The Banks Can´t Beat CryptoCurrency! - But They Try To Own It!
First a Bank in Japan, now one in Liechtenstein. It seems like the banks start to realize that they can´t beat cryptocurrency and therefore start to join in on the party one by one. Just according to the saying "If you can´t beat them, join them!"
Whatever might sound like good news in the beginning can actually become quite dangerous for the overall goal of crypto to free us all from the power and control of banks. Due to their regulations simply everything will have to be recorded and will be under their control, which can be clearly seen below:
The crypto assets under the bank's custody, will be stored in cold wallets - a security measure that keeps private keys to the cryptocurrencies offline and away from potential hackers. Trading activities through the bank's platform will also be carried out in compliance with know-your-customer procedures required under Liechtenstein and European (EU/EEA) law.
Clients can only invest in cryptocurrencies once they have been fully identified and verified. The verification and identification process also involves checking the origin of the money used to invest in them,"according to the announcement.
Of course we might see the prices of crypto raise at first due to everyone being able to invest into them through their bank. But at what price? The banks would still know everything and even own our private keys, so that in the end there´d be no difference to a traditional bank account anymore.
That being said we should all focus to make sure that the banks don´t interupt the longterm goal of making everyone his or her own bank. We shouldn´t be the slaves of a broken financial system but rather be able to control our wealth ourselves under fair and most of all transparent conditions!
Let me know your opinion!
I can´t wait to discuss about it ;)
(Source - Coindesk.com)
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Agreed
In UK yestarday a story popped out that the goverment is trying to slowly put a stop on cryptocurrency with the help of banks which we all know is impossible to do so. Other countries have tried to ban crypto and ended up just boosting its potential and raised its profile. The banks are already using cryptocurrency to transfer high value in between other banks. Most of it is digital. Just think of how much of your money is cash and how much is on your bank card :)
They saw that it´s impossible to ban cryptocurrency and therefore changed the strategy. Whenever you can´t beat them, join them! The banks are trying to control the whole cryptospace now.
It's always the same story...... power=control over the other!
Unfortunately that´s it...
War has already started. Poloniex just got bought by a bank last week. There are several ways to take down crypto and they'll try each one possible.
They won´t take crypto down, they will just try to gain full control over the market so they can continue to play with us...
cryptocurrency makes the world fair for everybody. It opens a big opportunity for those people who are not wealthy. so please don't mix this good world with bad politics
The banks could easily gain back control by keeping the private keys in their posession. Taking your money away would after that be as easy as before...
I just read an article where the top brass in JP Morgan admitted that cryptocurrency was a threat to the way they do business. Goldman Sachs has publicly bashed blockchain and cryptocurrency, but was revealed to have created a whole desk floor dedicated to developing their own crypto and understand blockchain. I do believe that prices will boost and become mainstream. That banks will threaten our way and try to centralize the model, but I also have no fear, I truly feel we are at the beginning of something great. The capitalistic system or model is just a theory. And we are trying it out, its not sustainable. With cryptocurrency we are just starting to see the potential of blockchain and we as early adopters are ahead. Banks and regular industry are playing catch up. As we all know, when it hits mainstream finally, its already to late, the way blockchain operate has changed already. Don't worry, this time, the "people" are truly ahead of the industry I believe.
They just try to keep the prices as low as possible so the can join the space and slowly gain control of it. Buying exchanges like Poloniex might just be the first step to a decentralized space, that´s controlled by the banks once again...
Because of that I defend cryptocurrency regulation, in someway. It will support more partnerships and investors.
Cryptocurrency regulations are a good thing to make the game more secure for businesses around the world to join in. We shouldn´t allow the banks though to gain back control over cryptocurrency through KYC and holding our private keys...
I agree. We have to search some balance in these regulation issues.
yes many banks have made innovations to facilitate the process of payment via Bank, many bank services are competing to make customers comfortable
Rabobank also seems to have a conceptual platform to facilitate crypto trading, that would be the first huge bank to adopt; however, it is still far far away.
Even if they adopt, I don't see any harm caused to the market by doing so. Since everything is decentralized, they can only become a portal and never own the Dapp itself. So I would be happy if banks start owning facilitate crypto portals, since this stimulates mass adoption! The only thing I am concerned about is banks becoming whales; however, I foresee legislation filling in this issue.
As long as you don´t own the private keys to your wallet you actually don´t own any of your coins! That being said you might like to take a look at KYC regulations and the fact that banks will hold your keys to keep the ultimate control over your funds again after all. That´d be the exact opposite of decentralization once again...
I know the Dutch KYC by hand, since I studied Financial Law here. I think that, if banks want to keep the private keys in store, traders will walk away from these platforms. More and more decentralized exchanges are coming to the market, thus enabling decentralization with trading. That being said, I completely agree with your statement that banks would centralize the economy, something we should not be willing te accept.
If banks are unwilling to adopt cryptocurrency in the fututre they will be very unlikely to continue to succeed. Crypto is going to be the future and it shouldn't be resisted. Thanks for the interesting post!