[2016-10-12] Big Banks Think Bitcoin Technology is the Future

[shane]

The uber-libertarians who created Bitcoin don’t like banks, and big banks, for the most part, don’t like Bitcoin. Yet, despite this general sense of mutual disdain, many banks are very, very interested in the technology behind Bitcoin (even if they think the actual currency can take a hike).

Huge and important institutions like the Bank of England and the People’s Bank of China have expressed a sincere interest in adopting the blockchain method of recording and completing transactions, and applying themselves, The New York Times reports.


https://www.inverse.com/article/22078-bitcoin-blockchain-big-bank-technology

[1714856163]

1714856163

[1714856163]

1714856163

[1714856163]

1714856163

[Das]

I suppose the banks will just introduce their own coin to the masses rather than adopt bitcoins.

[Carlton Banks]

They might want to consider that Bitcoin technology is also the present and the past. Bitcoin's been running nearly 7 years now, and the "crypto future" has been an everyday reality for me (and millions more) for nearly 5 of those years.

I think what the banks mean when they say this sort of thing is "we're failing to find a way of appearing as if we've not been outmoded". Their model is dead in the water, and there just isn't a way to do "blockchain banking", it's an oxymoron. They're anathema to one another (banking and blockchains), that was how and why Satoshi wrote the Bitcoin source code to begin with.

[marcus_of_augustus]

I suppose the banks will just introduce their own coin to the masses rather than adopt bitcoins.

... you might suppose that, but you'd be wrong.

There are significant technical, sociological, economic, financial and political reasons why that is at least 10 years away ... if ever.

[yayayo]

I think what the banks mean when they say this sort of thing is "we're failing to find a way of appearing as if we've not been outmoded". Their model is dead in the water, and there just isn't a way to do "blockchain banking", it's an oxymoron. They're anathema to one another (banking and blockchains), that was how and why Satoshi wrote the Bitcoin source code to begin with.

Couldn't have said it better. Banks are fooling themselves into thinking that they can remain in control by starting their own altcoins. They will fail and burn a lot of money in the process. If they would be wise they would by some BTC with their remaining capital, but their arrogance and feeling of self-importance is hindering them.

The age of banking as we knew it is over. From now on, people will be served by Bitcoin.

In future, today's banks might become insurance companies for financial cyber threats. But only a few specialized banks will be able to establish themselves in that field. The years of plenty have passed for banks.

ya.ya.yo!

[Goms]

If banks decide to develop their own alt, they have the capital to pull it off.
People essentially do what banks tell them to do... banks introduced the atm and it went worldwide in less than 4 years.

When banks introduce their own alt, it will go worldwide in less than 5 years... just watch.

[marcus_of_augustus]

If banks decide to develop their own alt, they have the capital to pull it off.
People essentially do what banks tell them to do... banks introduced the atm and it went worldwide in less than 4 years.

... this is wrong. ATMs took many years to diffuse, get trusted and properly adopted. The first one was operational in 1966.

It is currently criminal for Banks to create their own currency ... so there is that small legislative problem to change and politicians will milk that one for years worth of bribes no doubt.

[veleten]

big banks just cannot pass this opportunity to get their share of the pie
if you cannot defeat something-lead it
each and every one of the majors have introduced blockchain technology as one of their development priority
I have no doubt there will be countless attempts to hijack and patent blockchain and make their own,centralised coin(s)

[lionheart78]

big banks just cannot pass this opportunity to get their share of the pie
if you cannot defeat something-lead it
each and every one of the majors have introduced blockchain technology as one of their development priority
I have no doubt there will be countless attempts to hijack and patent blockchain and make their own,centralised coin(s)

I agree banks are clever that is the reason why they are still alive and kicking until now.  they have the authority and power to turn the tide into their favor.  If they can't beat blockchain tech. they will try to join and even lead it.  They have lots of people behind them, client, government, ignorant people who will do what their bank want them to do.  Their initial move, join and contaminate .

[BellaBitBit]

big banks just cannot pass this opportunity to get their share of the pie
if you cannot defeat something-lead it
each and every one of the majors have introduced blockchain technology as one of their development priority
I have no doubt there will be countless attempts to hijack and patent blockchain and make their own,centralised coin(s)

It won't happen, they cannot patent the blockchain.  They can use the blockchain but they won't win, period. 

[veleten]

big banks just cannot pass this opportunity to get their share of the pie
if you cannot defeat something-lead it
each and every one of the majors have introduced blockchain technology as one of their development priority
I have no doubt there will be countless attempts to hijack and patent blockchain and make their own,centralised coin(s)

It won't happen, they cannot patent the blockchain.  They can use the blockchain but they won't win, period. 

they could create their own variation or version of blockchain tech,they have all the money and resources in the world to do so
my fear is that they would create something better and make others use it instead of the original

[Victorycoin]

If banks decide to develop their own alt, they have the capital to pull it off.
People essentially do what banks tell them to do... banks introduced the atm and it went worldwide in less than 4 years.

When banks introduce their own alt, it will go worldwide in less than 5 years... just watch.

You may say so because people never knew any better, but bitcoin and the blockchain technology have given people another thought and that is as empowering as it is liberating. Your banks have ripped people off enough and you don't cheat people and call them stupid! Indeed, their motive for playing hide and seek with bitcoin is simply because they understand their chains around the people are broken.