Governments and banks are using you

[Realist247]

Everyone that is currently "investing" in BTC and other cryptos are the "crash test dummies" of the future.

Most major banks and many large/wealthy governments are coming up with their own cryptocurrencies.

Why have these entities not released them yet?  Because they are watching, waiting, and learning from all of the mistakes that other cryptos are making.

High fees.

Slow transactions.

Volatility.

Insecurity of wallets and exchanges.

Public distrust.

Reactions to media attention.

Criminality/money laundering.

Backed by fiat currency.

Lack of patent.

And on and on.

I've been reading this forum for days and I don't see this big picture addressed except in rare cases.  Almost everyone making predictions truly believes that BTC will be around for 50-100 years let alone 2-3.  Every day that goes by is just one more day that forces and entities with far bigger market caps than $100 billion are learning from all of the mistakes and problems plaguing the existing paradigm.

If one is to make a wise investment, they need to be aware of how quickly these markets can change...and literally overnight.  I don't expect much from the fanatics other than irrational reasons why my train of thought is flawed, but I do hope I see some of those individuals that are usually silent come out of the woodwork to offer solutions.  In other words, BTC can only survive if its community takes a mostly pragmatic point of view.  Otherwise it is doomed to be raped and discarded in a way that will leave most reliving their failure to act like that will leave permanent emotional scars like that of PTSD.

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[CryptoBoomers]

I agree.

First to market is rarely best to market, however we have SO much collective knowledge that I don't think deeper pockets will be able to swallow it all or control too much of it. I do think corps/banks/gov will indeed make use of the blockchain/similar tech however when it comes to the whole eco-system that is crypto I don't think people will let it fall into controlling hands for a long time if ever (I can't think of how on the spot, but action/reaction, if we get cornered I'm sure we will see an interesting battle and response from the people).

[panju1]

Anybody who has invested in crypto during the last couple of years will know that the market can move overnight. It is okay if banks and governments learn from the problems faced by Bitcoin. They will not be able to introduce a coin with Bitcoin's biggest advantage - decentralization.

[HabBear]

Backed by fiat currency.

Lack of patent.

What do you mean by these two comments? You're listing mistakes cryptocurrencies have made and these two are on that list.

Bitcoin is backed by fiat currency? Since when?

Bitcoin lacks a patent? Why does it need to be registered as an invention with a company?

I think you may misunderstand a bit how Bitcoin works (and call me out if necessary).

Bitcoin isn't backed by fiat currency. The reason people refer to the value in terms of fiat is because that's the currency that people use to buy and sell it. Bitcoin isn't backed or pegged or hinged to the value of a fiat currency. It's performance or existence isn't dependent on fiat currency.

Bitcoin is a project, creation, invention that isn't bound by any government. A founding principle is that it fills a void in the money system that's been lacking free access, support, and market. For Bitcoin to be registered for a patent would completely and directly undermine what Bitcoin is meant to be. It's meant to operate independent from any central entity (especially government). Trying to gain approval and protection to exist from a government would be the single greatest irony Bitcoin could achieve (and not for the better.)

If I've misunderstood you, please let me know.

[HasHe]

Bitcoin was created to make people independent of banking sectors for sending money.People have found bitcoin as a great invention which has freed them from hands of governments and banks.I do agree that governments and banks are trying to create their own crypto currencies.But even if they do so,i don;t think that people would like to fall once again in to the traps of governments who would wish to control people once again.Its already said that Ripple has been created by banking sectors to compete with bitcoins.Thats why some banks support ripple even if they don't support other cryptos.I hope that people would love to enjoy financial freedom given by cryptos.

[syarifudin]

So far, bitcoin gives its users the freedom to transact, as the bitcoin decentralization system is applied so that it may be an excess of bitcoin that can not be controlled by any party including the government and the bank.

[Yakamoto]

Most governments don't even think of things, they rely on others outside of the public sector (although with grants from the government in some cases) to develop new technologies, and these government will repurpose the technology and make it so that they themselves are able to use it more effectively, with help from those on the interior. It's not like it could be any different with Bitcoin, and technology is just allowing for everything to be more efficient and for it all to be faster. Of course they have their own cryptos and the like on the way, but they won't be good because they will always want control. I say let them be introduced, but they likely will never have a large, natural market share.

[Realist247]

Backed by fiat currency.

Lack of patent.

What do you mean by these two comments? You're listing mistakes cryptocurrencies have made and these two are on that list.

Bitcoin is backed by fiat currency? Since when?

Bitcoin lacks a patent? Why does it need to be registered as an invention with a company?

I think you may misunderstand a bit how Bitcoin works (and call me out if necessary).

Bitcoin isn't backed by fiat currency. The reason people refer to the value in terms of fiat is because that's the currency that people use to buy and sell it. Bitcoin isn't backed or pegged or hinged to the value of a fiat currency. It's performance or existence isn't dependent on fiat currency.

Bitcoin is a project, creation, invention that isn't bound by any government. A founding principle is that it fills a void in the money system that's been lacking free access, support, and market. For Bitcoin to be registered for a patent would completely and directly undermine what Bitcoin is meant to be. It's meant to operate independent from any central entity (especially government). Trying to gain approval and protection to exist from a government would be the single greatest irony Bitcoin could achieve (and not for the better.)

If I've misunderstood you, please let me know.

New cryptos, like from Goldman Sachs, have a patent.  It may not mean anything to someone that truly understands cryptos, but it will be perceived as something important to someone that GS or equivalent is pushing on their clients, just like most are pushing the benefits of BTC on noobs on or off this forum.  It's a selling point.

BTC is "backed" by fiat meaning it is priced in fiat and exchanged in fiat.  It's not much different than all of the world currencies that exist as 1's and 0's on a bank ledger.  If there were precious metals or other commodity that guaranteed a base value of BTC then that would be one thing.  But let's say there is a black swan event that causes the FED to print $10 trillion or more to pump up markets in the case of a severe crash, BTC would be devalued by a proportionate amount relative to the Dollar.

Everyone that I read posting values their BTC on a fiat system.  To exchange it to precious metals would first involved a conversion to fiat for valuation.  There is no "direct to precious metals" system in place.  If you know of one I'd love to hear of it.

While I am not a hardcore coder, I understand the mechanics of how BTC works.  The whole 21 million coins is irrelevant.  It is dependent on those mining it to verify the block chain.  If there is no one to mine it, the whole chain collapses.

I'm not advocating that it be supported by a centralized system.  But if certain things are not done to improve BTC in the near term, centralized systems will emerge that cater to those who only care about lack of fees and their funds not being stolen because they don't know how to secure their smartphones.

[BeManga]

Anybody who has invested in crypto during the last couple of years will know that the market can move overnight. It is okay if banks and governments learn from the problems faced by Bitcoin. They will not be able to introduce a coin with Bitcoin's biggest advantage - decentralization.

i agree bank can issue a coin but it will not decentralized
they are not watching if they can make it they already made it
bitcoin is already more than 8 years and still a lot of room to grow
when i start in bitcoin i also think that it will never last but until now bitcoin price keep growing
and it leave permanent emotional scars in me because i didint buy a lot when the price is still low

[Realist247]

Most governments don't even think of things, they rely on others outside of the public sector (although with grants from the government in some cases) to develop new technologies, and these government will repurpose the technology and make it so that they themselves are able to use it more effectively, with help from those on the interior. It's not like it could be any different with Bitcoin, and technology is just allowing for everything to be more efficient and for it all to be faster. Of course they have their own cryptos and the like on the way, but they won't be good because they will always want control. I say let them be introduced, but they likely will never have a large, natural market share.

Central banks and the private banks that control their stock do all of the thinking and then lobbying to governments to follow suit.  It doesn't matter that governments are mindless drones in this case.  If you believe that these new cryptos need a large, "natural" market share, you give too much credit to the average person in their thinking.

[Bianxee]

Anybody who has invested in crypto during the last couple of years will know that the market can move overnight. It is okay if banks and governments learn from the problems faced by Bitcoin. They will not be able to introduce a coin with Bitcoin's biggest advantage - decentralization.

I don't know this kind of things, nut the OP open up my mind to this possiblity if it truly exist or not. Too many altcoins and it is posible that every country will create a coin that will be owned by a government in the back of it they will only make some ordinary people to handle .so that the people won't knew its for government.

[Realist247]

Bitcoin was created to make people independent of banking sectors for sending money.People have found bitcoin as a great invention which has freed them from hands of governments and banks.I do agree that governments and banks are trying to create their own crypto currencies.But even if they do so,i don;t think that people would like to fall once again in to the traps of governments who would wish to control people once again.Its already said that Ripple has been created by banking sectors to compete with bitcoins.Thats why some banks support ripple even if they don't support other cryptos.I hope that people would love to enjoy financial freedom given by cryptos.

Most people have no concept of the true meaning of freedom, let alone how it relates to their finances.  Not only that, if one tries to teach them they'll resort to cognitive dissonance and call you a "conspiracy theorist" or some other stupid slur.

[EACOM]

Bitcoin was created to make people independent of banking sectors for sending money.People have found bitcoin as a great invention which has freed them from hands of governments and banks.I do agree that governments and banks are trying to create their own crypto currencies.But even if they do so,i don;t think that people would like to fall once again in to the traps of governments who would wish to control people once again.Its already said that Ripple has been created by banking sectors to compete with bitcoins.Thats why some banks support ripple even if they don't support other cryptos.I hope that people would love to enjoy financial freedom given by cryptos.

Most people have no concept of the true meaning of freedom, let alone how it relates to their finances.  Not only that, if one tries to teach them they'll resort to cognitive dissonance and call you a "conspiracy theorist" or some other stupid slur.

Realist, you sure do have a stark view of things. Very sobering thoughts. I do especially like your coined term of "cognitive dissonance" . It fits well within Maslows hierarchy of needs. The avg being can handle only so much part by design and part by evolution. I admit I do get a case of that, when discussions about dark matter, black holes and time warps occur. So I think many choose to dissociate from such topics when the fear of the unknown is that great.

[BingoDog]

Well, I don't see any problem in this. Governemts and banks have realised there is no use in fighting bitcoin but to use it for their own good. They want to profit just like us. So, they are watching for the bad sides to see how to avoid them and make things functioning better. But I don't see the threath in this for bitcoin or something that we should be afraid of.

[Realist247]

Well, I don't see any problem in this. Governemts and banks have realised there is no use in fighting bitcoin but to use it for their own good. They want to profit just like us. So, they are watching for the bad sides to see how to avoid them and make things functioning better. But I don't see the threath in this for bitcoin or something that we should be afraid of.

With all of the SEC regulation and either pending legislation or rumors of legislation I don't see where you get this idea that there isn't a "boiling-frog" style of silent war going on.  Not only this, but it's as I said above, banks and governments are developing their own cryptos that will compete directly or indirectly with BTC.  Governments do not do things for profit.  If they wanted to make money, all they need is to adjust taxes to maximize revenue relative to an economy.  Banks cannot profit from a currency unless they can make fractional reserve loans out of it.  The threat is that if government or bank altcoins come out that are "bigger, faster, and stronger" than BTC leading to a large % of the general public using it....BTC will be facing a threat that could reduce it to nearly without value overnight...literally.

[pinkpanther03]

Everyone that is currently "investing" in BTC and other cryptos are the "crash test dummies" of the future.

Most major banks and many large/wealthy governments are coming up with their own cryptocurrencies.

Why have these entities not released them yet?  Because they are watching, waiting, and learning from all of the mistakes that other cryptos are making.

High fees.

Slow transactions.

Volatility.

Insecurity of wallets and exchanges.

Public distrust.

Reactions to media attention.

Criminality/money laundering.

Backed by fiat currency.

Lack of patent.

And on and on.

I've been reading this forum for days and I don't see this big picture addressed except in rare cases.  Almost everyone making predictions truly believes that BTC will be around for 50-100 years let alone 2-3.  Every day that goes by is just one more day that forces and entities with far bigger market caps than $100 billion are learning from all of the mistakes and problems plaguing the existing paradigm.

If one is to make a wise investment, they need to be aware of how quickly these markets can change...and literally overnight.  I don't expect much from the fanatics other than irrational reasons why my train of thought is flawed, but I do hope I see some of those individuals that are usually silent come out of the woodwork to offer solutions.  In other words, BTC can only survive if its community takes a mostly pragmatic point of view.  Otherwise it is doomed to be raped and discarded in a way that will leave most reliving their failure to act like that will leave permanent emotional scars like that of PTSD.

We don't have to worry about what government can do, because whatever they wanted to do or plans into bitcoin they can't do anything nor touch bitcoin because of the decentralization of bitcoin has. This features of bitcoin is the powerfull tools we had against the government of each country.

[CryptoBry]

Anybody who has invested in crypto during the last couple of years will know that the market can move overnight. It is okay if banks and governments learn from the problems faced by Bitcoin. They will not be able to introduce a coin with Bitcoin's biggest advantage - decentralization.

Yes, anybody can make a coin and have them distributed anywhere and this is the reason why we have so many ICOs right now. Now, having said that, there is no guarantee that a government-backed and issued cryptocurrency can really succeed because one of the intrinsic value of Bitcoin is its being decentralized meaning nobody is really controlling it.

OP seems to be afraid of what the government and central banks can do but as far as cryptocurrency is concerned as long as we are not evading tax then we can be okay. The future looks so bright for Bitcoin despite the government or anyone else.

[joromz1226]

Anybody who has invested in crypto during the last couple of years will know that the market can move overnight. It is okay if banks and governments learn from the problems faced by Bitcoin. They will not be able to introduce a coin with Bitcoin's biggest advantage - decentralization.

i agree bank can issue a coin but it will not decentralized
they are not watching if they can make it they already made it
bitcoin is already more than 8 years and still a lot of room to grow
when i start in bitcoin i also think that it will never last but until now bitcoin price keep growing
and it leave permanent emotional scars in me because i didint buy a lot when the price is still low

That's true, all banks are centralized which is nothing difference in the system of the government. which means they are same only the banks and the government, That's why thanks into bitcoin due to it is decentralized.

[BitFinnese]

Every one is using everyone so it is not a news to know that government and banks are using us.  We live in the world that of "no man is an island".  Even Bitcoin community are using each other.  Holders use new comers by dumping their expensive bitcoin to the new comer.  Then this new comer will dump their bitcoin in a higher price to another batch of new comer.  I am not being negative here but it is a universal law to use each other.  This is what we called mutualism / commensalism.

[bamboylee]

Banks and government can create their own cryptocurrency, and it will still be considered an alt. After creating their crypto, what will they do with their fiat? Will they discard it as well? Government will not let go of centralization even if they create their own crypto. That is the greatest advantage of bitcoin against them.

[Iranus]

A large and important reason for Bitcoin's creation is the freedom from bank-controlled fiat currency.  If a bank wants to increase the supply in a cryptocurrency, they would have to hard fork and update software each time, which the public would not be able to follow, nor would they want to.

So if the bank wanted to create a cryptocurrency, they would have to either:

-Create a centralised coin which crypto enthusiasts decide not to use because of their original reasons for using BTC
-Create a decentralised coin which they don't have much control over, which is pointless as they wouldn't have any more power than they can have in BTC.

[Rinder]

This is ridicolous, bitcoin and crypto in the general had exposed fiat issues and big abusive behaviour from some companies that provide remitances. Even banks were catched on this, with their fixed fees, bitcoin and crypto had showed all those companies and countries its possible to keep money into circulation without a third person, and no such high fees. Why would someone invest into any countrie currencie knowing it will be controlled, manipulated and centralized..... think again only stupids and those idiots that believe fiat, bank savings are the most safe investment, those that reject crypto will buy those shitcoin from the countries.

[okala]

I know government and banks may be nuture this in their mind but I think bitcoin will still defeated all of them as it has been doing to others opposition since it inception. We can see that bankers and elites has been fighting and raise opposition against bitcoin to find out it limitations.

[darkangel11]

High fees.
I'd call them proportional. Do you know any other currency in the world that is worth as much as BTC?

Slow transactions.
They are fast if you ask me. It takes less than 15 min for a transaction to confirm, provided the fees are high enough.
Try sending money on Sunday afternoon. In most cases you'll have to wait 24h for the money to reach its destination.

Volatility.
Traders like it.

Insecurity of wallets and exchanges.
Which wallets? I've been using QT and Electrum for many years without problems.

Public distrust.
There's a large degree of trust. If there wasn't people wouldn't be buying BTC for $4k a piece.

Reactions to media attention.
Don't know what you mean.

Criminality/money laundering.
Ever heard of USD? It's the favourite currency of criminals around the world.


Backed by fiat currency.
It's exchanged to fiat not backed by it. It's like saying USD is backed by the peso.

Lack of patent.
Because of lack of creator. No creators, no patents, no controlling entity.

And on and on.
Please go on.

[freebutcaged]

Every time price of Bitcoin increases significantly there are some people bitching around about what not but lot. governments are watching those few

Early adopters and the current billionaires of our time and can't do any shit mate, they can launch their own cryptocurrencies sure but when it's not like

Bitcoin truly decentralized and open source no one would give a fuck about them just like now. there are thousands of ICO-POW-POS shitcoins emerging

With some huge backing by some governments, when you are unable to mine a coin and see it has a big market share you know it's not a people's coin

Like BTC.

[shield132]

There are also a lot more reasons than crypto. Loans and etc, high fees, taxes.. It's not a big different from old centuries, just modern and legal one as goverment claims.
Crypto is great, especially bitcoin but I agree you, banks will learn on faults (that faults will be bitcoin's faults) and they will offer us their alternative own one which will be better than bitcoin but privacy will be highly under in question.

[adzino]

Crypto-coins introduced by the government and the bank = centralized currency, with them having power and control over your coins.
Bitcoin = decentralized currency, no one except you control your own money. Which crypto-currency has more advantage? The former or the latter?
The government can issue their own crypto, but won't be able to beat the best feature bitcoin has to offer.

[KourtneyK]

It is okay if the banks and government are or will be creating crytocoins in the future, what matters is what we have in the present. These are still speculations, but if ever that'll happen and if they are using us then they just have to create a coin that can surpass bitcoin then.

[Anarchist]

According to a British survey, almost four in five people consider that they remain the rightful owners of the money they deposit in their bank. One in three would even be opposed to the bank lending a portion of it.

But in fact, every time someone puts money on their current account or a book, they actually lend it to their bank. It actually does what it wants and therefore grants credits on that basis.

[Hydrogen]

High fees.

A case could be made for high fees being a byproduct of DDoS spammed transactions and miners primarily selecting transactions with the highest mining fees to process.

It isn't 100% a design flaw of bitcoin. Its more motivated by politics and profiteering.

[syaripudin]

Bitcoin is a freedom of transaction that uses crypto. Of course this does not have kaitanya with the government or the bank. the bank is just a tool where we can transfer the bitcoin we have. And could someday the government will work with banks to create crypto for its customers. If this really happened then there is no freedom gained by customers like in bitcoin. And I'm not sure that people will switch from bitcoin, and follow the crypto made by the government. Maybe only a few people will use it.

[djuvantebit]

Crypto-coins introduced by the government and the bank = centralized currency, with them having power and control over your coins.
Bitcoin = decentralized currency, no one except you control your own money. Which crypto-currency has more advantage? The former or the latter?
The government can issue their own crypto, but won't be able to beat the best feature bitcoin has to offer.

Contrary to the common mantra in the bitcoin community the general public don't mind their money being controlled by a centralized government

[bitgoldpanther1978]

Well, I don't see any problem in this. Governemts and banks have realised there is no use in fighting bitcoin but to use it for their own good. They want to profit just like us. So, they are watching for the bad sides to see how to avoid them and make things functioning better. But I don't see the threath in this for bitcoin or something that we should be afraid of.

This may seems so right, it is just like us they really want to experience the benefits of bitcoin. Because of the situation they always monitored and waiting patiently to attack bitcoin.

[deejhay]

those who invest in bitcoin knows the risk, its crypto without stable price but has great future thats why many bitcoiner believe in it.
Its still in its early stage, making changes and addressing eror but its certainly has future.

[Zadicar]

Anybody who has invested in crypto during the last couple of years will know that the market can move overnight. It is okay if banks and governments learn from the problems faced by Bitcoin. They will not be able to introduce a coin with Bitcoin's biggest advantage - decentralization.

Yes, they can copy anything but the decentralized thing would be the unique thing on which we can find on bitcoin knowing that government doesnt really like that thing. It might really have some flaws and it cant really be avoided since theres no perfect thing on this world but i dont think that government is just using us and they are keeping an eye on this crpytoworld. If they would decide to make their own coin then its their decision because the decision would be still on community itself.

[Elcapsono]

I think that in the future banks will include bitcoins into their system or create a more sophisticated crypto currency. Crypto-currencies have made a serious competition to banks and they think what to do with them.

[Lampaster]

I think that in the future banks will include bitcoins into their system or create a more sophisticated crypto currency. Crypto-currencies have made a serious competition to banks and they think what to do with them.

The spread of crypto currency is death to the banking system. Bitcoin destroyed all the foundations on which the banking system. If we do not destroy bitcoin, he will destroy the banks. This is a war and I'm on the side of bitcoin.

[alyssa85]

I think that in the future banks will include bitcoins into their system or create a more sophisticated crypto currency. Crypto-currencies have made a serious competition to banks and they think what to do with them.

The spread of crypto currency is death to the banking system. Bitcoin destroyed all the foundations on which the banking system. If we do not destroy bitcoin, he will destroy the banks. This is a war and I'm on the side of bitcoin.

I'm afraid this isn't true. We still have to go through the banking system to buy stuff. And that is because merchants won't accept bitcoin without some sort of banking intermediary like bitpay which converts money immediately into fiat. And that in turn is because bitcoin fees are so high they can't accept bitcoin directly.

We are now further away from being independent of the banking system than we were back in 2015.

[ALT67890]

We've been used by banks and government in ages now, we just accept it for we are govern by them. But that doesn't we just need to follow what they want us to know or to do. We have the freedom to choose from what or when we love bitcoin. Banks can't stop us but if thinks go wrong we can stop them.

[wearepoor]

Everyone that is currently "investing" in BTC and other cryptos are the "crash test dummies" of the future.

Most major banks and many large/wealthy governments are coming up with their own cryptocurrencies.

Why have these entities not released them yet?  Because they are watching, waiting, and learning from all of the mistakes that other cryptos are making.

High fees.

Slow transactions.

Volatility.

Insecurity of wallets and exchanges.

Public distrust.

Reactions to media attention.

Criminality/money laundering.

Backed by fiat currency.

Lack of patent.

And on and on.

I've been reading this forum for days and I don't see this big picture addressed except in rare cases.  Almost everyone making predictions truly believes that BTC will be around for 50-100 years let alone 2-3.  Every day that goes by is just one more day that forces and entities with far bigger market caps than $100 billion are learning from all of the mistakes and problems plaguing the existing paradigm.

If one is to make a wise investment, they need to be aware of how quickly these markets can change...and literally overnight.  I don't expect much from the fanatics other than irrational reasons why my train of thought is flawed, but I do hope I see some of those individuals that are usually silent come out of the woodwork to offer solutions.  In other words, BTC can only survive if its community takes a mostly pragmatic point of view.  Otherwise it is doomed to be raped and discarded in a way that will leave most reliving their failure to act like that will leave permanent emotional scars like that of PTSD.

Government and banks could not succeed if they launch cryptocurrencies; most of the people are using the bitcoins because it is decentralized digital currency. If government involved, then there will be authorities who will watch and monitor each and every activity related to that currency and it will also end the freedom of the cryptocurrencies.

[Kiweikoo]

Bitcoin is a freedom of transaction that uses crypto. Of course this does not have kaitanya with the government or the bank. the bank is just a tool where we can transfer the bitcoin we have. And could someday the government will work with banks to create crypto for its customers. If this really happened then there is no freedom gained by customers like in bitcoin. And I'm not sure that people will switch from bitcoin, and follow the crypto made by the government. Maybe only a few people will use it.

People are found of bitcoins just because they provide complete freedom to the users and they have a full liberty of spending their money the way they want to without paying heavy taxes. Yeah! Even if the banks and governments create their own crypto currencies, no one is going to use them.

[Biggapp]

Bitcoin is a freedom of transaction that uses crypto. Of course this does not have kaitanya with the government or the bank. the bank is just a tool where we can transfer the bitcoin we have. And could someday the government will work with banks to create crypto for its customers. If this really happened then there is no freedom gained by customers like in bitcoin. And I'm not sure that people will switch from bitcoin, and follow the crypto made by the government. Maybe only a few people will use it.

People are found of bitcoins just because they provide complete freedom to the users and they have a full liberty of spending their money the way they want to without paying heavy taxes. Yeah! Even if the banks and governments create their own crypto currencies, no one is going to use them.

Crypto currencies of banks and governments will not be tax free like bitcoins and now even completely decentralized. We will be again charged with high transaction fees etc. Definitely no one is going to use them in the presences of bitcoins. That’s why banks hate bitcoins to bits.

[Clavulanic]

Bitcoin is a freedom of transaction that uses crypto. Of course this does not have kaitanya with the government or the bank. the bank is just a tool where we can transfer the bitcoin we have. And could someday the government will work with banks to create crypto for its customers. If this really happened then there is no freedom gained by customers like in bitcoin. And I'm not sure that people will switch from bitcoin, and follow the crypto made by the government. Maybe only a few people will use it.

People are found of bitcoins just because they provide complete freedom to the users and they have a full liberty of spending their money the way they want to without paying heavy taxes. Yeah! Even if the banks and governments create their own crypto currencies, no one is going to use them.

Crypto currencies of banks and governments will not be tax free like bitcoins and now even completely decentralized. We will be again charged with high transaction fees etc. Definitely no one is going to use them in the presences of bitcoins. That’s why banks hate bitcoins to bits.

I am not into that speculations right now and I don't think that banks now hate bitcoins, because the bank right now in my country accepted bitcoin payments transactions like those exchanging btc to fiat currency. The online wallet I had was been affiliated to the central bank of the country, and I believed that it's part of their business platform that allowing this type of transactions can make them earn the biggest profit ever. So never think of any idea about banks were using us, and in fact banks were most important for us in any exchanges of our bitcoin to become spendable in the country we live while bitcoin payments isn't yet available.

[Ngewex Yuk]

yes, banks and governments have unlimited access to us so there is no secret. I think the government should immediately change this is the time for them to maintain privacy. bitcoin and cryptocurrency can be used to keep our secrets.

[Hui8]

Oh come on that no way is true. That is far fetched topic you have written. Bitcoin no matter what his many cons you give about it, it will always be best currency to trade and invest. Whatever you speak negative about it, but you will find the craziness and popularity of bitcoin growing daily and that's not gonna stop any time. Have you seen the price, how it keeps growing and growing and sometimes you see your wallet is all filled with money that you earned from the interest of bitcoin. There is lot more to study about bitcoin and government, banks they are just scared of the bitcoin economy growth.

[Milo_Kidd]

Both of us are using each other. We used their service to invest or to transact money. And also they used us to be their client. But they are more binificiary compared to us. The more the client is the more they will earn.

[Weawant]

Both of us are using each other. We used their service to invest or to transact money. And also they used us to be their client. But they are more binificiary compared to us. The more the client is the more they will earn.

Maybe we became there sock puppet or shall we say a milking cow for them to get a huge benifits from us but there's a good factor about getting some money on each people leave in there state since government need some funds just to have money to used on there good platforms and projects. And I don't know how things work in the bank since the one I know there is we can make our money more safer but in return. And surely they can get more benefit to us and just don't think about it since its so normal in this society today.

[Lenzie]

I'd like to read what you are reading, to gain morw knowledge in bitcoin. What took them so long. It has been years since crypto has been made. Are there speculations, not yet made?

Anybody who has invested in crypto during the last couple of years will know that the market can move overnight. It is okay if banks and governments learn from the problems faced by Bitcoin. They will not be able to introduce a coin with Bitcoin's biggest advantage - decentralization.

They might be, oh they can. Yet that will not be as popular than bitcoin.

[xaviervilla]

Everyone that is currently "investing" in BTC and other cryptos are the "crash test dummies" of the future.

Most major banks and many large/wealthy governments are coming up with their own cryptocurrencies.

Why have these entities not released them yet?  Because they are watching, waiting, and learning from all of the mistakes that other cryptos are making.

High fees.

Slow transactions.

Volatility.

Insecurity of wallets and exchanges.

Public distrust.

Reactions to media attention.

Criminality/money laundering.

Backed by fiat currency.

Lack of patent.

And on and on.

I've been reading this forum for days and I don't see this big picture addressed except in rare cases.  Almost everyone making predictions truly believes that BTC will be around for 50-100 years let alone 2-3.  Every day that goes by is just one more day that forces and entities with far bigger market caps than $100 billion are learning from all of the mistakes and problems plaguing the existing paradigm.

If one is to make a wise investment, they need to be aware of how quickly these markets can change...and literally overnight.  I don't expect much from the fanatics other than irrational reasons why my train of thought is flawed, but I do hope I see some of those individuals that are usually silent come out of the woodwork to offer solutions.  In other words, BTC can only survive if its community takes a mostly pragmatic point of view.  Otherwise it is doomed to be raped and discarded in a way that will leave most reliving their failure to act like that will leave permanent emotional scars like that of PTSD.

I get where you are going at op, but the thing is, only careless investors invest without understanding how markets work or the dact that these markets really does change fast. But i highly doubt anyone is stupid enough to let go of their money on silly things they hardly even know about. Plus, if banks do release a crypto currency of their own, then ok. It doesn't bother me at all. Because even if banks learn a lot on all the crypto currencies out there, people will still choose bitcoin because even with its flaws, it fills out the bigger flaws in this world. If you know what i mean.

[Similificator]

Backed by fiat currency.

Lack of patent.

What do you mean by these two comments? You're listing mistakes cryptocurrencies have made and these two are on that list.

Bitcoin is backed by fiat currency? Since when?

Bitcoin lacks a patent? Why does it need to be registered as an invention with a company?

I think you may misunderstand a bit how Bitcoin works (and call me out if necessary).

Bitcoin isn't backed by fiat currency. The reason people refer to the value in terms of fiat is because that's the currency that people use to buy and sell it. Bitcoin isn't backed or pegged or hinged to the value of a fiat currency. It's performance or existence isn't dependent on fiat currency.

Bitcoin is a project, creation, invention that isn't bound by any government. A founding principle is that it fills a void in the money system that's been lacking free access, support, and market. For Bitcoin to be registered for a patent would completely and directly undermine what Bitcoin is meant to be. It's meant to operate independent from any central entity (especially government). Trying to gain approval and protection to exist from a government would be the single greatest irony Bitcoin could achieve (and not for the better.)

If I've misunderstood you, please let me know.

I stringly agree. And even if the government and their banks build a new crypto currency that they might think is flawless, they will not get people to move from bitcoins to their own crypto currency. Because the main reason as to why people went to bitcoins(other than greedy fcktards that only want profit) is to be freed from all the chains of the governments and their banks. They want to lose all of those watchful eyes that wants to know everything they do and about everything they have and tax on everything they can. Fcking hate how the system today works.

[jekjekman]

Another conspiracy about bitcoin when it comes to Governments and Banks about using people, we all know that government and banks are really uses people to function because without them they are nothing and will not function as they should be.

It is a matter of choices though if you really think that way then don't invest with bitcoin or any other kind of crypto. But at the end of the day there is winners and losers, people who is in power really controls the world but if you just keep on ranting about the government it is your choice whether it is true or not.

[n0ne]

Governments and banks were using each and every one's earnings directly or indirectly, at the same time there are governments and banks that are serving the people and making them grow financially and in terms of technology. This gives the government a combined growth along with the people who are into it.

[Milo_Kidd]

Both of us are using each other. We used their service to invest or to transact money. And also they used us to be their client. But they are more binificiary compared to us. The more the client is the more they will earn.

Maybe we became there sock puppet or shall we say a milking cow for them to get a huge benifits from us but there's a good factor about getting some money on each people leave in there state since government need some funds just to have money to used on there good platforms and projects. And I don't know how things work in the bank since the one I know there is we can make our money more safer but in return. And surely they can get more benefit to us and just don't think about it since its so normal in this society today.

Yeah, we cant change the things that reality says about. Thats life. Everyone is struggling in this challenging world. If you want to be success in your goals I you should go with the flow and grab the oppotunity if there is. If everyone is competing try to make a way the they cant let you down.

[filharvey]

I do agree that bitcoin has certain drawbacks and i agree that governments and banks have already adopted the block chain technology on seeing its excellent mechanism and they all are keenly watching bitcoin's performance.I too agree that they are trying to create their own crypto currencies and they are just waiting to learn more from the mistakes of bitcoin and problems which it faces.But even if they release their own coins,it would still miss a major feature of bitcoin,the decentralization.I don't think that people would like to once again go into the hands of government completely.They are already enjoying financial freedom with bitcoin and i don't think that they would deliberately once again do that.More over,bitcoin is not backed by fiat.Bitcoin is mostly driven by community support.It value increases with the increase in demand for it.So,crypto currencies if issued by governments and banks still would not get universal support.

[aardvark15]

Everyone that is currently "investing" in BTC and other cryptos are the "crash test dummies" of the future.

Most major banks and many large/wealthy governments are coming up with their own cryptocurrencies.

Why have these entities not released them yet?  Because they are watching, waiting, and learning from all of the mistakes that other cryptos are making.

High fees.

Slow transactions.

Volatility.

Insecurity of wallets and exchanges.

Public distrust.

Reactions to media attention.

Criminality/money laundering.

Backed by fiat currency.

Lack of patent.

And on and on.

I've been reading this forum for days and I don't see this big picture addressed except in rare cases.  Almost everyone making predictions truly believes that BTC will be around for 50-100 years let alone 2-3.  Every day that goes by is just one more day that forces and entities with far bigger market caps than $100 billion are learning from all of the mistakes and problems plaguing the existing paradigm.

If one is to make a wise investment, they need to be aware of how quickly these markets can change...and literally overnight.  I don't expect much from the fanatics other than irrational reasons why my train of thought is flawed, but I do hope I see some of those individuals that are usually silent come out of the woodwork to offer solutions.  In other words, BTC can only survive if its community takes a mostly pragmatic point of view.  Otherwise it is doomed to be raped and discarded in a way that will leave most reliving their failure to act like that will leave permanent emotional scars like that of PTSD.

There is a big difference between a government cryptocurrency and an independent cryptocurrency. A government or bank controlled blockchain is a private ledger. The Bitcoin blockchain is a public ledger. I think this distinction is the key to the success of Bitcoin. It won't be controlled by a government or bank and all transactions are available in a public space. Nothing hidden or manipulated by a central authority.

[hardforkcoin]

Everyone that is currently "investing" in BTC and other cryptos are the "crash test dummies" of the future.

Most major banks and many large/wealthy governments are coming up with their own cryptocurrencies.

Why have these entities not released them yet?  Because they are watching, waiting, and learning from all of the mistakes that other cryptos are making.

High fees.

Slow transactions.

Volatility.

Insecurity of wallets and exchanges.

Public distrust.

Reactions to media attention.

Criminality/money laundering.

Backed by fiat currency.

Lack of patent.

And on and on.

I've been reading this forum for days and I don't see this big picture addressed except in rare cases.  Almost everyone making predictions truly believes that BTC will be around for 50-100 years let alone 2-3.  Every day that goes by is just one more day that forces and entities with far bigger market caps than $100 billion are learning from all of the mistakes and problems plaguing the existing paradigm.

If one is to make a wise investment, they need to be aware of how quickly these markets can change...and literally overnight.  I don't expect much from the fanatics other than irrational reasons why my train of thought is flawed, but I do hope I see some of those individuals that are usually silent come out of the woodwork to offer solutions.  In other words, BTC can only survive if its community takes a mostly pragmatic point of view.  Otherwise it is doomed to be raped and discarded in a way that will leave most reliving their failure to act like that will leave permanent emotional scars like that of PTSD.

There are many altcoins that aren't considered crash test dummies.

Obviously ETH has the ability to launch all of these different tokens and start new businesses. That is pretty amazing to me. ETH is more like a stock offering and a way for new innovation to raise capital.

Bitcoin is more of the store of value, cash, peer to peer transaction we want to use for everything else.

[cpfreeplz]

Time to dumb it down for the stupid OP.

High fees.

LOL. How much does a wire transfer cost? Could you explain to me how bitcoin transactions cost more?

Slow transactions.

I though instant was fast. Where you dropped as a baby? Confirming a transaction does not equal performing a transaction. Next!

Volatility.
If you have solved volatility in the early days you have created a central bank, and therefore you have created yet another worthless shitcoin.

Insecurity of wallets and exchanges.

My paper wallet are very secure. If they aren't you're welcome to hack them. Come on, go ahead and prove your point. Exchanges? Don't use them wouldn't know.

Public distrust... created by governments and central banks. LOL. Need I say more? Public distrust came with this bat-shit scary thing called an 'automobile'. Somehow horses aren't the #1 way to travel anymore though. Weird.

Reactions to media attention.

Huh? My reaction is usually "they called a bitcoin address an account. They obviously whipped this up in 10 minutes with 0 research. Idiots"

Criminality/money laundering.

Bitcoin is officially the first currency to be used for crime folks. We're all terrorists and drug dealers here, right? Oh no wait I have a job and have never done drugs. Huh. Anything else left to debunk?

Backed by fiat currency.

You can't back something with something that doesn't technically exist. What is my piece of paper worth? Nothing. What is a piece of paper that the government has printed on worth? $20, or $100. Depends whose picture they decide to print on this batch. Is that something that sounds logical to you? Sheep.

Lack of patent.

Open source. Who patented email? Good luck with that.

Shitty troll OP. Try harder.

[feiss]

Anybody who has invested in crypto during the last couple of years will know that the market can move overnight. It is okay if banks and governments learn from the problems faced by Bitcoin. They will not be able to introduce a coin with Bitcoin's biggest advantage - decentralization.

i agree bank can issue a coin but it will not decentralized
they are not watching if they can make it they already made it
bitcoin is already more than 8 years and still a lot of room to grow
when i start in bitcoin i also think that it will never last but until now bitcoin price keep growing
and it leave permanent emotional scars in me because i didint buy a lot when the price is still low

That's true, all banks are centralized which is nothing difference in the system of the government. which means they are same only the banks and the government, That's why thanks into bitcoin due to it is decentralized.

Government and banks are common in implementing the rules and laws in their jurisdiction place. Government place all the funds in banks while banks used those money to transact in the other banks or other institutions to make their investments grow.

[ethereumhunter]

governments and banks is already using us but with bitcoin, they don't control us, they can only watching our bank account is increase because we exchange our bitcoin into money. maybe in some day governments and banks will create their own currency for online and hope that people using that currency while they can watching their member make transaction but i don't think that people which in bitcoin industry will use this as i know some of us don't like their account to be watched by anybody.

until now, community of crypto currencies still giving a big support for the coins and they make sure that crypto currencies will stay for a long time and we are see that the new era is come to us and many people is interesting too like us. if people can open their eyes and their mind that if new technology come to them, they use it, i think they will get many benefits from that technology. and maybe they thinking that bitcoin can give freedom to them to manage their own money and governments and banks can not interfere with their private account.

[Sled]

Even the banks alone are using us. When we decided to make a savings account on banks then the savings or the money that we are going to put in the banks will be used for the investment opportunities that they see and they will not tell us that because their strategy is to encourage more and more people to use their service so they will have more profits because of the bigger capital.

[Rhum142]

Your opinion is totally wrong, the goverment at my country banned bitcoin not using us at " dummy" like you said. Bitcoin is a crypto currency made by POW . No goverment or bank in the world can create bitcoin .

[dream_maker82]

Bitcoin is still free from the influence of banks and government, as decentralization is applied. And in the future this trend will continue, so there is no cause for concern.

[justspare]

Governments and banks were using each and every one's earnings directly or indirectly, at the same time there are governments and banks that are serving the people and making them grow financially and in terms of technology. This gives the government a combined growth along with the people who are into it.

Truly said! “Using” will not be an appropriate word to use. Thing is that we are dependent on our Government and banks, so are they. I think we both are using each other for our own interests and benefits. We cannot blame our Government that they are using our money and resources.

[kevpantof]

Bitcoin is still free from the influence of banks and government, as decentralization is applied. And in the future this trend will continue, so there is no cause for concern.

Bitcoins are not controlled by any bank or government yet. People are that’s why loving to invest into bitcoins. Bitcoins’ decentralized nature has provided all of us a relief from the banks and cruel governments and I want bitcoins to remain decentralized forever otherwise they won’t be able to survive.

[dmamigo]

Governments and banks were using each and every one's earnings directly or indirectly, at the same time there are governments and banks that are serving the people and making them grow financially and in terms of technology. This gives the government a combined growth along with the people who are into it.

Truly said! “Using” will not be an appropriate word to use. Thing is that we are dependent on our Government and banks, so are they. I think we both are using each other for our own interests and benefits. We cannot blame our Government that they are using our money and resources.

Ofcourse they are not using us, rather we are using them. There are various Public Sector Banks which provides enough Interest and Charges low fees, resulting in gains as well as they are providing sufficient services. So I agree its unfair to say that just they are using us.

[Mbah Djoko]

it is time for banks to provide a guarantee of confidentiality of data from customers, it is no secret that bank customers get unfavorable treatment because their data are often sold for vague interests.

[malikusama]

Government and banks always tried to bring down this decentralize network because they don't have any control over that. It seems that government and banks have failed to convince the people to not use cryptocurrencies. They are now trying to make another centralized cryptocurrency and will convince people to use them by offering better services.

[audaciousbeing]

Everyone that is currently "investing" in BTC and other cryptos are the "crash test dummies" of the future.

Most major banks and many large/wealthy governments are coming up with their own cryptocurrencies.

Why have these entities not released them yet?  Because they are watching, waiting, and learning from all of the mistakes that other cryptos are making.

High fees.

Slow transactions.

Volatility.

Insecurity of wallets and exchanges.

Public distrust.

Reactions to media attention.

Criminality/money laundering.

Backed by fiat currency.

Lack of patent.

And on and on.

I've been reading this forum for days and I don't see this big picture addressed except in rare cases.  Almost everyone making predictions truly believes that BTC will be around for 50-100 years let alone 2-3.  Every day that goes by is just one more day that forces and entities with far bigger market caps than $100 billion are learning from all of the mistakes and problems plaguing the existing paradigm.

If one is to make a wise investment, they need to be aware of how quickly these markets can change...and literally overnight.  I don't expect much from the fanatics other than irrational reasons why my train of thought is flawed, but I do hope I see some of those individuals that are usually silent come out of the woodwork to offer solutions.  In other words, BTC can only survive if its community takes a mostly pragmatic point of view.  Otherwise it is doomed to be raped and discarded in a way that will leave most reliving their failure to act like that will leave permanent emotional scars like that of PTSD.

You have made a nice observation but at the same time if government comes with their own currency has you have proposed, it then mean that they have equally seen an opportunity in the crypto currency and have equally know that the future is about digitalisation and at the same time know that its either they fall in into that future or wish out. Dont also forget that if they come up with their own crypto currency then that will bring out their hypocrisy after they had claimed severally that crypto is a ponzi scheme and alot of people will see beyond that cover up of theirs.

[Supreemo]

Everyone that is currently "investing" in BTC and other cryptos are the "crash test dummies" of the future.

Most major banks and many large/wealthy governments are coming up with their own cryptocurrencies.

Why have these entities not released them yet?  Because they are watching, waiting, and learning from all of the mistakes that other cryptos are making.

High fees.

Slow transactions.

Volatility.

Insecurity of wallets and exchanges.

Public distrust.

Reactions to media attention.

Criminality/money laundering.

Backed by fiat currency.

Lack of patent.

And on and on.

I've been reading this forum for days and I don't see this big picture addressed except in rare cases.  Almost everyone making predictions truly believes that BTC will be around for 50-100 years let alone 2-3.  Every day that goes by is just one more day that forces and entities with far bigger market caps than $100 billion are learning from all of the mistakes and problems plaguing the existing paradigm.

If one is to make a wise investment, they need to be aware of how quickly these markets can change...and literally overnight.  I don't expect much from the fanatics other than irrational reasons why my train of thought is flawed, but I do hope I see some of those individuals that are usually silent come out of the woodwork to offer solutions.  In other words, BTC can only survive if its community takes a mostly pragmatic point of view.  Otherwise it is doomed to be raped and discarded in a way that will leave most reliving their failure to act like that will leave permanent emotional scars like that of PTSD.

You have made a nice observation but at the same time if government comes with their own currency has you have proposed, it then mean that they have equally seen an opportunity in the crypto currency and have equally know that the future is about digitalisation and at the same time know that its either they fall in into that future or wish out. Dont also forget that if they come up with their own crypto currency then that will bring out their hypocrisy after they had claimed severally that crypto is a ponzi scheme and alot of people will see beyond that cover up of theirs.

,if that would be happening then i think bitcoin would also be legally accepted by the government and can be used for economical terms. I guess also the government was just using us as test drives and they have been keenly observing what's the circulation of these economy, maybe also someday government would also try ruling crypto just maybe i think.

[zarados]

Everyone that is currently "investing" in BTC and other cryptos are the "crash test dummies" of the future.

Most major banks and many large/wealthy governments are coming up with their own cryptocurrencies.

Why have these entities not released them yet?  Because they are watching, waiting, and learning from all of the mistakes that other cryptos are making.

I've been reading this forum for days and I don't see this big picture addressed except in rare cases.  Almost everyone making predictions truly believes that BTC will be around for 50-100 years let alone 2-3.  Every day that goes by is just one more day that forces and entities with far bigger market caps than $100 billion are learning from all of the mistakes and problems plaguing the existing paradigm.

You might be right, but how long the goverments experiments will end? every moment bitcoin is always developi. It's not like an app in a playstore, if there's a bug, you just need to report it. and what if the goverments already have a perfect resipe for their own crypto currency, do you think people will leaving bitcoin, and going for new crypto soon?. Well that's even also need a process, and it's not quick time.

[WARlrus]

Everyone that is currently "investing" in BTC and other cryptos are the "crash test dummies" of the future.

Most major banks and many large/wealthy governments are coming up with their own cryptocurrencies.

Why have these entities not released them yet?  Because they are watching, waiting, and learning from all of the mistakes that other cryptos are making.

High fees.

Slow transactions.

Volatility.

Insecurity of wallets and exchanges.

Public distrust.

Reactions to media attention.

Criminality/money laundering.

Backed by fiat currency.

Lack of patent.

And on and on.

I've been reading this forum for days and I don't see this big picture addressed except in rare cases.  Almost everyone making predictions truly believes that BTC will be around for 50-100 years let alone 2-3.  Every day that goes by is just one more day that forces and entities with far bigger market caps than $100 billion are learning from all of the mistakes and problems plaguing the existing paradigm.

If one is to make a wise investment, they need to be aware of how quickly these markets can change...and literally overnight.  I don't expect much from the fanatics other than irrational reasons why my train of thought is flawed, but I do hope I see some of those individuals that are usually silent come out of the woodwork to offer solutions.  In other words, BTC can only survive if its community takes a mostly pragmatic point of view.  Otherwise it is doomed to be raped and discarded in a way that will leave most reliving their failure to act like that will leave permanent emotional scars like that of PTSD.

but people will never use any blockchain from bank and gov because we dont trust them!

[cybergamp]

Bitcoin is a freedom of transaction that uses crypto. Of course this does not have kaitanya with the government or the bank. the bank is just a tool where we can transfer the bitcoin we have. And could someday the government will work with banks to create crypto for its customers. If this really happened then there is no freedom gained by customers like in bitcoin. And I'm not sure that people will switch from bitcoin, and follow the crypto made by the government. Maybe only a few people will use it.

People are found of bitcoins just because they provide complete freedom to the users and they have a full liberty of spending their money the way they want to without paying heavy taxes. Yeah! Even if the banks and governments create their own crypto currencies, no one is going to use them.

Indeed bitcoin is giving everybody flexibility as we don't have to visit a few nations for winning we can gain here effectively from bitcoin on the grounds that bitcoin is most intense cash so for what reason would we go to remote nations to acquire how about we join signature crusade and begin procuring in light of the fact that mark battle is best place to win.

[Rinder]

Bitcoin ecosystem might not be the best, since its required huge energy to keep stable, but be sure no other crypto coin, even if the countries make such, it wont reach bitcoin sucess, the big difference is bitcoin is decentralized, allowing the up and downs, wich is were a lot people is making money nowadays, there isnt any currencie in the world able to loose 20-30% its value and recover into the short time. Countries can make their centralized currencie, it will be the same way as they do with fiat, they will manipulate and act into the market if the limits are reached, soo for sure people arent interested into such, and crypto will become best option for any investor.