[2017-12-02] Crypto Enthusiasts Express Concern That Banks Could Take Over BTC

[ivanpoldark]

A number of Bitcoin holders are expressing their displeasure over the green light received by Wall Street to enter the Bitcoin market. Their concern is that allowing banks entry into the Bitcoin market is an indirect way of introducing corruption into the system, which they feel could lead to price manipulation in the long run.

The Commodity Futures Trading Commission (CFTC) on Friday made public that it was going to grant permission to CME Group and CBOE Global Markets to list bitcoin futures. This development would make CBOE and CME the first traditional exchanges in the U.S. to offer trading in financial products related to Bitcoin.

DAMN THE MAN – KEEP BITCOIN FREE

According to American Banker, some supporters of the digital currency are of the opinion that this initiative could mark the end of Bitcoin’s freedom and decentralization. They are already spilling their bile over this perceived attempt by the authorities to offer Bitcoin on the altar of slavery. They feel that it is an attempt by the banks to usurp control of the digital-asset market.

Read more: http://bitcoinist.com/bitcoin-enthusiasts-express-concern-banks-close-bitcoin/

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[darkangel11]

Their concern is that allowing banks entry into the Bitcoin market is an indirect way of introducing corruption into the system, which they feel could lead to price manipulation in the long run.

So, you guys want democracy, freedom and such but you also want to restrict some organizations from using it? Banks have the same right to be a part of the system as all of us. Furthermore, you're calling banks corrupt if you're afraid of spreading this corruption into the Bitcoin ecosystem. What makes you think that all banks are like that and what makes you think that the corruption isn't already here?
What should we do? Tell them they can't offer BTC investments because of what? Fear of corruption? Give me a break!

[Kprawn]

You cannot stop institutional money flowing into Bitcoin. These guys has smelled green blood like a vampire and they will hunt

down the profits. This is only the first step... we are going to see massive amounts of money being shorted to manipulate

Bitcoin and the futures and the next thing will be ETFs.  ..... If the governments cannot stop it, they will just print more

money to slow it down, with the help of Banks. 

[Domenc]

Banks has always wanted it. Restraining bitcoin and regulating them has been in the "to-do" list of every centralized bank. Hearing such concerns and such cases is not something new. It is human nature that one cannot expect to lose on their profits and same is the case happening here. Panic, tension and rumors are in the air and the massive growth has put everyone into deep thinking mode of speculating the next move to stop the growth of Bitcoin.

[buwaytress]

This is some funny news article really, taking one random question from some random Twitter personality, blowing it out of proportion and out of context to create a story. Poor journalism aside, it's also poor as an attempt at sensationalism.

"Allowing the banks to have a say in how the cryptocurrency should be administered or run could spell doom for the digital currency."

How on earth does CME's success today lets banks have a say in how crypto is administered? And who on earth is @CryptoBreakfast to be representative of "some crypto enthusiasts"? Perhaps that's why it's important to distinguish enthusiasts from advocates. You can't support the idea of decentralised currency and cry foul when a party you don't want involved wants to.