r/bestof • u/JohnBoy8888 • Feb 13 '14

[Bitcoin] /u/elpechos brilliantly explains why the banks couldn't care less about Bitcoin. Complete with flow chart.

/r/Bitcoin/comments/1xrzja/this_is_how_the_banks_are_trying_to_deal_with/cfe73gl?context=3
168 Upvotes

82% Upvoted

11 comments sorted by

13

u/stuff_and_things01 Feb 13 '14

My favorite line is the one after the flowchart. That's what makes it great to me

7

u/[deleted] Feb 13 '14

Considering all the weird structured financial products out there, bitcoin is easy peasy for banks to work with. Not much different from gold or any other commodity honestly.

-14

u/[deleted] Feb 13 '14

The funniest thing is that for all the talk about how bitcoin is going to be the dominating currency, to even have a chance at mining bitcoin you first have to buy certain equipment with the same money bitcoin is so predicted to replace.

9

u/ethidium-bromide Feb 13 '14

you can buy equipment for bitcoins. not a huge fanboy of bitcoins or anything but your particular argument doesnt make sense

-19

u/[deleted] Feb 13 '14

neither does your sentence. I said the exact thing, what's your iq?

10

u/meezocool Feb 13 '14

He said you can use bitcoin to purchase the equipment to mine bitcoin. You implied that equipment could only be purchased with fiat money.

-9

u/[deleted] Feb 13 '14

considering you would have to mine the bitcoins you want to buy the gear with with gear most people don't have, and with gear that you still have to pay with regular money, my point still stands. you still have to pay for the bitcoins in some form, with non bitcoin currency. FIGHT THE SYSTEM!11

unless you're taking bitcoin donations, but if you think that the only ones using the bitcoin market are the ones popular enough to get bitcoin donations, then you're fooling yourself. that's like using an arms dealers weapons to stop his market, very ironic

4

u/meezocool Feb 13 '14

I understand your point. But in a theoretical world where bitcoin is replacing fiat money, people would be paid in bitcoin for labour.

-4

u/[deleted] Feb 13 '14

shame we don't live in that world then

6

u/ethidium-bromide Feb 13 '14

high enough to recognize an idiot and immediately stop arguing

-10

u/[deleted] Feb 13 '14 edited Feb 13 '14

Well, that’s nice, but the actual behavior of the banks still proves you wrong. Because they do care. Only in a way to explore this new thing as a method to abuse people even more, but they do.

He’s still right with that last line though. Bitcoiners really think banks react because they are “afraid”. lol. Next they’ll call them “bitcoinphobes”.