[2019-07-07] Bitcoin Disrupting Banking; Deutsche Bank To Cut 18,000 Jobs by 202

[Jgilpulg]

Some banks are taking drastic steps to ensure that they survive by trying to catch up on innovation. The most recent example comes from Deutsche Bank. Its management is aware that “Digital is on the rise. No getting away from it.”

https://bitcoinist.com/bitcoin-disrupting-traditional-banking-infrastructure/

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[Schirer]

This is seriously bad journalism .
First of all . This particular bank have been showing signs of problems for many years now.
Second. This bank very recently was shown to have facilitated huge money laundering from Russia .
(https://www.theguardian.com/business/2019/apr/17/deutsche-bank-faces-action-over-20bn)

This most likely is the real reason behind the cutbacks not some wild speculation about not catching up with crypto.

[Harlot]

They just connected two separate news and try to relate it to one another. I prefer you reading the bloomberg article for the bank first before you even think this is real. Also how can a bank who's main income involves around lending/investing will be affected by crypto because of their payment tech? It only affects a little portion of their business considering that we in the crypto industry are in the minority I don't think our threat to banks is bigger than we think.

[o_e_l_e_o]

This is seriously bad journalism

Yup. The quote "digital is on the rise" has nothing to do with crypto or bitcoin. It refers to online banking, direct bank transfers, credit and debit cards, etc. There things are all automated and require minimal staff to keep them running. The aspects of personal banking which are staff intensive - manning branches for cash withdrawals/deposits/transfers, moving physical cash to and from branches, processing checks, etc. - are all on the decline, checks doubly so since their use is become less frequent and many banks are now starting to process them electronically.

Specifically to Deutsche bank, their profits have been declining for some time. Their share price took a massive hit during the global financial crisis (i.e. before bitcoin even existed). They are withdrawing from equities trading, and so their staff involved in this are being laid off. Again, this has next to nothing to do with bitcoin.

Bad journalism all round.

[stompix]

They just connected two separate news and try to relate it to one another. I prefer you reading the bloomberg article for the bank first before you even think this is real.

We have reached the point where we can turn back to the "fake media" and rely more on CNN and NYT than on the bs the so called bitcoin-related news sites are pouring every day.
Yeah, a bank with 25 million customers, (there are 27 million addresses with a balance in the BTC blockchain, half with less than 10$) is feeling threatened by Bitcoin and is planning to cut jobs for this...

Also, it's pretty funny how only DB is affected by this, the others don't feel the heat, probably because....hell even joking I can't find a reason for it.Next, we will read that aliens will invade because their milkway trade model is threatened by ripple.

Btw, I won't click on that crappy article but does it also claim that the people who are going to be laid off are planning to invest in Bitcoin?

[o_e_l_e_o]

It's the same problem that we see with the 24 hour news networks. They have to keep producing content. And so when nothing particularly newsworthy is happening, they blow some minor story way out of proportion. In the case of these bitcoin news sites, when nothing particularly newsworthy is happening with bitcoin, they just shoehorn it in to any story they can, regardless of whether it is true or not.

Btw, I won't click on that crappy article but does it also claim that the people who are going to be laid off are planning to invest in Bitcoin?

Not quite, but it does say all these fired workers will have no problem getting a new job which pays in BTC. It doesn't mention who is going to employ 18,000 people, or what their new role would be, just that they have an "opportunity to start again". Utter nonsense.

[timerland]

This is seriously bad journalism .
First of all . This particular bank have been showing signs of problems for many years now.
Second. This bank very recently was shown to have facilitated huge money laundering from Russia .
(https://www.theguardian.com/business/2019/apr/17/deutsche-bank-faces-action-over-20bn)

This most likely is the real reason behind the cutbacks not some wild speculation about not catching up with crypto.

This echoes my sentiments exactly.

While we do have to recognize the obvious improvements in adoption and the technology of BTC, this article is hilariously misinforming (probably intentional, anyways), and even long term bitcoin bulls have to realize how absurdly bad these conclusions are.

I'm still yet to be convinced that bitcoin will pose a direct threat to banks anyways - both can co-exist, as they've shown over the past decade, despite strong growth in bitcoin adoption.

What banks are probably seeing as the real disruptive technology would be blockchain, which they are able to use to up the efficiency of their internal processes as well as creating immutable databases that are more secure, much like what JP Morgan's proposal is like. Furthermore, the most BTC's growth has done in terms of influencing the financial sector is force them to become more competitive in terms of international remittance, but that's pretty much it.

[davis196]

Some banks are taking drastic steps to ensure that they survive by trying to catch up on innovation. The most recent example comes from Deutsche Bank. Its management is aware that “Digital is on the rise. No getting away from it.”

https://bitcoinist.com/bitcoin-disrupting-traditional-banking-infrastructure/

Deutsche bank might cut 18,000 jobs,but this won't be solely due to the rise of cryptocurrencies.
It's more about the rise of electronic online banking and payment services like Paypal,Skrill,Neteller,etc.
Again,the bankers are trying to blame crypto for everyting,including for the decreasing amount of workplaces in the traditional finance industry.

[Lucius]

Specifically to Deutsche bank, their profits have been declining for some time. Their share price took a massive hit during the global financial crisis (i.e. before bitcoin even existed). They are withdrawing from equities trading, and so their staff involved in this are being laid off. Again, this has next to nothing to do with bitcoin.

It is funny how someone is trying to connect this news with bitcoin, in a way to show crypto as something that is taking jobs from people. We all know that all crypto market in terms of fiat is just dust compared to money that is in banks. This reconstruction will mostly hit investment department and stock trading, but 18 000 people is quite a large number of people.

However there is a link between Deutsche Bank and Bitcoin, it seems that some employees have found a new way of income


REUTERS/Simon Dawson

[1Referee]

However there is a link between Deutsche Bank and Bitcoin, it seems that some employees have found a new way of income
-snip-

It was a well timed troll action. These guys are no Deutsche Bank employees.

https://twitter.com/bespokentailor/status/1148228722685882369
https://twitter.com/Travis_Kling/status/1148366660266536960

I believed it too initially, but then came across some Tweets and found out it's a stunt.

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It's mind boggling how people still leave their money in that bank after so many problems. It has been signalling for years now that it's on the way down to with a high probability implode, but that's not enough for average joes to ditch it and look for a safer place for their wealth. It seems that people will wake up when it's too late, yet again.

[LeGaulois]

It isn't something much surprising, even before the accusation for money laundering with Russia and Sweden. This bank is in agony for years. it is closely watched by many people because of its fragility. In Europe, we know very well that this bank can beat the crap out of you at any time. We also know that it could end up with a much bigger problem than Leman Brothers. It's another technique to postpone the inevitable because Europe won't be able to help as they did with Greece.

@Lucius You'll laugh, but these people are not bankers, it turns out they're dressmakers I heard.

[Sithara007]

I have added the OP to my ignore list. I am not scared of fake news, but the volume has increased by so much that it is very tiring. Some of the Bitcoin news sites might even put Joseph Goebbels to shame. We won't gain anything by posting threads like this. On the other hand, Bitcoiners may become a laughing stock in front of the world.

[stompix]

Not quite, but it does say all these fired workers will have no problem getting a new job which pays in BTC. It doesn't mention who is going to employ 18,000 people, or what their new role would be, just that they have an "opportunity to start again". Utter nonsense.

This is anohter thing that pisses me of in this BTC solves everything propaganda.

Bitcoin was supposed to get us rid of the banks (as in the place to store your money, not the lending), it was supposed to get rid of the third party payment processor so cutting the middleman fees would go down for both seller and buyer.
But, out of the blue, there is a place for 18 000 people that will need to be paid to provide...what?
Change Deutsche Bank with Deutsche Bank and we\re were we started.

Bitcoin was supposed to be more efficient, with fewer people involved, fewer business you have to pay for their services.
Unfortunately, I see the opposite happening, instead of your bank and visa you have a web wallet, a bitcoin payment processor, and an exchange.

Again,the bankers are trying to blame crypto for everyting,including for the decreasing amount of workplaces in the traditional finance industry.

Nobody is blaming bitcoin, throw away the tinfoil hat

[Lucius]

It was a well timed troll action. These guys are no Deutsche Bank employees.
I believed it too initially, but then came across some Tweets and found out it's a stunt.

@Lucius You'll laugh, but these people are not bankers, it turns out they're dressmakers I heard.

I have to admit I did not know who is in the picture, but that photo is published on almost every article which is related to DB in last few days. Same as title of this thread, this was just one extra joke in the alleged connection of the bitcoin with DB case.

However this was a very good PR for Fielding & Nicholson, and we know that there is someone who make good suits which can be paid with bitcoins.

[hatshepsut93]

Bitcoin was supposed to get us rid of the banks (as in the place to store your money, not the lending), it was supposed to get rid of the third party payment processor so cutting the middleman fees would go down for both seller and buyer.
But, out of the blue, there is a place for 18 000 people that will need to be paid to provide...what?
Change Deutsche Bank with Deutsche Bank and we\re were we started.

Bitcoin was supposed to be more efficient, with fewer people involved, fewer business you have to pay for their services.
Unfortunately, I see the opposite happening, instead of your bank and visa you have a web wallet, a bitcoin payment processor, and an exchange.

Exchanges, payment proxies and other intermediaries of Bitcoin's ecosystem are the symptom of Bitcoin's low adoption as a currency, and there's a ton of reasons why people don't use it as a currency. And even if we imagine that Bitcoin would somehow start gaining mass adoption, that would mean even more intermediaries. There would be platforms like Amazon and Upwork, but for Bitcoin, providing escrow for deals, because not many people would be brave enough to send coins to strangers on the Internet, hoping that they would uphold their end of the bargain. Even now on this forum a lot of operations are escrowed.

[Carlton Banks]

I see the opposite happening, instead of your bank and visa you have a web wallet, a bitcoin payment processor, and an exchange.

Exchanges, payment proxies and other intermediaries of Bitcoin's ecosystem are the symptom of Bitcoin's low adoption as a currency, and there's a ton of reasons why people don't use it as a currency.

go to real stores that accept it. you don't need any of those things in any I've been to.


you've got to have some dedication to actually use your economic power. so if you only get as far as talking about the problems on a web forum, it's possible you're just not that committed. You're basically sitting around listing problems, when the solutions are not all that hard (although it depends on how far you have to travel to use Bitcoin in person, it's not a credible option for some people)

[LeGaulois]

It was a well timed troll action. These guys are no Deutsche Bank employees.
I believed it too initially, but then came across some Tweets and found out it's a stunt.

@Lucius You'll laugh, but these people are not bankers, it turns out they're dressmakers I heard.

I have to admit I did not know who is in the picture, but that photo is published on almost every article which is related to DB in last few days. Same as title of this thread, this was just one extra joke in the alleged connection of the bitcoin with DB case.

However this was a very good PR for Fielding & Nicholson, and we know that there is someone who make good suits which can be paid with bitcoins.

Don't worry me too I failed in As for Fielding & Nicholson they didn't even use Bitcoin I think, not sure where the BTC bag comes from. I have seen people asking them where to buy it. And right after this news, they started to accept BTC.
Nice free advertising if you ask me.

Also, did you notice the 'S'. I wondered why Bitcoin is mentioned in plural