The Continuity of Power and Influence of the Banks and the Governments

[Hallmader]

I just want to ask the opinions of the members of this forum regarding the gradual yet obvious turning of events in the world as regards the development of cryptocurrency vis-à-vis the banks and the governments.

We somehow give a connotation that cryptocurrency is a way out of the influential and powerful ways of the banks and the governments. No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.

Do you guys think that with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

I need your wide perspective on this please. Thank you.

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[avikz]

I just want to ask the opinions of the members of this forum regarding the gradual yet obvious turning of events in the world as regards the development of cryptocurrency vis-à-vis the banks and the governments.

We somehow give a connotation that cryptocurrency is a way out of the influential and powerful ways of the banks and the governments. No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

This possibility of staying out of the prying eyes of the Banks and the governments are actually the main bottleneck towards the mainstream adoption of cryptos. The basic nature of government is to control everything within their capability and crypto was directly challenging that capability. That is the reason why a lot of governments are turning blind eye to the cryptos and effectively trying to ban it by various methods.

However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.

Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

I need your wide perspective on this please. Thank you.

As per one report published by World Bank back in 2016, we now have around 65k regulated commercial banks and Financial institutions around the world who are an integral part of the economy. So you understand how strong their lobby is. Till date we have seen probably 2% of the banks are open to crypto so we have a long way to go. Not all banks and governments are run by visionaries, so they can't predict future and they are more comfortable to function within a prescribed framework.

It's good that the scenario is slowly changing towards the future and few Governments like Japan, Germany and Malta have started recognizing cryptos as a future currency system. I don't think this revolution will be pulled towards the old system that exists now, but the change will also take a longer time than expected. We are seeing the start of it and probably the next generation will see the accomplishments.

[Retty]

I just want to ask the opinions of the members of this forum regarding the gradual yet obvious turning of events in the world as regards the development of cryptocurrency vis-à-vis the banks and the governments.

We somehow give a connotation that cryptocurrency is a way out of the influential and powerful ways of the banks and the governments. No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.

Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

I need your wide perspective on this please. Thank you.

Hi guys, although i'm relatively new here I'm not brand new to crypto. What i can see, we have everyone wanting to get involved in Bitcoin- but they are not shouting from the rooftops about it...yet! There is- and will always be- FUD thrown at BTC but in my honest opinion this is manufactured and manipulated at an attempt to drive the price down.

Just look around at things that are happening at the minute, we have Wall street involved, governments buying it, Big exchanges are starting to shift towards welcoming institutional investors. Indeed, Coinbase is to start offering an Institutional suite of product just a few weeks back. These things all point to one thing, and that is the big money is trickling in.

A lot of the FUD is created by the same people who are wanting to buy more- but Wall St and other big investors buy in at their price, not ours.

I sincerely hope we don't get pulled towards the 'old system' but i think its going to be inevitable if the price crashes too low

[vv181]

Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

The central bank nor governments is a scam. The only thing they able to maximize for their system is using the blockchain technologies, and continues to enslave us with a new propaganda strategy contained with the blockchain sprinkle word.

[TomUyamot]

I just want to ask the opinions of the members of this forum regarding the gradual yet obvious turning of events in the world as regards the development of cryptocurrency vis-à-vis the banks and the governments.

We somehow give a connotation that cryptocurrency is a way out of the influential and powerful ways of the banks and the governments. No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

This possibility of staying out of the prying eyes of the Banks and the governments are actually the main bottleneck towards the mainstream adoption of cryptos. The basic nature of government is to control everything within their capability and crypto was directly challenging that capability. That is the reason why a lot of governments are turning blind eye to the cryptos and effectively trying to ban it by various methods.

However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.

Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

I need your wide perspective on this please. Thank you.

As per one report published by World Bank back in 2016, we now have around 65k regulated commercial banks and Financial institutions around the world who are an integral part of the economy. So you understand how strong their lobby is. Till date we have seen probably 2% of the banks are open to crypto so we have a long way to go. Not all banks and governments are run by visionaries, so they can't predict future and they are more comfortable to function within a prescribed framework.

It's good that the scenario is slowly changing towards the future and few Governments like Japan, Germany and Malta have started recognizing cryptos as a future currency system. I don't think this revolution will be pulled towards the old system that exists now, but the change will also take a longer time than expected. We are seeing the start of it and probably the next generation will see the accomplishments.

So, which is which, is it the old system that is slowly moving into the new system brought by cryptocurrency or the new system slowly eaten up by the old influential players of the world? When you say that there is already around 2% of the banks that opened up for crypto, does it mean that the old system prevails or the new one? Or perhaps it is more apt to say that the two systems met somewhere in the middle and created a sort of compromise?

[BillCoin]

Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

The central bank nor governments is a scam. The only thing they able to maximize for their system is using the blockchain technologies, and continues to enslave us with a new propaganda strategy contained with the blockchain sprinkle word.

I disagree, the central banks main purpose it to make money, but they do offer a protection for some kind of users.
For an example, users that will probably get scammed in the bitcoin world(from ICOs and etc) are now  protected  in the regulated world as it's much harder to get scammed.
Some people need a defense from them self and that's what the governments and banks come to offer, people don't need to mess up with determining whether something is a scam or legit, they can just rely on their bank/government to make the detect for them.

[asdep]

The cryptocurrency system can never be intervened and regulated by anyone, but with the support of banks and the government, it will help increase the crypto price higher.

[thamas_22]

Different banks and government feel threatened for crypto currency as they don't hsve control over it. So, they any how want to minimize his threat. In future they should understand about the value of it.

[walemil]

Fiat currencies operation is happening in a well regulated environment, so fraud and financial crime can easily be investigated. Many criminals have been able to hide under the anonymity of cryptocurrencies to defraud innocent people. While the government may see cryptocurrency as a threat to fiat currency, it may quickly want to regulate cryptocurrency on the basis of financial crime. This will have advantages as well as disadvantages.

[pitiflin]

We somehow give a connotation that cryptocurrency is a way out of the influential and powerful ways of the banks and the governments. No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.

Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

I need your wide perspective on this please. Thank you.

Banks are entering only now. Crypto was never out of influential and powerful ways. The exchanges have ruined people's lives. There has been intervention from authorities from time to time. Now that banks are eventually entering the arena, things would get out of hand. We will have to again deal with the KYC annoying crap. Some exchanges are even asking proof of funds. For CRYPTO. ARE YOU KIDDING ME? How will one possibly provide proof of funds from monero? The world will stop getting fucked up. Wish dictatorship was still a thing. Rather get yourself crucified than losing your damn privacy.

[Hallmader]

We somehow give a connotation that cryptocurrency is a way out of the influential and powerful ways of the banks and the governments. No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.

Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

I need your wide perspective on this please. Thank you.

Banks are entering only now. Crypto was never out of influential and powerful ways. The exchanges have ruined people's lives. There has been intervention from authorities from time to time. Now that banks are eventually entering the arena, things would get out of hand. We will have to again deal with the KYC annoying crap. Some exchanges are even asking proof of funds. For CRYPTO. ARE YOU KIDDING ME? How will one possibly provide proof of funds from monero? The world will stop getting fucked up. Wish dictatorship was still a thing. Rather get yourself crucified than losing your damn privacy.

This is exactly what I meant to say when I asked the question of whether the revolutionary system of cryptocurrency is being dragged toward the old system that we have right now that is primarily controlled by the banks and the governments.

This KYC thing as well as the proof of funds requirements are not features of the new system of cryptocurrency. These are basically against anonymity and protection of personal identities which are being pushed by the crypto system. And yet crypto seems to become helpless and eventually implemented such old system features.

[cryptovally01]

If we think about economy without banks and govt. its impossible based on this they mainly control monetary system of a country based on this only few amount of banks are supporting crypto market but if they come and help here the crypto market will be benefited also people will be earn profit.

[bonballi]

No. I don’t think that will happen. If powerful banks and governments adopt cryptocurrency, a revolutionary change might come. We need both the central banking system and decentralized cryptocurrency for a better future of the financial field.

[angelfaria]

I do believe that definitely it will be a great pull for the industry of crypto of the certain country. In recent time, so many countries have some crypto friendly person, but due to proper regulation and permission from govt they are not flourishing their efficiency. Thus, they are staying back in the industry. I hope time would be highly changed if govt and backs cooperate the crypto market with proper support.

[daarul50]

Do not trust them because banks and governments are just pretending to adopt and accept blockchain and bitcoin solely to make a profit so they can gain control of blockchain technology and bitcoin price movements. Their main goal is to destroy blockchain and bitcoin technology with the classical reason that economic inflation can be controlled. If we allow banks and governments to control blockchain and bitcoin technology then our freedom in economy will disappear and we will be re-colonized and blackmailed by the government and the bank.

[dbravo]

Banks and government is the most powerful elements in the society based on them many financial activities are happening because of economy based on this if they support this crypto market the price of coins will be increase also most of the bank are not supporting this because of they are losing benefits.

[pitiflin]

We somehow give a connotation that cryptocurrency is a way out of the influential and powerful ways of the banks and the governments. No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.

Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

I need your wide perspective on this please. Thank you.

Banks are entering only now. Crypto was never out of influential and powerful ways. The exchanges have ruined people's lives. There has been intervention from authorities from time to time. Now that banks are eventually entering the arena, things would get out of hand. We will have to again deal with the KYC annoying crap. Some exchanges are even asking proof of funds. For CRYPTO. ARE YOU KIDDING ME? How will one possibly provide proof of funds from monero? The world will stop getting fucked up. Wish dictatorship was still a thing. Rather get yourself crucified than losing your damn privacy.

This is exactly what I meant to say when I asked the question of whether the revolutionary system of cryptocurrency is being dragged toward the old system that we have right now that is primarily controlled by the banks and the governments.

This KYC thing as well as the proof of funds requirements are not features of the new system of cryptocurrency. These are basically against anonymity and protection of personal identities which are being pushed by the crypto system. And yet crypto seems to become helpless and eventually implemented such old system features.

They aren't exactly against anonymity. They are against scams,illegal activities etc. There is nothing much a single person can do. Probably use TOR in the online world to be anonymous and keep avoiding exchanges but in real life, if you don't want to use banks because of you being afraid of giving proof of funds, you have to stay hard to cash, and it will be not easy to survive. There is a need for decentralized organizations, otherwise kyc would doom people's anonymity.

[Hallmader]

We somehow give a connotation that cryptocurrency is a way out of the influential and powerful ways of the banks and the governments. No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.

Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

I need your wide perspective on this please. Thank you.

Banks are entering only now. Crypto was never out of influential and powerful ways. The exchanges have ruined people's lives. There has been intervention from authorities from time to time. Now that banks are eventually entering the arena, things would get out of hand. We will have to again deal with the KYC annoying crap. Some exchanges are even asking proof of funds. For CRYPTO. ARE YOU KIDDING ME? How will one possibly provide proof of funds from monero? The world will stop getting fucked up. Wish dictatorship was still a thing. Rather get yourself crucified than losing your damn privacy.

This is exactly what I meant to say when I asked the question of whether the revolutionary system of cryptocurrency is being dragged toward the old system that we have right now that is primarily controlled by the banks and the governments.

This KYC thing as well as the proof of funds requirements are not features of the new system of cryptocurrency. These are basically against anonymity and protection of personal identities which are being pushed by the crypto system. And yet crypto seems to become helpless and eventually implemented such old system features.

They aren't exactly against anonymity. They are against scams,illegal activities etc. There is nothing much a single person can do. Probably use TOR in the online world to be anonymous and keep avoiding exchanges but in real life, if you don't want to use banks because of you being afraid of giving proof of funds, you have to stay hard to cash, and it will be not easy to survive. There is a need for decentralized organizations, otherwise kyc would doom people's anonymity.

If I get it right, we cannot really go full-time on one system alone and totally disregard the other. Somehow, both systems will have to adjust and look for a common ground, taking some features from each other that will somehow create a new hybrid system. For example, as much as we want to avoid it, personal identities cannot be kept away unattached from a certain wealth, even if that wealth is crypto-based. The banks and the governments won't allow it to come out if they are not assured where the money came from, how the money is made, etc. 

[BlackPanda]

Banks and government is the most powerful elements in the society based on them many financial activities are happening because of economy based on this if they support this crypto market the price of coins will be increase also most of the bank are not supporting this because of they are losing benefits.

Yes that the government and the Bank is something that can not be forgotten. The role of the Bank and the government is vital in determining the future of Bitcoin, when Bitcoin gets support from these elements it is certain that the price will increase. Meanwhile, when banks and governments give negative sentiments that Bitcoin's price will start to decline and public confidence in crypto will slowly lower.

[Images21]

Banks and government is the most powerful elements in the society based on them many financial activities are happening because of economy based on this if they support this crypto market the price of coins will be increase also most of the bank are not supporting this because of they are losing benefits.

Yes that the government and the Bank is something that can not be forgotten. The role of the Bank and the government is vital in determining the future of Bitcoin, when Bitcoin gets support from these elements it is certain that the price will increase. Meanwhile, when banks and governments give negative sentiments that Bitcoin's price will start to decline and public confidence in crypto will slowly lower.

While I do think that the banks and the governments are playing vital roles in the future of Bitcoin, I don't think I agree with you in going as far as claiming that the price of Bitcoin is depending on the sentiments of the banks and the governments. Bitcoin only came into the attention of the banks and the governments when it already exploded. Before, Bitcoin acquired growth without them. By the time the banks and the governments heard about Bitcoin, they pounded on it believing that it is a threat to their existence. Despite this, Bitcoin continued to grow.