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Author Topic: Why Banks are attacking Bitcoin ?  (Read 8741 times)
cryptorampage
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February 01, 2018, 09:27:22 PM
Merited by botany (3), veleten (1), avikz (1), carlfebz2 (1), lienfaye (1), yndye (1), Vazil (1)
 #1

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.

I am trying to write good article and trying to research more to build good article. Really dreaming to get first MERIT. Thanks you guys. (Forgive me for any mistake)
Cheesy Cheesy Cheesy
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Kramblerty
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February 03, 2018, 09:56:33 PM
 #2

The main reason (why banks don't like btc and other cryptos) is the loss of profits.
Transactions made via blockchain kills transactions made via banks.

But the topic is essential! It should be upped!
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February 03, 2018, 09:58:50 PM
 #3

The main reason (why banks don't like btc and other cryptos) is the loss of profits.
Transactions made via blockchain kills transactions made via banks.

But the topic is essential! It should be upped!

Agree! We all must take a piece of world money pie (from banks) by using crypto assets.
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February 03, 2018, 10:00:52 PM
 #4

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...

In crypto me trust Smiley
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February 03, 2018, 10:04:26 PM
 #5

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.

Exchanges are the new banks. You can even lend your bitcoins to margin traders and make small gains. There may not be any run on exchanges, but there is always the equivalent of a bank-robbery (hacking of an exchange).

I am trying to write good article and trying to research more to build good article. Really dreaming to get first MERIT. Thanks you guys. (Forgive me for any mistake) Cheesy Cheesy Cheesy

This may be construed as begging for merit. Not a good idea.
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February 04, 2018, 03:47:44 AM
 #6


is loss of profit.
Transactions are made through the blocking of transactions made through banks.
cryptorampage
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February 04, 2018, 04:49:38 AM
 #7

I am trying to write good article and trying to research more to build good article. Really dreaming to get first MERIT. Thanks you guys. (Forgive me for any mistake) Cheesy Cheesy Cheesy
Quote
This may be construed as begging for merit. Not a good idea.
Dear sir ,
Most of the people commending the strong one, who don't need the merit. They actually passed the minimum requirement to get higher level. Only to impress medium account like "member" giving merit to the legendary.
Sir I don't play any ico or signature. I love this forum. How could we (weak account) passed the bar and level up.

People count there Smerit before giving some one. Like should I give him? And if that account is weak , the chance becomes lower.

Why I am requesting :
I have written 6 good article , each article took me 1day to write. But then no one gave me that point. Thats why I started requesting , Hmm I know it looks bad. But we need to be more generous and kind to the low level account. Otherwise we will not pass. You could say it begging but it is necessary because this system is still new.

I am saying again merit system is not the badge , it is not controlled by software , if you guys (strong /higher lvl ) don't give us , no one will. I am sorry if I did any wrong.
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February 04, 2018, 05:19:29 AM
 #8

Especially central banks are getting affected by the rise of cryptocurrency in the world today because many people choosing saving in their bitcoin wallet rather on bank, they rather risk their money on bitcoin than saving on banks because it is more affordable and efficient.

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February 04, 2018, 12:37:57 PM
 #9

Because banks are so afraid not just on bitcoin but in all cryptocurrency. If this thing will fully implement in the coming years well the profit of banks will reduce since we can easily transfer money around the world and a bit more faster.

This topic already exists as I know.
Anyway,you said that bankers profit will reduce,okay its logically but today they have already started to create their own exchanges,this means that banks also looking for new ways to get more profit from this situation,But it's a bit unclear Which banks are you talking about? there are two kind of banks Federal (national)  and commercial banks,National banks are afraid because of its emission,noone regulate its emission and thats problem for them,but for commercial banks don't worry they will always find alternative ways to earn good profits,becuase they usually don't have incomes only from transactions,the scope of their activities is much wider,for example they are in construction business,etc...
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February 04, 2018, 01:09:30 PM
 #10

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.

Although I agree with most of what you say, this first point is simply false. There are liabilities and debt with bitcoin. You don’t need to go very far to check it:

https://bitcointalk.org/index.php?board=65.0 (lending board)

You can also check casino investments, or freebitco.in giving a fixed 4% interest on your bitcoin.

A bank could perfectly give bitcoin loans and also pay interest.
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February 04, 2018, 03:49:29 PM
 #11

The main reason (why banks don't like btc and other cryptos) is the loss of profits. Transactions made via blockchain kills transactions made via banks. But the topic is essential! It should be upped!

It all boils down to business. Banks are afraid that soon a big chunk of their business volume can be affected because a good number of people are shifting to cryptocurrency or to those companies that are involved with cryptocurrency. It is all about fighting for your own kingdom or captured market. Consequently, many leaders of the banking sectors  are painting some negative spins about Bitcoin and cryptocurrency in general. What these people forgot is that they are actually the very reason why Bitcoin came into being...on their failure to stop the many financial crisis the country experienced in the past.

 
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February 04, 2018, 04:30:10 PM
 #12

Banks are a lot more scared of tripping some existing regulation than they are of losing business to Bitcoin.

Think it over. There are people clamouring to drag them into an area that's completely unregulated in most countries. Finance is one of the most heavily regulated areas in the world and the penalties for ballsing up are severe.

Until there's clear and straightforward guidelines for them to adhere to, no right thinking bank will want anything to do with crypto. It's a world of pain with little upside.

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February 05, 2018, 11:34:19 AM
 #13

The main reason that banks are  always attacking Bitcoin or digital currencies is the financial losses and the decrease of Fiat value. Furthermore, They are afraid of the continued existence of  Bitcoin at the summit of the digital currencies, so they invested a huge value in other currencies in order to  affect negatively the  value of Bitcoin.
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February 06, 2018, 02:55:21 PM
 #14

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.
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February 06, 2018, 03:59:14 PM
 #15

Banks have different approach when it comes to cryptocurrencies but most of them doesn't like bitcoin as they were kept saying that bitcoin is somewhat a ponzi scheme and can manipulate the price by those big waves, but some country/central banks sees this as an opportunity to lessen the transactions in bank each day.

 
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February 06, 2018, 06:45:32 PM
 #16

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.

Provide Technologies: Pioneering the decentralized platform as a service (dPaaS)—the blockchain acceleration platform. Https://provide.services
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February 06, 2018, 08:47:04 PM
 #17

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, 09:25:16 PM
 #18

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
 #19

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
 #20

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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