Wednesday, January 27, 2016

Big Banks Move Towards Bitcoin

Bitcoin comes of Age
We're headed for a restructuring of currency exchange, let's face it the system is old and corrupted.  It will always be a challenge to forming transparency when it comes to money but that don't mean we can't start eliminating fees in which many banks charge and start downscaling manipulation.  Bitcoin has shown use, the new frontier is cryptocurrency, sure there has been problems with this creation but like all new advancements the bugs get worked out and tweaking adjustments are made from public input.

Many banks around the world see the potential of Bitcoin, it was just a matter of time before the investment was made in blockchain technology.  Though blockchain-based platforms are still in their infancy, banks think there is potential for big cost savings over current mechanisms, some of which were originally developed in the 1970s.  One of these areas is clearing and settlement of trades.  One big player coming out Digital Asset Holdings LLC, a startup trying to develop mainstream uses for blockchain technology and some their partners are J.P. Morgan Chase & Co., Citigroup Inc., BNP Paribas SA, CME Group Inc. and Accenture PLC.  Another interesting group is Circle Internet Financial who is associated with Goldman Sachs and IDG Capital Partners of China.

Well with names like J.P. Morgan and Goldman Sachs who to this day are not popular or even liked by the public because of the 2008 financial fiasco that buggered the markets, run recon on each new company coming out with blockchain technology.  Bitcoin was created for a simple reason, the public was tired of getting screwed by the big banks.  So as this evolves don't get pulled into mining operations like KnCMiner which has completely pissed-off  the public involved in their blockchain.  Times have definitely changed, 1400 CEOs were interviewed lately and their worst fear was social media, Oh the poor dears.    

Max Keiser and Stacy Herbert discuss Mike Hearn whiny rage quitting Bitcoin in order to join a banking system with life-or-death power but where no real auditing is possible.


No comments:

Post a Comment