Banskter Admits That Crypocurrency Is Going To Eat Them Up
There is no stopping this train.
People need to stop believing the FUD. There is something revolutionary that is taking place. It is starting to overwhelm one of the most powerful forces on this planet, the banksters.
Cryptocurrency is not going away. Blockchain is 100 times more powerful and disruptive than the Internet was in the 1990s. This is a recipe that is going to smack the banksters right in the face.
The attacks of the last couple months reflect how the banksters view this. If it was not a threat, they would simply ignore it.
What is astonishing is that a bankster would openly admit the threat. Yet this is exactly what one of the most senior executives at Deutsche Bank did.
Marcus Schenck believes that bank accounts could disappear in as little as 5 years, most likely within 15 years.
This is a bankster that is admitting the digital wallets that contain cryptocurrency are likely to destroy a major aspect of their business.
Bitcoin and other cryptocurrency wallets are already widespread, but many believe their usage could spread even more rapidly in the future as cryptocurrencies themselves are more widely used.
This eliminates the need for a third party like a bank. People also will be able to use this for more direct payments. This is another big challenge for banks.
As more individuals and institutions handle payments direct, the job of moving hundreds of billions of dollars around is removed.
Finally, at least in the United States, this could post a huge problem for banks because of the fractional reserve system. If people are keeping their money in a digital wallet and not in the bank, it is not able to lend 9x multiple on that money.
The banksters will attack, complain, and try to adapt yet it will all be for naught. At the end of the day, they are losing control over money. This is starting to spread across the board. Each new account that is opened upon the STEEM blockchain is another wallet that can hold cryptocurrency. This will keep growing month after month, not only on this blockchain but on Bitcoin, Litecoin, Ethereum, and many others.
One thing is for certain, the banksters are going to be in trouble when there are a few hundred million wallets out there.
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This is a reality that is getting clearer and clearer by the day and also appropriately raising our expectations in a equally astonishing way. You know, I thought that crypto could really be big, but now I'm beginning to think that I wasn't seeing even a fraction of the possibilities that I think history will have us look back on in utter amazement.
I am convinced it is beyond our wildest imaginations. Just the progress I witnessed in the 7 months I am on here is incredible. Push that out a few years and I can barely fathom what will be taking place.
The banksters are on edge. That is obvious. They went from attacking cryptocurrency to now talking about starting them....it will not net the results they want but does show how entities embrace what ultimately destroys them.
Thanks for the great post. You are 100% correct when you say there is no stopping the train. Blockchain cannot be stopped. The only way for a bank to survive in the future will to be utilize some form of blockchain technology, likely the ripple network. No one will miss the current way of banking as crypto will change the ways of banking for the better.
The financial crisis in 2008 really opened up pandora's box for the banking world. These guys thought they got away with all those bailouts, mortgage scams and swindles, but little did they realize what revolutionary tech their crimes would give birth to.
Necessity is the mother of invention.
I agree.
We are seeing the emergence of another alternative. If the Trump and Congress take the handcuffs off the banks, which it looks like they will do, we will see a repeat. They guys will leverage up to an obscene amount again..only to watch it pop. Once it does, this time, there will not be the will to bail them out.
By that time, there will be an alternate system in place.
What they didn't know then, they surely know now! They will be chokin on crypto before we know it!
It’s gonna eat them for sure! I say crypto is a black hole that’s gonna engulf anything near it. They’re gonna have to adapt quickly. Thanks for the post!
A lot of the develop world have millions of jobs related to banking. I will doubt they will all go away. Instead they will likely adopt accepting crypto and exchanging them. A decade from now if it happens it will not surprise me is everyone using crypto to by daily goods and services.
Millions of jobs already were destroyed in the banking sector.
Fintech is one of the leading technological areas...it started 15 years ago.
Look at the floor of the exchanges...where did all the traders go? They were automated out. Go to a networking event, where did all the stock brokers go? They were automated out. Where did the mortgage people and car loan specialists go who were working in each branch? Automated away. Branch managers? Reduced to covering 5 or 6 branches.
Next up...market analysts...some fund managers...compliance offers...hr personnel....
I agree with your blog. Its a fact that world's future is cryptocurrency.
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They are pretty much horse carriage makers complaining about the new oily and smelly gasoline cars for which there are no roads and would never work haha. There's nothing they can do but adapt and adopt crypto before their competition to stay ahead of the curve. It's game over for these lazy crooks, their time has come. regards Task, of course I like this post! ;)
Yes it is long overdue.
I am with you. I dont think they have a chance of combating it. Over time, we will see exactly how powerful decentralized blockchains really are.
There are going to be thousands of cryptocurrencies people will be using, for all kinds of different things. This will make it impossible for them to attack. They might be buying up Bitcoin but they cant go after 2,000 different currencies.
Ha, buggy whippers!
The Deutsche Bank? Ahaha! When the Derivatives Bubble finally bursts, the Deutsche Bank will be the first to go up in a bang. And it will be quite a bang.
Nice article, @taskmaster4450!
You will recognize it by that big dark puffy cloud hanging over central Europe!
I believe that there will always be a need for lending institutions but it will eventually be totally restructured, and might even be tied into the blockchain. When banks begin to accumulate crypto as assets, then you know it is game over for banks. One thing for certain for this to happen - ease of access to ALL crypto and conversion and liquidity being paramount. The day will come when at the POS all you will need to do is provide your fingerprint and then select your crypto flavor for payment from the onscreen menu. And guess who will be in control of the accounts management process and oversight? The banks of course!
I wouldnt be surprised to see the digital identification process tied directly into the blockchains removing the need for accounts management. Having a centralized entity handling it creates the same scenario we have now.
CIVIC is a token I believe that is always working on something like that....in a decentralized form. I dont know much about it so I cant speak intelligently on it but I think they are laying the groundwork for what could evolve out of it.
Agee, technology sector needs to beat the banks to the punch. I purchased some Civic last year and have been rather disappointed in their progress.
My guess is that the apex of this trend will be the year 2022 (assuming people aren't railroaded into the digital panopticon and forced to use centralized crypto at gunpoint). By 2025, banks will probably only be useful for the lending dimension in a very diminished capacity. By that time decentralized blockchain technology should be the dominant paradigm.
How does the 2022 time frame line up with your charts?
We generally turn a new page every 20 years (1960, 1980, 2000, 2020) and this number is associated with the passing of generations. This is a little too soon though for maturity (from the technological perspective) though, so I think it will be closer to 2022 - 2023 before the real fireworks start to erupt.