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Author Topic: Banks going full blockchain  (Read 1289 times)
hector3115
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November 21, 2015, 01:40:01 PM
 #1

So it seems more and more clear every day that big banks are fully integrating blockchain tech to reduce costs.  

What sort of affect will this have on bitcoin price?

I know some banks are exploring private chains and all this crap, but the Nasdaq realized that bitcoin blockchain is best and I assume the other banks will come to that realization in time.  

Buti wonder how this will impact price.  Anyone thought of this yet and plugged any numbers in?
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November 21, 2015, 02:03:41 PM
 #2

We talking about bank`s here. They have fingers in everything for sure. I`m also curious about how banks will enter in blockchain. I read somewhere about creating new coin based on bitcoin, or they will use bitcoins and make money on that. Etiher way they are too rich,  and they can do what ever they wish. I don`t know how we can do something about it, we can just sit and watch what will happen with this.


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November 21, 2015, 02:12:00 PM
 #3

I just think they will go full blockchain without touching bitcoin. So they will create their own cryptocurrency (government-backed)
And I just think it will work. But I think it will not damage bitcoin.

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Denker
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November 21, 2015, 02:16:34 PM
 #4

So it seems more and more clear every day that big banks are fully integrating blockchain tech to reduce costs.  

What sort of affect will this have on bitcoin price?

I know some banks are exploring private chains and all this crap, but the Nasdaq realized that bitcoin blockchain is best and I assume the other banks will come to that realization in time.  

Buti wonder how this will impact price.  Anyone thought of this yet and plugged any numbers in?

As far as I know NASDAQ only used the Bitcoin Blockchain for research. Now they use another blockchain I believe.Not sure which one.Something called linq or so.

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November 21, 2015, 02:17:39 PM
 #5

They see great opportunities to make a shitload of money.

Just imagine the transfer between any bank instantly anywhere on the world for free for the banks.

They charge you 5 usd for the transfer, which is then pure profit for them.

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November 21, 2015, 02:23:09 PM
 #6

So it seems more and more clear every day that big banks are fully integrating blockchain tech to reduce costs.  
"Fully integrating"? WTF does that mean?
Quote
What sort of affect will this have on bitcoin price?
Just can't wait to sellout to the banksters, can you, sellout? Anything for extra shekels Roll Eyes
Quote
I know some banks are exploring private chains and all this crap,
Yes, it's called 'permissioned blockchain'. That's what all the buzz is about.
Quote
but the Nasdaq realized that bitcoin blockchain is best and I assume the other banks will come to that realization in time.
No, NASDAQ realized no such thing. Thus, the conclusion you draw is also incorrect. Sellout.
Quote
Buti wonder how this will impact price.  Anyone thought of this yet and plugged any numbers in?
Already asked that. There are no 'numbers [to] plug,' just hodl.
Racey
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November 21, 2015, 02:23:23 PM
 #7

It's just for fiat, using a blockchain type technology, it will be for them nothing to do with BTC.
I suppose they will still continue to manipulate the markets, and insider trading will also continue.

Take no notice of it, bitcoin is a different entity altogether.

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November 21, 2015, 02:28:51 PM
 #8

It's just for fiat, using a blockchain type technology, it will be for them nothing to do with BTC.
I suppose they will still continue to manipulate the markets, and insider trading will also continue.

Take no notice of it, bitcoin is a different entity altogether.

How can they use fiat with blockchain technology though? It's not possible right?
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November 21, 2015, 02:36:01 PM
 #9

It's just for fiat, using a blockchain type technology, it will be for them nothing to do with BTC.
I suppose they will still continue to manipulate the markets, and insider trading will also continue.

Take no notice of it, bitcoin is a different entity altogether.

How can they use fiat with blockchain technology though? It's not possible right?

You can read about it here, like I said it is different.

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richardsNY
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November 21, 2015, 02:42:36 PM
 #10

They are testing out a few things with the blockchain technology. Can't see them going full into blockchain technology at this point. If they do plan to go full in the blockchain, I really hope they also pay attention to Bitcoin as coin too, instead of ignoring it.

hector3115
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November 21, 2015, 02:46:15 PM
 #11

So it seems more and more clear every day that big banks are fully integrating blockchain tech to reduce costs.  
"Fully integrating"? WTF does that mean?
Quote
What sort of affect will this have on bitcoin price?
Just can't wait to sellout to the banksters, can you, sellout? Anything for extra shekels Roll Eyes
Quote
I know some banks are exploring private chains and all this crap,
Yes, it's called 'permissioned blockchain'. That's what all the buzz is about.
Quote
but the Nasdaq realized that bitcoin blockchain is best and I assume the other banks will come to that realization in time.
No, NASDAQ realized no such thing. Thus, the conclusion you draw is also incorrect. Sellout.
Quote
Buti wonder how this will impact price.  Anyone thought of this yet and plugged any numbers in?
Already asked that. There are no 'numbers [to] plug,' just hodl.

First of.all, nasdaq has confirmed that they are using the bitcoin blockchain. 

Second of all, I will never trade my bitcoins in for us dollars.  I would just like their purchasing power to be increased in the future 
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November 21, 2015, 03:00:28 PM
 #12

I just think they will go full blockchain without touching bitcoin. So they will create their own cryptocurrency (government-backed)
And I just think it will work. But I think it will not damage bitcoin.

If they create government back crypto currency, is that backed by one government or multiple governments? I do not think all the governments can agree on the single currency.
The bitcoin is the currency. Banks might create tokens to use internals, but they do the inter bank clearing, they will have to use bitcoin.
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November 21, 2015, 03:00:48 PM
 #13

So it seems more and more clear every day that big banks are fully integrating blockchain tech to reduce costs.  
"Fully integrating"? WTF does that mean?
Quote
What sort of affect will this have on bitcoin price?
Just can't wait to sellout to the banksters, can you, sellout? Anything for extra shekels Roll Eyes
Quote
I know some banks are exploring private chains and all this crap,
Yes, it's called 'permissioned blockchain'. That's what all the buzz is about.
Quote
but the Nasdaq realized that bitcoin blockchain is best and I assume the other banks will come to that realization in time.
No, NASDAQ realized no such thing. Thus, the conclusion you draw is also incorrect. Sellout.
Quote
Buti wonder how this will impact price.  Anyone thought of this yet and plugged any numbers in?
Already asked that. There are no 'numbers [to] plug,' just hodl.

First of.all, nasdaq has confirmed that they are using the bitcoin blockchain.  
Wrong.
"On Tuesday, at the Money 20/20 conference in Las Vegas, Nasdaq CEO Robert Greifeld will conduct the first-ever demonstration of Linq, a platform for managing shares of private companies using technology derived from that which powers Bitcoin, which was announced earlier this year." -- http://www.forbes.com/sites/laurashin/2015/10/27/nasdaq-unveils-blockchain-enabled-platform-linq-announces-6-inaugural-clients/
Second of all, I will never trade my bitcoins in for us dollars.  I would just like their purchasing power to be increased in the future  
Quote
Second of all, I will never trade my bitcoins in for us dollars.  I would just like their purchasing power to be increased in the future  
Hoping to profit from banks using Bitcoin is like hoping to profit from terrorists and child molesters using bitcoin. No blood money 4 U Angry
hector3115
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November 21, 2015, 03:05:47 PM
 #14

It's just for fiat, using a blockchain type technology, it will be for them nothing to do with BTC.
I suppose they will still continue to manipulate the markets, and insider trading will also continue.

Take no notice of it, bitcoin is a different entity altogether.

The public ledger of the blockchain is what banks are interested in.  And the bitcoin blockchain has the largest network making it the most secure network in the world to use.  They do not have a fiat blockchain.  You are completely confused.  

I believe that the bitcoin blockchain will.become the backbone of our financial system.  Then once it is widely used eventually they won't bother converting bitcoins back to fiat.
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November 21, 2015, 03:16:18 PM
 #15

They can make insane amounts of money cutting costs using the blockchain.  It will kill them in the long run but they will make money short term.  Bank ceos aren't thinking about money control 20/years from now.  They have to answer to shareholders who want to see bottom line beats every quarter
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November 21, 2015, 03:19:00 PM
 #16

Banks are going the way of Blockbuster video and they know it better than anybody.  They will try to.make as much money as they can while they can.
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November 21, 2015, 03:20:09 PM
 #17

I just think they will go full blockchain without touching bitcoin. So they will create their own cryptocurrency (government-backed)
And I just think it will work. But I think it will not damage bitcoin.

This could be possible and they will implement this for the people and will have the convenience but no anonymity.

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November 21, 2015, 03:44:44 PM
 #18

it will not impact directly the price because they will use their private blockchain or something centralized which has nothing to do with bitcoin

but it may put a good light on bitcoin from normal citizens, it would increase the awareness about bitcoin
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November 22, 2015, 12:34:24 AM
 #19

I guess blockchain is just a buzzword now. I don't think what the banks are doing has anything to do with bitcoin. They're just using some new tricks to make man in the middle attacks harder as far as I can tell. There is no p2p, no mining, nothing resembling a currency. It's like they made a slightly safer encrypted communication protocol and are using bitcoin buzzwords to make it sound sexier than it is.
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November 22, 2015, 12:40:13 AM
 #20

There will be no price effect. Why would there? It just makes conventional banking better.

If there was a USD token that was near instant that may impact the market as you'd be able to run in and out of Bitcoin exchanges in a matter of minutes rather than having to wait for days on end.

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