darewaller
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May 22, 2019, 11:47:02 AM |
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Banks operate in a very similar way than politicians. The first thing they do when they want to achieve a controversial goal is to scare people into thinking that they need the thing that they want to implement. Example : The government want 100% surveillance into people's private live, so they scare them with strategic words like, " terrorism" and " Money laundering" and " hate crimes", before they propose a new Bill or regulation that allows them to infringe on the citizens private finances and their daily activities. ![Angry](https://bitcointalk.org/Smileys/default/angry.gif) This is exactly what Banks are doing now, to scare people before they find an excuse to "ban" Crypto currency activities, linked to Banks. I agree, by exposing the shortcomings, the bank seems to spread the news that is not entirely true. but this is certainly driven by the government which actually plays the most basic role Aside the fact that the system is capable of exposing their shortcomings, the system will sure block their illegal means of revenue generation; I call it illegal because some of the charges they slam on their customers are uncalled for. The most terrible thing is after keeping money with banks for so long, you end up not getting reward from it even after they have used the money for business, whatever profit they get, they ether pack it for government officials who feels they are above the law. Now that we have a blockchain technology that has reward system for keeping my money on it, I see no reason why.
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Ozero
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May 23, 2019, 06:03:45 AM |
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At the same time, the European Central Bank announced the results of its research, in which it acknowledged that the cryptocurrency does not have any serious impact on the global financial system. It is not only about negative influence, but about any influence in general. This only indicates from which side they approach the consideration of this question and that these are rather subjective opinions. Cryptocurrency is still too short to conclude whether it will have a significant impact on the international financial system.
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South Park
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May 23, 2019, 09:09:41 PM |
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Banks operate in a very similar way than politicians. The first thing they do when they want to achieve a controversial goal is to scare people into thinking that they need the thing that they want to implement. Example : The government want 100% surveillance into people's private live, so they scare them with strategic words like, " terrorism" and " Money laundering" and " hate crimes", before they propose a new Bill or regulation that allows them to infringe on the citizens private finances and their daily activities. ![Angry](https://bitcointalk.org/Smileys/default/angry.gif) This is exactly what Banks are doing now, to scare people before they find an excuse to "ban" Crypto currency activities, linked to Banks. I agree, by exposing the shortcomings, the bank seems to spread the news that is not entirely true. but this is certainly driven by the government which actually plays the most basic role Aside the fact that the system is capable of exposing their shortcomings, the system will sure block their illegal means of revenue generation; I call it illegal because some of the charges they slam on their customers are uncalled for. The most terrible thing is after keeping money with banks for so long, you end up not getting reward from it even after they have used the money for business, whatever profit they get, they ether pack it for government officials who feels they are above the law. Now that we have a blockchain technology that has reward system for keeping my money on it, I see no reason why. Banks are just like any business, they want to generate profits for them and their shareholders, even if they do not want to admit it they have a monopoly that has run unchallenged for hundreds of years and now finally a competitor has appeared and they are not willing to take the risk of competing against bitcoin and losing, this is why they want to ban it and to create all kind of regulations that suffocates this market but it will not work no matter what they do.
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Kiweikoo
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May 25, 2019, 05:43:40 AM |
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You know, things like this are what makes me wonder what is the main purpose of Bitcoin and who exactly is behind it? I read what the Basel Committee said about Cryptocurrency and they were able state out some facts which are true about Cryptocurrency.
But there are a lot of us who are the good guys and loves Bitcoin, what exactly are we going to do since the bad guys have decided to ruin everything? There are lots of bad guys and Bitcoin being anonymous now gives them the chance to do whatever they wish to do because they know that no one is going to question them for whatever they do.
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South Park
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May 30, 2019, 03:11:35 AM |
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You know, things like this are what makes me wonder what is the main purpose of Bitcoin and who exactly is behind it? I read what the Basel Committee said about Cryptocurrency and they were able state out some facts which are true about Cryptocurrency.
But there are a lot of us who are the good guys and loves Bitcoin, what exactly are we going to do since the bad guys have decided to ruin everything? There are lots of bad guys and Bitcoin being anonymous now gives them the chance to do whatever they wish to do because they know that no one is going to question them for whatever they do.
The truth is that bitcoin is just a tool, and like any tool it can be used for both good and evil, the real question is if the benefits bitcoin brings to our society outweighs the problems it will create? And to me this is a clear yes, bitcoin will cause some problems but the benefits are simply too great to ignore, but banks are trying to amplify the negative aspects of bitcoin and to downplay its benefits because they know that if bitcoin wins and becomes adopted all over the world their business model will become obsolete.
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BitHodler
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May 30, 2019, 07:22:44 AM |
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And to me this is a clear yes, bitcoin will cause some problems but the benefits are simply too great to ignore, but banks are trying to amplify the negative aspects of bitcoin and to downplay its benefits because they know that if bitcoin wins and becomes adopted all over the world their business model will become obsolete.
Banks thrive on fees just as much as crypto exchanges do. It's only a matter of time before banks will compete and potentially even gain an upper hand in this market due to the convenience they offer over exchanges. You no longer have to send your private information to an exchange you don't know, no longer have to wire money to an exchange you don't know, and you know that the bank won't freeze or lose your funds like exchanges do. The crypto ecosystem is more fragile than the banking system. Institutions will take over this space slowly but surely.
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BSV is not the real Bcash. Bcash is the real Bcash.
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beerlover
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May 30, 2019, 03:26:20 PM |
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It is not as much of a risk as it used to be honestly. Back in the day it was the idea that people who use bitcoin would create issues for banks and if bitcoin became a global currency that people use instead of the government money then banks would be in big trouble since they make money via money and without money they would be bankrupted.
However, nowadays bitcoin became something for people to make more fiat money, they put in 100 dollars and buy bitcoin and it goes up so they sell it for 120 dollars and "profit" instead of actually using bitcoin, it is just another investment instrument to make more fiat currency for people, that resulted with less risk to banks and now banks use blockchain for transactions which makes it cheaper and faster for them even though they didn't drop the costs for people so they are making more money.
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BTCappu
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June 10, 2019, 05:36:58 AM |
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I think the main point is bitcoin is no longer posing that risk but at least it has the technical possibility of it.
We don't really know which direction bitcoin is going but we know that which direction it was suppose to go. It was created to pose a risk to not only banks but the current monetary system we have right now, which of course includes banks as well. However than it became something different, not many people used bitcoin as it was suppose to use, its no longer the currency it suppose to be. That is why banks are a bit afraid, they know what exists in bitcoin and they know that it could be very bad for them but they also know that people do not care about innovation they only care about their own greed so if banks could turn it into their own profits than they will but if we do not allow them than they will be in big trouble.
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arpon11
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June 10, 2019, 06:30:15 AM |
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Are they just realised that now? Bankers should know that cryptocurrency was established to take their jobs and the early their understand this the better for them. Bitcoin is the greatest treat to they job right now and those that has indept knowledge on cryptocurrency and enthusiasts will agree that at the “back end”, bankers and the elites are those that are going to lose out at the end if the populace understand the benefits of using cryptocurrency for financial transactions an how safe it is to invest in cryptocurrency!
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guoyu78
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June 11, 2019, 03:52:20 PM |
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I still think that bitcoin became something the banks will love instead of hate. They are literally looking into it knowing what it could help them with. I can't believe that bitcoin was created because of the 2008 crisis against banks to have a leverage as the people to not use banks and be our own bank accounts etc etc but then it became such an investment thing instead of product itself that banks are literally building their own blockchains now an partnering with some altcoins now.
That is why I think basel comittee can take their warning and shove it up their place where sun doesn't shine because crypto currencies are unfortunately not posing a risk to banks at all, I wish it did but it doesn't.
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davis196
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June 12, 2019, 06:01:52 AM |
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How can crypto pose risks to the banks,if they aren't using it? The bank clients might be using crypto at their own risk,but that doesn't increase the risk for the banks at all. Totally blank statement. ![Angry](https://bitcointalk.org/Smileys/default/angry.gif)
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bitgolden
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June 13, 2019, 06:38:45 AM |
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Are they just realised that now? Bankers should know that cryptocurrency was established to take their jobs and the early their understand this the better for them. Bitcoin is the greatest treat to they job right now and those that has indept knowledge on cryptocurrency and enthusiasts will agree that at the “back end”, bankers and the elites are those that are going to lose out at the end if the populace understand the benefits of using cryptocurrency for financial transactions an how safe it is to invest in cryptocurrency!
All these things are just speculations and what we create from our mind, it has not happened in reality for us to know if it is indeed a threat or not, so I count it as assumption. This same banker we say are against Bitcoin and thinking it will create loss of job are the same bankers that said Bitcoin poses no threat which I also read in another article posted in this forum. The world generally is tending towards the use of artificial intelligence, and the more some of these things gets developed, The more the direct use of human labor for so many things gets reduced. So it is not only crypto that may threaten their job, but technology generally.
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el kaka22
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June 13, 2019, 08:57:38 AM |
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The risks are staying behind and not catching up with the norms of the day. For example a bank that is not even looking into blockchain technology will be left behind and the innovations will make sure they lose profits.
China for example is not looking into blockchain at all and they are making sure they do everything in their power to stop the crypto revolution but it won't happen at all, that is why the Chinese banks will be left behind whereas other banks in Europe and USA will be getting stronger and faster while profiting even more which will result with dollar and euro gaining power over Chinese yuan. So, the risk here is not for banks that take advantage of the situation and building a better economy but for banks that stay behind and not deal with the cards they were dealt.
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XDAT Official
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June 13, 2019, 11:02:41 AM |
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The BASEL Committee has various risk management measures that global banks have to adhere to- from leverage ratios to capital adequacy ratios. Whereas if banks are crypto friendly then it would have to amend these and add crypto inclusive ratios. Their main concern seems to be the financial revolution that the crypto assets can bring about. The positives are multiple but it brings along a very unregulated space along with volatility and risk. But their view on crypto majorly encompasses threats related to liquidity, credit, market, operations of fraud and cyber threats. They also are averse and frightened of money laundering, terrorist financing, as well as legal and reputation risks. Since the BASEL norms are uniform across the globe. This can pose a banking sector specific altercation.
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bitbunnny
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June 13, 2019, 12:26:35 PM |
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How can crypto pose risks to the banks,if they aren't using it? The bank clients might be using crypto at their own risk,but that doesn't increase the risk for the banks at all. Totally blank statement. ![Angry](https://bitcointalk.org/Smileys/default/angry.gif) Cryptocurrencies pose potential risk to the banks because they represent totaly different financial principles and under their influence they might need to change they do their business. In.a way cryptocurrencies are competition to banks because they are their alternative. And the reason why banks are not using cryptocurrencies yet is strict regulatory framework and risk assesment that doesn't allow that to them but I beleive that will change in the very near future.
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Argoo
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October 20, 2019, 06:27:30 PM |
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At the same time, the European Central Bank announced the results of its research, in which it acknowledged that the cryptocurrency does not have any serious impact on the global financial system. It is not only about negative influence, but about any influence in general. This only indicates from which side they approach the consideration of this question and that these are rather subjective opinions. Cryptocurrency is still too short to conclude whether it will have a significant impact on the international financial system.
Over time, the valuation of decentralized cryptocurrencies by governments and banks will change, and possibly not for the better. So, recently in a recent report, G7 countries and the Bank for International Settlements announced that bitcoin and other cryptocurrencies are not a safe investment and a reliable repository of value. While there is nothing dangerous for cryptocurrency, however, nothing good is also here. You should probably expect that the legalization of a decentralized cryptocurrency will slow down again or will not be fast enough.
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Bezobraznike
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October 20, 2019, 06:44:02 PM |
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At the same time, the European Central Bank announced the results of its research, in which it acknowledged that the cryptocurrency does not have any serious impact on the global financial system. It is not only about negative influence, but about any influence in general. This only indicates from which side they approach the consideration of this question and that these are rather subjective opinions. Cryptocurrency is still too short to conclude whether it will have a significant impact on the international financial system.
Over time, the valuation of decentralized cryptocurrencies by governments and banks will change, and possibly not for the better. So, recently in a recent report, G7 countries and the Bank for International Settlements announced that bitcoin and other cryptocurrencies are not a safe investment and a reliable repository of value. While there is nothing dangerous for cryptocurrency, however, nothing good is also here. You should probably expect that the legalization of a decentralized cryptocurrency will slow down again or will not be fast enough. Did anyone expected legalization to be fast? Crypto-currencies will need to get much more popular before we see legalization and adoption. I agree with Basel Committee, crypto-currencies are the threat for banks, they have chance to change the economy we know. From centralized and carefully controlled system to decentralized, open-source, transparent system. It will just need a lot of time for more people to join and once there is enough people supporting crypto-currencies we will see the changes.
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BChydro
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October 20, 2019, 07:53:28 PM |
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This is not a surprising report by the supervisory authorities of the banking sector and it is indeed a true that if merchants around the globe start accepting bitcoin or other crypto for global transactions then it could affect the banking sector as export and import will directly deal with bitcoin and other similar currencies and the huge profit they are earning will be gone, so it is not a big surprise what they are trying to do here.
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Febo
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October 20, 2019, 08:21:33 PM |
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Cryptocurrencies Pose Risks to Banks, Warns Basel Committee
Cryptocurencies pose highest risk to central banks. Risk to banks is small. Risk to central banks is fatal.
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eaLiTy
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October 20, 2019, 09:18:02 PM |
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You know, things like this are what makes me wonder what is the main purpose of Bitcoin and who exactly is behind it? I read what the Basel Committee said about Cryptocurrency and they were able state out some facts which are true about Cryptocurrency. The main purpose of BTCitcoin is to have a free trade globally without any restrictions and why is it necessary to know who is behind the creation of BTCitcoin and what does it change. Basel committee gives a report about the dangers of their banking business if BTCitcoin is widely adopted and at the moment they find that the transaction charges are high and it shows the scaling issues present in BTCitcoin. There are lots of bad guys and Bitcoin being anonymous now gives them the chance to do whatever they wish to do because they know that no one is going to question them for whatever they do.
There you are wrong again, BTCitcoin is not anonymous and anyone doing illegal activities with BTCitcoin will be caught and you can see many evidence if you just have a normal search ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif) .
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