LOL Antonopoulos Destroys Banks’ Blockchain Delusions Once Again

[Scottoshi]

https://news.bitcoin.com/antonopoulos-banks-blockchain-romance/

"‘So that nice open, decentralized, borderless, peer-to-peer, open-innovation, open-access system you built. Well, we can build one that is not open, not decentralized, not borderless, not open-innovation, and not open-access that we control completely… blockchain!’ And they’re missing the point."

This is why im bullish on bitcoin (and other open-access cryptos) long term. All this blockchain/distributed ledger talk from banks and blythe masters is getting tiresome and boring tbh.

[Lauda]

He's not wrong. The banks are deliberately trying to divert attention from Bitcoin and call anything that has a, let's say "block-like" structure, blockchain. There are missing the core vitals of the system, which is open-access && decentralization.

[Slowturtleinc]

Banks are not stupid but if they do miscalculate this,they could face a issue where it pushes more people towards bitcoin. As opposed to leaving it alone altogether and not actually making a wrong step that would feed new bitcoin users.

The banks one weapon has always been regulate and clamp down so they can jack the fees.
Only way they can achieve this is through slow lobbying of the governments which are not to keen on leaning one way or another.
Some have leaned one way and I think either way they went is wrong at this time.

[h3rlihy]

that quote is perfect xD

[futureofbitcoin]

Andreas is an incredibly smart guy. But I don't think he's right about this.

Just because all of those features are desirable to him and some other people, doesn't mean they're desirable to banks or other people.

All banks want is a secure and fast way to transfer money between each other digitally. without losing control.

[Snail2]

Like it or not banks will jump on blockchain technology, not for distracting the more naive bitcoiners but because of it's useful for them.

[Snorek]

Like it or not banks will jump on blockchain technology, not for distracting the more naive bitcoiners but because of it's useful for them.

Bank using blockchain technology won't benefit customers one bit. It will only cut banks internal expenses and every fee you pay now will be the same after banks will incorporate blockchain tech.
It will be basically the same but - banks will advertise it as huge leap and progress and it won't be decentralized at all.

[Klestin]

Andreas is an incredibly smart guy. But I don't think he's right about this.
All banks want is a secure and fast way to transfer money between each other digitally. without losing control.

No, that they already have. What they're proposing is not secured in the same way (at all) that Bitcoin is. It's a very weak attempt at distraction from what they see as a serious threat.

[cjmoles]

Yep....the banks are missing where the value of the technology lies.  The value of the blockchain lies within its ability to empower those who support it.  The more support bitcoin gets, the more valuable it becomes, and the more empowered those who hold it.  It's valuable because it's NOT centralized.

[SFR10]

As always Andreas is great at pointing the flaws of banks but the problem is would they bother to learn at this stage (Bargaining)? I doubt and they'll do whatever they could to go with their plans and waste a lot of time. The thing is, they could try all they want, but one thing for sure the blockchain their trying to make, won't be near the blockchain that surrounds BTCitcoin due to the obvious differences.

[futureofbitcoin]

Yep....the banks are missing where the value of the technology lies.  The value of the blockchain lies within its ability to empower those who support it.  The more support bitcoin gets, the more valuable it becomes, and the more empowered those who hold it.  It's valuable because it's NOT centralized.

No they're not. Just because YOU value decentralization doesn't mean that it's valuable. Even if it was valuable, it doesn't mean that it's all of the value or even a big part of the value of the technology.

Really guys, it's like this.

Some guy, let's call him Satoshi Nakamoto found this huge field filled with animal poop. Under that layer of animal poop lies gold and diamonds.

Some guys in suits come and try to dig out all the gold and diamonds, while avoiding the animal poop.

Then some other guys (you guys) laugh at the guy in suits, because they're digging up worthless metals that doesn't do shit (pardon the pun) while they're missing the REAL value of Satoshi's discovery: the huge field of animal poop. I mean, the poop is super high quality, and will make perfect manure.

[AGD]

Let's see who will be more disillusioned in a few years, Banks or Bitcoin fanboys.

[Lauda]

No they're not. Just because YOU value decentralization doesn't mean that it's valuable. Even if it was valuable, it doesn't mean that it's all of the value or even a big part of the value of the technology.

Wrong. The only people who would not value decentralization are those who are either, in some way, profiting from the corrupt centralized system or those who are too ignorant to do anything about it.

It's valuable because it's NOT centralized.

This is why Bitcoin holds it's value, and has value in general. Once it loses decentralization, it will automatically lose e.g. censorship resistance and thus it would no longer be of any use.

Bank using blockchain technology won't benefit customers one bit.

Don't make generalizations like that. Blockchain technology will benefit the customer. the question is just how much. Obviously there are going to be entities which barely change their pricing, and entities who drastically reduce prices.

[futureofbitcoin]

No they're not. Just because YOU value decentralization doesn't mean that it's valuable. Even if it was valuable, it doesn't mean that it's all of the value or even a big part of the value of the technology.

Wrong. The only people who would not value decentralization are those who are either, in some way, profiting from the corrupt centralized system or those who are too ignorant to do anything about it.

That's about the same argument as the only people who don't value animal poop are people who don't need to eat.

Actually, it's a worse argument because the animal poop argument actually makes some sense.

[bob123]

Banks will probably copy blockchain in a more controllable way for them.

[Lauda]

That's about the same argument as the only people who don't value animal poop are people who don't need to eat.

It is quite different; you're just posting gibberish with that analogy. If Bitcoin was centralized in its current state, it would just be a very inefficient system (why would anyone use it?). If you don't value decentralization, you've come here for the wrong reasons and missed the original idea.

Banks will probably copy blockchain in a more controllable way for them.

You can't just "copy" in a controllable way. They're not even sure what the exact definition of a blockchain is. In any case, a centralized blockchain defeats the purpose of having one (as it can be tampered with).
Update: False analogy fallacy strikes again.

[futureofbitcoin]

That's about the same argument as the only people who don't value animal poop are people who don't need to eat.

It is quite different; you're just posting gibberish with that analogy. If Bitcoin was centralized in its current state, it would just be a very inefficient system (why would anyone use it?). If you don't value decentralization, you've come here for the wrong reasons and missed the original idea.

Banks will probably copy blockchain in a more controllable way for them.

You can't just "copy" in a controllable way. They're not even sure what the exact definition of a blockchain is. In any case, a centralized blockchain defeats the purpose of having one (as it can be tampered with).

Their blockchain is "decentralized" within the banking system.

Your argument is just silly. If I were to invent a ball, because I wanted to kick something round, that doesn't mean people who decided to use balls to play baseball, basketball, tennis, etc etc etc are using balls "for the wrong reasons" and "missed the original idea".

[staysecure]

Here si my two cents. Banks see potencial in the blockchain for the two main reasons.

- fast , transparent and cheap asset transfers
- the fact that as long as there are two nodes alive that store a full copy of the "internal bank" blockchain you have no fear of loosing the ledger

I think banks have big fear of someone wipeing their data and backups as essentially the bank doesnt exist anymore if they loose their accounting book.

So i dont waste more words just watch video Andreas in the Five stage of grief video :  https://www.youtube.com/watch?v=43Ucj6_Erb0  at 10:30 he essentially talks about something related to what i wrote.

And a great weekend to everyone.

[kelsey]

tis not just the Banks missing the point, tis 90% of the crypto community.

then we have all this tech startups etc trying to be the next generation of greedy bankers.

regulations    the whole modus operandi is to be indifferent to regulation; borderless p2p money, were money changes don't get their cut.

bitcoins just the distraction 

[LFC_Bitcoin]

He's not wrong. The banks are deliberately trying to divert attention from Bitcoin and call anything that has a, let's say "block-like" structure, blockchain. There are missing the core vitals of the system, which is open-access && decentralization.

Yep, they can try whatever they like but they'll fail. Nothing they create will ever come close to being better y.than the Bitcoin Blockchain.