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Author Topic: Do you think there will ever come a day where crypto-currencies replace banks en  (Read 919 times)
Techniko
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August 07, 2014, 04:58:52 PM
 #1

Do you think there will ever come a day where crypto-currencies replace banks entirely?
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August 07, 2014, 05:36:06 PM
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I don't think so, because most people don't really want to be free, and thus they prefer the security which comes from bank even though it has many disadvantages.

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August 07, 2014, 05:42:21 PM
 #3

I think banks will stay. They may even use/have cryptos of their own. I bet there are people who would use crypto if it was something they could use like online banking or have in an account next to their dollar or euro's one.
Techniko
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August 07, 2014, 05:57:15 PM
 #4

I don't think so, because most people don't really want to be free, and thus they prefer the security which comes from bank even though it has many disadvantages.

When it eventually goes widespread hopefully the masses will see the advantages of using crypto-currencies over fiat and the banks will fall
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August 07, 2014, 07:41:40 PM
 #5

I don't think so, because most people don't really want to be free, and thus they prefer the security which comes from bank even though it has many disadvantages.

When it eventually goes widespread hopefully the masses will see the advantages of using crypto-currencies over fiat and the banks will fall

The masses believe what they're told. If propaganda and media conditioning decrees it's a bad idea, that's what will happen.
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August 07, 2014, 08:03:28 PM
 #6

Governments don't like anything that they don't have control over and cryptocurrencies are totally opposite of that . So with time there may be wider adoption of crypto but banks are gonna stay as such.
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August 08, 2014, 05:52:40 PM
 #7

i dont think, that banks will be replaced.

Trust in cryptos is decreasing generally, since scammers walk free and exchanges dont try to protect their customers, they just want trading fees.
I remember when i entered in the crypto scene and people with ideology were like "at last we can get away from those greedy banks and control our own money", but people with same greedy mentality have infested the whole crypto scene BUT when you play with cryptocurrencies, you dont have any kind of protection from the scammers or "insiders" that try to get every last btc and dollar they can.
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August 08, 2014, 06:12:22 PM
 #8

Do you think there will ever come a day where crypto-currencies replace banks entirely?

no, and thanks god not.
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August 08, 2014, 06:13:41 PM
 #9

i dont think, that banks will be replaced.

Trust in cryptos is decreasing generally, since scammers walk free and exchanges dont try to protect their customers, they just want trading fees.
I remember when i entered in the crypto scene and people with ideology were like "at last we can get away from those greedy banks and control our own money", but people with same greedy mentality have infested the whole crypto scene BUT when you play with cryptocurrencies, you dont have any kind of protection from the scammers or "insiders" that try to get every last btc and dollar they can.

So true.

The reality is: We cannot exist without regulation and government.  

The "Wild West" was not a nice place to live till Marshall Dillon came to town.

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August 08, 2014, 06:18:09 PM
 #10

Even removing the governmental impetus for banks; they would still survive. Functionally, banks provide a very key service and the financial structure that surrounds a bank is also a very fundamental thing that allows our society to function the way that it does.

As crazy as it is, our society functions on a financial debt. And well, banks provide the cleanest and most direct way of tabulating and organizing that debt.

I do think crypto-currencies will provide bank additional avenues in the future, but there is much more that a crypto-currency would have to provide in order for banks to fall by the wayside.
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August 08, 2014, 06:26:11 PM
 #11

i dont think, that banks will be replaced.

Trust in cryptos is decreasing generally, since scammers walk free and exchanges dont try to protect their customers, they just want trading fees.
I remember when i entered in the crypto scene and people with ideology were like "at last we can get away from those greedy banks and control our own money", but people with same greedy mentality have infested the whole crypto scene BUT when you play with cryptocurrencies, you dont have any kind of protection from the scammers or "insiders" that try to get every last btc and dollar they can.

So true.

The reality is: We cannot exist without regulation and government.  

The "Wild West" was not a nice place to live till Marshall Dillon came to town.

There were many peaceful tribes coexisting with loose to non-existent regulation/government before the western "civilization" came along. The current dominant civilization was founded on the principles of taking advantage of the willfully ignorant and to this day it continues to perpetuate that ignorance in it's governed population.

Banks are still good for tangible goods. I don't see them going away anytime soon. Nor do I see fiat currency backed by WMDs going away either. Crypto will be adopted until someone scams enough people in a big enough scam for the gov't to abolish it to the black market. Hopefully that never happens.
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August 08, 2014, 06:52:28 PM
 #12

i dont think, that banks will be replaced.

Trust in cryptos is decreasing generally, since scammers walk free and exchanges dont try to protect their customers, they just want trading fees.
I remember when i entered in the crypto scene and people with ideology were like "at last we can get away from those greedy banks and control our own money", but people with same greedy mentality have infested the whole crypto scene BUT when you play with cryptocurrencies, you dont have any kind of protection from the scammers or "insiders" that try to get every last btc and dollar they can.

So true.

The reality is: We cannot exist without regulation and government.  

The "Wild West" was not a nice place to live till Marshall Dillon came to town.

There were many peaceful tribes coexisting with loose to non-existent regulation/government before the western "civilization" came along. The current dominant civilization was founded on the principles of taking advantage of the willfully ignorant and to this day it continues to perpetuate that ignorance in it's governed population.

Banks are still good for tangible goods. I don't see them going away anytime soon. Nor do I see fiat currency backed by WMDs going away either. Crypto will be adopted until someone scams enough people in a big enough scam for the gov't to abolish it to the black market. Hopefully that never happens.

There was a time, when i thought that governments were the biggest threat to cryptos, but the scene has started to rot from the inside.

Lupus est homo homini...
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August 08, 2014, 07:49:38 PM
 #13

That's just human nature and it affects banks too. If the goal of crypto currency is to make it more trustworthy than banks it has a chance of success. If it's just to make a quick buck, it won't. The thing is, banks are more motivated than developers because the money is centralized under them. They're (generally) vested in continuous improvement. A development team could get to a threshold higher than the banks but would they continue to be motivated on improving the system? Not unless they're paid.
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August 09, 2014, 12:14:17 PM
 #14

That's just human nature and it affects banks too. If the goal of crypto currency is to make it more trustworthy than banks it has a chance of success. If it's just to make a quick buck, it won't. The thing is, banks are more motivated than developers because the money is centralized under them. They're (generally) vested in continuous improvement. A development team could get to a threshold higher than the banks but would they continue to be motivated on improving the system? Not unless they're paid.

However, there's a huge pool of developpers from all over the world who wouldn't mind giving a few hour to a project they deem worthy of it, such as Bitcoins. These thousands of people are, imho, better suited for maintaining an infrastructure than a handful of overpaid bank workers who only do it for the money, and not for conviction.

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August 09, 2014, 12:16:20 PM
 #15

The problem isn't banks, the problem is people. Cryptocurrency just changes the tech. and dynamics, it doesn't fix people.. so in the end it doesn't really matter.

Damn I'm on a roll tonight with my sage words.

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August 09, 2014, 12:35:47 PM
 #16

Nice question in the title. Smiley

No chance.

Coino coini lupus. Smiley or something like that.


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August 09, 2014, 12:37:07 PM
 #17

The problem isn't banks, the problem is people. Cryptocurrency just changes the tech. and dynamics, it doesn't fix people.. so in the end it doesn't really matter.

Damn I'm on a roll tonight with my sage words.

It gives tools to people which they can use to be more independant. But for that to work, they need two things; the knowledge required to be able to use the tools, and the willingness to reach that goal.

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August 09, 2014, 12:42:23 PM
 #18

In Ponzi scheme only the top is not dependant.

Or it is?

I don't know exactly.

The top is independant if it sold coins to the lower but much "optimistic", oops, naive levels of the scheme.


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August 09, 2014, 12:49:49 PM
 #19

Governments don't like anything that they don't have control over and cryptocurrencies are totally opposite of that . So with time there may be wider adoption of crypto but banks are gonna stay as such.

You are naive if you don't think every coins, or almost every coins are controlled by few biggest owner of particular coin.

No freedom when money talks, or when coins talk.



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