[2017-11-02] Banks staying away from bitcoin 'bubble' due to money laundering

[Extr22]

Generally all banks have negative sign about bitcoin may be changed next 10 years (when support blockchain)

[TheKeyLongThumbI]

Generally all banks have negative sign about bitcoin may be changed next 10 years (when support blockchain)

I don't think it's going to 10 years because just look how awareness in bitcoin spreading fast. I would say that these anti-bitcoin bank will surrender to bitcoin in 3-4 years.

[AlexandrInt]

Generally all banks have negative sign about bitcoin may be changed next 10 years (when support blockchain)

I don't think it's going to 10 years because just look how awareness in bitcoin spreading fast. I would say that these anti-bitcoin bank will surrender to bitcoin in 3-4 years.

Banks can not harm bitcoin. They are powerless in this. And I think that soon people will understand that it is better to use crypto currency. And then the banks will definitely become useless

[onrise]

Generally all banks have negative sign about bitcoin may be changed next 10 years (when support blockchain)

Bank have their own channel of operations and btc does not fit into that. Due to which they are not considering it. If for a process to change they would be diagnosing the risk that might be involved and would be considering a huge risk in that due to which they might want to stay away in future as well.

[darkangel11]

Banks are reluctant to get involved with bitcoin due to fears of a bubble and illicit activity associated with it, Tidjane Thiam said Thursday

It's that idiot who said that people are trading BTC to earn money and that's why it's in a bubble. This means that the whole Wall Street is in a bubble for like 100 years... Guy has no idea what he's talking about. Banks are staying away from BTC not because of some money laundering issues but the fact that they are not needed as a participant in crypto transactions. There's no place for them in the ecosystem.

[ApocalypseNow]

That's not a problem because they are going to be useless when bitcoin rules the financial world. Let them stay away because everyone knows that bitcoin is a huge threat to them and that is the reason they act like this.

[Domenc]

This seems like an another negative take of centralized banks on bitcoin . Just finding more ways to defend themselves and to degrade the image of bitcoin .
Money laundering has stayed in the society from a very long time even when there were no bitcoin . Bitcoin is not the sole reason giving initiative to money laundering . It's just the laws and the regulations set by the banks and the corruption associated with bankers that is ultimately going to wipe money laundering . If government is so resisting toward bitcoin because of this thing , then they always have ways to regulate this instead of avoiding it .
The truth is that the banks are too lame and ignorant to understand bitcoin.       

[Carlton Banks]

Money laundering has stayed in the society from a very long time even when there were no bitcoin.

No it hasn't, money laundering has only existed for less than around 75 years, maybe less than that.

[Lm2e4]

I guess illicit activity associated through use of bitcoin is not only the reason why they are staying away. Because natural money do the same. Maybe they just don't wanted to get involved now because they still can't see it as a stable currency that will last the way normal currency does. As the supply of this currency is dependent on the demand, and yet they still don't know the count of demand. But I can sight a little interest of banks on bitcoin! just a little.  

[augmentedinvestor]

In my opinion, scare-mongering at its finest through confounding the issue. Writing off Bitcoin for money-laundering is contradictory coming from banks.

But I can also understand from the bank's perspective that they need to release news like this to create perception that they are doing everything they can to avoid being associated with money-laundering because almost all banks fall susceptible to it in some way and potential fines/shareholder value is on the table.

[Xabad]

We can't blame those banks if they are avoiding the evil side of Bitcoin, since it was used before and is still being used for some illegal activities, which is easier for bad people to do because of its anonymity. But still even in the money on this banks illegal activities still happens.

[Argoo]

The fact that banks stay away from bitcoins because they can be used to launder dirty money is not entirely correct. Banks simply do not want to introduce bitcoin and other crypto currency due to the fact that they are afraid of losing customers and, in this connection, their profits. So they come up with all sorts of reasons to blacken bitcoin. It's vseravno that the client refuses to serve the bank because of the fact that he can be a criminal. But they do not. However, their efforts are vain. Bitcoin receives more and more popular support and the banks will have to accept this.

[Spaffin]

Here the banks are clearly pursuing their goal - to defame bitcoin. The fact is that it is not profitable for banks to distribute bitcoin and increasing support from the community. They know that in this case they will lose customers and their profits. So they try as they can. And the best reason to say that it can be used for criminal purposes.

[bubblebit]

If they don’t want bitcoin in the first place they should have speak about it since before but why now that bitcoin price is highly increasing and paint bitcoin negatively. But it won’t work and this strategy wouldn’t buy consensus to the society because we are already aware of what is the truth. That cash/fiat money has been used many times in those crimes more than bitcoin.

Back in the early days banks were likely assuming that people would abandon Bitcoin and everything related to crypto, but now the adoption is increasing significantly, and that in a very short period of time, they finally start to take it serious. And yes, blackmailing Bitcoin won't work anymore -- they are too late for that. Ultimately, we shouldn't be surprised to see them act like this, because they very well understand that Bitcoin has the potential to disrupt their entire way of operating. Let them talk as much as they want, their words hold no actual value since we know it comes from their desperation.

That is what we called “overconfidence”. They literally ignore something that have the big potential to hurt them and that time/year is 2017. It was well known to the community those CEO’s of major banks are criticising cryptocurrency but instead of decreasing its price, it rapidly increases that is not highly expected on they’re behalf. In this kind of war between two system, banking and blockchain the winner will always be the one supported by the people.