Banks and Bitcoin

[NyeFe]

I just don't see how the two are at all compatible. Banks exist for one reason: to control the money supply so they can tip the balance in favor the shareholders and owners. Bitcoin is neutral. You cannot manipulate it to enrich the few at the expense of everyone. If anything banks will see bitcoin as a threat and will launch a campaign that made the chinese fud last year look like a birthday party. Banks are the enemy. 

Banks will evolve. They may not even be called banks any more. But they provide a market for credit and will be around in one form or the other, even if Bitcoin succeeds.

Our entire existence has been about evolving and the banks will have to follow if they want to remain useful.

Yeah I agree, the banking infrastructure is huge and they could use it to sustain bitcoin operations and forms of storage, instead of endlessly fighting it or remaining neutral at best.

Hopefully banks in the UK would start this trend off, since the government is actively supporting a regulated Bitcoin and cryptocurrencies as part of the wider economy

[BIT-Sharon]

In my opinion, banks will never accept BTC.
BTC is for the banks actually competition and threat, not something that can be offered as an additional financial product.
It is much more likely that banks offers its own virtual currency than BTC.
Banks do not like the things over which they do not have complete control.

that is about government and common people, so the financial control can't be given up by banks.

[Hazir]

Damnit that sucks if that happens. Thats why BTC is better (no one can freeze your account)

If you are law abiding citizen and you have no debts then there is very little chance that your bank's account will be freezed. I hate banks in general, they are part of old system designed to rip out every penny from people, but I did not see many cases of freezing accounts without proofs that this account is indeed owned by dishonest fraudster. I may be wrong tho.

[Mehek]

if bank started to accepting bitcoin that i am really sure bank will be collapse

[Hazir]

if bank started to accepting bitcoin that i am really sure bank will be collapse

No. Not at all. Banks won't collapse just because of that. They will find a way to suck it out of bitcoin as well. And to protect banksters governments will declare new set of idiotic laws just to keep these leeches alive.
I won't be surprised when in the future you could store your bitcoin private key in protected bank vault  for example.

[jjacob]

Damnit that sucks if that happens. Thats why BTC is better (no one can freeze your account)

If you are law abiding citizen and you have no debts then there is very little chance that your bank's account will be freezed. I hate banks in general, they are part of old system designed to rip out every penny from people, but I did not see many cases of freezing accounts without proofs that this account is indeed owned by dishonest fraudster. I may be wrong tho.

When the government is in trouble, they can always take a bite out of your bank account. Thank Cyprus. 

[abyrnes81]

Damnit that sucks if that happens. Thats why BTC is better (no one can freeze your account)

If you are law abiding citizen and you have no debts then there is very little chance that your bank's account will be freezed. I hate banks in general, they are part of old system designed to rip out every penny from people, but I did not see many cases of freezing accounts without proofs that this account is indeed owned by dishonest fraudster. I may be wrong tho.

When the government is in trouble, they can always take a bite out of your bank account. Thank Cyprus. 

Yes bitcoin users is not affected!

[Hazir]

Damnit that sucks if that happens. Thats why BTC is better (no one can freeze your account)

If you are law abiding citizen and you have no debts then there is very little chance that your bank's account will be freezed. I hate banks in general, they are part of old system designed to rip out every penny from people, but I did not see many cases of freezing accounts without proofs that this account is indeed owned by dishonest fraudster. I may be wrong tho.

When the government is in trouble, they can always take a bite out of your bank account. Thank Cyprus. 

Yes bitcoin users is not affected!

https://i.imgur.com/RWejUGt.png

It is true that Bitcoin users are generally unaffected by these problems. But that doesn't mean bitcoin is panaceum and the best way to bank money. Bitcoin in its infancy state is plagued by other problems, and who knows if they are not more severe than ability to 'open an account overseas'. Bitcoin volatility is in eyes of many people the worst trait to deal with and nothing is worse that to wake up and see that you lost 1/3 of your bitcoins overnight just because some bubble popped out..

[johnyj]

I'm afraid banks already controlled majority of the coins out there. As someone said, banks don't like something that they can not control

Back to early days when MTGOX were dominating the bitcoin exchange, many traders from banks have already claimed large amount of coins, and I have reason to believe that it was bank traders who drove last two large wave of bubbles. So they will stay in bitcoin and play like they did with gold/silver

Banks create money, and that money can buy anything, including bitcoin. As long as people use banks' fiat money to measure value, then most of the coins will belong to banks

[coinpr0n]

I'm afraid banks already controlled majority of the coins out there. As someone said, banks don't like something that they can not control

Back to early days when MTGOX were dominating the bitcoin exchange, many traders from banks have already claimed large amount of coins, and I have reason to believe that it was bank traders who drove last two large wave of bubbles. So they will stay in bitcoin and play like they did with gold/silver

Banks create money, and that money can buy anything, including bitcoin. As long as people use banks' fiat money to measure value, then most of the coins will belong to banks

They would probably invest a lot more in mining if this were the case. Or is mining so expensive now that it is even out the banks' reach?

[Rampton]

I'm afraid banks already controlled majority of the coins out there. As someone said, banks don't like something that they can not control Back to early days when MTGOX were dominating the bitcoin exchange, many traders from banks have already claimed large amount of coins, and I have reason to believe that it was bank traders who drove last two large wave of bubbles. So they will stay in bitcoin and play like they did with gold/silver

Lol. Seriously? Do you have any evidence for this or are you just being paranoid? The banks don't have the balls to put massive amounts of money into bitcoin and even if they were buying up loads of coins it would just make the rest more valuable as they sure as hell wont get their hands on mine.

Banks create money, and that money can buy anything, including bitcoin. As long as people use banks' fiat money to measure value, then most of the coins will belong to banks

Exactly. They create money so why would they be interested in spending it on bitcoin as it's something they can't control at all.

[Amph]

I'm afraid banks already controlled majority of the coins out there. As someone said, banks don't like something that they can not control Back to early days when MTGOX were dominating the bitcoin exchange, many traders from banks have already claimed large amount of coins, and I have reason to believe that it was bank traders who drove last two large wave of bubbles. So they will stay in bitcoin and play like they did with gold/silver

Lol. Seriously? Do you have any evidence for this or are you just being paranoid? The banks don't have the balls to put massive amounts of money into bitcoin and even if they were buying up loads of coins it would just make the rest more valuable as they sure as hell wont get their hands on mine.

Banks create money, and that money can buy anything, including bitcoin. As long as people use banks' fiat money to measure value, then most of the coins will belong to banks

Exactly. They create money so why would they be interested in spending it on bitcoin as it's something they can't control at all.

they can control the market, if they would acquire a very big amount, and they can do it easily, they are not interested for other reason, like the fact that bitcoin have still a low marketcap, and it bring nothing to them in term of money

[jjacob]

they can control the market, if they would acquire a very big amount, and they can do it easily, they are not interested for other reason, like the fact that bitcoin have still a low marketcap, and it bring nothing to them in term of money

They will still be bound by the same rules. Market manipulation is still market manipulation, whether with equities or with Bitcoin.

[Amph]

they can control the market, if they would acquire a very big amount, and they can do it easily, they are not interested for other reason, like the fact that bitcoin have still a low marketcap, and it bring nothing to them in term of money

They will still be bound by the same rules. Market manipulation is still market manipulation, whether with equities or with Bitcoin.

well bitcoin wasn't born to stop market manipulation, no asset can do this, and it isn't certainly bitcoin fault

and bitcoin will never achieve perfect distribution, so market manipulation will stay there forever, if bank start to buy bitcoin in large amount(i doubt because they are building their own centralized technology) it won't change too much the current manipulation

[johnyj]

I'm afraid banks already controlled majority of the coins out there. As someone said, banks don't like something that they can not control Back to early days when MTGOX were dominating the bitcoin exchange, many traders from banks have already claimed large amount of coins, and I have reason to believe that it was bank traders who drove last two large wave of bubbles. So they will stay in bitcoin and play like they did with gold/silver

Lol. Seriously? Do you have any evidence for this or are you just being paranoid? The banks don't have the balls to put massive amounts of money into bitcoin and even if they were buying up loads of coins it would just make the rest more valuable as they sure as hell wont get their hands on mine.

Banks create money, and that money can buy anything, including bitcoin. As long as people use banks' fiat money to measure value, then most of the coins will belong to banks

Exactly. They create money so why would they be interested in spending it on bitcoin as it's something they can't control at all.

I remember the claim that wall street traders trading actively on MTGOX, you can google it. They manipulate bitcoin just like any stocks (with limited supply) or commodity (with a production cost). Blow a bubble, profit from it, this is all they are interested

In order to do that, they must be able to control majority of the coins in circulation, about 1 million. So, with 300 million dollar they could corner the market as they wish, and 300 million is really nothing if you look at the money they get from QE: 80 billion per month

[ashour]

if bank started to accepting bitcoin that i am really sure bank will be collapse

I don't think so , banks and bitcoin can co-exist an both bitcoin and the banks will benefit from it. Bitcoin could be stored in bank vaults and banks could have bitcoin accounts etc. Many possibilities can be done with the bitcoin and bank technology.

[muhrohmat]

yes ashour i belive you are in a good way and good ideas to put here the main subject the banks can not depriciate the factor of bitcoin beeing valuable as like 200 to 300 dollars a piece and theres like 13 millions of them separeted to several acounts the fact of anonimacy its the only porblem but maybe can be fixed and the deprieciation to russian crime and asian crime can be torn off soo its just the factor of trading coins to dollars and soo on and using the storage in several fiat and btcs i guess

[ensurance982]

They could provide an exchange. There are already European banks, in Germany I believe, that are part of the regular financial network and also act as a Bitcoin exchange or marketplace! Also, they could offer an escrow service of some sort!

[BTC_Superman]

Bank will never ever accept Bitcoin. As Bitcoin is their competitor and they have no control in it.

[louise123]

Hi evrybody,

i have a general question.

in your opinion, how banks can earn with bitcoin?

I do not think Banks and Bitcoin can co-exist, since one of the reasons most people get into Bitcoin is to get away from the banks and their fractional reserve,
which is something that cannot be done with Bitcoin.
They cannot make Bitcoin appear just by punching some numbers on their computers.