Supercrypt
Legendary
 Offline
Activity: 1554
Merit: 1054
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June 27, 2017, 06:30:53 PM |
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Hello All,
I'm new to crypto but not new to the banking/gov game.
What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it?
They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.
I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.
Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros) have met a swift end.
Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.
Either way I see it going higher i'm just trying to get my head around why it has not been stopped.
Thoughts?
It's also this new type of financial network that enables transactions to happen right on the Internet. There's no guarantee that the cost of a bitcoin increases or drop, it keeps depending on the community, as opposed to the technology. For instance, what if an organization or individual decided to begin their own model of bitcoin, it means uncertainty will follow always regardless of how big it will grow in future. |
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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andrei56
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June 28, 2017, 04:37:02 AM |
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Bankers can not influence the situation with bitcoin. Bankers can take an unlimited amount of Fiat money, but to have access to bitcoin they can't. Besides who wants to borrow in bitcoins if the price can rise to it. Such a loan can result in bankruptcy.
this is really complicated to differentiate between bitcoin and bankers. I think both have a different aspect, bankers are basically involved in the traditional banking and bitcoin is involved with the virtual area, but in the future, bankers also will deal with bitcoin. Yea, bankers will have to deal with bitcoin in the future but bankers can not change the situation in bitcoins. Bitcoin is anonymous while banks is not, both of them has a different aspect concerning about the volatility in both areas. Neither bitcoins or banks are anonymous, banks will require lots of information before they even allow you to even open an account, in bitcoin this is not the case but every single transaction is there for everyone to see, in the other hand banks only allow yourself and the authorities to see your transactions. But the bitcoin will need the bank to make a gate for the fiat to get into the bitcoin. I think all of the bitcoin users are need bank to do that. The verification of your id to prevent the money laundering and criminalities. Every bank around the world will do that. As bitcoin becomes more accepted as a currency around the world then the need to convert your bitcoin to fiat using a bank account will diminish also you can convert your bitcoin to fiat without the use of a bank account by exchanging bitcoin for cash in a face to face trade. |
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xypos
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June 28, 2017, 06:15:54 AM |
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Hello All,
I'm new to crypto but not new to the banking/gov game.
What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it?
They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.
I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.
Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros) have met a swift end.
Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.
Either way I see it going higher i'm just trying to get my head around why it has not been stopped.
Thoughts?
I really don't think that the whole "banking system" is just behind bitcoin. Why? Because they have all responded negatively to bitcoin. If they create something, then obviously there should be some sort of motive, right? What is the motive for them to create bitcoin, then they are earning hundreds of millions of dollars by having a centralized banking system? It really does not make sense for me. And no, they are stopping people from using bitcoin. China's central bank hates BTC, banks are freezing bitcoin related accounts every single week. Government is tracking down people doing p2p trades. So it's really unlikely that it is what you say. |
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AjithBtc
Sr. Member
Offline
Activity: 1666
Merit: 276
Vave.com - Crypto Casino
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June 28, 2017, 06:20:33 AM |
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Bankers can not influence the situation with bitcoin. Bankers can take an unlimited amount of Fiat money, but to have access to bitcoin they can't. Besides who wants to borrow in bitcoins if the price can rise to it. Such a loan can result in bankruptcy.
this is really complicated to differentiate between bitcoin and bankers. I think both have a different aspect, bankers are basically involved in the traditional banking and bitcoin is involved with the virtual area, but in the future, bankers also will deal with bitcoin. Yea, bankers will have to deal with bitcoin in the future but bankers can not change the situation in bitcoins. Bitcoin is anonymous while banks is not, both of them has a different aspect concerning about the volatility in both areas. Neither bitcoins or banks are anonymous, banks will require lots of information before they even allow you to even open an account, in bitcoin this is not the case but every single transaction is there for everyone to see, in the other hand banks only allow yourself and the authorities to see your transactions. But the bitcoin will need the bank to make a gate for the fiat to get into the bitcoin. I think all of the bitcoin users are need bank to do that. The verification of your id to prevent the money laundering and criminalities. Every bank around the world will do that. As bitcoin becomes more accepted as a currency around the world then the need to convert your bitcoin to fiat using a bank account will diminish also you can convert your bitcoin to fiat without the use of a bank account by exchanging bitcoin for cash in a face to face trade. Right now we haven't got more of the direct bitcoin acceptance. As stated soon we'll have the increased acceptance in stores as well on our needs. This will surely decrease the usage of banks, because now most of the bitcoin users convert the bitcoin to fiat just because they don't get the chance of using it around their locality. |
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Weatherby
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June 28, 2017, 09:22:54 PM |
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Right now we haven't got more of the direct bitcoin acceptance. As stated soon we'll have the increased acceptance in stores as well on our needs. This will surely decrease the usage of banks, because now most of the bitcoin users convert the bitcoin to fiat just because they don't get the chance of using it around their locality.
One thing i have to defer here is that even if bitcoin is accepted world wide then there wont be any decrease in the usage of banks because you need both fiat currency and bank to invest in bitcoin or any alt coin,so they will co exist in the future and it will be like that in the future.I am not sure i am able to reply to what OP is trying to tell here.  |
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Eternu
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June 29, 2017, 07:45:24 AM |
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Bankers can not influence the situation with bitcoin. Bankers can take an unlimited amount of Fiat money, but to have access to bitcoin they can't. Besides who wants to borrow in bitcoins if the price can rise to it. Such a loan can result in bankruptcy.
this is really complicated to differentiate between bitcoin and bankers. I think both have a different aspect, bankers are basically involved in the traditional banking and bitcoin is involved with the virtual area, but in the future, bankers also will deal with bitcoin. Yea, bankers will have to deal with bitcoin in the future but bankers can not change the situation in bitcoins. Bitcoin is anonymous while banks is not, both of them has a different aspect concerning about the volatility in both areas. Neither bitcoins or banks are anonymous, banks will require lots of information before they even allow you to even open an account, in bitcoin this is not the case but every single transaction is there for everyone to see, in the other hand banks only allow yourself and the authorities to see your transactions. But the bitcoin will need the bank to make a gate for the fiat to get into the bitcoin. I think all of the bitcoin users are need bank to do that. The verification of your id to prevent the money laundering and criminalities. Every bank around the world will do that. As bitcoin becomes more accepted as a currency around the world then the need to convert your bitcoin to fiat using a bank account will diminish also you can convert your bitcoin to fiat without the use of a bank account by exchanging bitcoin for cash in a face to face trade. Right now we haven't got more of the direct bitcoin acceptance. As stated soon we'll have the increased acceptance in stores as well on our needs. This will surely decrease the usage of banks, because now most of the bitcoin users convert the bitcoin to fiat just because they don't get the chance of using it around their locality. Yes that is right, and i agree. For now and in near future people will need banks for exchanging bitcoin to fiat currency, and i guess nothing more. Because of fluctuation who sane would take credit from bank in bitcoin  . But why i say in near future, well we all know how bitcoin works, and for paying and dealing with bitcoin in day to day life we do not need banks. But still, some people will need banks for safe keeping their bitcoins. |
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deisik
Legendary
Offline
Activity: 3444
Merit: 1280
English ⬄ Russian Translation Services
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June 29, 2017, 08:02:25 AM |
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Yes that is right, and i agree. For now and in near future people will need banks for exchanging bitcoin to fiat currency, and i guess nothing more. Because of fluctuation who sane would take credit from bank in bitcoin . But why i say in near future, well we all know how bitcoin works, and for paying and dealing with bitcoin in day to day life we do not need banks. But still, some people will need banks for safe keeping their bitcoins. In fact, it makes perfect sense to take a Bitcoin loan from a bank It is the bank who is to suffer most from Bitcoin volatility, not the borrower. For example, if you take 1,000 bitcoins and then sell half of this amount for dollars. Let's assume that Bitcoin rises a few times after that. Now you can safely default on your loan (I don't say that you should since I just follow the logic of the bank), forfeit your collateral (whatever it might be), and then buy what you forfeited with now expensive bitcoins and still have some bitcoins left in your pockets (plus dollars that you sold half of your bitcoins for). If Bitcoin goes down dramatically, it's not a big deal either. You just buy back the inexpensive coins with the dollars and return them to the bank (plus any interest accrued) |
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roadbits
Legendary
Offline
Activity: 1092
Merit: 1000
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June 29, 2017, 09:43:20 AM |
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Yes that is right, and i agree. For now and in near future people will need banks for exchanging bitcoin to fiat currency, and i guess nothing more. Because of fluctuation who sane would take credit from bank in bitcoin . But why i say in near future, well we all know how bitcoin works, and for paying and dealing with bitcoin in day to day life we do not need banks. But still, some people will need banks for safe keeping their bitcoins. In fact, it makes perfect sense to take a Bitcoin loan from a bank It is the bank who is to suffer most from Bitcoin volatility, not the borrower. For example, if you take 1,000 bitcoins and then sell half of this amount for dollars. Let's assume that Bitcoin rises a few times after that. Now you can safely default on your loan (I don't say that you should since I just follow the logic of the bank), forfeit your collateral (whatever it might be), and then buy what you forfeited with now expensive bitcoins and still have some bitcoins left in your pockets (plus dollars that you sold half of your bitcoins for). If Bitcoin goes down dramatically, it's not a big deal either. You just buy back the inexpensive coins with the dollars and return them to the bank (plus any interest accrued) Yes we have both advantage and disadvantage for this method. According to you if the price drops it is an advantage for us to buy more coins and return to the bank. If the price increase then it is an advantage for banks they will get more income. The only solution for this problem is first the bitcoin price will be stable at one rate like our fiat currency. Once it's done, then we can do this business or else it is impossible. |
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Sled
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June 29, 2017, 11:45:29 AM |
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Yes that is right, and i agree. For now and in near future people will need banks for exchanging bitcoin to fiat currency, and i guess nothing more. Because of fluctuation who sane would take credit from bank in bitcoin . But why i say in near future, well we all know how bitcoin works, and for paying and dealing with bitcoin in day to day life we do not need banks. But still, some people will need banks for safe keeping their bitcoins. In fact, it makes perfect sense to take a Bitcoin loan from a bank It is the bank who is to suffer most from Bitcoin volatility, not the borrower. For example, if you take 1,000 bitcoins and then sell half of this amount for dollars. Let's assume that Bitcoin rises a few times after that. Now you can safely default on your loan (I don't say that you should since I just follow the logic of the bank), forfeit your collateral (whatever it might be), and then buy what you forfeited with now expensive bitcoins and still have some bitcoins left in your pockets (plus dollars that you sold half of your bitcoins for). If Bitcoin goes down dramatically, it's not a big deal either. You just buy back the inexpensive coins with the dollars and return them to the bank (plus any interest accrued) Yes we have both advantage and disadvantage for this method. According to you if the price drops it is an advantage for us to buy more coins and return to the bank. If the price increase then it is an advantage for banks they will get more income. The only solution for this problem is first the bitcoin price will be stable at one rate like our fiat currency. Once it's done, then we can do this business or else it is impossible. It is impossible for bitcoin to get stabilize because the price of bitcoin is just depending to the demand of the people in the market and it is also decentralized so it is not controllable and the only thing that we can do to it is just to get used to it. The fluctuations for the price is just normal and it is an advantage for us because that is how we are making money and if the volatility will be gone then bitcoin will just be boring. |
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deisik
Legendary
Offline
Activity: 3444
Merit: 1280
English ⬄ Russian Translation Services
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June 29, 2017, 02:45:29 PM |
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Yes that is right, and i agree. For now and in near future people will need banks for exchanging bitcoin to fiat currency, and i guess nothing more. Because of fluctuation who sane would take credit from bank in bitcoin . But why i say in near future, well we all know how bitcoin works, and for paying and dealing with bitcoin in day to day life we do not need banks. But still, some people will need banks for safe keeping their bitcoins. In fact, it makes perfect sense to take a Bitcoin loan from a bank It is the bank who is to suffer most from Bitcoin volatility, not the borrower. For example, if you take 1,000 bitcoins and then sell half of this amount for dollars. Let's assume that Bitcoin rises a few times after that. Now you can safely default on your loan (I don't say that you should since I just follow the logic of the bank), forfeit your collateral (whatever it might be), and then buy what you forfeited with now expensive bitcoins and still have some bitcoins left in your pockets (plus dollars that you sold half of your bitcoins for). If Bitcoin goes down dramatically, it's not a big deal either. You just buy back the inexpensive coins with the dollars and return them to the bank (plus any interest accrued) Yes we have both advantage and disadvantage for this method. According to you if the price drops it is an advantage for us to buy more coins and return to the bank. If the price increase then it is an advantage for banks they will get more income. The only solution for this problem is first the bitcoin price will be stable at one rate like our fiat currency. Once it's done, then we can do this business or else it is impossible. This is not quite so If Bitcoin price rises significantly (say, a few times), the borrower will be incentivized to default on his loan. Banks can't take from him more than what he has provided as a collateral, so if the price rises, the borrower will just leave to the bank his collateral. He can buy with his loan what he has forfeited as collateral and still have some bitcoins on hand from the loan. In this way, banks are risking a lot more than borrowers, and that's why we likely won't see Bitcoin loans in the near future (or ever) |
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hovrah
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June 29, 2017, 03:54:29 PM |
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Recently, the banking system works very well with the crypto currency. I have already convinced my country that crypto-currencies will soon be implemented at the state level and the user will not worry about the legal aspects of this issue.
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Barbarian
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June 30, 2017, 03:36:04 AM |
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Hello All,
I'm new to crypto but not new to the banking/gov game.
What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it?
They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.
I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.
Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros) have met a swift end.
Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.
Either way I see it going higher i'm just trying to get my head around why it has not been stopped.
Thoughts?
Bitcoin is decentralized that is the biggest defense, all of those examples you give were centralized, there was a single point of failure, the leader, there is no such a thing with bitcoin, who is the leader, the miners, the developers, the truth is, there is no one to fulfill that position. |
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naidray
Legendary
Offline
Activity: 1232
Merit: 1029
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July 01, 2017, 08:50:22 AM |
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Right now we haven't got more of the direct bitcoin acceptance. As stated soon we'll have the increased acceptance in stores as well on our needs. This will surely decrease the usage of banks, because now most of the bitcoin users convert the bitcoin to fiat just because they don't get the chance of using it around their locality.
One thing i have to defer here is that even if bitcoin is accepted world wide then there wont be any decrease in the usage of banks because you need both fiat currency and bank to invest in bitcoin or any alt coin,so they will co exist in the future and it will be like that in the future.I am not sure i am able to reply to what OP is trying to tell here. If bitcoin is accepted by bank in a future then both will be exist like this. For example if you take your bitcoins in the bank account. Your bitcoin price is also going to be high and also according to price you are getting interest rate. So this is best way if bank accept the bitcoin both will be going very well. How the bank will be going well for example if bank. If there are a lot of money is coming to bank by people as the price increasing of bitcoin like that bank will giving loans to people and take a reserve rate to Central bank. |
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canvan
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July 01, 2017, 08:59:19 AM |
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Recently, the banking system works very well with the crypto currency. I have already convinced my country that crypto-currencies will soon be implemented at the state level and the user will not worry about the legal aspects of this issue.
They do work well together and bring benefits not only to us users and those who hate banks but also to the banks themselves. |
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andrei56
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July 02, 2017, 12:56:00 AM |
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Recently, the banking system works very well with the crypto currency. I have already convinced my country that crypto-currencies will soon be implemented at the state level and the user will not worry about the legal aspects of this issue.
Well, in my country everyday have news talking about cryptocurrency and in next time, the national bank can use crypto as a digital cash for pay wage and saving in Bank. I hope a day I can use Bitcoin buy any things and not need use Visa or real money  If they do that you can be sure they are going to create their own version of bitcoin they can create at will, so just forget about that possibility, they will try to create those currencies in order to fool people and I’m sure many are going to fall for it, thinking they are going to get the best of both worlds and at some point they are going to get burned by their decision. |
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Zemangat
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July 02, 2017, 06:50:23 AM |
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I think bitcoin does not need a bank for storage. Bitcoin is a digital currency that is anonymous. So it is hard to find and track. Bitoin only in store in online or offline wallet not in bank
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ASHLIUSZ
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July 02, 2017, 08:10:41 AM |
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I think bitcoin does not need a bank for storage. Bitcoin is a digital currency that is anonymous. So it is hard to find and track. Bitoin only in store in online or offline wallet not in bank
Few banks in different countries have started their entire services through bitcoin. One among them recently got implemented in Austria and this will count in the years to come, because most of the banking sectors have invested into bitcoin indirectly and the open usage begins when people accept it in a large scale than the present. |
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CyberKuro
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July 02, 2017, 09:09:31 AM |
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Hello All,
I'm new to crypto but not new to the banking/gov game.
What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it?
Govs possibly could do that or already did, but we don't know. All this time, when USA seized bitcoin but then auctioned it. So, govs may not interested into cryptocurrency as it's not official and so volatile, furthermore it worth just small portion (value) compare to fiat currency obviously. They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.
Yes, but it can't be done without parliament/legislative assembly/congress approval/agreement. Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.
Either way I see it going higher i'm just trying to get my head around why it has not been stopped.
Thoughts?
Why government want to stop bitcoin as it won't harm the state? Bitcoin already give many benefits for citizens and economics, provide many opportunities to make another source of income and profits. |
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Reid
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July 02, 2017, 09:15:18 AM |
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Recently, the banking system works very well with the crypto currency. I have already convinced my country that crypto-currencies will soon be implemented at the state level and the user will not worry about the legal aspects of this issue.
They do work well together and bring benefits not only to us users and those who hate banks but also to the banks themselves. Those who hate the banks. There are a lot of people who see banks as just a greedy service for the government not for the people. But still there are those who are being fooled by the things they say which are so good to be true. Hate banks they are all just profiting for their own using the people money. Better invest on your own and bitcoin is offering that now. You could also pick gold but the government might also interfere if you got tons of it. Not wih bitcoin though. |
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tittensor
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July 20, 2017, 04:13:54 AM |
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Recently, the banking system works very well with the crypto currency. I have already convinced my country that crypto-currencies will soon be implemented at the state level and the user will not worry about the legal aspects of this issue.
Well, in my country everyday have news talking about cryptocurrency and in next time, the national bank can use crypto as a digital cash for pay wage and saving in Bank. I hope a day I can use Bitcoin buy any things and not need use Visa or real money |
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