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Author Topic: [2018-01-25] Canadian Bank Launches Blockchain Vault for Cryptocurrency  (Read 41 times)
Rick Nolan
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January 25, 2018, 01:03:24 PM
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VersaBank, a Canadian chartered bank, announced on Tuesday that it is developing a blockchain based vault initiative to securely store digital property and has hired Gurpreet Sahota as Chief Architect of Cyber Security.

Source: https://hype.codes/versabank-launches-blockchain-vault-cryptocurrency
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January 25, 2018, 01:44:14 PM
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In spite mainstream propaganda, things are developing in a positive direction
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January 25, 2018, 02:03:11 PM
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Quote from: another, but similar subject article
Banks have always been known as the safest place to store physical valuables and it is our aim to make VersaVault the safest place to secure your digital valuables

No thanks. People at all times should be stimulated to take care of their own coins, and not have whatever entity act like a centralized vault to offer people "convenience" and "security". Seriously, what's the point (aside from speculation purposes) of Bitcoin when you let a central authority take care of your coins? Then just keep using fiat to transact, because there won't be much of a difference at that point. If you aren't the sole owner of your private keys, you don't own anything. Bitcoin allows people to cut out whatever central authority, and yet they don't seem to understand how much value this aspect of Bitcoin has. Roll Eyes

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January 25, 2018, 03:23:57 PM
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The article is not very clear on how this will be done, but these moves from banks seem to be getting more popular. I do believe a similar news was released in the past, but at that time it was Korean banks that were planning to provide this offer for it's customers. I don't know who would won the private keys. If it was the users, and the bank actually just made a wallet/vault, then I guess it would be ok, but I really doubt this is going to be the case. They are probably just trying to create a service like coinbase or something like that.

I understand why people would like to use banks for security, because this is what they were doing their hole lives. Banks have a lot of problems, but chances of getting your bank account stolen are slim these days, and people like that sense of security. We keep hearing stories of people losing all their coins because they were hacked, etc. We know it's their fault, but when they fear this, and don't trust themselves to keep their coins safe, it's perfect normal that they turn to banks to keep their economies safe.

I mean, let's imagine bitcoin would be used worldwide. It is now the universal currency it was designed to be. You try to keep your own private keys safe, just for yourself. How long it would take for criminals to start kidnapping and torturing people in order to get their private keys and steel their economies. People don't get robed like that now, because their money is protected by banks, so it's perfectly understandable that these type of services will get popular, either offered by banks, or other private companies.
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January 27, 2018, 05:15:25 PM
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Yeah, this is the raising adoption at the country and our world as a whole. Earlier, the KFC canada also accepting bitcoin thru Bitpay (if I not mistaken( to pay for the likin good. A mining sanctuary also occupied by large miners at their hydro-powered energy-rich territory.
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