Commonwealth Bank goes Ballistic on Bitcoin, one of the largest Banks

[Bitcoinpro]

it comes in at 41st on biggest banks list though, im sure its in reality much much bigger

http://www.afr.com/business/banking-and-finance/cba-builds-a-blockchain-in-its-innovation-lab-20151206-glgj6y

[1715650620]

1715650620

[1715650620]

1715650620

[rebuilder]

I still don't see why this is better than, you know, a database.

[franky1]

I still don't see why this is better than, you know, a database.

for banks. its not for the benefit of the customer.. its for the benefit of the bank.

1. they can relax that their employee's cannot fiddle with account balances on a blockchain.. but can fiddle a database
2. they can sack alot of auditors, security teams, internal affair office workers. because their jobs are now redundant.
3. the validation method of depositing and crediting (block confirms) is so easy. sleak and effective compared to the old banking systems which need lots of checks and balances and double checks just to settle a transaction

[Amph]

I still don't see why this is better than, you know, a database.

proof of integrity http://bitcoin.stackexchange.com/questions/38711/is-a-private-blockchain-better-in-any-sense-than-a-database

[n2004al]

it comes in at 41st on biggest banks list though, im sure its in reality much much bigger

http://www.afr.com/business/banking-and-finance/cba-builds-a-blockchain-in-its-innovation-lab-20151206-glgj6y

Very good post. Put as a main post one link which to be seen and to be read want a subscription. It would be good that in such occasions can be put together with the link even the username and the password of the main poster who for sure have both. Otherwise how is possible that know about what has to do the article. Cannot happen nothing bad. The maximum that can be made will the thanks of the paper where is published the article because of the increase of traffic and the readers. It is not this the aim of every newspaper?

[GetClams.com]

I still don't see why this is better than, you know, a database.

for banks. its not for the benefit of the customer.. its for the benefit of the bank.

1. they can relax that their employee's cannot fiddle with account balances on a blockchain.. but can fiddle a database
2. they can sack alot of auditors, security teams, internal affair office workers. because their jobs are now redundant.
3. the validation method of depositing and crediting (block confirms) is so easy. sleak and effective compared to the old banking systems which need lots of checks and balances and double checks just to settle a transaction

^^ This

[AtheistAKASaneBrain]

I still don't see why this is better than, you know, a database.

for banks. its not for the benefit of the customer.. its for the benefit of the bank.

1. they can relax that their employee's cannot fiddle with account balances on a blockchain.. but can fiddle a database
2. they can sack alot of auditors, security teams, internal affair office workers. because their jobs are now redundant.
3. the validation method of depositing and crediting (block confirms) is so easy. sleak and effective compared to the old banking systems which need lots of checks and balances and double checks just to settle a transaction

All they want is cut loses so they can get a bigger paycheck, it's really perverse. They want to kick more workers, and instead of lowering fees on the citizens, they are going to raise their salaries. Anyone not using Bitcoin over this crap is supporting their evil plan.

[Denker]

I still don't see why this is better than, you know, a database.

for banks. its not for the benefit of the customer.. its for the benefit of the bank.

1. they can relax that their employee's cannot fiddle with account balances on a blockchain.. but can fiddle a database
2. they can sack alot of auditors, security teams, internal affair office workers. because their jobs are now redundant.
3. the validation method of depositing and crediting (block confirms) is so easy. sleak and effective compared to the old banking systems which need lots of checks and balances and double checks just to settle a transaction

All they want is cut loses so they can get a bigger paycheck, it's really perverse. They want to kick more workers, and instead of lowering fees on the citizens, they are going to raise their salaries. Anyone not using Bitcoin over this crap is supporting their evil plan.

Right.They will cut costs drastically, they will cout out middleman, they will become faster, more efficient and make more profits.
From banks point of view this all makes sense.
Again the pockets of the ones who alread earn a shitload of money will get filled with even more.
But still they are going to die don't worry.Bitcoin is going to obliterate those dinosaurs!!

[franky1]

All they want is cut loses so they can get a bigger paycheck, it's really perverse. They want to kick more workers, and instead of lowering fees on the citizens, they are going to raise their salaries. Anyone not using Bitcoin over this crap is supporting their evil plan.

but

lets say bitcoin takes over as a national currency, how many bank branches would close, how many bankers would be made unemployed... all of them.. and for bitcoin, all the mining farms becoming the new elite with the sudden surge of transaction fee's..   how is that any better?

no matter what control or lack of control humans have on a monetary system.. there will always be an inbalance of rich vs poor. the employment opportunities of bitcoin is far less than the employment opportunities of a fiat currency.

people complain that bank managers get 1million+ a year just sitting in an office.. well realistically, mining pool owners do the same thing..

[LiteCoinGuy]

news: Dec 6 2015 at 12:51 PM