/biz/ - Business & Finance

[Anonymous No.930350]

Just saw this article on businessinsider:
>Banks' approach to bitcoin is 'cynical', says an ex-Barclays tech chief
Well yes, it's really hard to let go and admit that your way of doing things is going to be replaced.

I exerienced this twice. When my dad (truck/car mechanic) started dealing with electronics in trucks and cars (canbus injection, hdi diesels, this was mid 90s) all the old school mechanics were really cynical about all that fancy stuff. But the ones that did not adopt started being irrelevant.

I had the same with cloud servers. I was really cynical when the first cloud server platforms came about - and it was kinda new and not always as stable as iron in a rack.

But that has turned around as well. Without Amazon AWS and digital ocean my business would be much much harder.

Banks are going to be eaten alive by MOIP - MoneyOverIP - unless they - like the telco's did with VOIP - adapt.

[Anonymous No.930356]

>>930350
While I agree their view is probably silly. I don't think it'll completely replace shit, and if it did it'd be gradual as shit and would happen later in our lifetimes.

[Anonymous No.930357]

More moronic bank behaviour:

>banks are stumbling over each other to figure out how they can use the open-source blockchain technology developed for bitcoin.
bloomberg.com

The next 10 years are going to be really fucking fun. Let's see who can cope harder.

[Anonymous No.930364]

>>930356
It will take a decade or two. How much did it took for the internet to get up to a point where the average joe didn't saw it as some obscure thing?

https://www.youtube.com/watch?v=lskpNmUl8yQ [Embed]

Of course, radical disruptive tech always stays underground for a long, then it becomes a meme (just look at the clueless idiots in here) then it comes back years later and people cry about missing the boat.

The difference here now is we already have the infraestructure built, we don't need to build the internet at a physical level, now it's all about a matter of perfecting the protocol and making it useable for the common folk, both unavoidable. We are dealing with legit GRANDPAS trying to figure this thing out. These guys will never get it. The will literally die without getting it, just like they still don't really get "the internet". It will be gradual but there will be huge bubbles in the meantime. You are delusional if you think this will be a smooth ride.

Watch a future billonaire in motion:
https://www.youtube.com/watch?v=9pyVvq-vrrM [Embed

[Anonymous No.930415]

I hate making claims w/o source, but I'm on mobile and sleepy. But I could swear I read an article were $BAC and Chase are experimenting with BTC tech. So there are some big banks willing to adapt. I want to drop several hundred but with RH no can do

[Anonymous No.931489]

>>930415
You don't get it. The point is the banks are missing the point with the "let's just get a blockchain, but let's centralize it and basically miss the main point of a blockchain to exist".

It's like, "Hey, you guys hear of them wheels? Thought so. Here is the plan. Let's ban them but recreate them under our own moniker. And I found a way to use just one and not 4." You all know the proverbial reinvent the...

This is where we Bitcoin holders get our popcorn and a good seat "time". Enjoy the coming show guys.

[Anonymous No.931504]

When was the estimated time we run out of bitcoins and it becomes a deflationary currency? Will I live to see that?

[Anonymous No.931527]

what do banks have to gain out of bitcoin?

is it even possible to do fractional reserve banking with a blockchain?

[Bitcoin / Cryptocurrency No.931543]

>>931527
>
NO it is not possible to do fractional reserve with a block chain. Thats the reason people are so fucking banannas over it.

[Anonymous No.931561]

>>931527
no more magic funny money :'(

[Anonymous No.931576]

The built in limit on the number of bitcoins and the slowness/limit of transactions that can be processed within a given time make bitcoins useless from real financial transactions for the masses

Visa alone averages 2,000 transactions per second in any given day.
Bitcoin can handle 7 per second. That's it.

[Anonymous No.931613]

>>930350
I swear, you Bitcoin fags are more delusional than Bretton Woods goldbugs

They're delusional with eyes toward the past, and you're delusional with eyes toward the future

[Anonymous No.931779]

>>931576
VISA can't do anything a blockchain can do though.

Your comparison is ludicrous.


Ethereum.

[Anonymous No.931785]

>>930350
First they ignore you. Then they laugh at you. Then they attack you. Then you win.

[Anonymous No.931789]

>>931785

For the love of humanity I must have the sauce...

That is the one I wish to impregnate.

[Anonymous No.931799]

>>931576
>That's it.
No lol. You are fucking clueless.
Learn what sidechains are. If you still don't get it, I recommend a painless suicide.

[Anonymous No.931815]

Bitcoin isn't a currency

Banks are expressing interest in the blockchain because it might be an interesting piece of technology

Bitcoin are a joke

[Anonymous No.931824]

Will/can paypal ever go into money over ip?

[Anonymous No.931832]

>>931785

SAUCE PLEASE... PLEASE.... PLEASE PLEASE PLEASE... SAUCE.... PLEASE!!

[Anonymous No.932008]

>>930364
Look, the idea of cryptocurrency may be solid, but there is no way in hell that BitCoin is going to be the one that takes off.

1)The technology is ahead of its time. As you say, there are old people who are going to die without ever understanding it.... do you think Bitcoin is going to magically sweep in and convert all the stubborn old people into using it? No. It's not going to happen AT LEAST until the first generation that grew up with the internet (millenials) are the old farts. That's going to be another 40 years.

2) Bitcoin had it's day in the sun. It already meme'd out. It's not going to explode in popularity again without significant advancements or changes.

3) The technology isn't needed/wanted yet. People still use CHECKS for god's sake. This goes hand-in-hand with 1), but if cryptocurrency is replacing cash, the general populace needs to WANT that to happen. We may have already started down this path with the introduction of RFID credit cards, but those cards need to be the norm before people will consider going without cash.

4) Somebody has to pull it all together. Once the technology is fully there, and the general population wants it, some company still has to get in and MAKE IT ALL HAPPEN. Any time some idiot comes in and half-asses the technology, true adoption will be pushed back another five years. People aren't going to accept new things unless they WORK.

[Anonymous No.932131]

>>931561
isn't that literally what cryptocoins are?

[Anonymous No.932141]

>>931815
This.

[Anonymous No.932169]

>>932131
No.

[Anonymous No.932170]

>>931815
Average clueless retard. This is what this thread is about dumbo.

Banks being interested in blockchain = banks trying to restrict the internet to an intranet like AOL or Compuserve (and we all know how it all ended). You guys have no fucking idea about technology, which makes you unable invest on this properly. You should stay away and simply admit you don't know how this all works and what does it mean, just like Buffet does. Stick to Coke.

[Anonymous No.932174]

>>932008
You are literally grandpa trying to discredit the internet while not having a fucking idea of what it is.

>why would anyone use this? it's not needed/wanted, we already have radio, why radio on the internet? XD

>this dosent work too slow only nerds use it

>this is only a meme thing for comediants to joke about it will never take off

>TCP/IP is shit it will never scale to global levels

https://www.youtube.com/watch?v=lskpNmUl8yQ

I love being surrounded by short sighted morons.

[Anonymous No.932891]

>>931576
Visa does 0 transaction per second on week ends tho.

[Anonymous No.932926]

>>932174
You "literally" did not read my post. I wasn't arguing that it's never going to happen, I was arguing that it's further down the road than Anon claimed.

Your own fucking youtube video defeats your point. It's been TWENTY YEARS since that interview and RADIO IS STILL AROUND, not to mention that it took 40 fucking years for the internet to go mainstream. Bitcoin hasn't even been around for 10 years. It's still going to be at least another 20 imo before it catches on.

[Anonymous No.932957]

>>932926
>RADIO IS STILL AROUND
Cut the internet and lets see how your radio show goes :^)

[Anonymous No.932997]

>>931543
>NO it is not possible to do fractional reserve with a block chain.

[Anonymous No.933002]

>>930350
Central bank cryptocurrency when?

[Anonymous No.933148]

>>931504
>When was the estimated time we run out of bitcoins and it becomes a deflationary currency?
It'll sort of happen around the end of July next year:
http://www.bitcoinblockhalf.com/
The reward for mining will be halved, effectively halving Bitcoin miners income. They won't even be able to cover the cost of electricity/rent, so they will all start unplugging their equipment.

[Anonymous No.933179]

>>932926
>>RADIO IS STILL AROUND
Fucking really? Just lol at you.
Radio is still around, so fucking what. So are fax and conventional mail. That doesn't mean those got severly disrupted by new tech.

Bitcoin will not take as long as the internet to become mainstream. We don't need to build the infraestructure, it's already there. For the internet we needed to put actual physical cable, develop better modems etc. With this, all we need is keep perfecting the protocol and the software. Give it 5 years, see where we are at, then give it another 5. That's fucking nothing considering you'll be able to retire with 21 BTC.

[Anonymous No.933186]

>>932926
>>RADIO IS STILL AROUND
Fucking really? Just lol at you.
Radio is still around, so fucking what. So are fax, vinyl and conventional mail. That doesn't mean those got severly disrupted by new tech.

Bitcoin will not take as long as the internet to become mainstream. We don't need to build the infraestructure, it's already there. For the internet we needed to put actual physical cable, develop better modems etc. With this, all we need is keep perfecting the protocol and the software. Give it 5 years, see where we are at, then give it another 5. That's fucking nothing considering you'll be able to retire with 21 BTC.

[Anonymous No.933188]

>>933148
If the demand is the same the price will go up.
If they unplug their equipment it will just mean the people that remain mining will make more profit since the difficulty decreases.
There will always be people making profit by mining, it's a self regulated system.