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Author Topic: Why Banks are attacking Bitcoin ?  (Read 1654 times)
sparkystacey
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February 06, 2018, 06:45:32 PM
 #21

I think its a gross generalization to say they are against bitcoin. They are against risk, and for protecting customer's money. That is the principle they were created to endorse.

They are working on their own solutions utilizing blockchain. For instance, they are using blockchain to wipe out SWIFT (the ultimate middle man) and to even create some of their own coins. Many of the biggest banks, including JP Morgan whose been the most critical publicly of exuberance and investment, has been working on Quorum, releasing a 2.0 version that is closely aligned with Ethereum. 

They are being protectionist, and to some degree maybe overdoing it to underscore their own value, but banks are definitely working closely with the technologies to make sure they are part of this ecosystem as it unfolds.
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February 06, 2018, 08:29:56 PM
 #22

I think its a gross generalization to say they are against bitcoin. They are against risk, and for protecting customer's money. That is the principle they were created to endorse.

They are working on their own solutions utilizing blockchain. For instance, they are using blockchain to wipe out SWIFT (the ultimate middle man) and to even create some of their own coins. Many of the biggest banks, including JP Morgan whose been the most critical publicly of exuberance and investment, has been working on Quorum, releasing a 2.0 version that is closely aligned with Ethereum. 

They are being protectionist, and to some degree maybe overdoing it to underscore their own value, but banks are definitely working closely with the technologies to make sure they are part of this ecosystem as it unfolds.
Govt are affraid of losing financial control on money. As govt run by taxes and using digital payment system cuts down the taxes in my opinion and govt cannot trace transaction. In my opinion this is the reason.
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February 06, 2018, 08:47:04 PM
 #23

Govt are affraid of losing financial control on money. As govt run by taxes and using digital payment system cuts down the taxes in my opinion and govt cannot trace transaction. In my opinion this is the reason.
They are afraid of losing financial control from the community because it can ruin the banking economy and also those people who have big amount in the banks can also withdraw that money.

And if that happens the bank will lose a lot of big fund that can affect their lending business so they are attacking and afraid of bitcoin. While it is still early to see the future, they are doing their best to stop bitcoin because its decentralized means uncontrollable.

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February 06, 2018, 09:02:09 PM
 #24

Strangely, banks hate bitcoin but love blockchain because it makes their processes more efficient.  The tech giveth and the tech taketh away  Grin

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February 06, 2018, 09:25:16 PM
 #25

Govt are affraid of losing financial control on money. As govt run by taxes and using digital payment system cuts down the taxes in my opinion and govt cannot trace transaction. In my opinion this is the reason.

It does not cut taxes! Blockchain transactions are visible and stay visible forever because it's impossible to take down all nodes at once. So blockchain is much more transparent than normal transactions. If a bank manager wants to wire money somewhere under the table he can do it and make it the way the banking system doesn't recognize it. If it's a small sum connected to a number of big wires until and on top of that there balance remains positive or neutral, nobody will bother to investigate. That's why bankers used to be the biggest money launderers for the mafia back in the day.
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February 07, 2018, 12:44:24 AM
 #26

That's why bankers used to be the biggest money launderers for the mafia back in the day.
They are still doing so for large criminal organisations. It's impossible that without their help, billions and billions of criminal money each year ends up in the legal circuit, and these transactions come with very high commissions.

Banks are one of the biggest criminal entities ththemselves. They are looking to attract wealthy foreign clients, but have absolutely zero problems snitching on them by reporting their holdings to their tax agency.

Banks also help in financing wars, which basically makes them the worst possible scum on this plannet. I am glad that we have Bitcoin to be used as safe haven, and more people start to understand this as well.

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February 07, 2018, 05:12:51 PM
 #27

Here is also my some thoughts for the reason  banks are totally not supporting bitcoin.
1. People investing in bitcoin has the big chance to earn big than in a bank.
2. Your money is sleeping in a bank in such a long period of time and only but making only a small amount of profit while investing it in bitcoin is more profitable.

Traditional banks will fall down if they let bitcoin to take the lead. But I doubt that there thing or someone that can stop it from reigning.

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carlfebz2
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February 07, 2018, 07:31:10 PM
 #28

You got some merits from me man! Cool Actually this post do really have these strong points why banks don't really like bitcoin at all or doesn't really even recognized to be part of it because it do acts oppositely on what banks do offer. If people would able to find out on how does it works then its normal people will surely make use of it instead of banks but the thing we should always think of is on the risk involved which we see that it has higher risk than on putting your money simply on banks.
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February 08, 2018, 05:13:10 AM
 #29

Simply because they knew the threat of bitcoins being on top of the line preferred by most people to invest in rather than putting all of their money in a bank account which earn a little fixed interest rate. And since bitcoins are not mandated by financial institutions and the government it is much easier to do transactions rather than banks.

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February 08, 2018, 02:11:21 PM
 #30

Simply because they knew the threat of bitcoins being on top of the line preferred by most people to invest in rather than putting all of their money in a bank account which earn a little fixed interest rate. And since bitcoins are not mandated by financial institutions and the government it is much easier to do transactions rather than banks.
Banks are not totally attacking bitcoin, some don't mind them some just don't care, but those who are in the Central banks are the one who does not like the idea of having a cryptocurrency since they have noticed that their transactions  had affected by cryptos especially in trading/investing.

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February 08, 2018, 02:13:39 PM
 #31

Isn't it obvious? They will attack BTC or any other cryptocurrency because it will take away the Banking System if crypto succeed. #Easy
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February 08, 2018, 03:17:28 PM
 #32

Bitcoin as a payment solution is a good opponent of banks. That's why the don't like Bitcoin. It also has an advantage of being a currency that any bank can not beat. So, most economists don't like Bitcoin both as a payment solution and as a currency. That's why they say Bitcoin is a bubble time to time... Embarrassed Huh Angry Wink
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February 09, 2018, 10:46:17 AM
 #33

day by day bitcoin develop more and more and it is the opponent of bitcoin,the country manager bank and they don't want lose market share
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February 09, 2018, 08:33:14 PM
 #34

day by day bitcoin develop more and more and it is the opponent of bitcoin,the country manager bank and they don't want lose market share
Bank are opposing bitcoins becuase they make handsome amount of money in doing swift transactions so if bitcoin becomes the mainstream for the whole world for sending or remitting their receipts through digital currency there where are the banks stand.
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February 10, 2018, 09:00:39 AM
 #35

Banks are regulated and Bitcoin is deregulated. Based on this to Banks, Bitcoins are illegible on line currency possible of being scammed no matter how secured or encrypted its wallet might be. So, Banks get to wander why people still believe and invest in it instead of securing/keeping their money in Banks which is of more importance to them. Secondly, how can Bankers secure employment if Bitcoin is now generally accepted, since they as middle men shall be abolished or reduced drastically.

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February 10, 2018, 09:06:25 AM
 #36

Its normal and natural for banks to attack any financial system or any financial model that seems to make people remove their money from banks to partake in, especially if that financial system is not regulated like bitcoin. BAnd not just banks even governments are wary of bitcoin

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February 11, 2018, 11:18:37 PM
 #37

Their main concern atm is crypto as an instrument for money laundering and tax evasion. So in 2018 we will see more regulations for fiat-crypto gateways (exchanges and the like) to prevent anonymity.I don't think it is under attack.Many banks/governments are still in the state of evaluation.

I think it’s more than just money laundering and tax evasion which concerns them. I think they have noticed that many have profited largely through bitcoin, and this scares them because it is foreign and unfamiliar to them. They can't understand where all the money is coming from since they don't understand what bitcoin is. For them, it is unstable and it's not secure - which is the complete opposite of what banks are. As for now, banks are indifferent towards bitcoin and although they don't attack it directly, they still have an unsure position towards it.

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February 13, 2018, 01:38:12 PM
 #38

Day by day we are getting news like , this country reject bitcoin that country accept Bitcoin. Technically it stands a contrast perspective with the Central Bank and the economy of the country. But as I love BITCOIN , I pray Every single country will accept BITCOIN one day.

No Liabilities or debt with BITCOIN:

Bitcoin is a conveyor machine, meaning that there are no liabilities or debts associated with it. You can't get loan from it , or you can't get profit through interest.  If you hold it, it’s yours. And as such, there can be no run on a “bitcoin bank.” It's Independent.

Bitcoin is considered as Fiat Currency :
Of course you can assume,  holding bitcoin superior in many ways to holding fiat currency in a deposit account. Here Fiat currency are those which can not be backed by commodities . It has all the benefits without the risk of capital controls. Because of this, the growth of bitcoin is sucking value out of national currencies. The higher capital will rise the higher value it will get.

The Capital is really HUGE
I think there is now more than $70B worth of bitcoin sitting in bitcoin wallets.One thing to consider here , the asset is not under any management. So we can call it AUP (Asset Under Management ) , but we can call it Assets Under Protection (AUP). And here is where the risk to traditional banking resides. What does a world look like when a simple bitcoin wallet is indirectly protecting as much money as big giant companies , organizations like  Bank of America or Fargo etc.

Wallet Becomes Bank
At that point that wallet becomes a bank, Haha , a newer form of bank with decentralized function, with different rules, operations, and monetization policy.

The Last Reason-  PEOPLES LOVE BITCOIN
The real reason that banks should worry about People loves BITCOIN. People always love easy process, better stability and full control. All things are available in this case. Bitcoin actually threatens the bedrock policy  and business model of Banks. That's why Banks are attacking Bitcoin.

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Banks are attacking bitcoin because Banks say Bitcoin and other currencies are by no means currencies because it has no real value, they are pure speculative objects, it's a bubble and it is dangerous, it has technical limitations for users,  it could trigger substantial risks in the side of investors and potential risks in financial stability.
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February 13, 2018, 02:33:25 PM
 #39

Centralized banks simply view Bitcoin and cryptocurrency as a threat to their profits and financial control.
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February 13, 2018, 06:01:12 PM
 #40

Simply because they knew the threat of bitcoins being on top of the line preferred by most people to invest in rather than putting all of their money in a bank account which earn a little fixed interest rate. And since bitcoins are not mandated by financial institutions and the government it is much easier to do transactions rather than banks.
Banks are not totally attacking bitcoin, some don't mind them some just don't care, but those who are in the Central banks are the one who does not like the idea of having a cryptocurrency since they have noticed that their transactions  had affected by cryptos especially in trading/investing.

I’ve heard of some central banks who are open to the idea of cryptocurrency. This must have been the case because there has been a rising number of cryptousers within the area. They say that if you can’t beat them, you join them.

Not all banks have made actions toward crypto or bitcoin, and I don’t think that they would attempt to attack it. Most just don’t know what to do because they are not familiar with it and lack knowledge on the concept. They may feel threatened because it concerns their industry however banks won’t make any drastic moves toward bitcoin.
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