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Author Topic: [2016-09-07] SWIFT Institute Report Summary: Bitcoin Isn't Going Anywhere Fast  (Read 327 times)
tyz
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September 07, 2016, 05:40:43 PM
 #1

SWIFT Institute Report Summary: Bitcoin Isn't Going Anywhere Fast

The paper, Virtual Currencies: Media of Exchange or Speculative Asset? [PDF] analyses the dynamic relationship between virtual currencies, such as bitcoin, and fiat currencies. The research looked at whether or not the design and the size of virtual currencies could pose an immediate risk to monetary, financial or economic stability.

https://www.cryptocoinsnews.com/swift-report-summary-bitcoin-isnt-going-anywhere-fast/

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September 07, 2016, 06:10:38 PM
 #2

Poor SWIFT boys after all this time they still fight Bitcoin.
Bitcoin was never meant to be fast, it's like water on a rock. Eventually it will carve a hole into it.

SWIFT people don't be afraid of disappear one day, you won't even realize that happened.


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a7mos
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September 07, 2016, 06:26:42 PM
 #3

why should be a competition between bitcoin and fiat currencies ? both can be used and live together because most of the world is not ready for a complete move to a digital currency while most of the world still has no internet access in the poor countries
yayayo
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September 07, 2016, 07:22:57 PM
 #4

why should be a competition between bitcoin and fiat currencies ? both can be used and live together because most of the world is not ready for a complete move to a digital currency while most of the world still has no internet access in the poor countries

Poor countries are not a relevant market for Swift. Of course there will be competition between fiat currencies and Bitcoin even if it remains limited to the industrialized world. After all that's where most capital is moved around. After all it's the governments and the banks that are lobbying for the use of digital money - fiat only and centrally controlled of course. In theory, fiat and Bitcoin can be used and live together but in practice people will use the best form of money if they have a free choice. So the future looks very dim for fiat...

The SWIFT Institute is fooling itself if it does not see the looming end of the fiat era. They are quantifying a potential threat based on the current markets size, ignoring the potential for exponential growth when critical mass is achieved and the problems of the fiat system (policy-based inflation) become apparent. After all, that's good news for all Bitcoiners, because they won't try to harass us in the meantime... Grin

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September 08, 2016, 02:06:58 PM
 #5

Naturally SWIFT says Bitcoin isn't "going anywhere". How about that SWIFT system, eh? If you need a few million sent to the wrong party, SWIFT is the way to go. Oh, and it takes a while too, because you know - its so ADVANCED. What these Belgian idiots don't realize is the ecosystem for Bitcoin is growing, and the whole "Blockchain" push is just another prong in the Bitcoin probe to make things mainstream.

As for why fiat and crypto can't coexist, it should be obvious. One is the product of a centralized monopoly that wants control at all times, and the other is a global system freely available to anyone who chooses to participate. Any further elaboration shouldn't be necessary.

fortitudinem multis - catenum regit omnia
BellaBitBit
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September 08, 2016, 05:50:33 PM
 #6

Poor SWIFT boys after all this time they still fight Bitcoin.
Bitcoin was never meant to be fast, it's like water on a rock. Eventually it will carve a hole into it.

SWIFT people don't be afraid of disappear one day, you won't even realize that happened.

A big WHATEVER to SWIFT.  Looks like it is going somewhere today...

I love Bitcoin
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September 08, 2016, 06:35:11 PM
 #7

Coming from SWIFT it is a complement.  Roll Eyes They are going nowhere VERY fast at the rate they are getting hacked. Let's show some examples :

http://www.bloomberg.com/news/articles/2016-05-26/swift-hack-probe-expands-to-up-to-dozen-banks-beyond-bangladesh

http://thehackernews.com/2016/06/ukrainian-bank-swift-hack.html

http://www.ibtimes.co.uk/ukrainian-bank-cyber-heist-hackers-compromise-swift-network-10m-theft-1567699

So let's clap hands and applaud them for their secure service.  Roll Eyes

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September 08, 2016, 06:37:37 PM
 #8

Poor SWIFT boys after all this time they still fight Bitcoin.
Bitcoin was never meant to be fast, it's like water on a rock. Eventually it will carve a hole into it.

SWIFT people don't be afraid of disappear one day, you won't even realize that happened.

A big WHATEVER to SWIFT.  Looks like it is going somewhere today...
This is what I was just thinking when I read this article. They were 2 days two late when they could of been buying instead of downplaying bitcoin and not getting anywhere fast themselves. Cheesy

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