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Question: Will Bitcoin screw banks, like email screwed the post office. True or false?
true - 16 (34.8%)
some truth - 19 (41.3%)
mostly false - 7 (15.2%)
false - 1 (2.2%)
Your kidding me! what a stupid question!! - 3 (6.5%)
Total Voters: 46

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Author Topic: Bitcoin will do to the banks, what email did to the post office. True or false?  (Read 3574 times)
gendal
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March 20, 2013, 08:02:12 PM
 #21

Cheers
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March 20, 2013, 08:33:52 PM
 #22

This thread starts with a false premise; namely that the Internet with email is killing the post office and that somehow Bitcoin will deliver the coup de grâce. Nothing could be further from the truth. Yes of course the Internet and email has drastically reduced the market for first class letter mail and if this had been the only impact the post office would have been out of business years ago. The Internet however has created a whole brand new market for the post office in parcel delivery as more and more people turn to Internet for online shopping. A few days ago I went to the local post office to pick up some parcels and the man in-line in front of me picked up a television set. Now enter Bitcoin into the picture. Bitcoin encourages international e-commerce and this is one area where the post office beats the courier companies hands down at least here in Canada. Why because the courier companies charge ridiculous brokerage and other fees in order to clear a package through customs. I have seen UPS for example charge 50 CAD to "broker" 3.50 CAD worth of GST on a 50 CAD item a few years ago.

By the way the package I picked up at the local post office was purchased from the BitcoinStore and paid for with Bitcoins. If there is one organization that stands to benefit greatly from Bitcoin is actually none other than the post office.

My take with the banks is that while Bitcoin will take some of their existing business away, it will also open a host of completely new business opportunities for them. Who would have thought for example 30 years ago that the post office would be in the TV set delivery business.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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March 21, 2013, 12:07:30 AM
 #23

This is mostly true, I think.

Email took personal communication away from the Post Office.  Hardly anyone sends letters to loved ones any more, finalizes plans for parties or get-togethers, exchanges news with people they've known forever but don't live near, etc.

The Post Office has retained - and even expanded - its business use case.  Most of eBay uses it, a lot of Amazon, dead-tree advertisers, and so on.

By the same token, I think banks will lean more and more to the commercial side of things.

Hasn't that always been the point?  To take back control of our own money?

And banks will have so much less opportunity to fuck with the world, once we're less dependent on them.

+1
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March 21, 2013, 12:10:03 AM
 #24

Banks still have a purpose!  They're not inherently evil.

Just, the ones we have now are the scum of the Earth.  A bank which operates on BTC is a good thing, as long as they don't attempt to issue BitDollars, and then later lobby to take us off the Bitcoin standard Wink

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March 21, 2013, 12:42:12 AM
 #25

This thread starts with a false premise; namely that the Internet with email is killing the post office and that somehow Bitcoin will deliver the coup de grâce.


In all respect, I have not implied email has killed or is killing the post office. And therefore I have not implying bitcoin will kill the banks either. And for the record, I agree with your other opinions.
I am simply pointing out, it had profound implications for the postal business. The post office used to see itself primarily as a letter delivery service, and also parcels. Can you imagine their fears when somebody told them email had arrived? It took them years to adjust and arrive at the diversified business they are today. And a great business they are too.
I think this post is a fair, if not a perfect analogy. Money users can now transact instantly at no cost, and without the banks service. Assuming bitcoin finds its place in the mainstream, which I hope it does, then I think History will show banks profoundly effected. And they will adjust and they will likely prosper. But perhaps a little more honest for not having complete control of our money.
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March 21, 2013, 12:46:18 AM
 #26

Banks still have a purpose!  They're not inherently evil.

Just, the ones we have now are the scum of the Earth.  A bank which operates on BTC is a good thing, as long as they don't attempt to issue BitDollars, and then later lobby to take us off the Bitcoin standard Wink

+1
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March 21, 2013, 09:03:20 AM
 #27

Yawn.
This topic was covered by Falkvinge couple years ago:
With The Napster of Banking Round The Corner, Bring Out Your Popcorn
by Rick Falkvinge
http://falkvinge.net/2011/05/11/with-the-napster-of-banking-round-the-corner-bring-out-your-popcorn
nwbitcoin
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March 21, 2013, 09:27:18 AM
 #28

The future always brings change, it isn't one thing that causes it, although one thing can lead to another, which leads to another etc.

Email has changed the post office, however, it might be useful to get our diaries sync'ed!

Email was invented in 1973.  The post office only started noticing email in the late 90s, but mostly in the last 5 years.

The reason email has had an effect on this, is also connected to the way that companies interact with their customers.  They started sending their bills by email, so the amount of official post went down. We also had the introduction of direct debit as a way to pay bills, so we didn't need so much of our accounting information sent to us.  It wasn't just because of eBay and Amazon that the post office is having problems. People, generally, didn't send letters to each other on the scale that we send emails.

With that background, how much do you think bitcoin is going to effect the banks?

If anything, the internet has already effected the banks, and bitcoin is a bit late to that party.  Local branches are disappearing, and the whole banking experience is very centralized. The difference with bitcoin, compared to email is that its not the same analogy.

Bitcoin is just a variation of what the banks are already doing.  If you want to pay a factory in China, you just talk to your bank who will arrange it.

What bitcoin offers is a cheaper way to do it.

If bitcoin takes off, I wouldn't be surprised to see that the biggest users of it will become banks - after all they already know all the people who would gain from using it.

If you want a better analogy, think of how VOIP didn't kill the International telecom giants like many thought it would, it just became another of the products they offered!

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March 21, 2013, 10:24:44 AM
 #29

Thank you for that comprehensive reply nwbitcoin. You make some very good and interesting points. It also accurred to me banks might take advantage of bitcoin. Unfortunately bitcoin might pioneer a wonderful new concept, which is then picked up by, and exploited by big business. Despite of, or maybe because of the banks invested interests in money transactions, they might be the ones to do so. Only time can tell
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March 21, 2013, 10:33:53 AM
 #30

Yawn.
This topic was covered by Falkvinge couple years ago:
With The Napster of Banking Round The Corner, Bring Out Your Popcorn
by Rick Falkvinge
http://falkvinge.net/2011/05/11/with-the-napster-of-banking-round-the-corner-bring-out-your-popcorn
Not everybody was paying attention a couple years ago Jaagu. I certainly wasnt.
I clicked on your link, but it didnt work. Is it no longer current? I'd love to check it out if you can provide a current link plz?
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March 21, 2013, 10:40:36 AM
 #31

email annihilated the post office like mobile phones did fixed lines

bitcoin will massacre hard cash and traditional bank accounts

stocks and shares will start to mirror their bitcoin worth along, with bonds and derivatives

citizens business the government and major corporations will need capitalizing with bitcoin

anyone who cant use a computer is going to need to learn which will most likely be

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March 21, 2013, 10:44:48 AM
 #32

OP: add a poll at the top please.
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March 21, 2013, 10:47:35 AM
 #33

Agree.

Banks are not only in the business of managing money and payments, they are also in the business of managing risk.

The market for risk management isn't going to disappear because of bitcoin.

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March 21, 2013, 10:53:39 AM
 #34

stocks and shares will start to mirror their bitcoin worth along, with bonds and derivatives

if that is true, we will maybe experience a major depression and crisis.

who invests in stocks if people at large prefer to keep bitcoins under their mattresses?

all that may prevent this from happening is if Bitcoin is considered a risky asset itself.

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Questing
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March 21, 2013, 11:00:58 AM
 #35

email annihilated the post office like mobile phones did fixed lines

bitcoin will massacre hard cash and traditional bank accounts

stocks and shares will start to mirror their bitcoin worth along, with bonds and derivatives

citizens business the government and major corporations will need capitalizing with bitcoin

anyone who cant use a computer is going to need to learn which will most likely be

the easiest form of phone with wallet app

Love your view. World changing prophecy
Questing
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March 21, 2013, 11:08:19 AM
 #36

OP: add a poll at the top please.
You got it
Jaagu
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March 21, 2013, 11:46:08 AM
 #37

Yawn.
This topic was covered by Falkvinge couple years ago:
With The Napster of Banking Round The Corner, Bring Out Your Popcorn
by Rick Falkvinge
http://falkvinge.net/2011/05/11/with-the-napster-of-banking-round-the-corner-bring-out-your-popcorn
Not everybody was paying attention a couple years ago Jaagu. I certainly wasnt.
I clicked on your link, but it didnt work. Is it no longer current? I'd love to check it out if you can provide a current link plz?
First ask http://www.downforeveryoneorjustme.com

Then try another browser.
Questing
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March 21, 2013, 12:31:54 PM
 #38

Yawn.
This topic was covered by Falkvinge couple years ago:
With The Napster of Banking Round The Corner, Bring Out Your Popcorn
by Rick Falkvinge
http://falkvinge.net/2011/05/11/with-the-napster-of-banking-round-the-corner-bring-out-your-popcorn
Not everybody was paying attention a couple years ago Jaagu. I certainly wasnt.
I clicked on your link, but it didnt work. Is it no longer current? I'd love to check it out if you can provide a current link plz?
First ask http://www.downforeveryoneorjustme.com

Then try another browser.
Thanks. Arrogance noted

www.falkvinge.net/2011/05/11/with-the-napster-of-banking-round-the-corner-bring-out-your-popcorn/
that is a great article
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March 21, 2013, 12:51:08 PM
 #39

I like that banks can insure my deposits, so even if they screw up I'm not screwed.  Mt.Gox did themself a big favor by recovering from their early hacking, intact.

The other side of bitcoin is that a bunch can't be printed overnight to bail a government out of debt at everyone else's expense.  A bank can hold bitcoins as well as any other currency, don't see how bitcoin replaces it there.  Government seizure/liens of bank balances is a big negative against banks, though.
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March 21, 2013, 01:35:20 PM
 #40

Post office was not killed by email because it was subsidized by printed fiat money. Bitcoin will kill fiat, so the postal office won't be subsidized, so it would need either to shut down or provide a competitive service at higher prices. Since much less number of letters would be sent over for fair high prices, the total amount of paper mail will be greatly reduced. And digital contracts will replace the need to transfer paper certificates and ink signatures.

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