Will the Banking Industry kill Bitcoin and keep the Blockchain?

[Blawpaw]

Every financial institution and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

[meono]

Every financial and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

If we still this kind of dumb thread i'm afraid we're far from being mainstream.


LOL at investing in "the Blockchain"

Time to educate yourself OP, we're sick of spoonfeeding.

[nonbody]

i dont think there is anyway that banks could be sued or blamed for using a bitcoin type block chain, but even if that does cause bitcoin to die down, other coins will just take the lead with innovations

[arnav95]

if it will kill it will kill both else the thing that does not kill bitcoin will make it stronger

[7788bitcoin]

Bitcoin has grown too big and it will be very difficult, if not impossible, to kill.

[p2pbucks]

bitcoin will kill banks no doubt 

[dre1982]

bitcoin will kill banks no doubt  

Not without your help.

There is a big convention in China this week with billions of investment dollars at stake wondering if they should invest in Bitcoin (public blockchains) or Bankchains like Chase's Blythe MasterCoin.

This USA crypto company president is asking for your help presenting his arguement. Here is his potential Power Point presentation for public review. If he wins, then the $Billions will invest in Bitcoin. But if he loses, then Chase bank gets that money.

Here, proof read his pitch and offer any insight. He is but one man but together we are an army!!


https://bitsharestalk.org/index.php/topic,18881.msg243106.html#msg243106

Interesting!!

But how will it be invest? Are they just gonna buy bitcoins or are they gonna buy miningfarms. That's a big difference. In the first case the price would rise, in the second case it won't have that much influence at the price. Hope Bitcoin will win it from Bankchains. That would definitely be some positive news.

[Lauda]

They can certainly try and they already have (e.g. telling public to stay away from it or that it is dangerous). For those people that got on board for the right reasons this should not be a problem.

[Melds]

The lack of enthusiasm for Bitcoin is rather worrying. But i don't think it will kill bitcoin. There is still plenty of opportunity for bitcoin to evolve, and the people involved with Bitcoin aren't going to let it slide just like that.

[Kprawn]

So Bitshares wants to bring a end to the volatility for fiat based coins? Do I understand the reasoning behind that service correctly?

The banks are looking for "private" Blockchains that will solve their problems, not ours. They are profit driven and have to adhere to strict government regulations. Bitcoin is not under their control, and it's also not

protected. {Nobody can claim intellectual property, without exposing Satoshi} They can rip Bitcoin apart and add features to it, like any other Alt coin out there, and call it a BankCoin.

We {Bitcoin} just need to offer people the features they want from a currency or a investment vehicle and be transparent and decentralized and the customers will support that, like they do with other

technologies in the same shoes.       

[Kazimir]

Oh, please, not this again.

Let me copy/paste my reply from this article:

The whole idea of a blockchain is a ledger that belongs to nobody, and is used, maintained and verified by everybody.

So when someone introduces "their own" blockchain, it means in-house, trust-required, centralized, and owner-dependent, thus essentially stripping it of Bitcoin's innovative advantages.

We already have centralized ledgers and they work quite efficiently - at the cost of putting society at the bank's mercy. Let's not make the same mistake again.

(Author replying that the great innovation of blockchain is about being trustless and imutable, which doesn't require Bitcoin)

But trustless and immutability contradicts with belonging to someone, and being maintained and administered by a single party or authority (such as a bank consortium).

A blockchain operated by a handful of banks is not trustless at all. It fully depends on our trust in them. It's not immutable either: if and when they decide they wish to rollback certain changes or transactions, absolutely nothing stops them from doing so.

It's not necessarily free or open or transparent either (which are other advantages of the Bitcoin blockchain), it would be their blockchain and they control what goes in, at what cost, and how much they reveal about it.

Bitcoin solves all this, a custom bank-owned in-house blockchain does not (but of course from their perspective this isn't a problem in the first place).

Actually, from a bank's perspective, having their own blockchain might appear to be a more efficient, cost reducing way of processing their proprietary closed payment data. But for us, the mass audience, the general public or society, exactly what would be the difference?

By the way, I fully agree that trustlessness and immutability are very useful innovations, that don't require Bitcoin. But it would require something else that backs the blockchain, in a decentralized, verifiable, tamper-proof fashion, to provide its trustworthiness, independence and immutability.

Currently there is no such thing. Absolutely nothing compares even remotely to the existing Bitcoin network in terms of the trustless security it delivers, and banks certainly won't provide it.

If you were to set up a secondary network, comparable in size and speed and computing power to Bitcoin's, then sure, you could run a blockchain that is just as secure and trustless and immutable as Bitcoin. I don't see it happening any time soon though.

[LiteCoinGuy]

Every financial and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

If we still this kind of dumb thread i'm afraid we're far from being mainstream.


LOL at investing in "the Blockchain"

Time to educate yourself OP, we're sick of spoonfeeding.

i would not be that rude but i have to agree 

[LiteCoinGuy]

https://www.youtube.com/watch?v=cLiu7B25G4o&feature=share&list=RDzrWoG8IckyE

sry 

[coinpr0n]

There will always be a need for a trustless, permissionless cryptocurrency. If Bitcoin dies it will be because of itself, but no banks' blockchain will be able to provide for the use cases Bitcoin fulfills. Since there will always be a need, Bitcoin can only be replaced by something better for those use cases.

[fulgdenea]

There will always be a need for a trustless, permissionless cryptocurrency. If Bitcoin dies it will be because of itself, but no banks' blockchain will be able to provide for the use cases Bitcoin fulfills. Since there will always be a need, Bitcoin can only be replaced by something better for those use cases.

Yes i will do agree with you i also don't think current banking system shifting after on blockchain can make bitcoin in trouble because at the moment is more popular around the globe and people love to use it for its faster speed and freedom.

[Yeah?]

Every financial institution and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

They might use their own blockchains but it wont kill bitcoin. Bank's blockchains will just be centralized and wont be their own currencies so bitcoin will still thrive as an alternative to the mainstream and that's why it is still valuable.

[amiryaqot]

private blockchains are completely different than public blockchains

do you understand the difference between private property and public property?

well then let me teach you

How long would you let the general public park in your yard, sleep in your house, and use your private toilet before you got pissed?

Now tell me that the utter existance of your private land, house, and toilet negates the need for public parking lots, campgrounds, and toilets (because both you and the general public are more than happy utilizing your shit for everyone's parking, sleeping, and shitting needs)

Do you see the utter folly in this strawman yet.  The banks are trying to tear down the public toilet and install their pay per poo stall on top of the same sewer!  Here's a rule to live by: follow the money: Anybody who thinks that this is a good idea or is propagating this propaganda or tries to scare bitcoiners to dump their coins is working for the bank or getting paid by them.

TLDR- anybody bringing up this topic as an actual arguement that the existance of private toilets negates the need for public restrooms is either evil or stoopid

Well that is nice explanation what is different with BTCitcoin and what advantage it has on this banking blockchain system it is totally crap and nobody can make scare of BTCitcoin it has more strong community and adoption around the globe, everyone can use it without any personal information so what bankers will do this.

[tatu]

The whole pint of bitcoin is that exists outside of the corporate machine and is its own authority that can't be tampered by a central entity. Banks using their own blockchain systems wont help bitcoin but it might help legitimize the technology but bitcoin will find its own niches and continue to be used by those who want to transact outside of the corporate machine.

[~Bitcoin~]

Although bank owner have already started to buy and sell bitcoin to make a lot of profit using the fake news as well as mass buy. I think that was the reason why bitcoin drops from that 1000 mark in past. Bank will adopt blockchain in future and will try to drop the bitcoin market if bitcoin couldn't get huge market (merchants) by that time.

[Oscilson]

bitcoin will kill banks no doubt 

Banks can use bitcoin as a currency. They will adept.