade controlled by a central entity to make the rules of how bitcoins can be traded.
That would be ideal. Maybe then we would have a useful currency.
And if someone tries to make a trade that doesn't follow the rules...shoot them in the face.
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The problem isn't the price going up, it is the wild back and forth swings as leveraged traders enter and exit trades that is hampering Bitcoin being used as an actual currency. When the Russian rubble started to drop in the last few weeks people were scrambling to buy any hard asset they could get their hands on to preserve purchasing power. So the same concept applies to Bitcoin. Stability is necessary for bitcoin to flourish as a means of exchange, otherwise all we have is a fancy new casino. if everyone wants the price of bitcoin to go up, y don't we create a system such that no one can sell lower than the last price?
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The implication is that Bitfinex being the largest exchange and offering traders the option to lever up in an illiquid market causes excessive volatility. Don't bother reading the article. Only one sentence in the entire article was about margin trading and Bitcoin and here it is: Bitfinex’s current leverage is about 3.3 to 1 for buying Bitcoin/Litecoin on margin, which is very miniscule compared to the leverage in more established markets. |
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Having more traders is better as the spread will be tighter, but margin creates too much swinging. Especially in a price fall where you get mass liquidation due to panic. Uhhh.. I'm not a market genius, but I'm pretty sure currency traders create liquidity, not take it away.
If anything we need more traders to close the bid-ask spreads in all of the exchanges. The huge spreads between bitcoin exchanges is what is the problem. We also need more futures trading to create more predictability in the price of bitcoin and give those futures traders as much margin as the exchange can handle.
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