I work for one of the top five in Canada. I have been in crypto for over one year. Just ETH and BTC and exchange coins, no ipos or delta exchange shit. I do high-risk management analysis; since I was 29. I am 36 now. A mutual friend who also works for the company is a core java developer for the bank. He is 40+ and has been in fintech his whole working life. We discuss crypto. There is no way in hell banks will adopt block-chain tech. I repeat no possible chance. First, banks are the last to adopt new tech, he tells me some of the tech they use is over 20 years old. Any changes disrupt profits, and risk stability. He explained it quite simply: Banks all over the globe follow a swift code, branch number, and account number. There is no possible way to get all of the banks to adopt new tech at the same time. Secondly, banks make the easiest guaranteed profits during account transfers. Canada to China for example is popular for example. The bank converts the currency and takes a cut, charges a fee for wiring the account and securing it, and the other bank makes profit for processing the transfer. The government also has a record of the transaction for accountability and fraud. Where did the funds come? Who did they go to? What for? If something is fishy the account can be frozen, or returned if error is found. Explain to me why banks, and governments would invest so much tech, time and resources to fund a new processing method that costs them profits and sacrifices their ability to monitor the funds? Why would they adopt tech from a group of developers who have already distributed the profits of the company to anonymous people through token or coins?
Notice
Other urls found in this thread:
theglobeandmail.com
reuters.com
newswire.ca
ccn.com
business.financialpost.com
cryptovest.com
bankofcanada.ca
finextra.com
business.financialpost.com
cointelegraph.com
cnbc.com
rbcwealthmanagement.com
coindesk.com
credit-suisse.com
twitter.com
When I hear people use XLM as a new way to transfer funds in Asia and Africa between poor countries I laugh. It will not happen. It will not work. XRP is also not going to happen it is not going to work. Listen to me I want you to get rich. But you are truly wasting your time if you think banks will work block-chain to benefit customers. Take your profits and hold them if you want but don’t ever think they will adopt them mainstream. Yes Bitcoin is openly discussed as a digital gold at the workplace now. As is Ethereum and some people even mention ICX and NEO, however the instability of Asia is a risk. Look at Enterprise blockchain projects if you actually want to make money, because now we are. We are looking at how Enterprises will be adopting blockchain tech, and we are accessing the profits, and investing inthose companies.
The credit card companies are researching the blockchain now too. Banks no. Credit card companies are though. From what I was told their strategy is to get contracts to talent; patent the tech, and never use it. Yes, never even use it. It will never see the light of day.
Another thing, our security and fraud department are getting upwards of 50 calls a day to verify online interact purchases for crypto. Every single day people are buying more and more crypto online. They are maxing their debit online interac. So new money will continue to pour in. On the same note, we have more and more millenials asking about buying crypto while they open up more and more online trading accounts. Last year was a record for my bank for new stock investment
accounts. Money is being spent. It has not been like this for over a decade. For those of you who cash out your gains it would be wise to instantly follow something simple like the couch potatoes etf portfolio. Worth mentioning is that the millenials I talk to about investing in crypto, I get the sense they just want to be a part of something, to say they have something. It is strange to say the least. As for this whole BTC futures debacle I keep reading about on Reddit and wallstreet fucking with the price of BTC it is plausible but I have not heard anything on that front personally, but it does sound exactly like something W.S would do.
For those of you in Canada who actually read this; here is a bonus: Banks already rose their interest rates. Last week and will continue too. Mortgage rates will go up. If the USA continues to raise their interest rates and NAFTA falls through between Canada, we will have no choice but to also raise our rates to remain competitive. Therefore many people in Canada will lose their homes in late 2018, early 2019, especially small business owners who are dealing with minimum wage hikes for their employees, coupled with the 15% increase on foreign home buyers expect real estate prices in Canada to drop by as much as 30% - 40% in late 2019-2021. We are already seeing a shift towards renters over buyers and renters are seeing themselves moving towards the GTA outside of Toronto. Sit on your BTC in your parents house until 2019. Then buy something nice. I hope this information is of use to you as it is all I can contribute on my end and I feel obligated to share something as some of you have helped me along the way too. Best of luck bizbros.
good post ya dig
This is op
Literally a bunch of words put together with no meaning
0/10 fud
>thinly veiled link shill thread
Why the fuck would I care what banks think? Crypto is going to put them all out of business and you are going to lose your job too faggot OP.
> The whole point of crypto is being your own bank and decentralizing wealth control.
How do you now fucking get this?
I work for a private, profitable software company with a large amount ARR as as an engineer. ive been doing this since august but have known about it before. here's the thing, nobody cares about what you think. you are in a bubble inside of a bubble. nobody respects people who work at banks - they are relatively known for having lower IQs and thus are cut for a banker type schmooze role. but it's easy be more incisive and cunning than a lowly banker. just like robots might replace manual labor, robots will most def. take your job in the future. you're bloat and you dont contribute anything - which can't be replaced. get fucked canadian banker boy.
OP is just mad he didn't buy the Bitconeeeeeekt dip
But seriously, great post OP
This is the point of blockchain.... don’t need banks......
the only rational reason is that banks have no choice but to support something that is really popular to send money around
or they want to gain those extra deposits from crypto
What will you buy with your own bank money if no one takes it?
Thank you.
>I work for a Canadian chartered bank
>I know anything about Wall Street or Big American Finance
So what? So Scotiabank is still stuck in the 1970s? Who gives a shit?
Top kek, and this is coming from a fellow leaf
I agree 100% with you. Banks will NEVER adopt crypto, however....
You are completely missing the point of alts, blockchain and crypto in general:
There are no banks in crypto future.
what do you consider Enterprise blockchain projects? WTC and VEN?
Pls refrain from posting about your gook infested financial system nobody takes Canada seriously
Scotiabank? Come on thats insulting. Go back to Syria.
One of those two is on out radar. But I am not pushing actual coins today I just wanted to share what I know about banks and housing .
>Banks run nations
>Nations control laws
>Laws determine legality of cryptshits
You must be literally delusional to be holding in cryptos.
>core java developer for the bank. He is 40+
Innovation and tech strategy consultant in Toronto here. 15+ years experience. Advising startups through to some of Canada's largest companies.
The demographic you described have nothing to do with the high tech work being researched and developed at the banks. Core bank devs are low skilled, low paid code monkeys who maintain shitty software produced by shitty devs before them, or take over new products handed to them by private outsourcing groups.
Every bank in Canada has very well funded innovation units (ex. Scotiabank Digital Factory) with top talent, top pay and top tech / projects to work on.
>He explained it quite simply
Taking advice on innovative technology from a 40 year old burnout getting maybe $100k a year is retarded.
I would imigrate to America but I dont smell enough and I dont feel comfortable shitting on the street.
Yup, sounds pajeet. If not larping they forget one thing. In a few years we won’t nred the banks.
Loans are what got us into this mess. Never get in debt for any reason biz.
I am sharing what I know, If I had the insight of someone in your position of influence and power I would contribute instead of criticize. But if you have 15 years of experience as a tech consultant doesnt that make you around 40 too? Nice try burnout. I'd take his advice over a larp like you any day.
The five largest banks in Canada are:
Royal Bank of Canada (RBC)
Toronto-Dominion Bank (TD)
Bank of Nova Scotia (Scotiabank)
Bank of Montreal (BMO)
Canadian Imperial Bank of Commerce (CIBC)
You're wrong.
>No banks used PCs in the 1930s
Fine then you fucking assmonkey, Toronto Dominion, or CIBC, or BMO, or Royal, who fucking gives a shit?
The 5 chartered banks are all in the same pond with all the same toadies. TD is the by-default Shit King of Canadian banks.
My uncle, a Jew from 514 who married my whore aunt, killed himself shortly after he retired. Care to guess which chartered bank he was in the employ of? Maybe it was your shitty bank, you fucking mong
Non-arguments. Go back to /pol/.
This is complete bullshit and OP is larping.
Listen up faggots, I work in Toronto RBC (one of the big banks of Canada) and pretty high up in corporate. We have been testing XRP out for awhile for FX clearing and other settlements.
Now before you say I'm fucking shilling XRP, let me note that we are in talks about building a private blockchain. We are using ripple to test how blockchain can be implemented.
FYI CIBC and other banks are doing the same. But let me be clear that adapting XRP specifically is also a possibility.
Personally, I already sold all my XRP around the peak (was holding it when it was cheap) and won't be planning to acquire anymore.
AMA
Yeah I am wrong. Might as well include polish and Indian credit unions too. We pull a billion in profits monthly. those banks are advertising on the back of head rests on metro buses TOP KEK there tech consultant extraordinaire.
Yeah a private tech strategy consultant is the same thing as a core java dev.
It's this level of retardation that has you listening to burnouts. Probably why you work in risk analysis for one of the retail banks earning fuck all per year and not in IBs or HFs, right?
Can offer some level of confirmation without getting into too many specifics with regards to RBC's investments into blockchain R&D.
Also the most bullish bank in Canada when it comes to crypto.
Not a chance at RBC liar. I have no knowledge of CIBC though but CIBC is way behind RBC and TD so I am incredible skeptical. Any of the top 5 cant do something wihtout the others knowing. Sorry for shitting on XRP in the beginning of my post didnt mean to piss you and your holdings off but get real kid.
Why the fuck are the banks implementing a centralized blockchain, which defeats the entire purpose of blockchain.
Are they delusional, in denial, or genuinely unaware about the value of cryptocurrencies.
there is nothing more un-honorable than working at a retail bank and posting on Veeky Forums. OP is the saddest of posts on Veeky Forums. hurr durr.
I am well off for 35, and proud of what I have accomplished in my life. Sorry I don't live up to your standards not everyone can be a tech consultant like you, as I said I am only sharing what I know. If I am so full of shit and wrong why argue with me? Thank you for sharing insight on the matter. I guess I shouldnt post until I get close with someone like you deep in the crypto sector.
Thinking your opinion matters this much.
Wew lad, wew.
can also confirm RBC is really into crypto. had friends who had co-ops there get introduced to crypto by them basically.
Get the fuck off this website you pompous motherfucker, you make me sick
You are nothing, kill yourself.
I stand corrected. Sorry for spreading false information. I guess I can't trust a java core developer. You were right. Thank you. Great research user.
Nobody is arguing with you, retard, don't get it twisted. People just don't want you spreading FUD.
>I get close with someone like you deep in the crypto sector
There's crypto meetups in Toronto and Van that you could be attending and getting actual corporate adoption insight from. Don't bring your brainlet burnout buddy with you though, please.
Can't get small payments adoption because crypto is now a speculation tool and not a medium of transaction. can't get big payments adoption because crypto isn't profitable for Banks and regulatory hurdles. This is why we can't have nice things. Crypto is fucked.
big retail banker, tiny brain.
ding ding ding
haaaaaaaaa! lmao!
No offense but how can you trust a java developer on decisions of what the heads of the bank will make lol I wouldnt even trust the java developers manager and his director...decisions come from the tippy top...not these dudes...they are pawns
You must go back
Correct me if I'm wrong, but doesn't this mean the technology behind blockchain is what they're using and what they're after. Not cryptos themselves? Cryptos are just one use of blockchain tech
One word, you empty headed snow nigger: COMPETITION. Small competitive banks will be first, larger ones will follow or die.
>I guess I can't trust a java core developer.
NICE DUBS MORON
>MUFG bank literally developing it's own crypto as we speak
They wouldn't.
You're 100 percent right. Bank coins are a fucking joke, or a scam. Smart contracts and utility tokens are the future.
Kiddo, you're probably some low tier manager or under in the ladder.
Why would we ever allow the motor vehicle to take over transport, I work for a top Cart manufacturer and all the transport companies use our carts.
Blockchain is inevitable, do I think banks are going to transfer BTC and ETH? No. Do I think that countries will go fully digital and be easily integrated with the blockchain tech that is coming yes.
fucking christ this is retarded.
Banks, like all businesses, want profit. If blockchain tech enables them to increase profit (through increased efficiency/decreased error), they will adopt it. Many major banks are testing blockchain. SWIFT is testing blockchain. Companies like Ripple and R3 (who no one's heard of because they don't have a fucking worthless coin) are making blockchain products tailored to banks so banks don't have to develop it themselves. It's just a matter of time.
It really does not defeat the entire purpose. Private blockchain will still give the efficiencies and costs savings throughout the operational processes
See my post here
Retard, how can you enforce a crypto ban? Going to cripple the internet to arrest me for using interbux? Stay fucked you statist cocksucker.
Actually I doubt you're more than a bottom tier associate, if you somehow made it to corporate.
Legit, thank you for that advice.
Fucking not even real banking. Low level IT dude calling me a liar. Incredible.
hey OP I worked for RBC
youre a dumb dumb if yhou think banks aren't going to have their lunch eaten by crypto.
Who cares if they wont use it? They're vestigial and will be replaced. It's funny, when I worked at the bank they always talked about how they wanted to 'disrupt' things, but when it actually happens, they pussy the fuck out because theyre not in complete control.
bull fucking shit.
I work for a bank as well as a java developer and there ARE people doing POC's using blockchain tech right now. It's far away but of course they are looking into it you fucking moron. They are constantly looking for ways to disrupt the industry, it just probably doesn't have the funding right now since no department wants to pay for it.
>For those of you in Canada who actually read this; here is a bonus: Banks already rose their interest rates. Last week and will continue too.
Ok, so cryptos are really my only shot at ever owning a home. Good to know.
I'm a distributed systems engineer at a top 10 tech company working in Silicon Valley and OP is 100% correct. The tech is actually shit. Blockchain "technology" is mostly a joke with no good use case. Blockchain is basically a distributed concensus algorithm useful when there is an adversarial relationship between the involved parties. Its use case is so niche and sucks compared to alternatives. No company in their right mind would use it in their backend because it simply doesnt scale
While all of what you say might be true, there is the problem of competition. Maybe banks don't want to do it, maybe it's costly for them and they really get nothing in return. But if they don't do it, if they don't start using these new technologies, new banks might appear that are willing to use blockchain technology with their clients. Since this would be benefitial for bank clients, these new banks would immediatly absorb a chunk of the market. So in order to avoid losing a big part of their market share, they will have to go through this whether they like this or not.
It's quite equivalent to car making, for instance. Car makers have no incentive to develop efficient electric cars and market them since it's a completely different technology and it would require lots of investment, development and infrastructure changes. However, since efficient electric cars are beneficial for the general public, a new company can appear that offers just that. That's why you'll see big car makers like BMW developing new hybrids and what not, tryint not to lose that market share to newcomers that would employ new technology to kick them out of the market.
WRONG. People run nations. Faggot.
No it doesn't. You can just use Merkle trees, hash chains, and distributed databases to achieve what you want, things which have existed for DECADES. The concept of a centralized blockchain is just fucking stupid. Anything that does not create more decentralization can be achieved without blockchain.
STFU. This board belongs to /poll.
wut
where have you picked the idea that banks should adopt block chain or that somebody wants it
here
is correct. The blockchain as a data structure is retarded. The worst part about crypto becoming mainstream is how technologically illiterate so many people are.
OP got really BTFO here. He should do some research first before posting a thread with some large wall of pointless text.
bullshit
credit-suisse.com
Very old technology is used for some legacy systems, but that doesn't mean new technology isn't used also. Banks aren't about to use blockchain for everything (because for most things it makes no sense) but if it keeps up the current momentum it won't be long before major banks start offering at least some services related to it.
New id , switched devices. It's literally shit tier fud.
The SWIFT platform is built on a cloud-based Hyperledger Fabric, which allows each member bank to have a cloud-based peer node that interfaces with the SWIFT central node. The central node provides transactional consensus between the two banks conducting the transfer.
SWIFT’s blockchain technology can provide
Instant international bank transfers. Transactions that used to take days can be realized instantly, because compliance reporting to central banks and regulatory agencies can be conducted in real time.
Lower cost of international bank-to-bank transfers. Blockchain-based Hyperledger smart contracts can automate the compliance process and remove the human cost element.
Accurate compliance reporting. Regulatory reporting to central banks and other agencies to prevent money laundering can be automated and triggered in real time.
No infrastructure to manage. The cloud-based aspect of the blockchain platform means that both SWIFT and member banks don’t have to maintain any infrastructure in their data centers, leading to significant cost savings.
Holy shit the complete idiocy of this comment. No one? You mean no banks, right? The purpose of BTC and other coins like ltc is to be a p2p electronic cash system. It’s purpose is to remove the intermediaries altogether and BTC was absolutely developed by good elements within the Fed, nsa, and cia. Why do you think attempts to regulate it have been quashed so many times over the years? This is the better alternative to the corrupt unbacked fiat system that’s been crushing normal people for the last 50 years. We could crash the system now and go back to a gold backed system but many millions would die because we have a just in time delivery system. So instead of doing that bitcoin and crypto was invented by the aforementioned. The banks and your job are absolutely fucked.
if this what bankers think they're gonna end up worse than kodak when digital cameras came out