What would happen if the banks take control of Bitcoin?

[HG_Lincs]

I just want to start by saying. It's impossible for Banks to take control of Bitcoin. In order for that to happen, they must Hold, over 50% of the entire circulating supply.
So Unless the banks open up the world best mining farms right now. It's... yeah I'm going to say impossible.

Secondly, the banks already have their Currency of choice.. That would be Ripple.
That's why I can promise you that you're never going to see Ripple at $10

[dewynijhof]

if banks take control of bitcoin, surely bitcoin will not anonymous anymore, bitcoin price will be under control of banks so the price will be stable whole time, finally we will all be taxed when using bitcoin, i personally wont accept this and will leave bitcoin forever.

[shezu007]

if banks take control of bitcoin, surely bitcoin will not anonymous anymore, bitcoin price will be under control of banks so the price will be stable whole time, finally we will all be taxed when using bitcoin, i personally wont accept this and will leave bitcoin forever.

Well, first it is not possible that anyone can take control of BTC even super power countries while if such happen then BTC will lose all their customers because Bank will start accepting taxes on BTC while also price will lose their volatility property due to which trader will stop trading with BTC and BTC will approximately go to end.

[szpalata]

if banks take control of bitcoin, surely bitcoin will not anonymous anymore, bitcoin price will be under control of banks so the price will be stable whole time, finally we will all be taxed when using bitcoin, i personally wont accept this and will leave bitcoin forever.

Well, first it is not possible that anyone can take control of BTC even super power countries while if such happen then BTC will lose all their customers because Bank will start accepting taxes on BTC while also price will lose their volatility property due to which trader will stop trading with BTC and BTC will approximately go to end.

It's just not possible for any singular entity to seize control of bitcoin because it is decentralized and it will take everyone of us to surrender it to the central authority which i strongly doubt but the worst they could  do will be  to make it difficult  for everyone to use by setting up laws against it's free movement among several jurisdictions around the world or they will have to switch off the internet worldwide.

[superloy]

The essence of bitcoin being decentralized will be gone. As we all know the decetralization aspect attracts many to invest bitcoin. And the main purpose if bitcoin will no longer be enjoyed. People want to be anonymous which will sure be gone if banks take charge. People will then lose interest on bitcoin. But will that really happen? Posibilities are there but only very minimal. I still doubt for that to happen.

[xiguadady]

fuck i think I am the most stupid guy ,Iguess report is reply .and then I report 8... sorry
 

[Generalbablita]

Is it really possible for the banks to control all of them?

[Nabilog]

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
 Thanks you!

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
 Thanks you!

If bank control the btc it is centralize already oligarch can dictate the price and manipulate the the market of cryptocurrency.
But there are good side though government most likely will not harass the cryptocurrency because tax will easily implemented as per the bank laws.

[mondobitcoin]

I don't think that is possible, because Bitcoin was created exactly for this reason, be independent and  decentralized crypto currency
If for any reason this should happen, i think that more than 50% of users it will not use bitcoins anymore

[Kakmakr]

Bitcoin is part of something called, Crypto currencies. If the Banks buy all available bitcoins and this become public knowledge, then people will either create a new "Bitcoin" or use one of the other Alt coins out there. The Banks know this, so they created and developed their own Blockchain technologies or they simply influenced current Alt coin developers to help them. <Ripple is one of those Bank puppets>

We also have ex-Bitcoin developers, working for the Banks now. <Mike Hearn>

[thanhthao1982n]

No one can control it because BTC depends on market fluctuations

[CoinChili]

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
 Thanks you!

WTF this kind of question, seems you don't know what crypto currencies is, what it does and who develop those. Control of WHAT? better to get afraid of Big whales and countries who holds a huge amount of BTC if they're really exist. 

[Aryadwipanggah]

until now I have not seen anyone can control the bitcoin including the bank.From terms of price it depends from the power of buyers and sellers to form a price, I think the bank can not do anything against bitcoin.

[ardyology]

Bitcoin is a digital decentralized platform and will remain that way until the last halving. As for the banks, yes they can affect the dynamics of the Bitcoin but it is impossible for them to control it. Yes, they created XRP because they believe it could take over the crypto king but the blockchain is way too distributed to be able to do such manipulation. As long as many have more faith in BTC than XRP then BTC will remain untouchable.

[ipanks]

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
 Thanks you!

I don't know about this and not think too much. it is better to stay focus on collecting more bitcoin than thinking about that. but I think they will make some regulations for this and they will force us to register our wallet address so they will know how much our bitcoin amount and how often we send our bitcoin in monthly. they will try to control bitcoin and somehow they will use their source to know more info from bitcoin owner. maybe the time will come to see this thing happen.

[BingoDog]

How could bank or any other financial institution possibly control bitcoin? This makes no sense, as well as this question.
They can't control the system taht is independent and decentralized. Maybe you are mixiing that with the fact that some banks are expermenting with bitcoin and trying ti use it for their benefit. But this is not the same as controling it.

[dysbulias01]

Hello......

I think , it will be difficult to bank control btc & all cryptocurrency.

Because, many countries think it was ilegal..

Well , if those really happens...

Bank will be use tax for all your transaction in bitcoin , they'll make rules about minimum & maximum price to buy either sell your btc ( with tax offcourse)

It's just my opinion.m.
CMIIW,Please.. ☺

[millgates]

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
 Thanks you!

The price movement is normal, it's because most of people only take their profit in form of bitcoin or fiat. Although there are many altcoins which very expensive but we still cannot used it directly in our real life. The only one way to control bitcoin is by own it, so bank need to buy bitcoin to control it.

[Harlot]

If big banks are hoarding Bitcoin for it to pump then we will see know difference as to what is happening to Bitcoin today. This is what big players or whales are doing now except with the participation of Banks we must expect that Bitcoin will be moving up much higher moving down much faster as banks are financial institutions they have the money to influence the market. It might be a good opportunity for us small players as well as profit taking can be much quicker as the price moves faster.

[AmericanBit]

If BTC goes up, the ALTS goes down. If BTC goes down, the ALTS goes down. What would happen if they control most of BTC?
 Thanks you!

It will not be very good think, if banks will control bitcoin they will fall into banking regulations, and there will be a lot of linked difficulties. Today I don't thin that it is realistic.