Why banksters are now in war with bitcoin?

[aardvark15]

Bank already in war secretly with Bitcoin since 2010 from bad press about bitcoin, encourage government/federal bank to ban/regulate bitcoin, makes buy/sell bitcoin process complicated any many more.
They also use blockchain technology, offer various promotion/discount and promise lower fees to prevent people adopt bitcoin.

But i think what he said is just another bad press about bitcoin since various people/media already said bitcoin is scam, ponzi, fraud, failure idea or will die thousand times (https://99bitcoins.com/obituary-stats/)

In America, the big banks basically run the country. In fact, many of the top officials in the Trump administration are from big banks such as Goldman Sachs. Big banks pay all the politicians to influence legislation. This is true for both political parties.

The point is that I agree that banks have a major influence on policy in America. They may try to suppress Bitcoin and other cryptocurrencies. They could succeed but we also see that over the years, Bitcoin has grown to be worth almost $5000 about a month ago.

I think Bitcoin will survive because it's a true grass roots movement that is worldwide and has momentum. At some point, I think banks will need to work with Bitcoin rather than against it.

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[smokeydog]

Diamon and the commercial bankers are the least of the difficulty bitcoin must overcome.   Just wait until the Federal Reserve Bank and Congress finally declare war.   it will be walking a tightrope between falling on the side of bitcoin transactions being taxed allowing it to survive or falling on the other side where it becomes nothing more then the currency of the black markets.

If bitcoin does not make peace with the US government, kiss it goodby for anything but money laundering.

[aardvark15]

Diamon and the commercial bankers are the least of the difficulty bitcoin must overcome.   Just wait until the Federal Reserve Bank and Congress finally declare war.   it will be walking a tightrope between falling on the side of bitcoin transactions being taxed allowing it to survive or falling on the other side where it becomes nothing more then the currency of the black markets.

If bitcoin does not make peace with the US government, kiss it goodby for anything but money laundering.

I could see a scenario where Bitcoin survives and banks have to actually adapt to it. Banks could provide customers a service of converting Bitcoins to fiat and vice versa for its customers. They could even set up secure Bitcoin wallets for customers that are not tech savvy enough to feel comfortable doing it themselves. The banks could charge small fees for these services and embrace this technology.

Banks could even issue Bitcoin credit cards to get in on that part of the Bitcoin economy as well. They really could use Bitcoin in their banking practices rather than fighting it. Just like the internet a few years ago, Bitcoin may be one of those things that you can't stop but you just have to jump on board and use it to your advantage.  Any bank that does this first could be on the cutting edge of this technology.

[bettercrypto]

Diamon and the commercial bankers are the least of the difficulty bitcoin must overcome.   Just wait until the Federal Reserve Bank and Congress finally declare war.   it will be walking a tightrope between falling on the side of bitcoin transactions being taxed allowing it to survive or falling on the other side where it becomes nothing more then the currency of the black markets.

If bitcoin does not make peace with the US government, kiss it goodby for anything but money laundering.

I do not think that the only government that have authority over currency is US,  there are these Russia and China, though China is somehow a bit hostile to bitcoin at this moment,  there is also Japan and Australia but these two will probably influenced by US.  My assumption Russia and China will accept it once US turn down and become hostile to Bitcoin.  This is how competition in economic leadership fare I think.

[tobatz23]

Bitcoin heralds a new age more disruptive than that of today’s Internet. Disruption can be a good thing, especially when it affects banking, a failing set of business models which, for all the tweaks, have been virtually unchanged for millennia. Paradoxically, some banks are afraid of Bitcoin because it would force them to innovate.

[fortress]

In reference to what Jamie Dimon (JP Margan CEO) says, calling bitcoin as a fraud.
https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin

We know for sure these days will come when banks and bankers will start the war with bitcoin.
So why these banksters started their war this time while bitcoin is recovering from the Chinese nightmare?
Bankers want to kill bitcoin for what reason? Perhaps, they see bitcoin provides more promising future compare to their nasty banking system.

Share your thoughts on this matter, please? thanks.

The guy is not very smart. Calling fraud a technological innovation, that is only not more revolutionary than the Internet itself, it's a very stupid attitude.

I don't even know what he expects with this. Bring more publicity to Bitcoin?

[buddynuno]

Bankers sooner or later are going to accept that Bitcoin is a currency just like the others. They don't like it because Bitcoin is out of their control. I dont think Bitcoin is fully decentralized because if you think about it, miners do have some power over Bitcoin.

[smartbitcoininvestor]

Haha looks like the banks are bringing in fear to all the suckers who are buying Bitcoins late. They don't want hope for the platform and are spreading negativity like wildfire. I would just ignore them and continue to invest for the long haul, especially if you just bought into it.

I could have seen this coming a marathon away.

[pooya87]

i disagree with the Poll. i believe banks will never be obsolete. they are old systems that have been offering services (good and very useful services) to people for money. and their services for money will always be needed one way or another. we can not deny that.

but the thing is that these banks need to change and update themselves to the new world and new technologies of this new age. so far they are threatened that their business and their earning is going to diminish because of bitcoin and blockchain technology. but soon they will realize it is inevitable and they need to adopt instead of fighting it because that is a battle they are not going to win.

[rodskee]

bankers against the bitcoin in crypto currency the insecurity of the bankers in the bitcoin as currency is very risk for them, the bankers scared to replace the local currency ino cryptocurrency and all bank are close and raised the bitcoin bank haha.

[macchiato]

Obviously because people who have knowledge about bitcoin tend to use bitcoins more than real money. Instead of investing money in banks, people invest in bitcoins. Banks earn from people who invest in their companies and when people choose bitcoins over banks, the bank is not profiting.

[valentin68]

Bankers earn money from thier day by day jobs. They receive money from people, and when people return to ask for their money, they say: you have to pay this tax, and tis tax, and Good knows what,  if you want your money that you gave to me earlier. Now there is something different that is risking their jobs and their earnings. There is bitcoin, one does not need the classic banks to have bitcoin, nor to cash it out. This is why banks will begin the war with bitcoin, because bitcoin is threatening their earnings and jobs.

[Kakmakr]

You should consider their side of this, to understand where they are coming from.

For many years they were in a position of power. They could selectively chose, who they want to allow into their little private club. If you were poor and they could not exploit you, you were pushed out of the banking system. May 17, 2016 - Although 700 million people have signed up for a bank account since 2011, about two billion worldwide remain unbanked.

Bitcoin is a huge threat to them, because people can make transactions, without using any banking services. People do not have to use ATM's to withdraw cash or transfer cash through online banking systems. You pay no monthly fees to have a bank account or pay extra for services they charge you.

The banks hate Bitcoin and you see this in the desperate statements that are being made lately. ^smile^

Bitcoin will free you from these fraudsters and exploiters who gets bonuses when they commit fraud.

[Stac]

The whole cryptocurrency has changed the people to use crypto currency rather than traditional banks in developed countries so the bankers are scared of losing their job, in the starting stage of bitcoin bankers did not bother they just ignored now they are aware that bitcoin and blockchain technology is very useful and the banks are trying to implement the blockchain technology to defeat bitcoins. The power of bitcoin are its own users, the early users need to fight to clear the war between banks and bitcoins. The community need to be strong to break the wall.

[aardvark15]

i disagree with the Poll. i believe banks will never be obsolete. they are old systems that have been offering services (good and very useful services) to people for money. and their services for money will always be needed one way or another. we can not deny that.

but the thing is that these banks need to change and update themselves to the new world and new technologies of this new age. so far they are threatened that their business and their earning is going to diminish because of bitcoin and blockchain technology. but soon they will realize it is inevitable and they need to adopt instead of fighting it because that is a battle they are not going to win.

I voted 20 years because it was the longest amount of time, but I would rather have voted that banks would never be obsolete also, or at least it would take a much longer period of time for them to be obsolete.

And I agree that if banks want to survive, they need to embrace this new technology and provide cryptocurrency services for their customers. They could use this to gain customers and be out in front of this technology. Instead of fighting Bitcoin, they should figure out how to be part of the movement or they may get left behind.

I think Bitcoin will be around forever even if it becomes an underground currency. I think that won't happen but that is probably the worse case scenario.

[senne]

After a recent comment from JP Morgan it seems like Banks are now in  war with the Bitcoin but the facts are different in a recent post it was discovered that JP Morgan CEO Jamie Dimon  is investing in Bitcoin. So the fact is Banks wanted to create a sense of fear among people so that people get afraid and start selling their Bitcoins so that the price could fall and they can buy for low price which they did, and then later on hold the market by having majority of bitcoins, So the fact is all  such statements made by the banks are pre planned move.

[redsun114]

Bankers sooner or later are going to accept that Bitcoin is a currency just like the others. They don't like it because Bitcoin is out of their control. I dont think Bitcoin is fully decentralized because if you think about it, miners do have some power over Bitcoin.

May be you are right somehow but I think bitcoin is decentralized and uncontrollable cryptocurrency because up till to date no any complaint has been noted by shareholders regarding decentralization of bitcoin. Bitcoin is a big threat for Banks and bankers and bankers will keep continue this war with bitcoin in future.

Mostly people are fed up of banks dealing and bitcoin is the best substitute to resolve the people issues, as they have with banks.

[Dexion]

who says that it is a battle ?,,,, I think not, if the bank feels it is fighting with bitcoin it is normal ,, the same when a trader is rivaled by another merchant ,, and it seems like the statement appears when the higher the bitcoin value, and the bank is worried if the world is controlled by bitcoin,

[mpufatzis]

I think you'd have in the poll the option never.

The bank system is as old as the mankind.
You cant fight it in a few years, you need much more time

[mondobitcoin]

I think that the bank cant will be obsolete.
Because bank is bank, offices, paper money etc..
Maybe they are in war with bitcoin, because bitcoin is a digital currency that have privacy settings, unlike credit card etc.
And the banksters are envious