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pinkflower
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March 10, 2017, 11:23:44 AM
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I would say that bitcoin pose no real danger to the financial system. In my opinion the bitcoin as the alternative to the financial system just gives the idea about how many people are discontented with the fiat status quo. Ofcourse showing discontency is in itself destabilising for the system that is based on the faith - fiat.  

There is a small additional threat to the fiat financial system. There is a disconnection of real money (of bitcoiners) from the system, that before the existance of bitcoin had provided the liquidity on the markets. That can pose additional destabilisation to the system that need to print more fake money to compensate for the loss of liquidity of money leaving the system.

You can say that bitcoin provides more destabilization to already very unstable system. The system is meant to fall. Every expert on the subject is completly amazed how long does this unstable fiat financial system works. It should have failed a long time ago.

I dont think BTC can pose a threat to destabilize the present system. But what BTC can do is provide a channel for the darknet to move value and makw payments without needing the financial system. That is far from destabilization. It is more like enablement of the underserved.
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March 10, 2017, 12:09:28 PM
 #22

I would say that bitcoin pose no real danger to the financial system. In my opinion the bitcoin as the alternative to the financial system just gives the idea about how many people are discontented with the fiat status quo. Ofcourse showing discontency is in itself destabilising for the system that is based on the faith - fiat

There is a small additional threat to the fiat financial system. There is a disconnection of real money (of bitcoiners) from the system, that before the existance of bitcoin had provided the liquidity on the markets. That can pose additional destabilisation to the system that need to print more fake money to compensate for the loss of liquidity of money leaving the system

In fact, it works exactly the other way around

And it is a real danger to the financial system based on fiat that Bitcoin threatens it with. More specifically, Bitcoin (if it is set to expand, of course) would be crowding out fiat (whatever local currency is used in the area which gets infested with Bitcoin), i.e. more, say, dollars would be chasing less goods (because Bitcoin will be used where the dollar has been the king before), and then the "system" would have to unprint more money, i.e. diminish money supply, not expand it. That's how things are going to stand in real life if Bitcoin starts to seriously compete with fiat currencies

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March 10, 2017, 01:51:31 PM
 #23

Bitcoin is not the threat to current financial system, it's something different, the alternative, something that we have never had before. The reason why financial establishment is afraid of bitcoins is competition because now people have the choice and some rules have changed.

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March 10, 2017, 02:30:26 PM
 #24

What are the threats for financial system from bitcoin?
Maybe because it is out of the control of governments, as well as the digital nature of Bitcoin made it the easiest way to transfer the illegal money. We can not deny that Bitcoin has some disadvantages, but the governments started to recognise that they can not kill or stop Bitcoin, so they are trying to regulate or dominate it, for example China.
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March 11, 2017, 06:28:53 AM
 #25

What are the threats for financial system from bitcoin?

For me bitcoin is giving us a way to financial freedom in the long run, by simply keeping some of bitcoins because it is unregulated decentralization, which means we are the one, we are the key also to make our savings be in progress someday once the price increase like a skyrocket going to the moon. Grin
Yes, I am also not finding any threats from bitcoin to individual people's economy as well as for a nation's. Bitcoin is just a payment system like what the had in the past like Liberty reserve or currently what we are using like Paypal. Additional to these payment systems, bitcoin has some unique features that does not mean bitcoin will disturb financial system of the country nor an individual person.

People are finding financial freedom by saving bitcoin. I believe this benefit from bitcoin will be available for every person for at least next hundred years. So, there will be no meaning of suspecting about bitcoin's potential and features.
Thanks and hope this benefit from  bitcoin will be avilable for atleast next hundred years.
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March 11, 2017, 06:36:46 AM
 #26

What are the threats for financial system from bitcoin?
The financial system for bitcoin are:
Decentralization; because of this nature or characteristic no single country or individual can control bitcoin it has live of it own.
Low fees; because of high fee charge by western union money transfer and moneygram etc. Bitcoin financial system come to resolve this by offer low fees on transactions.
Thanks
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March 11, 2017, 06:38:28 AM
 #27

A financial system (within the scope of finance) is a system that allows the exchange of funds between lenders, investors, and borrowers. Financial systems operate at national, global, and firm-specific levels.
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March 11, 2017, 07:15:24 AM
 #28

Freedom of spending money is what the principle of Bitcoin according to me :-) Everybody knows it is decentralized currency and no one has control over it which gives us freedom of spending it the way want in terms of its volume, time and anonymous nature. The fees are less and it takes fraction of time to process. No documents required, no signatures and physical identification as would be the case with real banks! This is what for Bitcoins are made and being adopted by many of us.  Wink
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March 11, 2017, 07:26:17 AM
 #29

Freedom of spending money is what the principle of Bitcoin according to me :-) Everybody knows it is decentralized currency and no one has control over it which gives us freedom of spending it the way want in terms of its volume, time and anonymous nature. The fees are less and it takes fraction of time to process. No documents required, no signatures and physical identification as would be the case with real banks! This is what for Bitcoins are made and being adopted by many of us.  Wink

on the fee they are not that less, compared to most sepa processors, for example i need to pay zero fee with deutesche bank if i want to do a sepa to someone in europe, this make bitcoin far worse and not only for micro payment

the onyl advantage is the speed, bitcoin is still quickly than the relative 1 day time for a sepa for example, also debit card are always free when used to buy stuff, with bitcoin you ned to pay $0.5+ for everything you need to purchase..
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March 11, 2017, 07:27:27 AM
 #30

Freedom of spending money is what the principle of Bitcoin according to me :-) Everybody knows it is decentralized currency and no one has control over it which gives us freedom of spending it the way want in terms of its volume, time and anonymous nature. The fees are less and it takes fraction of time to process. No documents required, no signatures and physical identification as would be the case with real banks! This is what for Bitcoins are made and being adopted by many of us.  Wink

A highly regurgitated comment you have there. What do you think of fiat? Isnt that spent freely in your area? Do the police need to check your ID before you can buy something?

You said that the fees are less and it takes fraction of time to process. Really? Try buying something with BTC and see how the fraction of time youre talking about is around an hour more.

Is BTC really being adopted by you, or being hoarded by you? Pick one.
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March 11, 2017, 08:00:25 AM
 #31

Freedom of spending money is what the principle of Bitcoin according to me :-) Everybody knows it is decentralized currency and no one has control over it which gives us freedom of spending it the way want in terms of its volume, time and anonymous nature. The fees are less and it takes fraction of time to process. No documents required, no signatures and physical identification as would be the case with real banks! This is what for Bitcoins are made and being adopted by many of us.  Wink

on the fee they are not that less, compared to most sepa processors, for example i need to pay zero fee with deutesche bank if i want to do a sepa to someone in europe, this make bitcoin far worse and not only for micro payment

the onyl advantage is the speed, bitcoin is still quickly than the relative 1 day time for a sepa for example, also debit card are always free when used to buy stuff, with bitcoin you ned to pay $0.5+ for everything you need to purchase

That largely depends on the bank you are using

Some are more client oriented, some less, while some others are just being used as money laundering devices and they don't care about their clients altogether. For example, I don't just not pay anything (as a fee) when using a payment card of a certain bank but actually got paid back (so-called cashback reward program) when buying things in supermarkets (up to 5%). This basically amounts to buying things cheaper by the same percentage. This cashback has a fixed monthly limit in place of course, but I never even come close to it in my expenses

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March 11, 2017, 09:54:46 AM
 #32

Crypto-currencies in general and bitcoin in particular create new tasks that lawmakers, regulators and law enforcement agencies will have to solve. Almost any new fruits of progress, in addition to positive changes, bring new risks, crypto-currencies are no exception. The threat to the stability of the country's economy from the crypto currency side is still very vague, but it would be prudent to think about collecting statistics, analytics and accurate regulation so that business can understand in what framework and how it can work with new technologies without breaking the law and minimizing its own risks.
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March 11, 2017, 04:40:15 PM
 #33

What are the threats for financial system from bitcoin?

Although some people in the forum argue that there is no risk to the global financial system from bitcoin, banks do not have the same opinion. For example, BNP Paribas admitted that bitcoin could destroy the banks as we know they work now. More over the BBA which is the leading trade association in UK has circulate a document with title Digital Disruption UK Banking Report has a paragraph about the threat of bitcoin in the future and  concludes that bitcoin "users handle many of their daily payments needs themselves, without the need for interaction with banks". All of these which anyone can find with a simple search like as more recent examples of other banks like as the PBOC are signs that banks are already considering the bitcoin as the enemy. The future will be interesting.
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March 12, 2017, 08:53:31 AM
 #34

You misunderstood what theyre trying to say. They said that it could change banking as we know it, not permanently destroy and disable them. What theyre trying to do is to keep up with the technology by adopting the blockchain. But do they really need it? Save that for another topic. There are some in Bitcoin and crypto that says they dont.
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March 12, 2017, 09:20:37 AM
 #35

I think that the governments are going to have a hard time when they no longer have as much control on the money supply. Calculating GDP will be much harder on a relatively unregulated market and this will lead to us no longer realizing how healthy or unhealthy our economy is. It's okay I guess but imo it can become very dangerous, recessions could be happening without any of us even knowing it. I really think that we will always need a level of regulation in order to prevent everything from falling apart.

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March 12, 2017, 07:42:58 PM
 #36

What are the threats for financial system from bitcoin?

There aren't any.

Bitcoin isn't likely to replace fiat or compete with banks in student loan or house/car loan markets.

Bitcoin also isn't likely to be used in healthcare, real estate, manufacturing, tourism, pornography nor any of the big global markets of the world.

If anything bitcoin will have a positive effect on financial systems by giving them incentive to mirror or exceed bitcoin's stability & growth.

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March 12, 2017, 07:53:48 PM
 #37

What are the threats for financial system from bitcoin?

There aren't any.

Bitcoin isn't likely to replace fiat or compete with banks in student loan or house/car loan markets.

Bitcoin also isn't likely to be used in healthcare, real estate, manufacturing, tourism, pornography nor any of the big global markets of the world.

If anything bitcoin will have a positive effect on financial systems by giving them incentive to mirror or exceed bitcoin's stability & growth.

Hydrogen you are wrong my friend, bitcoin is used for all the things you mentioned. Bitcoin is replacing fiat, now you have alternative, you can gamble with fiat or with bitcoins, you can buy things with fiat or with bicoins. As you see bitcoin is taking part of profit, and with time that part is bigger and bigger. From their point of view bitcoin is taking more profit each year from them. Bitcoin, read blockchain, is competition to fiat system and threat for it. Future can bring many changes, and this battle will last for decades in my opinion.

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March 13, 2017, 07:40:08 AM
 #38

What are the threats for financial system from bitcoin?

There aren't any.

Bitcoin isn't likely to replace fiat or compete with banks in student loan or house/car loan markets.

Bitcoin also isn't likely to be used in healthcare, real estate, manufacturing, tourism, pornography nor any of the big global markets of the world.

If anything bitcoin will have a positive effect on financial systems by giving them incentive to mirror or exceed bitcoin's stability & growth.

Hydrogen you are wrong my friend, bitcoin is used for all the things you mentioned. Bitcoin is replacing fiat, now you have alternative, you can gamble with fiat or with bitcoins, you can buy things with fiat or with bicoins. As you see bitcoin is taking part of profit, and with time that part is bigger and bigger. From their point of view bitcoin is taking more profit each year from them. Bitcoin, read blockchain, is competition to fiat system and threat for it. Future can bring many changes, and this battle will last for decades in my opinion.

Listen to how stupid you sound. Youre saying Bitcoin is replacing fiat? Where? I dont see any of that sort in the financial system today. Another problem with BTC is scalability. Its not ready to handle all the world's fiat transactions and may never will.
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March 13, 2017, 07:48:03 AM
Last edit: March 13, 2017, 03:06:37 PM by deisik
 #39

What are the threats for financial system from bitcoin?

There aren't any.

Bitcoin isn't likely to replace fiat or compete with banks in student loan or house/car loan markets.

Bitcoin also isn't likely to be used in healthcare, real estate, manufacturing, tourism, pornography nor any of the big global markets of the world.

If anything bitcoin will have a positive effect on financial systems by giving them incentive to mirror or exceed bitcoin's stability & growth.

Hydrogen you are wrong my friend, bitcoin is used for all the things you mentioned. Bitcoin is replacing fiat, now you have alternative, you can gamble with fiat or with bitcoins, you can buy things with fiat or with bicoins. As you see bitcoin is taking part of profit, and with time that part is bigger and bigger. From their point of view bitcoin is taking more profit each year from them. Bitcoin, read blockchain, is competition to fiat system and threat for it. Future can bring many changes, and this battle will last for decades in my opinion.

Listen to how stupid you sound. Youre saying Bitcoin is replacing fiat? Where? I dont see any of that sort in the financial system today. Another problem with BTC is scalability. Its not ready to handle all the world's fiat transactions and may never will.

Scalability is certainly an issue

And Bitcoin is quite naturally not yet fully ready to handle "all the world's fiat transactions" and likely will never be able to. But that's certainly not to say that it can't handle at least some part of these transactions since this is what it already does. It is a difference of degree, not of kind. Other than that, the black-and-white approach (which is what you essentially stick to here) is not very constructive in general. Bitcoin is not replacing fiat (not anywhere near that so far), but it is still slowly crowding fiat out. And then again, this is what it already does (whether you like it or not). Denying this is like claiming that the Earth is flat and Elvis Presley still alive

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March 13, 2017, 10:40:36 AM
 #40

I would say that bitcoin pose no real danger to the financial system. In my opinion the bitcoin as the alternative to the financial system just gives the idea about how many people are discontented with the fiat status quo. Ofcourse showing discontency is in itself destabilising for the system that is based on the faith - fiat.  

There is a small additional threat to the fiat financial system. There is a disconnection of real money (of bitcoiners) from the system, that before the existance of bitcoin had provided the liquidity on the markets. That can pose additional destabilisation to the system that need to print more fake money to compensate for the loss of liquidity of money leaving the system.

You can say that bitcoin provides more destabilization to already very unstable system. The system is meant to fall. Every expert on the subject is completly amazed how long does this unstable fiat financial system works. It should have failed a long time ago.

I dont think BTC can pose a threat to destabilize the present system. But what BTC can do is provide a channel for the darknet to move value and makw payments without needing the financial system. That is far from destabilization. It is more like enablement of the underserved.
That's right. It won't make a big impact upon the financial system because already they've been developing strong enough with blockchain to compete the digital network. Digital currencies provide path for the darker usage that are not possible through the common financial system. Now big volume transactions too depend on bitcoin as several formalities need to be fulfilled I'd done through banking system.

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