If you believe banks will work with Bitcoin, you're delusional

[Sir Alpha_goy]

Banks will never support Bitcoins, BUT, banks will in time develop their own cryptocurrencies.

Imagine Bank of England making it's own crypto currency, and BACKING it up with sterling pounds. Then you will see the bitcoin prize go to 0.

Banks will only create centralized blockchains. They will fail.

I'm thinking exactly the same. Banks have nothing to gain from Bitcoin. Bitcoin is simply destroying their main business and bereaving them of their power as actors in the fiat money Ponzi scheme. However they still haven't realized it and think they are smarter and offering a more attractive solution by marketing their own centrally controlled altcoins.

Backing a privately controlled altcoin is totally irrelevant and doesn't render it a better alternative. Especially not if "backing" is done with fiat currencies. Fiat is junk money, created from debt issuance and backed by nothing except loose references to faith in god...

ya.ya.yo!

That same fiat junk money that you all can't stop pricing your asset in.

"Bitcoin reached $800!"
https://bitcointalk.org/index.php?topic=1723109.0

When are you gonna learn?

They already won when you started pricing your asset in debt notes.

I have shown you the answer.

Will you wise up and take it?

[Sir Alpha_goy]

Bitcoin loves banks loving blockchain and Banks love Bitcoin pricing itself in fiat and cheering about it.

FIAT IS NOT MONEY IT IS DEBT.

YOU ARE PRICING YOUR CURRENCY IN DEBT NOTES YOU FOOLS.

YOU NEED TO START PRICING IT IN TERMS OF REAL MONEY.

You are trying to hard to be like them.

They have you cornered.

[Elwar]

I see this often "banks should start working with Bitcoin users since that's where things are headed, why not cooperate?".

If you think your bank is going to keep your bitcoins in some account then you can use your debit card to convert to dollars at the point of sale then you don't really understand the main revenue of banks.

Banks hold your dollars in their bank accounts. They then turn around and leverage your dollars in their account by 10 times to issue loans to people where they get their main revenue.

If people are holding their funds in bitcoins and only using banks as a transaction medium the bank is not making much money.

Don't expect banks to embrace Bitcoin. The reason they're all creating their own "blockchains" is so they can make it so that they can hold your funds and leverage it.

Every central bank warning about Bitcoin is another central bank realizing that they are going to lose if people start using Bitcoin.

Perfectly said about bank and bitcoin, because bank operation is to utilize the money deposited in their bank from the account holders to some good revenue generating so that from that revenue they can maintain their expenses cost and give interest to account holders. because without revenue generating they cannot run the bank with their own pocket money.

But it is also true that Bank and Bitcoin are both different ways of system. Bank is used to run all your business transaction with fiat currency and bitcoin is mainly used for investment and online shopping and online work

but what will be happen if bank is adopted blockchain technology? is it be good for bank to work with bitcoin? because we see that bitcoin is made simple transaction to do without to give our details, but in bank we need to give our details in transaction. beside that, the fee is the mostly problem for bank which is higher than bitcoin.

i believe that in someday, bank will be learn about blockchain technology and if they can learn and know about the benefit of blockchain technology, i am sure the bank will be adopt it into their technology so the bank will work with bitcoin.

This is very flawed thinking. A bank cannot adopt the blockchain without making it a currency (don't tell them, let them waste their resources). A blockchain exists because miners are rewarded. This is the only way the double spend is solved. The only way a bank can survive is to become an exchange and then become a bitcoin service like blockchain.info.

[yayayo]

Bitcoin loves banks loving blockchain and Banks love Bitcoin pricing itself in fiat and cheering about it.

FIAT IS NOT MONEY IT IS DEBT.

YOU ARE PRICING YOUR CURRENCY IN DEBT NOTES YOU FOOLS.

YOU NEED TO START PRICING IT IN TERMS OF REAL MONEY.

You are trying to hard to be like them.

They have you cornered.

Come on, this is becoming ridiculous. Just because people exchange their fiat debt notes into Bitcoin and are quoted prices doesn't mean that Bitcoiners are being "cornered".

Fiat money is still the dominant form of money out there. Precious metals are quoted in fiat money as well. It's pure information on conversion between different forms of money. You can't infer from this simple information that people are attached to fiat money.

There are some speculators that just buy Bitcoin for trading purposes and want to realize "gains" in fiat. But those are not representative of the typical Bitcoiner.

It would be nice, if you could first think before you writing such utter nonsense.

ya.ya.yo!

[Juggy777]

I see this often "banks should start working with Bitcoin users since that's where things are headed, why not cooperate?".

If you think your bank is going to keep your bitcoins in some account then you can use your debit card to convert to dollars at the point of sale then you don't really understand the main revenue of banks.

Banks hold your dollars in their bank accounts. They then turn around and leverage your dollars in their account by 10 times to issue loans to people where they get their main revenue.

If people are holding their funds in bitcoins and only using banks as a transaction medium the bank is not making much money.

Don't expect banks to embrace Bitcoin. The reason they're all creating their own "blockchains" is so they can make it so that they can hold your funds and leverage it.

Every central bank warning about Bitcoin is another central bank realizing that they are going to lose if people start using Bitcoin.

One can't blame the bankers totally they are not here to do charity, and they have realised Bitcoin is more powerful than anything and what bankers can't understand they are afraid of. So what bankers could do is charge a small % and accept Bitcoin, this would make Bitcoin more easier to use for local masses. How ever asking banks to choose Bitcoin over Fiat is a big move that won't happen soon.

[Tyrantt]

Don't know who believes that, only newbies maybe. Bitcoin is made as asomething to oppose and negate the need of banks since you're your own bank, I don't see any need for banks and bitcoin to mix.

[KennyR]

Don't know who believes that, only newbies maybe. Bitcoin is made as asomething to oppose and negate the need of banks since you're your own bank, I don't see any need for banks and bitcoin to mix.

That's true, with bitcoin wallet everyone can have their own banking into their own hands. But banks have gained trust from the people around the world due to its systematic management. Now as an alternate solution bitcoin and digital currencies have existed. To be on the mainstream bitcoin needs to move along with banks or banks need to adopt bitcoin's backing technology.

[Ayers]

of course they will not and this is why they are making their own "bitcoin" with their private blockchain, but soem banks in some country perhpas will accept bitcoin and offer some forms of service to secure your coin, i see no problem with this

[Shenzou]

We can not know for sure if bitcoin will last ong enough that banks will start using it , but for quit a while the number of people using bitcoin has increased and more and more service providers are starting to adopt it as payment mothod which is why i don't see a reason why banks will not use it if it continues its progress and its massive growth both in price and in the number of users.

[xdrpx]

You're right about that, there's always a high possibility that banks will create their own form of virtual currency. If anyone has watched Mr.Robot TV show, it depicts a good example of how a large monopolistic company having political friendship could potentially create their own form of currency and lure their existing customers to use it. Also, on the other hand, it's possible that a centralized Bitcoin wallet and exchange opens and that Governments and certain banks could partner with them but regulate, monitor and collect a lot of personal information from users, freeze accounts by introducing new Terms and Conditions and add limits to user accounts.

[QuestionAuthority]

You're right about that, there's always a high possibility that banks will create their own form of virtual currency. If anyone has watched Mr.Robot TV show, it depicts a good example of how a large monopolistic company having political friendship could potentially create their own form of currency and lure their existing customers to use it. Also, on the other hand, it's possible that a centralized Bitcoin wallet and exchange opens and that Governments and certain banks could partner with them but regulate, monitor and collect a lot of personal information from users, freeze accounts by introducing new Terms and Conditions and add limits to user accounts.

They're already doing it and one has released it. They aren't going to use Bitcoin they are using blockchain technology, the distributed database behind Bitcoin. The greatest warriors the world has ever known didn't kill the opposing army, they absorbed them. Bitcoin is already being absorbed by the main stream financial sector. Circle is the best example of that to date.

Circle stopped accepting Bitcoin but not before they learned everything they needed to know about the blockchain (clearly the best feature of Bitcoin). Circle has always primarily been a fiat payment system that also took Bitcoin. Their main use is to allow people to send money around the world in any currency (dollars, euros, pounds or whatever) for absolutely NO fee. You can text someone an emoji and have money hidden behind it or just text them money. They have two factor authentication and are FDIC insured. There's no limit on how much you can send and all you do to sign up is take a pic of your debit card. Its ridiculously simple to use. As far as I can tell, they are the only true competitor to Bitcoin without the transaction fee.

I just sent $500 to my daughter 3000 miles away for Christmas. I used Circle and it took 20 seconds to send, was hidden behind an emoji of a Christmas present, took her 30 seconds to transfer to her bank account and had absolutely NO fee whatsoever (no exchange fee, no transaction fee, no withdrawal fee, no deposit fee, a completely free service). How the fuck is Bitcoin ever supposed to compete with that?

[avikz]

I totally agree with what you have said. Banks will never accept bitcoin and they will never want people to use bitcoin for their own good. No bank in the world will be able to offer such type of return which bitcoin is giving to the people. Within a year, I have received over 70% profit from my investment. This kind of return banks will never be able to afford.

Also bank has a legal limitation about accepting bitcoin in to their regulated environment. Bitcoin is not controlled by any central authority. That is another main roadblock.

[Bigdan]

I totally agree with what you have said. Banks will never accept bitcoin and they will never want people to use bitcoin for their own good. No bank in the world will be able to offer such type of return which bitcoin is giving to the people. Within a year, I have received over 70% profit from my investment. This kind of return banks will never be able to afford.

Also bank has a legal limitation about accepting bitcoin in to their regulated environment. Bitcoin is not controlled by any central authority. That is another main roadblock.

I bet to differ because the Bank of England made a consortium of 50 English banks; those that are completely rebuilt on a model based on blockchain technology. So I believe they will eventually integrate into a blockchain bank or something like that in the near future rather than a complete wipeout of the banks.

[grandy]

of course they will not and this is why they are making their own "bitcoin" with their private blockchain, but soem banks in some country perhpas will accept bitcoin and offer some forms of service to secure your coin, i see no problem with this

currently as banks are not going to accept bitcoin, but in future i am sure that with increasing strength of bitcoin, banks  are going to accept bitcoin, specially after government to accept bitcoin as legal currency.

[rizkyhiw]

of course they will not and this is why they are making their own "bitcoin" with their private blockchain, but soem banks in some country perhpas will accept bitcoin and offer some forms of service to secure your coin, i see no problem with this

currently as banks are not going to accept bitcoin, but in future i am sure that with increasing strength of bitcoin, banks  are going to accept bitcoin, specially after government to accept bitcoin as legal currency.

i just pessimistic bitcoin can be accepted in banks and work together
mostly banks officer around the world make a bad jokes about bitcoin, i don't like it
also government will not let it happened, how can you say banks will accept bitcoin in the future?
banks maybe could adopt blockchain technology in their banking system , but not with bitcoin itself i guess.

[FlamingFingers]

of course they will not and this is why they are making their own "bitcoin" with their private blockchain, but soem banks in some country perhpas will accept bitcoin and offer some forms of service to secure your coin, i see no problem with this

currently as banks are not going to accept bitcoin, but in future i am sure that with increasing strength of bitcoin, banks  are going to accept bitcoin, specially after government to accept bitcoin as legal currency.

Banks would (probably) never accept bitcoin as itself (a currency), but they would make a similar digital coin with a similar blockchain to bitcoin and its blockchain.info. In my opinion, even if banks supported their cryptocurrency, they won't get to the level of bitcoin. Besides, governments that accepted bitcoin usage, don't totally make it a legal currency, they allowed its usage to observe what happens, skeptically.

Goldman Sachs has pulled out of R3 CEV, a blockchain group that counts more than 70 financial firms among its members. Shortly after, Circle stops selling bitcoins.


http://fortune.com/2016/11/21/goldman-sachs-r3-blockchain-consortium/

Circle is useless. Bitcoin doesn't even give a damn about them, they can go to hell.

[franky1]

Goldman Sachs has pulled out of R3 CEV, a blockchain group that counts more than 70 financial firms among its members. Shortly after, Circle stops selling bitcoins.


http://fortune.com/2016/11/21/goldman-sachs-r3-blockchain-consortium/

GS stopped paying membership to R3 because R3 gave their blockchain code('corda') to hyperledger. thus now making R3 just a useless middleman group
all them banks are now deciding to drop the R3 and pay in direct to hyperledger. because R3 has served its purpose
http://www.coindesk.com/r3cev-positions-next-phase-distributed-ledger-development/
http://www.pcworld.com/article/3134014/bankers-plan-to-give-corda-blockchain-code-to-hyperledger-project.html
https://www.finextra.com/blogposting/13074/blockchain-and-hyperledger-project-beyond-the-hype
http://www.newsbtc.com/2016/10/22/r3-corda-hyperledger-open-source/

same goes for devs like blockstream and bloq and hearn.. they all want to be directly involved with hyperledger. not paying some middleman that takes a cut.

this does not mean banks have dropped out of blockchain creation it means they have upped their game and got more directly involved and collaborating directly.

at the moment jgarzic / andresen / hearn / maxwell were in talks with price waterhouse cooper. but i feel thats just some middleman that blockstream used to hide true involvement. and will soon just go direct to being tethered to hyperledger.

no point in them hiding it, so they might aswell call out what their real plans/desires are. as its become too obvious and transparent now

[Junko]

I don't think Bitcoin really cares if banks will work with it. Bitcoin is going to bitcoin regardless of whether or not banks work with it or not. Bitcoin isn't dependent on banks working with it. Therefore, I don't really care/am not worried if banks work with bitcoin or not.

[Gwerrahar]

I'm not agreeing with this because in the Netherlands I had read that they are even considering making their own coin, I think there are possibilities for banks honestly.

[Elwar]

I'm not agreeing with this because in the Netherlands I had read that they are even considering making their own coin, I think there are possibilities for banks honestly.