Well, before I would have answered with a "NO", but after some thoughts I think they can do it, very easy.
Those bankers who don't understand Bitcoin & cryptocurrencies or who understand this movement but realised it is a thread for their companies can easily destroy Bitcoin but with some costs of course.
Or the bankers are the dumbest people alive or they are secretly investing in Bitcoin.
Banks could easily accept Bitcoins and give cash to the people and then hold and destroy/burn all the Bitcoins received. That's so easy to be done by those big Banks in the world.
Of course it was easier last two years because of the low popularity and hype of Bitcoin but also because of the lower number of the cryptocurrency alive.
Now it is almost impossible to destroy the crypto world. People realised we need decentralised systems.
Even if there will be big steps made by big companies trying to destroy a cryptocurrency, another one will be created.
The freedom is in our hands!
Impossible. There are some bitcoin holders that will simply HODL. If banks were to try this, the value of 1 bitcoin would shoot up to billions of dollars per bitcoin.
Hold 0.01 BTC and you'd be a multi-millionaire.
The banks don't have enough money to print to do this, without devaluating fiat to an unusable level.
@fitzgibbon You are spot on.
I wrote about the HODLers who would just never sell only last week :D
https://steemit.com/bitcoin/@lucygarrod/what-happens-when-peter-thiel-buys-bitcoin
What if regulations stop crypto to fiat conversion? What if exchanges are shut down? Will the crypto economy be able to survive on its own?
If regulations stop crypto to fiat conversion, that's only in one specific country. Crypto to Fiat and vice versa will simply migrate to countries that do want to make money or even tax it.
Also, how to shut down a decentralized exchange? I think the days for centralized exchanges like Polo, Bittrex and Binance are numbered. Bitshares, CryptoBridge, Waves, OpenLedger, Bisq and Stellar are already rapidly gaining traction. Any idea how difficult it is to shut down a running blockchain (with the knowlegde that any 12y old kid can simply grab the code from github, compile it and reboot the entire network in minutes)?
Will be crypto economy be able to survive on its own? Well, I think you have the question backwards. What future is there for fiat?
Points accepted, I was coming from the POV that if negative regulations are brought in by some of the major economies like US, EU or China that can become a huge roadblock.
those are small roadblocks. Look at https://eosscan.io/
That's an ICO, completely blocked by US and China. So far, $9,194,300,000 USD has been invested. Yes, you read that right, over 9 billion USD into an ICO.
There is no stopping crypto
Wow!!! Mind-blowing...
What's your take on many of these altcoins and ICOs ultimately not being able to produce anything worthwhile?
What if coins and ICOs are treated as securities and IPOs with legal requirements for accountability and responsibility towards investor money?
Hard to predict the future is.
I recommend following @jwolf, @kevinwong, @taskmaster4450 and many more steemians with high reputations for inside knowlegde on these topics.
Thanks, will do. It's really interesting to know more about this
The fact that Visa just "banned" a couple of Crypto Credit Cards shows that they are getting afraid imo.
I think for one Bank it would be hard to destroy Bitcoin as they would need to go deep into their pockets.
With privacy coins like Monero it will be impossible to destroy the whole movement imo.
BTC was created to avoid bank system in order to make people really independent financially. So if people keep having banks on the list they we 'll stay 'system slaves' ...
Resteeming and wish you all the best for the new year.
The freedom is in our hands and always will be!
this is true bro i understand real true, i have a dude who is always like Banks would destroy crypto i do not argue with him i just laugh
IMPOSSIBLE
its just simple that banks wants to take the control of people financial life,they dont want people to live financial free life.
Nicely projected
Bitcoin is born to compete
Upvote & Resteemed
banking system is very old and now so stable in this world.so it is almost impossible to destroy banking system.thank for sharing @jwolf
yep!! i agree with you because all people will invest on bitcoin rather than in bank as bitcoin gives us a lot of profit!!thank you for sharing ....@jwolf
I just love it sir.....
Thank you sir for sharing
Outstanding perfomance for bitcoin...
Thank's for sharing @jwolf
It ll not easy to destroy bitcoin.. Currency may be powerless itself but the hands which own it are powerfull..
Let them be afraid, if they are starting to burn they destroy them selves.. and then the next coin is there to take over.. impossible mission..
Innnit sure, is a bit freaky when we have seen what the banks have done with XRP etc I think they have too much money! So possibly could be done !
Bitcoin is cool. But if they want to be more common, they need to improve the transaction speed for microtransactions. But that's what other cryptos are for.
yes i also think they canot destroy it bcz they dont alot of money to btc holders for only destroying btc huge amount of crypto is out of control now and also if the buy btc or any other then how they stop the other which will launch in next
and the other sidet the btc and crypto holders dont want to sell and they will not sell in any condition bcz crypto is like a drug which we dont leave now and we will not want to sale it..every one wants to hold it even they have not any money in real life
Wow so great post have a nice day.
I think that Bitcoin can't destroy the banking system because we all still need to have bank accounts, but it can create a big damage to them in terms of their profits.
Yes, banks could accept bitcoins, but that doesn't mean that people would just blindly trust them and put their bitcoins in banks. At least, I won't. I don't even keep my bitcoin in any exchange, I just keep them in my cold wallet. And I think banks have already been trying to dismantle Bitcoin, by pumping Ripple hard.
hahaha. that is nice advice for them. But I think, to do so, they have to wait few more years to let bitcoins come into physical form, either as physical coins or paper money.
Banks can do nothing now only they could deny any payment coming in from
Yeah I'm still answering no. Taking coins out of the system would be very very expensive, and doing so would just make those very coins even more expensive. Greed would kick in and they'd start to release them back into the market under shareholder pressure.
they can't destroy bitcoin, but they can easy block all transation for convert it to fiat money. and well, it will be horrible for us..
i think bitcoin will destroy banks in 10 years ^^ or banks will try to have crypto (BTC or wahatever crypto ) as main currency
@jwolf ^^
Excellent post thanks for sharing..
Friend can you do me some favor? The gif I have created for you, can you please make a small tag saying the art done by @rocksg, so that the people will know about me and will contact if they also want to make it for them. This will give me a good exposure here.
I will stop using it. Thank you.
No bro, I did not mean that you should stop. I was telling to add a line like the "Gif Made By @rocksg". Is this really difficult for you? I have seen many people do this to point to the artists.
We never talked about this when I asked you to make it.
Ok. I know but we talked about some support by giving some upvotes then. Have u really fulfilled your promise, I made this art free of cost for you.
Are you kidding? I have talked with you about that and you agreed you will make it for one upvote.
And don't worry. I will stop using it.
banks having a real tough time to be honest lets see how does that money goes in and out
The question is Will bitcoin Destroy the banks? :)
It's a good question...
I think it's definitely possible. However I think the future of cryptocurrency depends little on BTC. There are so many altcoins popping up with such popular interest, we won't need BTC anymore. I already feel like we do great without it. Many people flocked to other coins because of the high fees that BTC has.
There was actually an interesting theory that @v4vapid posted here that I would definitely give a read if you haven't already.
You are right! People have learned the taste of freedom and there is no way back!
I think they will try but everything will depend on what we choose!
People power wins here my friend!
What you're saying won't work because it'll cause massive inflation!
The question that lies here is can bank be destoryed by bitcoin and i am.pretty sure that there's gonna be clash between banks and cryptos......@jwolf thanks for such interesting post.
big thumbs up