[2014-09-29] Banks remain hesitant to join bitcoin movement

[101111]

http://www.paymentssource.com/news/risk-management/banks-remain-hesitant-to-join-the-bitcoin-movement-3019262-1.html

tl;dr too risky

[gmx95]

I don't think they need to join. BTC was designed as alternative to banking system. If the banks will join, it will become over-regulated.

[Mr Tea]

Of course they don't want to join; why would they? Bitcoin is a direct threat to them so they're hardly going to promote it to the masses to potentially quicken their downfal.

[PenAndPaper]

Bitcoin isn't a threat to noone. Banks can make huge money if they start using bitcoin. And eventually they 'll do.

[KryptoTrader]

Banks will joins as soon as they can earn money with them

[Clegg]

Bitcoin isn't a threat to noone. Banks can make huge money if they start using bitcoin. And eventually they 'll do.

Why would they adopt something they could never control? Why would they adopt something that gives you the control to be your own bank?

[aigeezer]

http://www.paymentssource.com/news/risk-management/banks-remain-hesitant-to-join-the-bitcoin-movement-3019262-1.html

tl;dr too risky

Banks, that is.               

https://www.fdic.gov/bank/historical/bank/

[LiteCoinGuy]

banks already joined and more will join when they have to

[dwdoc]

Of course they don't want to join; why would they? Bitcoin is a direct threat to them so they're hardly going to promote it to the masses to potentially quicken their downfal.

Right or wrong, the banks do not see Bitcoin as a competitive threat. All they care about is reducing their risk of being investigated for money laundering.

At this point, this is a conflict between Banks and Bitcoin on one side and government (law enforcement) on the other.

The fact that money laundering is a crime is the anti-liberty ("minority report") problem here.

Whenever the government cannot prove the primary crime (that one party has criminally harmed another), it cages the party it doesn't like for phantom secondary crimes such as money laundering, conspiracy or tax evasion. 

[PenAndPaper]

Bitcoin isn't a threat to noone. Banks can make huge money if they start using bitcoin. And eventually they 'll do.

Why would they adopt something they could never control? Why would they adopt something that gives you the control to be your own bank?

For the same reasons they use the internet although they can't control it... Bitcoin is the safest, fastest and cheapest worldwide payment network...

[hua_hui]

Of course they don't want to join; why would they? Bitcoin is a direct threat to them so they're hardly going to promote it to the masses to potentially quicken their downfal.

Right or wrong, the banks do not see Bitcoin as a competitive threat. All they care about is reducing their risk of being investigated for money laundering.

At this point, this is a conflict between Banks and Bitcoin on one side and government (law enforcement) on the other.

The fact that money laundering is a crime is the anti-liberty ("minority report") problem here.

Whenever the government cannot prove the primary crime (that one party has criminally harmed another), it cages the party it doesn't like for phantom secondary crimes such as money laundering, conspiracy or tax evasion. 

totally agree. Banks have stable business and cash flow, don't want anything else to impact on their business. If they join bitcoin, they will be sure that all risks will be gotten rid off.