[2015-07-04] CT - FinTech’s Secret Weapon Against Central Banks

[tyz]

“The Future of Financial Services,” a 178-page report released on June 30 by the World Economic Forum, explains one of the greatest advantages of FinTech firms. They have the ability to reduce friction by using the most innovative software and technology.

http://cointelegraph.com/news/114748/fintechs-secret-weapon-against-central-banks

[n2004al]

“The Future of Financial Services,” a 178-page report released on June 30 by the World Economic Forum, explains one of the greatest advantages of FinTech firms. They have the ability to reduce friction by using the most innovative software and technology.

http://cointelegraph.com/news/114748/fintechs-secret-weapon-against-central-banks

One of the most powerful technology which will be used in this direction is blockchain. This is an extremely powerful example of the power which have its first real and materialized product named bitcoin. This is an extremely important fact which will help bitcoin to be stronger every day which pass and to spread more and more in all the world. This will help that bitcoin be known and regulated currency in all the countries sooner. Central banks with with sake or unwillingly with take in consideration the existence of bitcoin and will do the needed rules to legalize it.

[CoinBateman]

I still think that despite the spotlight Bitcoin will get from Banks exploring the use of blockchain, the real winner isn't Bitcoin.

Infact, i'm pretty sure that since the January low, we have already had a new player in Bitcoin, most probably a bank and what used to be 'the people's currency' will once again become more and more centralised.

[Snorek]

I still think that despite the spotlight Bitcoin will get from Banks exploring the use of blockchain, the real winner isn't Bitcoin.

Infact, i'm pretty sure that since the January low, we have already had a new player in Bitcoin, most probably a bank and what used to be 'the people's currency' will once again become more and more centralised.

I feel the same, bitcoin is not in the middle of things. Blockchain is. I think that all banks want is to cut off blockchain, destroy bitcoin and create their own coins. Just like CitiBank is doing now: http://techcrunch.com/2015/07/07/citibank-is-working-on-its-own-digital-currency-citicoin/

[n2004al]

I still think that despite the spotlight Bitcoin will get from Banks exploring the use of blockchain, the real winner isn't Bitcoin.

Infact, i'm pretty sure that since the January low, we have already had a new player in Bitcoin, most probably a bank and what used to be 'the people's currency' will once again become more and more centralised.

I feel the same, bitcoin is not in the middle of things. Blockchain is. I think that all banks want is to cut off blockchain, destroy bitcoin and create their own coins. Just like CitiBank is doing now: http://techcrunch.com/2015/07/07/citibank-is-working-on-its-own-digital-currency-citicoin/

I'm sure that one bank or even a group of banks don't have the power to destroy bitcoin. Even those will create its coin (I think no because tho blockchain will be used by them with other purposes) this coin will be used only by them and their users, and if every bank or group of banks in the world will have their coins we will have another group of coins like those which are created since today and are all clones of bitcoin. All those are changed with, and referred to bitcoin. So, it will be the same even with the new ones.

[bloods-n-cryptos]

I still think that despite the spotlight Bitcoin will get from Banks exploring the use of blockchain, the real winner isn't Bitcoin.

Infact, i'm pretty sure that since the January low, we have already had a new player in Bitcoin, most probably a bank and what used to be 'the people's currency' will once again become more and more centralised.

I feel the same, bitcoin is not in the middle of things. Blockchain is. I think that all banks want is to cut off blockchain, destroy bitcoin and create their own coins. Just like CitiBank is doing now: http://techcrunch.com/2015/07/07/citibank-is-working-on-its-own-digital-currency-citicoin/

The blockchain is only as strong as the network hash used to confirm its blocks added to that point (e.g., cumulative difficulty).  I doubt any alternative blockchain will become more secure, ergo more valuable, than Bitcoin. 

The banks may want to cut off and destroy Bitcoin but the genius of its design increases the difficulty of doing so the more of a threat it becomes.  Banks may be coming around to this new reality.