banks admit they officially lost to crypto

[KingScorpio]

https://btcmanager.com/banks-have-officially-lost-to-crypto-says-former-jpmorgan-and-bbva-executive/?platform=hootsuite

this article is quite interesting, for the bitcoin sect, because when the banks lose to crypto there is no meaning for the bitcoinsect to evaluate yourself in a comparision with other cryptocurrencies.

the dollar is still your master which the bitcoin cult is using to define themselves as more valuable.

with us dollar and fiats gone, the bitcoin sect will look like the arrogant banksters of the past that was fighting against bitcoin

regards

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[jpnl0006]

i knew it. that the banks decided to challenge the blockchain technology does not in any way tell their level of strength as they cannot be as transparent as the technology and also cannot be as fast as the transaction time taken to process transfers

[ehiozuwa]

https://btcmanager.com/banks-have-officially-lost-to-crypto-says-former-jpmorgan-and-bbva-executive/?platform=hootsuite

this article is quite interesting, for the bitcoin sect, because when the banks lose to crypto there is no meaning for the bitcoinsect to evaluate yourself in a comparision with other cryptocurrencies.

the dollar is still your master which the bitcoin cult is using to define themselves as more valuable.

with us dollar and fiats gone, the bitcoin sect will look like the arrogant banksters of the past that was fighting against bitcoin

regards

If cryptos and bank continue to be at loggerheads, the banks will lose in the long run, purely on technological and economic grounds.The future of money is in cryotos

[malekbaba]

Crypto is legendary innovation. And I am proud to be a witness of these. Block chain itseld is a wonderful tech. Most secure and transparent and totally free from centralized authority means no One can control it , alone. Faster Tx speed, more secure protocol, cheaper and convenient, does not depends on weekdays and working hour. no one can print money as much as one's need. No one can submerge/destroy others asset.

Crypto will be main stream but will not replace fiat. But Crypto is the crown-less King. No doubt

[KingScorpio]

Crypto is legendary innovation. And I am proud to be a witness of these. Block chain itseld is a wonderful tech. Most secure and transparent and totally free from centralized authority means no One can control it , alone. Faster Tx speed, more secure protocol, cheaper and convenient, does not depends on weekdays and working hour. no one can print money as much as one's need. No one can submerge/destroy others asset.

Crypto will be main stream but will not replace fiat. But Crypto is the crown-less King. No doubt

nah you are naive, you dont sense the negative side effects that will come for all those that work for money or are supposed to do that.

regards

[vy99]

Banks were due for a major disruption and cryptocurrency was it. For far too long banks have worked in favor of themselves and not regular people so it's not a surprise that they're getting their comeuppance now.

[aoihs00]

But what do you guys make think that bitcoin will ever replace the fiat like that and at the end banking people will have to face the reality of crypto currencies. I guess fiat is based on strong stage which is built with at most clarity and also it is upgraded every time they have seen the flaws in it. I guess this kind of system will be hard to replace in the future. Crypto currencies son the other hand needs to be upgraded themselves in the way they work today other wise it will be not far when they will be vanished from the face of the earth.

[KingScorpio]

But what do you guys make think that bitcoin will ever replace the fiat like that and at the end banking people will have to face the reality of crypto currencies. I guess fiat is based on strong stage which is built with at most clarity and also it is upgraded every time they have seen the flaws in it. I guess this kind of system will be hard to replace in the future. Crypto currencies son the other hand needs to be upgraded themselves in the way they work today other wise it will be not far when they will be vanished from the face of the earth.

i wrote recently an article with one of my teammembers about what will damage the pow cryptos

https://www.cryptoproductivity.com/single-post/2018/05/30/Mark-Our-Words-On-next-food-price-crisis-the-empty-proof-of-woork-cryptos-like-bitcoin-litecoin-etc-will-be-the-welcome-scapegoat-everybody-is-looking-for-and-everybody-will-use-out-of-opportunistic-reasons

[BitHodler]

There is no reason for the US dollar to lose, and it's not even a problem to use it to benchmark Bitcoin value.

The main problem is that people think Bitcoin will replace the traditional system, but that's not going to happen and doesn't even need to happen. It's about the freedom to choose which currency you are comfortable using.

For one person that may be the US dollar, where the other prefers to use Bitcoin. They can even choose to switch from currency based on the use and need at a specific time. Coexistence of currencies isn't harmful.

[KingScorpio]

There is no reason for the US dollar to lose, and it's not even a problem to use it to benchmark Bitcoin value.

The main problem is that people think Bitcoin will replace the traditional system, but that's not going to happen and doesn't even need to happen. It's about the freedom to choose which currency you are comfortable using.

For one person that may be the US dollar, where the other prefers to use Bitcoin. They can even choose to switch from currency based on the use and need at a specific time. Coexistence of currencies isn't harmful.

so pathetic, with bitcoin you ultimately layed the foundation for the us dollar to lose power and to dissappear, and you are still so stupid blind and arrogant to think it wont have any consequences, people are now instead of writing businesplans applying at the central banks for business loans are now doing their icos looking for money earning cattle (this is the reason you are not seeing) just like the bitcoin cult started doing.

the us dollar will die it will be gone same with euro and the other fiats. why ask the greedy gambling banksters and their billionaires behind them for money when you can just make your own ico.

then bitcoin will be evaluated as a bitcoin not as a value in us dollar. it will be a token standing for a cryptocult that runs a minercartel, thats all.

POS coins will be the future the people will beg for those.


this time will be called "coins of style"

the national banksters will die.

[amacar2]

I don't think bitcoin is anywhere near to replace banks which have their roots deeply embedded in our economy. What banks might do is adopt blockchain tech in their daily transaction to provide 24x7 service but they will never accept bitcoin. However bitcoin is slowly taking some portion of worlds finance.

[KingScorpio]

traditional financial system is just scam the banksters lend to the established rich scamming the rest of the population as their money earning cattle.

[pooya87]

~ for the bitcoinsect to evaluate yourself in a comparision with other cryptocurrencies.
the dollar is still your master which the bitcoin cult is using to define themselves as more valuable.

it is funny how you are blaming others for the things you are doing yourself

for example it has always been the other way around meaning shitcoins that you bag hold are always being compared with bitcoin to "evaluate" themselves and they never compare on things that matter such as their decentralization, their merchant adoption,... instead they compare on things they can manipulate such as market capitalization, time between blocks,...

[gabbie2010]

Cryptos had not really made a headway in taking over banks for now, gradually its adoption is on the rise and some schools of thought reasoned and believed that hodling Cryptos in wallet is more profitable to saving fiat in a bank and more people will buy the idea of hodling in wallet thus reducing the numbers of bank depositors.

[vy99]

Not only to crypto but also to Blockchain technology:

https://medium.com/@AxelUnlimited/2-reasons-why-you-should-want-blockchain-tech-to-replace-banks-asap-4ed86942245a

[KingScorpio]

~ for the bitcoinsect to evaluate yourself in a comparision with other cryptocurrencies.
the dollar is still your master which the bitcoin cult is using to define themselves as more valuable.

it is funny how you are blaming others for the things you are doing yourself

for example it has always been the other way around meaning shitcoins that you bag hold are always being compared with bitcoin to "evaluate" themselves and they never compare on things that matter such as their decentralization, their merchant adoption,... instead they compare on things they can manipulate such as market capitalization, time between blocks,...

no one compares altcoin with bitcoins people still calculate in us dollar, the game resets with the us dollar gone.


then you will have to lay the arguments for bitcoin plain on the table

1. electricity waste

2. ressource waste.

3. low tech quality

4. high transaction costs.

5. long time to transact.

no usdollar measurement that will keep bitcoin alive, and keep the attention focused on it, especially with the diversification of cryptoindexes. that are getting more and more.

[kryptqnick]

traditional financial system is just scam the banksters lend to the established rich scamming the rest of the population as their money earning cattle.

It is not all that bad with banks imo. There are many trusted ones where there's very low risk of bankruptcy or any kind of scam. When you have some funds that are quite a lot for you, it is a lot calmer to have a bank account with this money instead of having it hidden someplace in your house. Debit cards are also very useful to pay for goods, because you don't have to deal with dirty money banknotes all the time and carry coins from the change.
It is not time yet to talk about loss, it is just that cryptos have some technological advancements (decentralization and free market), but there also things people could call the cons (nobody to blame in case bad stuff happens, extremely high volatility).

[jseverson]

The article says banks have lost the war to crypto and fintech companies. If you read through it, it mostly talks about how fintech companies are making fiat redundant. Crypto's potential, although praised, was mostly mentioned in passing because you can't really talk digital money without having it come up. Saying the article is about banks losing to fintech companies is more appropriate considering the content.

It's still nice I guess, but we have to take into consideration the fact that fintech companies are also in competition against Bitcoin as far as cashless payments go. They're payment processors, something which Bitcoin is supposed to render obsolete.

[KingScorpio]

The article says banks have lost the war to crypto and fintech companies. If you read through it, it mostly talks about how fintech companies are making fiat redundant. Crypto's potential, although praised, was mostly mentioned in passing because you can't really talk digital money without having it come up. Saying the article is about banks losing to fintech companies is more appropriate considering the content.

It's still nice I guess, but we have to take into consideration the fact that fintech companies are also in competition against Bitcoin as far as cashless payments go. They're payment processors, something which Bitcoin is supposed to render obsolete.

why are you supporting bitcoin particularily at all do you have an economic stake?

regards

[audaciousbeing]

https://btcmanager.com/banks-have-officially-lost-to-crypto-says-former-jpmorgan-and-bbva-executive/?platform=hootsuite

this article is quite interesting, for the bitcoin sect, because when the banks lose to crypto there is no meaning for the bitcoinsect to evaluate yourself in a comparision with other cryptocurrencies.

the dollar is still your master which the bitcoin cult is using to define themselves as more valuable.

with us dollar and fiats gone, the bitcoin sect will look like the arrogant banksters of the past that was fighting against bitcoin

regards

The article did offer some insight by giving live example on how banks have losing in the race sighting the example of how Alipay is worth than the entire top 3 banks in the world. But rather than saying they have lost, its better to say they are losing and I believe that if they can trace their steps back, they can surely find a way to feature in this new found development which I know several banks have already begun research in that area. Banks I am certain will not be outdated rather they will find a way to synchronized their activities with blockchain and continuing to be relevant. If that won't work, they would acquire crypto startups and established  enterprises since they have the money to make it happen.