/biz/ - Business & Finance

>>8623783
banks aren't the entire market.

Plenty of private companies and investment firms are working to support btc, eth, etc.

- look at what bitwise, prism, circle are all doig
- coinbase is adding erc20 support
- us firms are looking at this current decline as a buying opportunity

This market isn't just going to disappear if a few banks make their own currencies.

Because the whole point of crypto is to be trustless and immutable.

>>8623783
If Monero (XMR) plays its cards well, it will become the greatest revolution in offshore/anonymous/private/secretive/tax haven/secure banking.

Monero (XMR) will most likely seek protection and make a permanent agreement with a country (most likely one possessing veto power at the UN security council) so that both Monero's interests and that country's interests matches.

Monero (XMR) will then implant itself in that nation and become a mega corporation of that country (defending and representing its interests). That nation will most likely designate a special zone that is commonly known as a "tax haven" where Monero will set up its headquarters and operate.

To any one who doubts me, shadow markets account at least for 22.67% of world GDP.

http://freakonomics.com/2012/06/25/how-big-is-the-world-black-market/

>>8623783
>if you're not low IQ
the irony is thinking you're high IQ for coming up with this retarded shit

>>8623783
Because privately controlled crytpocurrencies are literally useless, they are lacking the thing that gives crypto its power and usefulness.
It would be like back in the late 90s saying "oh why wont cable companies make their own private internet"

>>8623783
they already do this you absolute horrible fucking brainlet piece of shit FUCKING MORON YOU'RE SO FUCKING STUPID

DO YOU THINK BANK TRANSFERS ACTUALLY MOVE MONEY ACROSS THE WORLD? LIKE SOME BOEING PLANE FULL OF FUCKING CASH GOES FROM NY TO LONDON AND THEN IS EXCHANGED FOR POUNDS OR SOME SHIT?

YOU DON'T UNDERSTAND CRYPTO KYS YOURSELF

>>8623941
It's bait.
I've been at this for a while. Easier than/v/.

>>8623969
I agree with your overall point, but to be fair/pedantic, every online company does have their own private newtork/datacenter. So, technically, banks probably will have their own blockchain for in-house transactions, but like your point states, it will be useless as a competitor to mainstream crypto currencies.

>>8623783
>Banks make their own blockchain

>>8624027
>private blockchain

>>8623783
Bank currencies wouldn’t be permissionless and have a limited supply, which is why cryptos are valuable.

>>8624001
Probably 80% of nucoiners and 99.99999% of normies really do believe what OP is suggesting

>>8624027
this diagram is incredibly simplistic. And in a few contexts, completely false. There are a few scenarios where trusted writers and 3rd party could integrate w/blockchain and be much more efficient. trade and distribution markets, in particular benefit from this.

>>8624133
This. A private blockchain is just a database with multiple copies. And if they can change past blocks, it's not gonna be trustless. Not having to trust in financial transactions is the real game changer here

>>8623783