During the session, question-answer Andreas M. Antonopoulos, a well-known proponent of bitcoin, spoke about financial institutions, which in the future will become part of the blockchain space.

“… The main issue is that most financial companies are trying to take a fundamental idea and use it for conducting business, without changing the fundamental practice.”

According to experts, the most important factor in the technology of the blockchain is decentralization. The architecture of the system implies that nobody is responsible for the system and no it does not control. This is a joint project in which all participate, so it is not controlled by any one organization, and the data is recorded in the blockchain.

Andreas added that financial companies do not seek to apply the principle of decentralization, even if it will make the economy “more sustainable”. He believes that they “emit the adoption of the principle”, creating “something” that you can control because the nature of corporations, the centralization, and the nature of financial corporations is “an even greater centralization”.

“… what about the allegations that have implemented the blockchain will grow faster, this idea is quite common. The fact that financial companies have the means whereby in principle, they can buy a ticket to the future. However, fortunately for us and unfortunately for them, there are a few things you can’t buy innovation and creativity example of this”, — the expert continued.

Antonopulos believes that these companies destroy innovation within 72 hours, when suddenly she appears from inside the organization. Wonder if ideas come from outside the company (and they are not radical in nature), ultimately they will buy it or sue.

Solutions, supporting major changes, “progressive” companies can’t buy more, they “try to destroy” it with the help of governments:

“…their favorite method is to force the government to eliminate a strong competitor, creating such policies under which the competitor will not be able to act.”

Fortunately, these methods cannot be applied to bitcoin is its blockchain can’t buy because he’s “nobody”, for the same reason you can’t sue the government can’t regulate it, because users have no such need:

“For the first time in 75 years, the traditional financial institutions are faced with a competitor with whom it is impossible to deal with old methods. They haven’t started to panic, because pride is a pretty big mountain that needs to be overcome, but the occurrence of this event is imminent.”

Subscribe to SIRIUS news channel CRYPTO Telegram!