/biz/ - Business & Finance

[Anonymous No.9422961]

Can someone explain why banks would ever need cryptocurrencies.

Why would they feed something that defeats the purpose of their very existence?
It's not going to happen. Period.

>inb4 Ripple
Ripple is not a distributed cryptocurrency, it's a chuck e cheese token. Banks have already been issuing you those in the form of fiat for decades. Ripple is just rebranded fiat with even less value.

[Anonymous No.9422987]

>>9422961
have u even watched mr robot?

[Anonymous No.9423042]

bump

[Anonymous No.9423127]

I thought so.

[Anonymous No.9423164]

in all seriousness it's not about whether they need it or not, of course traditional currency works better for them since they have more control over it

it's about forcing the banks to use crypto cause the people demand/want/use it and they are losing customers.

better to swallow pride and make a shekel when you were making a hundred before, than making no shekels at all

[Anonymous No.9423207]

>>9423164
That would be the cuck way out.
I doubt these fucks are going to just give it all up without a fight (read: nuclear apocalypse).

[Anonymous No.9423761]

>>9422961
lol no.

I was going to take the time to explain to you how banks could save money by using ripple, but then you showed you have already fudded yourself with false information. Im not going to invest the time to undo the misinformation you have already inflicted on yourself.

[Anonymous No.9423792]

>>9422961
They don't... Only the nucoiners think them taking over is positive.

[Anonymous No.9423834]

>>9423792
The thing is they cant even properly "take over".
So they shill XRP. Ok, then what? A bunch of pepole start using it. Ok, so? Everyone is already using fiat. Going from fiat to Ripple literally changes nothing. Meanwhile this doesn't make the actual cryptocurrencies go away.

[Anonymous No.9424035]

>>9423834
>Going from fiat to Ripple literally changes nothing
>Going from fiat to crypto literally changes nothing

I hope with this one simple change you can see how dumb you are.

[Anonymous No.9424131]

Bump

[Anonymous No.9424159]

>>9422961
How could bank need crypto when crypto replaces bank ?

[Anonymous No.9424188]

>>9424159
That's exactly what I'm asking. Some people (particularly on /biz/) seem to think banks need crypto.

[Anonymous No.9424202]

>>9424188
Sorry, I missed
>Why would they feed something that defeats the purpose of their very existence?
My bad anon

[Anonymous No.9424368]

>>9422961
Crypto opens up lots of new business opportunities and markets, it makes it possible to sell data, to automate tasks, increase safety, etc. and to get rid of a whole fucking lot of wagecucks (means more profits for shareholders and management).
whats not to love here?
Banks won't become obsolete, they will just change their role a tiny bit while enforcing rules from which everyone profits.

[Anonymous No.9424426]

>>9422961
international payments

[Anonymous No.9424530]

>>9424368
Bingo.
this isn't even to mention the true goal of block chain, which is what? An immutable ledger.
A THINK THAT RECORDS EVERY TRANSACTION. EVERYTHING.
If that isn't the most draconian Jewish fucking thing you've ever heard I don't know what is.
The fact of the matter is that it's coming whether we want it or not. May as well profit off it.

[Anonymous No.9424601]

>>9424426
Sven from Sweden sends a payment to his wife's son in Pakistan.
Muhammad on the other end receives the payment and with that concludes the deal.

They then both pay a 5% fee to Goldman Sachs because they're huge fans. Everybody wins!

[Anonymous No.9424745]

>>9424530
it goes both ways, regulation and laws will be easier to implement and it all will be enforced faster.
a shitstorm like what happened in 2008 wouldn't be able to happen again because in the future every business, every bank will get live audited and smart A.I could figure out where problems could arise and point at it before anyone even really noticed.
all of that stuff would be blockchain/crypto powered of course.

>May as well profit off it.
true

[Anonymous No.9424746]

>>9424601
the detail you're missing is the payment is settled instantly with cryptos vs. days with international wires. it's the bank's choice to charge 5% but the real cost to them is close to zero.

[Anonymous No.9424945]

>>9424746
And beyond the instant settlement, liquidity is sourced on demand in the target country. No need for a nostro account or to pay a local bank for liquidity.

[Anonymous No.9425178]

>>9424745
Absolutely, there a wonderful ways that it can be used to enrich and harmonize humanity.
With that kind of power, being able to record and track all transactions, how do you feel that power will be used?

Personally based on history, I'm going to guess not for the average persons benefit.

Look at China for example with their proposed social credit system. Now imagine all of their money in a CBDC.
Someone doesn't like something Xi said and talks badly about it. Through block chain, crypto, and AI it would make it so much easier to track every transaction that person has ever made.
Blacklist him. Wipe his money out. Maybe you received a transaction from him.
Guilty by association. Blacklisted.

[Anonymous No.9425259]

>>9424746
Credit card transactions are already instant. But it costs to run it so they have no choice but to charge at least some fee. The way to reduce that cost is blockchain (by essentially offloading the running cost onto the public) WHILE staying in control of everyone's accounts. Brilliant, except nobody gives a shit because to the end user that's no different from using a credit card. In fact it's worse because it will be slower due to its very nature. So, banks get to reduce their fees from 3% to 1.5% or something, while the REAL cryptocurrencies make banks themselves obsolete.

[Anonymous No.9425323]

>>9425259
I didn't say anything about domestic payments, I said international payments

[Anonymous No.9425324]

>>9425259
>while the REAL cryptocurrencies make banks themselves obsolete.

Oh Anon, you are such a card.

[Anonymous No.9425338]

>>9425259
>Credit card transactions are already instant
This is not true at all. When you use your credit card, the only thing its doing is asking if your account has the balance to handle the payment, then sending a request that the funds have a hold placed on them until debts can can be settled. The actual transfer of money that happens multiple days after is called settlement.

There is no such thing as instant settlement right now using fiat.

[Anonymous No.9425427]

>>9424035
But that's wrong. And also retarded.

[Anonymous No.9425438]

>>9425323

So basically your entire argument is that people will not want to keep their cryptos at home on their devices but rather in a bank, because that's literally the only thing they might still be useful for.

[Anonymous No.9425475]

>>9425438
no. you asked my banks need crypto, I said international payments. that's it.

[Anonymous No.9425483]

>>9425338
Sure there is.
Person A hands over $100 CASH to person B.
Instant, untrackable.

[Anonymous No.9425485]

>>9422961
You're right. Banks using crypto is like a horse drawn motor carriage. Crypto is the automobile, banks are a horse and buggy, and banks who are integrating blockchain are pic related.

[Anonymous No.9425507]

>>9425483
Ya got me.

[Anonymous No.9425531]

>>9425475
Ok I'll give you that, but wouldn't you agree that banks using blockchain tech (even if it's faux cryptos like ripple) is giving credibility to actual cryptos that endanger their business?

[Anonymous No.9425538]

>>9425507
Obviously not exactly what you were talking about, but I'm not wrong.

Read this >>9425178
If we go the full way of blockchain, Central Bank Digital currencies, there is no anonymity.
There is no handing someone $100 cash.
Everything is tracked, forever.
Immutable ledger.

[Anonymous No.9425554]

>>9425483
also unenforceable without witnesses if the recipient is dishonest

[Anonymous No.9425588]

>>9425538
What about privacy coins?

[Anonymous No.9425595]

>>9422961
You fucking newfags
>What is the mark of the beast?
>What are Jews?
>Why are they the way they are?
>What is a PUBLIC LEDGER?
>What is an RFID chip?

[Anonymous No.9425614]

>>9425554
Of course.
Of course there are limitations with fiat. I'm not defending it altruistically.
Look at the spending by the US government. It's out of control. USD not backed by gold and just continual inflation. Obviously there's issues.

>>9425588
I'm a huge fan of Monero, but no that is not instant, and certainly not feeless.

[Anonymous No.9425636]

>>9425595
Now we're having a discussion.

[Anonymous No.9425643]

>>9425588
Punishable by crucifixion before we have grey hairs and you know it

[Anonymous No.9425688]

>>9425643
There are many businesses that want the benefits of crypto payments while maintaining privacy. I doubt we would see a total ban. Probably restrictions though.

[Anonymous No.9425695]

>>9425614
Are you saying it's physically impossible to create a cryptocurrency that is both fast and private?

[Anonymous No.9425701]

>>9425643
it was illegal to trade gold livres prior to the french revolution, punishable by death, and apparently that didn't stop people and look what else happened once you start cracking down so hard on property rights with a huge wealth divide present in society

[Anonymous No.9425736]

>>9425695
Obviously there's not an impossibility.
See >>9425643

[Anonymous No.9425993]

>>9425736
They would have to ban it in every country across the globe. I'm sure they can do that for most of the western world, but not the whole planet. As long as there is one place where it can thrive it's going to keep growing (especially if it creates any type of competitive edge over parts of the world where it's not allowed).

[Anonymous No.9426068]

>>9425993
Do you not understand what this is prepping us for?
You obviously don't.
....>>9425595

[Anonymous No.9426109]

>>9426068
Eh I thought you were able to hold a normal conversation. Apparently not.

[Anonymous No.9426193]

>>9426109
You're right. Globalism definitely isn't the push here.

[Anonymous No.9426624]

Banks would be interested in cryptocurrencies simply because it's becoming part of the financial landscape for people, so they will want part of the pie. Selling funds, etc.
Crypto is here to stay for a while, so if you can make money out of it as a bank, then why not. Many of their customers are probably interested in "investing in crypto".
There are some very strange crypto related financial instruments today. There is for example something like a "bitcoin investment trust", that tracks the price of bitcoin, but you don't hold any crypto. It's just a stock. Easier to report on your taxes. There are also crypto futures since the end of last year.
Banks just want to make money, like everybody else, and this (finance) is their market.