Translation: We don't mind if you invest into some high-risk asset that you don't fully understand, but we want you to perform your investment through us because otherwise we don't profit from it.

Onkel Paul

That is pretty funny when you consider each point they made...against the USD, or pretty much any other fiat currency for that matter.  

In a contest , I think bitcoin compared to USD against the bullet points they made: bitcoin edges them out.

The hard to understand point is close though.  I'm not a great explainer.  And I don't think I have had much describing to folks I talk to about either a) how bitcoin works (even though I know the subject well, still a bit a difficult to succinctly lay out with out many technical terms      or   b) how currency is created from two entities buying stuff they made up from one another, at interest, out of thin air, that is based on nothing, and how each countries' currency in the global economy is pegged against that one.    

I think A) is easier to explain but it is close .

Let's do a quick comparison here with Bitcoin (A) and USD (B)

* Very hard to comprehend, and way to complex
-see above
* Not backed up by anything or anyone
-bitcoin) backed up by its ability to resist counterfeit  (imho)
-usd)
* High volatility
-bitcoin) experiencing unbelievable growth due to its intelligent design
-usd) well nothing is going to be that volatile if everything is pegged against it,
* No money or gold guarantees
-bitcoin) exchangeable for either ,anywhere on the globe, in moments, due to technology
-usd)  used to be exchangable for gold at any bank.  until the banking industry had this repelled. now there is no backing, except the threat of violence. which isn't a great thing to base currency on from a sociological or humanistic perspective.  
* Lots of uncertain technological risks
-bitcoin) open source code, any of the millions who use it can see the code and if they find flaws, work to bring them to attention
-usd) their are a great deal of uncertain technological risks when the vast majority of created currency only exists as numbers in alternate ledgers. i.e there is no 'ultimate ledger' for money, and most of it exists in computer banks.  if you are a bank with 1/5th of the worlds currency and you magically gave yourself 10$ million this would be incredibly, maybe impossible, to detect, if you had the control and know-how .  not to mention the other inherent electronic weaknesses of old currency, credit cards are not a secure system and prone to abuse
* Very sensitive to fraud, illegal transactions & government regulation
-bitcoin) public block chain record system
-usd)  can be counterfeited.  often used for fraud, bribes, and illegal transactions. countless examples, but HSBC's huge drug cartel money laundering comes to mind.   how about government regulation? when your economic policy is not dictated from elected officials but instead employees of Goldman Sachs, you have a problem. this is becoming more and more obvious and will continue to do so, because the problems behind this are too huge to miss.


On further consideration, stuff like this from the banks scares me a bit. Because so many people seem to believe this lies about fiat currencies, even when they logically know that they are incorrect or that the system is broken.  It is so ingrained though that to even consider it being incorrect is unfathomable. It's like some sort of odd, logical/emotional dissonance

  i want bore with details ... thanks for the original letter.  

Meh, seems each bank is just copying the other.
Last vain attempt to survive.

They are not telling lies. Every item in the list is correct.

English version:
https://multimediafiles.kbcgroup.eu/ng/published/KBC/PDF/Bitcoins_EN.pdf

Thanks for this!

Thank you. I advise everyone which is still learning about Bitcoin to read carefully the above document.

Be aware of risks when dealing with BTC.

Right, it was not published in any venue... Er yes it was. Perhaps you don't understand either mathematics or English.

Right, so now the USD is backed by the government, I can redeem it with what exactly? Politicians? It is a meaningless concept and has no bearing on the real "value" of the Usd. Bitcoins' "integrity" is backed by mathematics. The value can vary drastically but one bitcoin will always equal one bitcoin. And that is backed by mathematics.