Purchasing biggest crypto exchanges by banks

[Vyacheslav7755]

What do you think about the subject. I see two different variants how we go further due to this fact.

1. Banks want to destroy crypto and buying exchanges to make them scam at one time.
2. Banks know that Wall Street is ready to enter the market and supposed to get good profit in the nearest future.

What variant you vote for?

[Lancusters]

Do you know examples of banks buying cryptocurrency exchanges? This is not and never will be. Bankers will not destroy their business with their own hands. Wall Street has been present on the cryptocurrency market since the appearance of futures contracts. Maybe the collapse of prices is their game.

[frowsiter]

1. Banks want to destroy crypto and buying exchanges to make them scam at one time.

Why would bank will do it anyway? I am mean come on banks are devil but they aren't so much caring about buying the exchanger first and then dumping it for the same. Fro where do you think bank gets there money? Its us, they use our money to run their institute and this means they wont do anything stupid like buying the crypto exchange and then selling it. So this is out of option.

2. Banks know that Wall Street is ready to enter the market and supposed to get good profit in the nearest future.

Banks already know what Wall Street is doing and they will never interfere with them. The reason is simple, people make loads of $$$ from the Wall Street and where do we put so much money? Obviously in the banks and thus this is how they run in the first place. They get money, they give away huge % of interest loan and thus earn big buck for the institute. This is variant is like traditional stuff which will keep on going.

[Vyacheslav7755]

Do you know examples of banks buying cryptocurrency exchanges? This is not and never will be. Bankers will not destroy their business with their own hands. Wall Street has been present on the cryptocurrency market since the appearance of futures contracts. Maybe the collapse of prices is their game.

Bitfinex, Bittrex, now Binance. And some others exhanges as well.

[Vyacheslav7755]

1. Banks want to destroy crypto and buying exchanges to make them scam at one time.

Why would bank will do it anyway? I am mean come on banks are devil but they aren't so much caring about buying the exchanger first and then dumping it for the same. Fro where do you think bank gets there money? Its us, they use our money to run their institute and this means they wont do anything stupid like buying the crypto exchange and then selling it. So this is out of option.

2. Banks know that Wall Street is ready to enter the market and supposed to get good profit in the nearest future.

Banks already know what Wall Street is doing and they will never interfere with them. The reason is simple, people make loads of $$$ from the Wall Street and where do we put so much money? Obviously in the banks and thus this is how they run in the first place. They get money, they give away huge % of interest loan and thus earn big buck for the institute. This is variant is like traditional stuff which will keep on going.

Probably banks got this order from governments and have to sacrifice their money to be in safe water in future. The higher price of crypto in future the more expensive it will be further. In other hands they are expecting more money on its market and potentially expexting new dotcoms from crypto. Futures are not so popular still for big players I heard yet.

[alani123]

I think this is a real danger to the crypto industry. Banks have the power to buy exchanges, and if they do the data of crypto users could end in the hands of people that are against the principles of bitcoin. Imagine a bank owning your exchange data, they'd easily hand it to whatever government without second thoughts.

[cordlesslake]

Also according to me it can be a plan of investment banks. Troubling the market, lowering the price, buying and then reselling profitably when uncertainty has passed.

[HeRetiK]

Banks will do whatever profits them the most. If that means running an exchange and reaping trading fees, than that's it. Trying to destroy crypto is not as profitable as simple going with the flow.

I think this is a real danger to the crypto industry. Banks have the power to buy exchanges, and if they do the data of crypto users could end in the hands of people that are against the principles of bitcoin. Imagine a bank owning your exchange data, they'd easily hand it to whatever government without second thoughts.

Sorry to say, but that's already the case with any exchange following KYC/AML procedures. That's pretty much what this data is for. Unfortunately legit exchanges are pretty much forced to play ball and follow these orders, lest they get smitten by the powerful arm of the SEC.

[Xester]

What do you think about the subject. I see two different variants how we go further due to this fact.

1. Banks want to destroy crypto and buying exchanges to make them scam at one time.
2. Banks know that Wall Street is ready to enter the market and supposed to get good profit in the nearest future.

What variant you vote for?

It will be number two. Banks are made to earn profit and thus it will evolve into a system wherein it can make huge profit. Banks are willing to let go of their traditional business as long as they will earn profit. As of now there are news of banks that are investing huge amounts of money into cryptocurrency, since they have already seen the potential income and viability of cryptocurrency.

[bartolo]

If banks were against cryptocurrencies and wanted to destroy them, they would not allow their users to use their bank accounts to buy/sell cryptos. Banks see an opportunity in cryptos, in fact, many banks are investing in exchanges or crypto companies.

[eternalgloom]

Do you know examples of banks buying cryptocurrency exchanges? This is not and never will be. Bankers will not destroy their business with their own hands. Wall Street has been present on the cryptocurrency market since the appearance of futures contracts. Maybe the collapse of prices is their game.

Well, Circle just bought Poloniex a while ago, Circle is backed by Goldman Sachs. That's just one example of banks (in)directly investing in cryptocurrency exchanges.
Source: http://uk.businessinsider.com/goldman-sachs-backed-tech-company-bought-crypto-exchange-for-reported-400-million-2018-2?r=US&IR=T

Then there's also the largest Japanese bank that's launching its own crypto exchange, so they're definitely interested in getting into cryptocurrency trading.
Source: https://news.bitcoin.com/japans-largest-bank-to-launch-cryptocurrency-exchange/

[susila_bai]

Obviously when their is profit in any business bank never leave it and they just start it. So it is not big thing if they are going to start their own exchanges or join any of them

[liamnorthcoins]

What do you think about the subject. I see two different variants how we go further due to this fact.

1. Banks want to destroy crypto and buying exchanges to make them scam at one time.
2. Banks know that Wall Street is ready to enter the market and supposed to get good profit in the nearest future.

What variant you vote for?

Bitcoin is a big threat for the banks handling the fiat money. If ever bitcoin surpasses them they become obsolete so they are surely doing something to destroy bitcoin.

[stompix]

I think this is a real danger to the crypto industry. Banks have the power to buy exchanges, and if they do the data of crypto users could end in the hands of people that are against the principles of bitcoin. Imagine a bank owning your exchange data, they'd easily hand it to whatever government without second thoughts.

They don't have second thought.
They must do this even now, without blinking, that's what AML and KYC are for.
What do you thought they do with all those documents?

Besides, you fail to see another weak link that has existed long before banks have acquired exchnges.
You wire and you withdraw money from an exchange via....a BANK!!!!
They already know how much you have sent back and forth, just because you used a shady exchange that required no KYC, the bank still knows all about your fiat balance.
 

[bob3772]

The old saying of keep your friends close and your enemies closer is quite applicable. Banks can not only then have an influence and protect their own interests but they can also profit from the cryptocurrency exchanges. It's really a no brainer for them. I don't think they care all that much what they're investing in as long as it's a profitable investment.

[jseverson]

Wait, from your 1., are you saying banks are going to purchase exchanges, scam with it to ruin its reputation, then abandon it? Lol.

Well if it's a simple purchase, I wouldn't rule out the scenario. I mean, it's not like banks dislike crypto just for the heck of it. They only really hate it because it threatens their business model. I've always believed that Bitcoin would adapt to a crypto future, and them acquiring or starting exchanges would be doing exactly that. They won't need to eliminate it if they themselves make money from it. Exchanges already function somewhat like banks anyway.

[Vyacheslav7755]

Wait, from your 1., are you saying banks are going to purchase exchanges, scam with it to ruin its reputation, then abandon it? Lol.

Well if it's a simple purchase, I wouldn't rule out the scenario. I mean, it's not like banks dislike crypto just for the heck of it. They only really hate it because it threatens their business model. I've always believed that Bitcoin would adapt to a crypto future, and them acquiring or starting exchanges would be doing exactly that. They won't need to eliminate it if they themselves make money from it. Exchanges already function somewhat like banks anyway.

Yes, maybe we could see case nr 2 first and once banks will feel that crypto is real threat for fiat model they will destroy down it to the floor like it was with dotcoms and people will lost trust to crypto. They would say that is is a market and all warned that such scenario is possble. I think market is clearing road for entering real big money -- billions of dollars and G20 is helping in that now (dealline is July to make legaltion for crypto).

[svetochka.yakovleva.93]

It seems to me that large exchanges receive a good income from daily transactions and it will not be profitable for them to sell their business.

[bob3772]

It seems to me that large exchanges receive a good income from daily transactions and it will not be profitable for them to sell their business.

It's profitable to sell every business if you get a high enough price. They'll know themselves how much profit they're making and they'll factor in other things like potential future growth of the market and how that will influence their business. Then many other personal things such as not having to work etc.

[Vyacheslav7755]

It seems to me that large exchanges receive a good income from daily transactions and it will not be profitable for them to sell their business.

It's profitable to sell every business if you get a high enough price. They'll know themselves how much profit they're making and they'll factor in other things like potential future growth of the market and how that will influence their business. Then many other personal things such as not having to work etc.

Agree, largest banks are playing in long term and they know that in the end crypto will bring good profit and fiat and crypto will be in one hands which make their postion safe. But in short-middle term crypto is very unstable and could bring a lot of losses. So not so big players like CEO of crypto exchanges are selling business on high.