Bitcoin Forum

I believe deep inside them, those people behind the Central Banks, they know that "the cat is out of the bag". Billions and billions of the paper money they print will shift into sound money, Bitcoin.

https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200930~169abb1202.en.html

The elite dynasties plan for long term economic and social changes. It is obvious that this dumping of fiat currencies was planned long ago. There have been decades of using their worthless currency to buy hard assets like gold, silver, businesses, property, and even countries.

To consider your statement that "the cat is out of the bag", I assume that you mean " let the cat out of the bag". The cat is out of the bag is a nautical term, and refers to the removal of the cat o' nine tails, which was used as a punishment in the days of sailing ships. The cat was kept in a bag until punishment was about to be administered. "letting the cat out of the bag" refers to the sale of piglets in medieval English markets, and these piglets were often transported in sacks ( hence a pig in a poke ), and the seller would display the pig in the sack to a buyer. He would then have an assistant who would surreptitiously  swop the pig for a wild cat, and that would be given to the unsuspecting buyer..

To bring that up to date in the current economies, the puppet masters were not prepared to reveal the content of the currency sacks, until they had created a generically modified artificial pig, and these are now starting to appear as central bank "crypto currencies". Bitcoin is a rather small distraction in the grand scheme. It is probably the equivalent of selling unconcealed venison as an alternative to the economically unhealthy new currencies.

Central bank chairmen always had the public preception of being called "job killers" because they always raise the interest rate, which causes risky businesses to bust due to the excessive interest they now have to pay. The fact is, chairmen know that's what they're going to be called when they do that, and they don't really care because they are much more worried of uncontrollable inflation happening when the interest rates are lowered, like Germany in 1923 famously, so they view inflation as something to be avoided at all costs even if it bankrupts some businesses with too much loans and politicans and think tanks get mad at them.

And even then, the average person doesn't know enough about economics to care about what central banks say. Criticism is largely limited to politicans, business leaders, organizations and other bankers. Bitcoiners are a minority that do understand this stuff and can debate about it.

Just be glad that central banks are semi-independent fom governments as some government officials would keep trying to make jobs after each crisis while ignoring the resulting inflation.

No, "the cat is out of the bag", Bitcoin is invented, "the genie is out of the bottle", and there's no way to push it back in.

Its invention should open our minds on what defines money as "money". It is not what only the Central Banks issues anymore. I believe there's currently a paradigm shift.

It is a myth that central banks and governments don't like inflation. It means that it doesn't cost as much to repurchase their massive debts, and the assets that they bought with the debt are worth more in real terms. Inflation hits savers and the working man, not the bankers.

The genie may be out of the bottle, but it is still locked in the box the bankers created at its inception. The box is the 21 million cap. and the 10 minute average block generation time. It is obviously easy for them to control and manipulate Bitcoin by accumulating large reserves of the coins. This is great for us, as we who understand it, can capitalise on it as an appreciating asset. However, it means that the ensuing volatility will frighten off most of the global population, who will use the products of the central banks.

What they worry about is the perception of a limited amount of percentage. Which includes: Investors, business man etc. Rest is something that comes along the way. If they would have thought more about th general public , we won't need Invention like bitcoins right now. It is important to maintain a public image for them for sure ! For quality purposes, at the same time elections might be near ! Here toh have the reason.

Firstly the banks are benefited from inflation , especially the central one's. I do believe we have yet to see a good deed from their side to even make a good statement for them. It's a web of corruption!

I don't think so anyone is afraid of anything. There have been pretty tough times for the monetary systems in the past like the 2008 depression or the LIBOR fraud technically it makes no sense as the amount of people doubting the system aren't too much moreover these people opposing don't really have a plan or a complete system as a replacement. Just saying that bitcoin will be an alternative currency doesn't solves the issue of bringing the entire ecosystem on it. So as long as there is no completely robust idea for replacing the existing system. They aren't really afraid of anything.

I do not think so, nobody liked them to begin with, people who are educated and snobbish are not really liked by right, the things they both want are basically same but they can't sit down in a table and chat and have common stuff most of the time, also left hates them for the lobbying and illegal stuff that they do, so banks were never really beloved part of any nation in the world to start with.

However one thing is for sure, they do pay the right people to continue what they do and that means the whole world could hate them and they could still continue to be banks the way they are without changing. Only way it could ever change would be if a huge leftist would be elected in a nation, aside from that there is no way they would change since they bribe the right people.

Even if the central banks aren't worried, the public's opinion is definitely changing. There have been many reasons for that to happen this year alone and looking to the coming years were inflation could be at the peak, Bitcoin and other anti-inflationary assets like gold are already being purchased by the masses and corporations that formerly kept their assets solely in fiat, to act as a hedge against a constantly devaluing fiat currencies.

The central banks and their directors may not be worried, they have a way to always make the system favor them. TBH I think it's the 'common man' that should actually be worried about their funds, and have to choose the option of anti-inflationary/decentralized/alternative assets such as btc and gold to retain a pretty stable value of their funds.

You have quoted a 4000+ words article so apparently no one has patience to read it in full. Is there any particular section you want us to read that supports your statement?

I don't think banking system is worried at all about the emergence of cryptocurrencies. Because their lobby is super strong and has been deeply rooted within society since hundreds of years. A mare cryptocurrency that emerged just 11 years ago, can't destabilize the foundation that banking system has built around the world.


This statement doesn't come from a worried mind. Rather I see a bit of politics involved - the politics of earning mass credibility! It's a duty of Central Banks to ensure that the benefits of a monetary policy reaches to the mass. It's good that they have realized that it is not happening in reality! It's a game to win back trust in general and not related to cryptos at all. At least I don't feel so!

Maybe some day I would walk into a bank and we only talk about crypto-coins and -crypto-investment but now the banks and central banks run in fiat/paper money.
There are threats to the crypto-coin dominance.
+ Those that sells off as though it was a mistake having it.
+ Those that are careless and have good crypto-coin lost away for Good with no hope of getting it back.
+ Government
+Mis- readers,concepters.

They are the maker of rules. But they are now trying to be more grounded. I don't know if it's just under the leadership of Lagarde that the ECB and IMF are trying to get down from their ivory towers and try feel the practicalities of the hard world but I noticed that the lady is very much vocal about the rising clamor for a new form of currency; more convenient, easier to use, globally-handy, and so on. This is referring to no other than a currency which is digital, one which perfectly fits the digital world that we are fast turning into.

In a speech in Singapore during its Fintech Festival, Lagarde confronts the reality that "the fintech revolution questions the two forms of money we just discussed—coins and commercial bank deposits. And it questions the role of the state in providing money."^[1] And she even continued to say that "Bank deposits too are feeling pressure from new forms of money."^[Ibid.]

So I guess, to a significant extent, the central banks are worried not just about how they are perceived by the public but more so of their relevance in this digital age. I guess they are now feeling that they are losing a considerable amount of their relevance in the modern world, and that without properly acting on it the larger public might end up fully embracing a new currency which is neither in any way sanctioned by them nor the state.

[1] https://www.imf.org/en/News/Articles/2018/11/13/sp111418-winds-of-change-the-case-for-new-digital-currency

People are getting curious for every single thing that happens. Before, there's no worry about words and system that they are doing to the people but this time, it's just to happen that many became curious what really happens to the economy and how it happens. Finding the roots of all cause, they're all going through the bank and it's huge contribution to the cycle. Regardless of people's curiosity, I don't think they are worried if they can easily plan out speeches and explanations that will clear the minds of curious thoughts.

 

They don't care. They want to maintain control over the monetary system, which is threatened, because they can't shut Bitcoin down. Paradigm Shift. 8)


It may not be Bitcoin, but the idea that a non-Central-Bank-issued-money-genie can't be forced back into the bottle.


OK, but in case you want to opt-out, and have a back up, you know what to HODL.

If you ask average people on the street, what do they know about central banks, they'll only have very vague understanding of what they are doing. If the crisis will worsen, people won't be blaming central banks, they'll blame the ruling people, especially the leader, because it's the person responsible for everything. So, I don't think that central banks are panicking right now, they probably just want to explain what they are doing, because there will be more intervention now, and more people might be curious what's going on.

The problem with the ECB is that interest rates are so low for 10 years. For many young people it's the only thing they know, cheap money is available everywhere without much collateral and saving money in a bank account is kind of useless. The inflation rate is much higher than any interest you receive from the bank, with the bank fees on top of that you are screwed. The central bank is motivating everyone to go into debt, or at least spend their money today instead of saving it for tomorrow. Japan is in this trap much longer than Europe already with no way out. How is this serving the people? It's not helping us to print money every month.

Low interest rates, even zero or negative, are a sign of the right time to print money. This is usually accompanied by a weakening of the national currency and central bank intervention in the market to stabilize the value of a country's national currency.

Debt has become a lifestyle for the majority of people both for consumption and for investment. Even today, many non-bank institutions offer easy loans with an instant approval process through checking personal data and loan records from central banks. Even someone feels proud if they can get a loan from a bank, which means their track record is good. Debt creates opportunities but debt also causes many other bad things, including forcing to buy something you want not what you need by going into debt.

But ask random people if they trust the government, and the monetary system, and I believe the smarter portion of those asked would answer "NO".

Plus there are more and more people learning more about "the banksters" because of the internet. Like us for instance. 8)

Debt creation has become a way to control not only individual people but entire countries. A man who has a bank loan for say 30 years is someone who is very easy to control in every aspect, he does not complain about bad policies, does not cause problems at work and is a good soldier who obeys all orders, and in the evening in bed he complains to his wife how hard life is.

If we were to put a country run by the World Bank or the International Monetary Fund in the same context, then it is very easy to see why debt is a very powerful weapon in the hands of financial organizations. There is a good movie (https://www.imdb.com/title/tt0963178/) that deals with the role of banks in today's society by sending the message that although most people think that profit comes first, it is debt creation that gives banks not only profit, but also ultimate control.

Ok, the majority doesn't trust the banks, but what does the majority use every single day? Fiat money, bank accounts, credit cards. The majority takes loans, keeps money on savings accounts, pay social secutity. They don't trust politicians but they vote for them. Trust or lack of it doesn't change much these days.

And this distrust never translates into real action, so governments can easily ignore it. Even if a lot of people protest, it doesn't guarantee change, take France as an example - the yellow vests movement didn't achieve much, despite months of regular protesting.


Still very far from achieving a critical mass that can start something.

In my opinion, central banks have nothing to worry about regarding public perceptions. Due to the fact that most people still use fiat
for daily transactions, some people even keep money in the bank. Even though the public has started to lose confidence in banks,
but as long as the government still protects and supports banks. People must use banks, because the government controls people's lives.
So as long as cryptocurrency hasn't been accepted by the majority of countries in the world, I think fiat and banks are still safe.

I am with this perspective. Even though a lot of people are hating the banks but right now, most of them have no choice but to utilize their services. Crypto users are only very small percentage so they don't have to worry about what the public perception is. Because that kind of perception, they have been dealing that for decades already. So what change?

So what do you think is going to happen? Are you one of those that believe that cryptocurrency is going to replace fiat? There have been news about Central banks working on their own cryptocurrencies, but I don’t see the contrast with this CBDC and fiat we are using since it’s still going to be backed by the fiat of the country that owns it. I am just not getting what you’re trying to say here man.

I think we are all forgetting that most of the decisions that are being made by banks are according to what the government tells them to do. The government controls the central banks and the Cen. Banks control other banks.

BUT, what do YOU have available as a back up/fall-back in case the Government/Central Bank in your country loses control of the monetary system?

It starts with a big letter "B". 8)

I don't think cryptocurrencies will replace Fiat. Cryptocurrencies are opening up opportunities for those who move the money necessary for their economic activities, whether in investments or deposits. Cryptocurrencies would become a new asset that should be added to the total of assets.

It might not, but do you believe cryptocurrencies will "go away"? 8)

The mere invention of Bitcoin, and its unstoppable/censorship-resistant nature because of decentralization, HAS STARTED a fundamental shift in what we might believe as "money".

What else can you expect when the system is set up like this and if you want to live and function in society you have no choice but to accept banks, loans and corrupt politicians. There is still no globally widespread alternative to banks, although we have Bitcoin it is illusory to expect that something can change overnight - yet such things take much longer, because how to convince people to become their own bank and accept all the challenges that come with that responsibility?

Yet every change starts with one man and his idea, and is there a better example than what Satoshi Nakamoto initiated?

This is what I have in mind too, the cryptocurrency community is still miniscule compared to the amount of people that either do not know it or doesn't want to use it. If there is a continuous unrest among populace when it comes to banking institutions where it comes to a point where a "by hook or by crook" approach/suppression is used by the country's government, I think that is where alternatives will shine, supposing that the government does not criminalize relation to cryptocurrency or otherwise, revolution against old system will be a surefire hit and a permanent change will hopefully happen.

Let me put it this way, wall street can do anything wrong and they get away with it, bitmex just didn't shared info and got charged with jail time. That tells you what you need to do know about banks and how much they are afraid of people. What are we going to do, not use banks? Do you think people will just get salary in checks and they will cash it out and just use cash everywhere suddenly?

Banks are a necessity and they are going to live longer than you and me which means they are not going to be something that we can rebel against, you can try as much as you want but almost all humanity will continue to use it. There could be rare cases where few people stop using it but that will not stop them, they are just too big to fail and will be helped by their governments to keep going.

Like the saying change is inevitable and it not something new that the central bank and institutions monetary policy do more harms to the economy and with the damge caused by the pandemic, the public already had enough of naive policy the Central Bank always provided which is the reason why they worry about the public preception but it will be better if they follow the advise once giving them by the IMF Boss rather than the monetary that will lead to another disaster.

Well we can discuss are they too big to fail. I agree with your words, it's the current situation (that lasts for centuries), but changes are coming! Internet and crypto is all that's matters to new billionaires on the global stage! Tell me if I am wrong, my opinion is that internet and crypto will reshape the way we think about many things! It's basically what's happening from the early beginnings, you get your eyes opened in many ways!
Governments and banks needs to fall if we wish better society, a better world! That will happen one day, probably many of us will not be alive to see it, but it's coming! In many ways we are building the way for future generations!

The problem with the transmission of policies or news regarding anything about money comes from us as well. The problem with that transmission is flooded with information that the general public has a hard time absorbing. If we consider educating every one of us and know what the problems and solutions can be, then there would be fewer problems that we have now. But that’s not reality, and this has caused problems for everyone.

The news or pieces of evidence people could have could result in conflict with the goals of the Central Banks as well. All the fake news stuff. If the general public also doesn’t understand why they are doing the things they do, then it’s going to be interpreted in another way. That’s the problem, being twisted with your words that don’t nearly come close to what you want to say.

That is the bank's perspective for sure, in my opinion. They feel that they are trying to give their reasons, but some are just having a hard time understanding. This doesn’t mean that they don’t have something trying to hide. That may be a story for another day.

There is no way they can hide the popularity of Bitcoin as time goes because the world tends to adjust into cashless transaction, we may not even have to announce everywhere that bitcoin or cryptocurrency is the way to go because gradually it will be introduced to the people about which digital currency is accepted to stores, having Cryptocurrency logos on the stores will eventually make them learn Bitcoin.

The banks will stay forever but they will now have to battle with cryptocurrencies.

It's not because we want "cashless-transactions", that's not a good reason for Bitcoin to exist. It's because a stateless, self-sovereign, decentralized, censorship-resistant cryptocurrency NEEDS to exist, taking into account the level of technology available.

Remember the 2008 "meltdown". The US had this childish occupy Wall Street movement and it was supported by the then President of the US. 4 years after he was elected not a single CEO was jailed. Not a single SEC chair was jailed for dereliction of duty. Nobody got punished and occupy went back to the basement to play Call of Duty.

Humans are apathetic creatures when the abstraction becomes too layered. 99% of people couldn't sit through a 10 minute video on the Fed let alone tell you what it does.

Bit is the "idea of Bitcoin" going away, or is it simply part of our natural progression because of the technology available to us?

The Cypherpunks have been making attempts of developing a cryptography-based digital currency. Through Bitcoin, the cat is out of the bag.

The cat may be out of the bag, but this is Shrodinger's cat. We know it's out of the bag but don't know how fast it's moving :P

In seriousness though, crypto is nice and can give people back a certain amount of freedom that banks have taken away (why the hell can't we access money on a Sunday - computers don't care what day of the week it is). The sad reality, however, is that people will still do stupid things - myself included. How many people owning crypto still trust a central entity to hold their money instead of keeping their own private keys - way too many unfortunately.

That's not the point. It's like technologies developed like Napster. Napster changed the PERCEPTION of the world in how we sell/distribute/share music. It was a FUNDAMENTAL SHIFT. Like Bitcoin's development had a fundamental shift.

You can ignore it, but that cat is NOT going back inside the bag. 8)

To stretch the metaphor to breaking point, I think the bag is open, the cat is starting to venture out... but thinking about the general public, relatively few people are looking at the bag and most don't notice what's happening. Most probably are entirely unaware of the bag's existence. There are news reports about QE, money printing, ever rising debt... but most people, particularly in a pandemic, are concerned more about their personal immediate situation, not their personal situation in a wider context, and certainly not the functioning of the economy as a whole.

But as time goes on, the cat will continue to emerge... and eventually everyone will notice it. It's just that we're still a long way from that point.

I am not in favor of mocking people who have done so much to help but nothing happened in return, they at least did something which is what matters in these type of situations. We are talking about people who have worked hard to make sure they get a better world, they did protests against wall street and how they get away with basically greedy illegal moves and maybe they didn't get anyone jailed or nothing changed at all but at least they tried.

So, to call them useless and tell that they went back to basement to play COD (like that is a bad thing, I would love to be able to freely do that without worrying about life) is really not helping at all, in fact those people did more for you than you ever did for them so I would say they are much better humans than you can ever be this way.

I feel like if you are a bank that has over a trillion dollars in volume, you shouldn't really care about public, public is not really something that could do anything about you at all, it is only a pebble along the way and it wouldn't really slow you down. However you do marketing, if wall street wants to continue they have to make sure that everyone keeps giving them their money to continue invest, if all people withdrew their money from banks all at the same time, banks wouldn't have enough money to pay those people, there are more money digitally in banks than there are money in cash form so it would bankrupt them and a lot of people.

This is why I think they care about in marketing purposes, they want to be loved for marketing reasons, but not fear public may stop their illegal activities.

Government will paint that anonymity of decentralized payment system is the reason why illegal activities becomes so easy to fund even though the real fact is exact opposite so people have to learn the difference if they want to bring the change because government will never teach the people about these things.

These tempered views of central bank in terms of consulting general public are little more than political exercises. Like the speech itself pointed out, people really have no idea of actual inflation. What people perceive is a result of the general political atmosphere. In times of stable, dependable governments people have more propensity to spend and don't really care what inflation is. That is what the banks as well as governments love. Making people comfortable about spending more than they earn and fooling them into living a blissful, indebted life is the best scenario for banks, governments and industrialists.

As you said, with just the idea that "money" isn't supposed to bleed value, the cat really is out of the bag (at least, for a few of us). Even then, i don't think the banks per se are more concerned about public's perception. This is merely a politically motivated line of thought.

I think Central Bank is not worried about public perceptions, whatever mistakes the Central Bank has committed, the leaders of
the country will be blamed. Because whatever is done by the Central Bank is based on government decisions, because the Central
Bank is under government regulation. So the public will definitely hold the government accountable, Central Bank is only tasked
with printing money according to government orders and explaining to the public the steps they will take, related to the results is
a government matter.

Yeah Bitcoins are used for many wrong purposes but considering the number of advantages we can always avoid these problems. The biggest challenge I believe that comes in the way of adopting of bitcoins and using them as currency is the lack of technological knowledge among people and the fear of adopting a digital currency is high because no central government is backing it and you have no assurance either. I don't think central banks are worried one bit because they know they are backed by the central government and no matter how what happens people will come back again.

Bitcoins as a currency brings certain problems too and everyone knows that there is a chance that we might see bitcoins being used heavily in future but price changes and things like confirmation times are still going to cause big problems. There are scammers who will double spend and do tricks on new people who once get scammed will never use bitcoins again.

Central banks are unlikely to worry about public opinion, because all their actions suggest otherwise. The fall in the values of the national currency, as well as the increase in the money supply, devalue the savings of citizens, and, first of all, the government and the Central Bank are to blame for the current situation. Of course, everyone understands that during the global crisis, which is exacerbated by the coronavirus pandemic, there are many problems, but the government and the Central Bank must look for other ways out to solve these problems.

Inflation is inflation no matter wherever you are, there is really no way that you could be not feeling it just because you have a stable government, you would still feel it, on top of that if you have high inflation you can't also have stable government because high inflation would either change that government but even if it doesn't at least get a big vocal group that talks about it.

So, only places with low inflation would have a quiet and stable government in order to be not a big deal. Inflation is important not just because prices get high but also because salaries do not get high at the same level, business charge 30% more for same product but increase salary 10% more to workers, so those workers now have to pay more for the same stuff with less money.

IMO, central bank has nothing to worry, people might have invested in bitcoin to avoid inflation but certainly only few percentage of the popular or users of  money issued bank central bank. They are sure pretty aware of the existence of bitcoin and I'm sure it's not they will not allow it as a tool to destroy the fiat system, remember they are in control of the a nation's policy or law, they can draft a law always in their favor.

Another way or around, it's either people will still keep their trusts with the bank, get used to the future inflations and survive.
It might also central banks will adopt a bitcoin's system like using blockchain technology but not actually on Bitcoin currency and produce a new platform for a store of value that would make the Bitcoin as useless as a medium of exchange (due to the decentralized nature).

The central bank still has full power with the store of value. Bitcoin on the other hand are small peoples getting together. They have more influence and power. So I think, they can still win against the Bitcoin. ( if that's the case though ) But we will see it when we cross the bridge, IMO.

This is something I find to be ironic, if people do not know what they are doing is because they have made every single effort to hide this from the public on the first place and now they are acting as if their actions are well intended and the public is at fault for not understanding that everything they are doing is for the greater good.

But who is going to buy such a huge lie? Fiat currencies were nothing but a confidence scam, people simply trusted that this time around the governments and central banks have finally mastered the art of printing currency from thin air and not crash the economy of the world in the process, and many are realizing too late that no matter what they do it seems this is an impossible dream and that the economy is headed for another crash.

For me there is no way people will lose their trust to banks, it is embedded to people's lives and it is what people are used to, adapting to bitcoin and shifting bitcoin from alternative way of payment as their main will be almost impossible for we will need to adjust to bitcoin's nature and let's be honest some people will not like how often bitcoin's price fluctuate and the only thing i can see in the future is banks adapting to blockchain technology

Indeed. Since central banks are centralized institutions being ruled and controlled by the government, whatever would happen will be a reflection or fall back into the government and not on the central banks so they would really not worry about the people's perceptions or opinions with regards to certain issues for the fact that what people know banks are being handled by the government. All the things done by the banks such as money regulations concerning printing and circulation are all being stated by the government and with bank as a national institution being ruled or regulated by the government, they would just do what the government would say.


Indeed. People are already get used into using and engaging into banks ever since even when the crypto is still not existing. People might loss trust on crypto but not certainly on banks for they have known and have been using it for a long period of time making themselves familiarize on that.

I wouldn't say that central banks worry about anything, at least not in majority of countries. They have their firm role that is defined and regulated by the law but public perception is not something they pay much attention too. As long as they have their guaranteed perception that will not change.

I disagree, believe me they do care about the public perception of their fiat currencies, in fact for fiat currencies that is everything, the moment the trust in fiat currencies reaches a certain low threshold then the game is over for that fiat currency around the world and we know this is true because essentially every single fiat currency that has existed in the past has crashed to its intrinsic value which is zero.

People despite not understanding a great deal of how the economy works still trust that this time things are different but they are not, we cannot have a fiat currency that governments can manipulate at will and at the same time have a healthy economic system.

It is true that the banking system has been deeply rooted in the society for hundreds of years, yet they see Crypto currency as treat to their system, some fight to erase it from the surface of trading and payment because it is like nothing they have seen but unfortunately it has grown more than their power can do. If you truly take a good survey you will discover crypto has gain so much energy and adoption that the banking system is becoming uncomfortable and starting to worry

They do not see it as a "threat" per se, because they can use it just like you and me. It could be decentralized and maybe they won't have the chance to have a power over it like they have power over fiat, they can't be bailed out neither because nobody can print more bitcoins to help them out, all of these are bad for banks and I understand why they would want something better suited for them.

However one thing is true, if you can make money from bitcoin, so they can, there is nothing stopping a bank to buy a billion dollars worth of bitcoin, which is why I think they are not worried all that much. Obviously they wouldn't prefer this, but they do not see it as a threat neither, they see this more like a inconvenience to their already working system to make them richer.

I disagree, they do see it as a threat, maybe not right now but they see the potential of the technology and they know they could be against their most fierce adversary yet, and just to show you how this can become true, banks charge a fee for many transactions, some are free but the major ones cost money and they take a percentage out of it, in the case of bitcoin the cost of the transaction will depend on how much you want to pay but the bigger the amount you want to move the cheaper it becomes and eventually a point is reached in which moving your money in bitcoin is the cheaper alternative.

Meaning that a wealthy person trying to make a transaction or simply move his money from one address to another will find this to be cheaper on bitcoin than in a bank and people for the most part will always choose the cheaper option which means that if bitcoin gets enough adoption people will begin to send more money through bitcoin than with banks and they cannot allow this to happen.

I believe this one factor is one benefit of crypto, transferring from one wallet to another will incur minimal fee as compared to using banks or other traditional remittance centers. I have seen that in some countries, the usage of crypto is more on remittance purposes. Some find out that sending money to their family via crypto is very favourable as they are not paying high transaction fees. And it doesn't matter if you will send good amount of money or not. And then from the other end of the world, what your family can do is just exchange the crypto to their local fiat. A lot of crypto exchanges are already offering the conversion of crypto to your local fiat. Just make sure to find a legit site. So I believe, banks don't like that because they can't charge high fees anymore if crypto will become mainstream.

Central banks serve as the backing system for economic situation in a country. They have entire control over the money flow happening within the country. More country have experienced a downfall in the economic downturn and some has gone negative. As a result we've seen more people shifting from the traditional fiat usage towards the bitcoin.

People's perception is changing, but this is very minor. People won't directly move to something new, first they'll examine and further make the move. Now what we see is the time of examining the bitcoin and its network for long term usage.

Those people accomplished nothing other than damage city property so that taxpayer had to repair lawns and sidewalks. Occupiers largely sat in tents on grass and sidewalks eating trail mix, prepackaged food or fast food and left tons of trash behind to destroy the local environment. Did you forget the amounts of trash that went down the drain from those people living in cardboard boxes and tents? Doing something just for the sake of saying "we tried something" is not prudent. It's like creating change to alleviate boredom.

As a physician I've done more pro bono work that those lazy welfare collectors will ever have done. In fact I went 3 years making less money than the cost of my malpractice insurance seeing Medicaid patients. Focus on the issue at hand and trying to defend people's lifestyle choices. If people weren't apathetic in the first place the politicians and Wall Street would not have gotten to the place it is at. Protesting Wall Street greed while walking around with Apple phones, Nike shoes and a Coca Cola in hand seems antithetical.

I think the same, we can talk about freedom, the history of fiat currencies and their failure and the ideology of bitcoin all we want but for most people that holds no meaning, they are only interested in what helps them now, this is why trading and investing are so popular in the market because people see a very direct way in which they can benefit with bitcoin.

And this is the same case, moving your bitcoin can be cheaper than moving it through banks and once enough people become part of the bitcoin ecosystem they will see it is cheaper to move money that way and then they will choose bitcoin naturally as the best alternative for that kind of service and banks will be affected negatively because of this.

Central bank employees are just human beings like us that are not really independent rather slave of the instructions and establishment themselves. Real monsters are the elites that want these status quo to be maintained and having the fiat as the dominant currency. It's a good thing that we are going opposite of what they want!

I think centralized organizations like banks are worrying about the investors perception of them and not about the general public’s perception.

Yes, public perception somehow matter to them, but i think the common men’s view about them is not their top priority. After all, they think these people have no other choice, but to trust them their hard-earned money. Maybe somewhat they think that these people’s decision will not do much harm unlike investors’ idea of them. Because the potential investors and the investors already play a vital role in the foundation of their organization. If ever a big investor will pull out their shares, the organization would lose its strength and slowly collapse. Sudden withdrawal of big corporations will greatly affect the banks.

On the other hand, I don’t think banks are really that worried about the emergence of cryptocurrencies. These central organizations know how to step up the game. They know that majority of the people are relying on them in terms of digital transactions and saving money. Hence, there’s no need for them to be threatened to bitcoin and other cryptocurrencies. I guess they are confident enough that they’ll never be replaced ENTIRELY by cryptocurrency. It will just coexist as an alternative mode of payment and currency.

In most countries with the current events of money shortage and printing, many distrust is rising on the part of the central banks and banks generally, that is the problem of lack of trust. The financial system is beginning to build untrust in them and the perception of people about the financial system is fast changing.

Yup man, I agree that the public perception that is very worried about by the central bank today is the perception of investors.  Because investor distrust of banks in a country will have a very bad impact.  They could easily withdraw large amounts of their funds from the country's banks and that was a disaster for the national financial system.  Banks with poor liquidity will be exacerbated by negative perceptions of investors withdrawing their funds.  The current central bank policy that prints money not for the productivity of production factors will have a very severe inflationary impact and this will lead to investor distrust in the country's financial management.

I doubt everyone is worrying about that, the vast majority still trust bank like they usually did.

Banks are safe as it's supported by the state and in reality, decentralized platform are no match with the centralized platform as they control the laws and regulation, our only way to excel is when government are willing to accept us as that means adoption, however, we can never be as good as the centralized currency, yes, some banks are bad but that does not represent the totality of the banking institution.

Public perception won't stop Central Banks from continuing to print money, so there's nothing to worry about. The one that worries
about general public perception is actually the government, because the Central Banks print money based on government instructions.
The government is worried that it will lose people's trust if it continues to print money. So usually the government will hold a press
conference to explain to the general public what Central Banks is doing. Because all governments expect the support of their people.

Do the banks need to worry about their perception in the public? IMO, they don't. At least that is the impression that I get, when I interact with the bank officials. They are well aware that they have an absolute monopoly in the financial sector. Almost every sub-sector is linked to the banks in one way or another. And on top of that, they have unlimited support from the governments and the authorities.

From what I understand in USA the federal bank is just filled with people who worked in banking industry and other financial companies for almost all their lives and "retired" to federal bank, how could those people ever think differently from a bank? This is why they only care about what banks and other financial companies think and not what we think.

Problem with the industry is the fact that no democratic socialist ever becomes a banker, there is no social democrat that works in central banks, these are the type of industry that calls out for the capitalists and greedy and they want more and more power / wealth so they end up getting to those positions. When you pick those people there it is not because they are the best candidate, it is because they are the only ones.

Central banks are starting to worry about public perception because every bank has taken this kind of concern to keep them stable. The central bank is further expanding monetary policy the central bank says monetary policy formulation review and interest rate monitoring cannot be the sole job of the central bank. The government and the central bank need to look at two more issues to expand development and make financing readily available. One financial sector efficiency-discipline and two financial sector stability.

Honestly I don't think that they really give a shit.  Central banks often run with complete control, and at least here in the United States, they aren't elected officials. Just like an already elected in government, I don' t think they really care what the people think when they've got near complete control.

This is a reality in the field of how bankers think. They have thoughts that are very different from us, because a banker will think how their financial industry can still exist without systemic problems, instead of focusing on how people's welfare can be achieved. They never think about the perceptions of the general public, they only think about the perceptions of investors for the sustainability of their industry.

This is not surprising, because there is nothing personal, just pure business ;) For the growth of people's well-being is not the direct responsibility of either the banking sector or the Central Bank employees, no matter what beautiful words they say to us and no matter what good intentions they hide behind. Undoubtedly, the financial industry is experiencing a lot of problems, but the banking sector will not deal with them directly, because this is not their responsibility, and Central banks only implement the line that the Executive and legislative branches of the state have drawn for them.

In a sense its just a marketing plan. Not every cbdc is going to do the same thing, I believe.
Being in cointact with users/customers is a good idea for such a big project

Pretty sure you're right. They have to get worried about people's opinion more, otherwise they'll lose audience.

Yeah same in my country. In my opinion central banks are starting to evaluate crypto currencies differently these days and feel my more threatened by them. Just look at China or Europe for example they are all trying to promote their own digital currency. They wouldn't invest all these resources in their own infrastructure if they wouldn't see cryptos as a competition.

I agree that Central Banks may worry about the public's perception, but it is hard to make a tremendous shifting from paper money to bitcoin. Central banks do know how to maintain their system and there will be solutions for any issue. And as far as I know, many places are developing their own CBDC which is centralized by the bank itself. Although we (crypto enthusiasts) do not like the banks at all, we can not deny the benefit and the order they have created for our world. With these orders, it is easier for people to work and send and transfer money. And we have created the economy thanks to the banks

In the future, bitcoin may have a more important role in our economy and people may believe it is a key to change the whole centralized system forever. But right now, we have to face with the fact that there are still many advantages which are brought to us by the banks. And it is not easy to live a life without interacting with fiat

Well, the funny thing is that the same government is now looking for means to take control over Bitcoin and other cryptocurrencies.

It is true that cryptocurrencies are decentralized, but centralized exchanges are going to cause us more trouble, because they are the ones that will assist the government in penetrating the cryptocurrency environment, maybe it’s time we all boycott these centralized exchanges and go for exchanges that are fully decentralized, that way the government won’t be able to be giving us orders on what we should do with our own money.