One of the world's biggest banks just admitted bitcoin could destroy existing finance firms

[wehateporn]

French bank BNP Paribas says the technology underpinning bitcoin has the potential to make existing companies "redundant," a huge admission from one of the world's biggest banks.

Analyst Johann Palychata writes in the company's magazine Quintessence that bitcoin's blockchain, the software that allows the digital currency to function, "should be considered as an invention like the steam or combustion engine," that has the potential to transform the world of finance and beyond.

Continued BNP Paribas says bitcoin's blockchain could make current securities firms 'redundant' - Business Insider

[blackmonsters]

Electronic currency will be just like electronic data; completely hacked to shit in a while.

.

[crockett]

Originally Posted by blackmonsters

Electronic currency will be just like electronic data; completely hacked to shit in a while.

.

We already have electronic currency.. Money gets deposited into my bank account with out me ever touching it. I then spend it with a check card with out ever touching it. Sure if I really wanted to I could withdraw it and have the cash... But rarely do I ever carry much cash anymore. Only if I'm buying/selling things off craigslist do I ever carry a lot of cash.

[blackmonsters]

Originally Posted by crockett

We already have electronic currency.. Money gets deposited into my bank account with out me ever touching it. I then spend it with a check card with out ever touching it. Sure if I really wanted to I could withdraw it and have the cash... But rarely do I ever carry much cash anymore. Only if I'm buying/selling things off craigslist do I ever carry a lot of cash.

Good point, credit card information theft and bank fraud is not a problem.

[L-Pink]

Originally Posted by crockett

We already have electronic currency.. Money gets deposited into my bank account with out me ever touching it. I then spend it with a check card with out ever touching it. Sure if I really wanted to I could withdraw it and have the cash... But rarely do I ever carry much cash anymore. Only if I'm buying/selling things off craigslist do I ever carry a lot of cash.

But you aren't shit-out-of-luck if your funds get stolen from an FDIC insured bank.

[aka123]

No, not bitboin. The technology used to stock and derivate trading.

"Palychata says that if this type of technology is applied to securities trading ? the world of buying and selling company shares ? then "existing industry players might be redundant."

If investors can trade shares directly with each other in a system that has a layer of trust built into it then middle men ? stock brokers ? aren't needed anymore."

Read more: BNP Paribas says bitcoin's blockchain could make current securities firms 'redundant' - Business Insider

[crockett]

Originally Posted by L-Pink

But you aren't shit-out-of-luck if your funds get stolen from an FDIC insured bank.

Yes and that's why you use a bank and not btc.. Or epass like some morons here used to think was their bank account..

[geedub]

Originally Posted by blackmonsters

Good point, credit card information theft and bank fraud is not a problem.

Because fraud never existed before the digital age.

[danielpbarron]

Originally Posted by L-Pink

But you aren't shit-out-of-luck if your funds get stolen from an FDIC insured bank.

Hah you're just out of luck if you actually try to spend money out of your FDIC insured bank. Kinda the point of bitcoin.

[L-Pink]

Originally Posted by danielpbarron

Hah you're just out of luck if you actually try to spend money out of your FDIC insured bank. Kinda the point of bitcoin.

What are you talking about? There isn't one business I will walk into today and buy anything with bitcoins. And any funds stolen from my bank accounts are replaced.

[danielpbarron]

Originally Posted by L-Pink

What are you talking about? There isn't one business I will walk into today and buy anything with bitcoins. And any funds stolen from my bank accounts are replaced.

There isn't one business I would want to spend my bitcoin at; not at this price. Try to get your FDIC "insured" funds replaced when the amount lost is actually significant. Try to spend over 10k USD in once place without getting interrogated. Try to trade securities on an unlicensed exchange with dollars. Speaking of which, the linked exchange is the thing that will "destroy existing finance firms."