[2015-10-14] huffingtonpost: Wall Street Should Be Scared of the Blockchain

[LiteCoinGuy]

Wall Street Should Be Scared of the Blockchain

In Singapore this week, the incredible response to the discussion on the "blockchain" at SIBOS Innotribe is indicative of a massive shift taking place globally in banking. FinTech, or Financial Technology, is taking over the world of banking and financial services as most of what we've thought of as banking is now simply becoming encoded in software. Software and algorithms that many are arguing may be better at doing banking and managing our money than banks themselves.

http://www.huffingtonpost.com/brett-king/wall-street-should-be-ter_b_8278320.html

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[gogxmagog]

hey why not? it worked for Mt.Gox right?

honestly, the banks wouldn't touch it if they didn't KNOW (not think) they could game the system. I imagine private blockchains that are not public ledgers here. it just saves them money. dont think their fees will go lower either.

[Denker]

hey why not? it worked for Mt.Gox right?

honestly, the banks wouldn't touch it if they didn't KNOW (not think) they could game the system. I imagine private blockchains that are not public ledgers here. it just saves them money. dont think their fees will go lower either.

It's about optimization.Lowering the own costs and customers still having to pay the same fees means more profits for the banks.
Some settlement and clearing houses will get cut out and be left behind.
When progress happens some old ones always have to die or disappear.