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olubams
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March 13, 2017, 03:04:52 PM
 #41

What are the threats for financial system from bitcoin?

The only threat I see is the fact that transactions are untraceable and that will give dupers and scammers upper hand. In this world where transactions can still be traced for those who use Fiat, there are still high level of fraud being carried out without any victory about catching the people involved even though this is carried out by high level hackers but with bitcoin coming in, I dont need to be an hacker to dupe people of their resources, just send to my address and that is the final. This is the threat I see...
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pinkflower
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March 14, 2017, 07:38:09 AM
 #42

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

You say it like it is certain to happen. Bitcoin doesnt matter to 99% of the world's population. Did you see what the People's Bank of China did? It blocked BTC withdrawals from the exchanges in China and it didnt affect anyone except the traders. If BTC was removed today it wont really matter except for users of the darknet markets and some whales trading Bitcoin. The majority of us will lose less than 1 BTC. Dont kid yourself that BTC is getting there.
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March 14, 2017, 08:36:16 AM
Last edit: March 15, 2017, 05:17:11 PM by deisik
 #43

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

You say it like it is certain to happen. Bitcoin doesnt matter to 99% of the world's population. Did you see what the People's Bank of China did? It blocked BTC withdrawals from the exchanges in China and it didnt affect anyone except the traders. If BTC was removed today it wont really matter except for users of the darknet markets and some whales trading Bitcoin. The majority of us will lose less than 1 BTC. Dont kid yourself that BTC is getting there

What exactly am I saying that you interpret as certain to happen?

In fact, I'm not saying anything about what is yet going to happen. I'm just pointing out what is already happening. I hope you see the difference. I have to repeat that such an approach ("all or nothing") won't lead you anywhere. Regarding Chinese exchanges disabling withdrawals, this argument of yours in fact works straight against your point. It didn't affect anyone (here you are right) as it didn't affect the price of Bitcoin in any significant degree. Simply speaking, this has shown straight away that Bitcoin is a lot more already than just Chinese exchanges, contrary to what many people assumed or believed prior to that

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buharikx31
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March 14, 2017, 05:56:08 PM
 #44

Goverments, who control finance at countries with a lot of rules are not happy about bitcoin system at all. Because it hides the people incomes and make the payments more faster and safer. Plus you cant control any funds because it's not connected to any person. And that's why it's decentralize system only you can control and spend or you can close the wallet


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pinkflower
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March 15, 2017, 06:51:32 AM
 #45

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

You say it like it is certain to happen. Bitcoin doesnt matter to 99% of the world's population. Did you see what the People's Bank of China did? It blocked BTC withdrawals from the exchanges in China and it didnt affect anyone except the traders. If BTC was removed today it wont really matter except for users of the darknet markets and some whales trading Bitcoin. The majority of us will lose less than 1 BTC. Dont kid yourself that BTC is getting there

What exactly am I saying that you interpret as certain to happen?

In fact, I'm not saying anything about what is yet going to happen. I'm just pointing out what is already happening. I hope you see the difference. I have to repeat that such an approach ("all or nothing") won't lead you anywhere. Regarding Chinese exchanges disabling withdrawals, this argument of yours in fact works straight against your point. It didn't affect anyone (here you are right) as it didn't affect the price of Bitcoin in any significant degree. Simply speaking, this has out of hand shown that Bitcoin is a lot more already than just Chinese exchanges, contrary to what many people assumed or believed prior to that

Ok its good that we get each other in thinking that nothing is certain to happen when it comes to the future of BTC. Im also not thinking in black-and-white because I do agree that BTC will be used in the darknet for quite a long time.

As for China, yeah it didnt affect Bitcoin but it didnt affect the rest of the nation either.
JariKriting
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March 15, 2017, 07:21:15 AM
 #46

What are the threats for financial system from bitcoin?

bitcoin is the world online curency, same with dollar
so can develop financial system, economic system with trading and payment procesor, is not difference financial system use dollar
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