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Is Cryptocurrency Threatening Earnings at Bank of America? (thenextweb.com)
An anonymous reader quotes The Next Web:
One of the world's largest financial institutions admitted in its annual report that cryptocurrency is a looming threat to its business model. According to a report filed with the SEC by Bank of America, "Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of clients to do business with us."
This is good news. Moving away from dependency on centralized fiat currency, is important.
I honestly couldn't care less what Bank of America thinks about anything at all.
If you've ever read those SEC filings, you'll realize that the company's lawyers put together a huge laundry list of potential threats to the corporation just in case something bad happens, and there's a shareholder lawsuit alleging that senior management knew but said nothing.
They're required by law to call out any and all risks in these statements, no matter how remote. Also, the big worry is not so much serious competition from crypto currencies but that they might have to spend money responding to them. Bank of America, like most major US banks, has more than enough power to reign crypto currencies in before they're any real threat to them.
My point is, don't go expecting crypto currencies to shake up out monetary and/or banking system to any real degree. If you want to see meaningful change you need to get behind guys like Dylan Ratigan.
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It's only a matter of time until blockchain and cryptocurrency facilitate the wholesale dissolution of the central banking system, at which point bankrupt globalist governments will no longer be able to finance their wars, regulations, and regimes using phony financial engineering like QE, and then the governments themselves will start to dissolve.
Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies
They're basically talking about BoA's choice to BAN customers using a portion of their own money taken from their deposits with BoA to buy or sell Crypto from/to a crypto exchange. BECAUSE Clients may choose to conduct this business, these clients may close their BoA accounts and/or move their funds to a BoA competitor; as a result of BoA's policy which restricts their clients' use of their clients' deposits ---- Basically Clients may choose to conduct business.... Meaning they WILL NOT tolerate BoA's Attempt to RESTRICT customers from using customers' own moneywith business in areas "BoA deems too risky or speculative" to allow business, and basically say F**** YOU to BoA for trying to impede their business with those speculative exchanges.
I think YEAH.... BoA should definitely list that as a risk, and I hope more and more customers will wake up to BoA's shady practices and unreasonable/arbitrary policies and restrictions on customers' use of funds
Bank of America dreams of being a monopoly, but they don't control enough of any one group of things to get their monopoly rent. There's so many scams against the young there, that BoA is falling into an eventual insolvency.
GOOD
Go well
Nothing to see, move along. Corporations are required to list any and all potential threats in SEC filings. BofA is likely equally threatened by alien invasion.
Earnings are something you have actually ... you know ... EARNED.
That means you have worked for it in return! And an amount that is worth that money too!
What banks do has nothing to do with earnings. Nobody works there to actually create anything of value. They only work to avoid having to do the former. By taking money from people who actually work, legally making up money based on that money ($12.50 for every $1), and play with it in a way that makes others give them even more money for not working or just outright makes it up (like e.g. stock).
IMHO they have no purpose other than being organized crime leeching on everyone nowadays.
It’s not like they safeguard your physical valuables in a safe much anymore. They merely hold a ledger as a trusted middle-man. Something that clearly is not needed anymore with modern technologies. Not that they were trustworthy at all in the first place.
That ship has sailed long ago due to their shitty business practices and fees.
Fuck BOFA.
Snapchat did not lose real money. They lost stock 'value' which is only a value if they can sell the stock at that price. The 'value' was not drained from their bank accounts. Stock prices and crypto currencies are pretty much the same, a token of 'value' who value changes on the whim of popularity. Stock are more refined however.
The answer is always no!
Welcome to the free market. Did you BofA execs actually study Adam Smith in college? Or were you sleeping off a drinking binge at the frat house that day?
Have gnu, will travel.
The U.S. dollar is completely supported by the rest of the world being forced to buy U.S. dollars to buy oil. As the world moves away from oil, it also moves away from suporting fiat currencie like the U.S. dollar, which will then float to its actual value, zero. Blockchain currencies will be all thats left, if you get in in time.
About a month or two ago I posted about how the credit card companies were in FEAR and FREAKING out over the Cryptocurrency and many on this site flamed me a lot, telling me I was stupid. Well here is an article talking about what I was. So...... Anyway, I was letting everyone know based on my contract work how I knew credit card companies and banks are in FEAR because they control the money and now they are losing control. Glad to see something come out that supports what is going on.
These financial statements have to list all kinds of contingencies that may or may not affect earning: "an asteroid may strike the earth, wiping out all life and reducing profits". Just because it MAY happen doesn't mean it WILL happen.
This is an annual report. They list everything that could affect them in some way. Crypto is barely mentioned, but it is mentioned in three risk contexts, all of which they can address.
Geopolitical regulatory risk: " Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds. Our ability to comply with these laws is dependent on our ability to improve detection and reporting capabilities and reduce variation in control processes and oversight accountability."
Competition risk " Further, clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies."
Technology risk: "In addition, the widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our internet banking and mobile banking channel strategies in addition to remote connectivity solutions."
Or maybe because they ruined the entire world's economy almost single-handedly. That might be harming their profitability. In fact, who the actual fuck is still a customer there? Why would anyone give them money? If you have an account there, fuck you.
Paraphrased: "Competition will result in lower prices and improved products for consumers. We can't have that!"
LOL
Is Cryptocurrency Threatening Earnings at Bank of America?
I sure as fuck hope so. Why? Because I've had to deal with Bank of America before, and fuck those assholes.
Signed, Pretty Closeto Everyone.
This is standard SEC filing text that is required of every business that trades shares. Think of it like a disclaimer. They're supposed to point out anything that could likely affect their share price negatively. /yawn.
Just another day in Paradise
Create a new cryptocurrency called bofa-coin. It worked for Evil-Corp.
WTB [sig], PST!!!