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Author Topic: Do you think bankers will destroy block chain tech, decentralization, bitcoin?  (Read 3901 times)
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September 22, 2016, 12:00:03 PM
 #61

Bankers can certainly manipulate the prices of crypto because they have huge funds to invest in to. But I think, this way, small investors like me will also be benefited.

If we can see the funding is coming in to crypto market, then the price appreciation will benefit all of us. What I feel that bankers investment will help crypto to become more streamlined.

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October 05, 2016, 05:33:30 PM
 #62

Absolutely not.

There is a lot of talk about the banks destroying bitcoin, yet no one has even shown me a method for doing this. Until someone can show how this could be done, I don't think it will be done.


1. How are you going to stop the bankers trying to dictator crypto? - I don't have to. There is no way to do it.

2. Are you fully aware of things that are going on? - Um.  you mean in the bitcoin world? Sure, more than most I suppose.

3. What measures are you taking now? - I only use BTC online and dumped my credit cards. The banks are only powerful because you keep giving them your money. I do not do that.


The argument actually should be the other way around,its very obvious how they can slow bitcoin to a trickle.
Bigger issue for me would be how we protect ourselves from having this done.

Any one that has studied government knows they like to corrupt from within well running a image campaign that paints people as parasites to the system. People will be yelling Kill the bitcoiners quicker than you can say "it was the goat"!

Banks can refuse to do business with people,police forces could crack down on buyer/sellers and that would leave bitcoin atms with a KYC that would force users into ratting out other users. Leaving you with people that covered their path and most likely easy to paint as anti government,if not self proclaimed. One step away from being labeled terrorists and you have a successful shutdown.
Reason people say its impossible,is it is not even on the radar. If banks or government wanted to engage,the system would be done sooner than not.
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October 05, 2016, 05:51:42 PM
 #63

I don't think Bankers can bring down decentralization or Blockchain. Infact they've been closely researching and monitoring how the blockchain technology works and are developing with own form of cryptocurrency or private blockchain. Decentralization cannot be brought down cause we the people have more control over it rather than them. Although they are getting closer in terms of market capitalization with altcoins, they can't really control how Bitcoin is decentralized.


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October 05, 2016, 06:01:01 PM
 #64

I don't think Bankers can bring down decentralization or Blockchain. Infact they've been closely researching and monitoring how the blockchain technology works and are developing with own form of cryptocurrency or private blockchain. Decentralization cannot be brought down cause we the people have more control over it rather than them. Although they are getting closer in terms of market capitalization with altcoins, they can't really control how Bitcoin is decentralized.

People never have as much power as they think. You honestly see a revolution over governments or banks taking bitcoin down?
The majority still think it is something creepy dudes use to buy kiddie porn on the darknet,if push comes to shove,they will have no problem getting the public against bitcoin.
Its a faulty thinking to believe bitcoin is in some kind of bubble,their is a reason governments are currently talking about who owns the internet. Guess who has the most valid claim? You honestly think America is going to not stifle and control once it gets the all mighty say over who is in command!
Bitcoin can be taken down many ways and the most obvious are the easiest routes,but why go after bitcoin when you can control the whole internet in one big swoop. Easy to dictate once that is done. Just look at how google,twitter and facebook re-write history. Go search reverse racism on google and it will tell you it does not exist!
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October 05, 2016, 06:08:53 PM
 #65

Bitcoin is already owned, well at least the major developers are, by something worst than bankers, they are owned by venture capitalists.

Bankers don't care if a company makes money they always get their bonus and if the bank goes down, there's always a bail out, but venture capitalists really like to make money.

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October 06, 2016, 03:26:26 PM
 #66

Until I see a method of "destroying" bitcoin I have absolutely no concern about this.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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October 06, 2016, 04:47:00 PM
 #67

Until I see a method of "destroying" bitcoin I have absolutely no concern about this.

Physically destroy or manipulate so that it is worth nothing?
These seem to be the same thing,least how I come to issue.

No one is really addressing the technology when they talk about bitcoin being destroyed,its the restrictions or making it obsolete.
Not attacking you,but I am curious what you are meaning when you state this opinion about destroying bitcoin. Wanted a response last time to explain the thinking,maybe you can address this. Smiley
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October 10, 2016, 12:52:19 PM
 #68

In its current state, I doubt they care about it in the slightest.

Bitcoin isn't a solid competitor yet.

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October 10, 2016, 03:53:12 PM
 #69

In its current state, I doubt they care about it in the slightest.

Bitcoin isn't a solid competitor yet.

Well as of now they see it as nothing because it has not impacting yet the economy of banking industry. But once majority of the citizens of the country  are able to use and adopt it for sure they are going to see it as a hard threat to their industry. But I don't think they have the power to destroy block chain tech and that is very impossible.



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October 10, 2016, 04:10:57 PM
 #70

If you haven't noticed already, the two coins below Bitcoin, Ethereum(ETH) , Ripple (XRP) have forged theier way into crypto with massive fundings from bank, backed by bankers, both Ethereum and Ripple have second and third market capitalization respectively after Bitcoin, Do you think the bankers who manipulated the global market and caused the global crash of 2008 which led to suicide of thousands of innocent people for making bankers profit, will bring down bitcoin, block chain tech and  decentralization?

1. How are you going to stop the bankers trying to dictator crypto?

2. Are you fully aware of things that are going on?

3. What measures are you taking now?



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I think the only way they can destroy bitcoin is to infiltrate it from within.  so we need to be on guard from malicious actors within trying to divert the community
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October 10, 2016, 04:15:13 PM
 #71

The banking industry will destroy itself. Just look at all the job losses they have had with it being automated and almost all the things done there can be done online now.
Eventually it will happen if it has not happened already.

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October 10, 2016, 05:05:37 PM
 #72

I don't see banks as a threat for bitcoin.
I think that bitcoin is simply too unimportant for them to even care.
As far as I know they are happy for every person that pulls their funds off the bank account.
With the technology of the blockchain it can be different. But I don't see that as concerning as well.
I don't mind if every bank has their own blockchain, that's why I am not taking any measures.

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October 10, 2016, 05:18:22 PM
 #73

Until I see a method of "destroying" bitcoin I have absolutely no concern about this.

Physically destroy or manipulate so that it is worth nothing?
These seem to be the same thing,least how I come to issue.

No one is really addressing the technology when they talk about bitcoin being destroyed,its the restrictions or making it obsolete.
Not attacking you,but I am curious what you are meaning when you state this opinion about destroying bitcoin. Wanted a response last time to explain the thinking,maybe you can address this. Smiley

 Smiley Sure. What I have seen over the years is a concern that a large bank will try crushing the bitcoin network to avoid competing with it. That makes sense and there are a lot of examples of banks leveraging their power against competition. Generally the argument is based on the banks...

1. Buying a huge amount of BTC then selling them cheap to crash the price.
2. Buying and sending large numbers of coins to a dead address (actual destruction).
3. Taking over the network by starting mega-mines used for a 51% attack.
4. Pressuring lawmakers to make bitcoin illegal.

However only the last option is logical. Buying the coins would cost huge amounts of money and raise the price. If they were then sold at a loss it would be the banks loss and likely would only have a very temporary effect. What would be gained? Buying and "destroying" coins would also cost a fortune and only reduce supply thus raising the value of bitcoin. Dominating mining would be the most expensive technique of all and users could simply ignore the "bank fork". That would leave the bank with hundreds of millions of dollars in worthless hardware and nothing to show except perhaps temporary chaos in the market. 
Pressure to legislate against bitcoin could be a concern. But it would cost a lot and would likely be unsuccessful.  What if people keep using it anyway? What about the overwhelming percentage of people on Earth who are not subject to any one nations laws?  I only see a path to a minor effect if you are willing to incur major losses. Banks act logically and profitably, not vindictively. In fact trying such a stunt could easily lead to a costly lawsuit by bank investors as it could be considered a breach of the banks fiduciary obligation.
Until I see a logical, rational, way by which the banks could take over or destroy the bitcoin network I remain unconcerned.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

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October 10, 2016, 05:26:49 PM
 #74

Until I see a method of "destroying" bitcoin I have absolutely no concern about this.

1. Buying a huge amount of BTC then selling them cheap to crash the price.
2. Buying and sending large numbers of coins to a dead address (actual destruction).
3. Taking over the network by starting mega-mines used for a 51% attack.
4. Pressuring lawmakers to make bitcoin illegal.


All of these will cost a shitload of money, and it would be much easier for them to just buy developers like Mike Hearn to develop their

own Blockchain type technology to compete with Bitcoin. I doubt that they will fund anything bigger than that. Buying politicians and

hiring developers would be a cheaper strategy. They can even buy Bitcoin Core developers, if they want to.  Roll Eyes



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October 10, 2016, 06:10:09 PM
 #75

Banks might be trying hard to either control or destroy Bitcoin, but most of them banksters didn't even understand the main concept of Bitcoin.
Regular people were able to mine a big amount of these Bitcoins with their PC's long before Banks have found out about it.
Now they think, that one can simply take the "Blockchain technology" and create their own blockchain, which in the end is nothing more than just another Altcoin, with a VERY SMALL network compared to the "real one" we love. This Altcoin probably will get hacked in a minute or so and will be forgotten a minute later.


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October 11, 2016, 03:26:54 AM
 #76

The banking industry will destroy itself. Just look at all the job losses they have had with it being automated and almost all the things done there can be done online now.
Eventually it will happen if it has not happened already.

I don't think the banking industry will destroy itself for they are being regulated by the governing body of a country. And they are going to see bitcoin as a threat because it is going to kill the fiat system of a country. But I don't think bank will able to destroy the block chain tech as it is a very strong technology even jammers and hackers won't do.

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October 11, 2016, 04:04:12 AM
 #77

no bankers can't destroy blockchain technology as it is not owned by any person or by a group. it is flooded world wide and to stop all the nodes, blocked as a whole the bitcoin network it is not possible for them. even if they ban people would secretly use bitcoin that no body would know.
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October 11, 2016, 08:03:56 AM
 #78

Until I see a method of "destroying" bitcoin I have absolutely no concern about this.

bankers wont waste cash trying to dump the bitcoin price because even spending $10bill would just be some temporary price drama.

but contracting devs to do certain things to get a tranche of funding has already shown to have manipulated many devs of core into doing things against bitcoins old ethos. by this im talking about core/blockstream

bankers funding the main implementations.
R3 which core hates, actually funds core devs too.

all you need to do is look at who is on the board of hyperledger (Digital Asset Holdings and R3)*, who have invested in both classic and core.

Dah is the link of the national banks for a few countries
R3 is the link of many commercial banks

but shhh the first rule of blockstream is we must not talk about their funding.

i know many will say that only 12-20 devs are funded by banks and core has another 90 'voluntary contributors' but those other 90 are mostly reviewers and spellcheckers. and have little to no impact on the direction bitcoin goes as they are just the woolly sheep to hide the wolves in the field.

we should not rely on 1-2 implementations as thats the route to centralization and dictatorship.

the dev-groups need to follow the same game theory of mining. (avoid 51% dominance of nodes running the same codebase)
we need more diversity of nodes. because even 16000 nodes running core is just as manipulative as having 1 core node.
there should be atleast 3-20 codebases of full nodes by different teams not all paid by banks.

the only thing more nodes of one codebase (16,000 core nodes for instance) can prevent is ddos, viruses and power cuts of strategic locations. but it cant stop the manipulation of funded devs who want to move bitcoin users to a sidechain via increased tx fee's..
yep even core are adding tx fee rules into every node to prevent it transmitting transactions unless they pay a fee. (reinforcing a fee war) before it even gets to mining pools to allow pools to decide what is acceptable.

but hey, the sheep love core and love the centralized nature of having a dominant king dictating the path of bitcoin

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October 11, 2016, 11:52:55 AM
 #79

The banking industry will destroy itself. Just look at all the job losses they have had with it being automated and almost all the things done there can be done online now.
Eventually it will happen if it has not happened already.

I don't think the banking industry will destroy itself for they are being regulated by the governing body of a country. And they are going to see bitcoin as a threat because it is going to kill the fiat system of a country. But I don't think bank will able to destroy the block chain tech as it is a very strong technology even jammers and hackers won't do.
Hackers will not destroy it because they can benefit from it.
You are right about the government of each country controlling the banks. They regulate them with their own set of rules that put the banking system in their pockets and that is just the way they like it

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October 11, 2016, 12:00:40 PM
 #80

The banking industry will destroy itself. Just look at all the job losses they have had with it being automated and almost all the things done there can be done online now.
Eventually it will happen if it has not happened already.

I don't think the banking industry will destroy itself for they are being regulated by the governing body of a country. And they are going to see bitcoin as a threat because it is going to kill the fiat system of a country. But I don't think bank will able to destroy the block chain tech as it is a very strong technology even jammers and hackers won't do.

If they are being regulated, they have the eyes and ears of the government with them. So they can actually lobby to have legislation which hinders bitcoin's growth. That is the only impediment they can impose in the path of Bitcoin.

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