Australian banks are lifting their game in response to crypto

Today I had clarification from someone very high in banking in Australia that the move for instant payments between banks and username or phone number payments, rather than bsb and account number payments, is in fact in response to digital currencey.
The banks are worried and are taking a stance of competing with digital currencey benefits to staying relevant. IMO they lack a lot they will never be able to give. However, they do not underestimate the threat!
What was also said is that the consensus of the banking system is they all believe blockchain based digital currency will be here for generations to come.
 
fiat currency banking comes with 1000s of regulations and 100s of insane ones and 10s of outright fraud ones, they cant compete with cryptocurrencies in 1000 years.

the easier they make it pay online , the easier it will be to shift to crypto , so no worries about that.

but its good to see banks getting a chill in the spine from the new competition thanks to sathoshi
 
Dashmaximalist said:
fiat currency banking comes with 1000s of regulations and 100s of insane ones and 10s of outright fraud ones, they cant compete with cryptocurrencies in 1000 years.

the easier they make it pay online , the easier it will be to shift to crypto , so no worries about that.

but its good to see banks getting a chill in the spine from the new competition thanks to sathoshi
Click to expand...
Yep, we have them on the back foot mate. It makes me very happy
 
yocko said:
Yep, we have them on the back foot mate. It makes me very happy
Click to expand...
You think the bank/guv team isn't going to strike back, hard?

Don't get too comfortable with setting them back on their heels, slightly, this one time. They're going to come back at you fucking hard... They're going to target privacy as a bad thing, accuse you of trafficking in child prostitution, drug dealers, money laundering for terrorists, etc... "Lack of transparency" will be their propaganda-backed narrative, which is nothing more than the elimination of privacy. Regulation is nothing more than guilty-until-proven-innocent. The regulations that hold back banks from competing will be forced upon anything better, crypto in this instance, to artificially level the playing field under the guise of "if you've got nothing to hide, you've got nothing to fear."

And in the name of the ponzi shitcoin that finally achieves adoption, no one is going to fight it. They'll bend over for anything to get that pump... No pun intended.
 
camosoul said:
You think the bank/guv team isn't going to strike back, hard?

Don't get too comfortable with setting them back on their heels, slightly, this one time. They're going to come back at you fucking hard... They're going to target privacy as a bad thing, accuse you of trafficking in child prostitution, drug dealers, money laundering for terrorists, etc... "Lack of transparency" will be their propaganda-backed narrative, which is nothing more than the elimination of privacy. Regulation is nothing more than guilty-until-proven-innocent. The regulations that hold back banks from competing will be forced upon anything better, crypto in this instance, to artificially level the playing field under the guise of "if you've got nothing to hide, you've got nothing to fear."

And in the name of the ponzi shitcoin that finally achieves adoption, no one is going to fight it. They'll bend over for anything to get that pump... No pun intended.
Click to expand...

do you know 50% of global economy is informal economy which does have paper trail ?
Do you know money laundering is close to 10-15% of global economy ?

The global drug industry is close to 5 trillion usd

The offshore wealth market is about 40 trillion

if you think governments can regulate crypto out of existence you are mistaken.

Cryptocurrency is going to rise like a tsunami soon, fiat money is simply not a worthy contender , evey one with couple of grey cells in their brain will realise this soon.

The real reason cryptocurrency is not taking off is this , there is no strong user base right now , once 1 billion install dash app , which is as easy as couple of clicks ,you are staring at a currency revolution
 
Last edited:
You must log in or register to reply here.
Back
Top