Bank runs make u use crypto

[325btc]

Bank runs make u use crypto.
Stable coins are future nobody cant touch ur coins.
China bank run also coming cyber problems system down and so the only solution will be bininance exchanger our new bank.
Also poloniex exchanger is good as bank its an oldschool exvhanger so for older people retro.
But bank runs and out of liquitity with deflation and rate hikes not enough liquityty to everyone.
So bank runs coming and crypto is solution

[jackg]

Stablecoins store their reserves in banks? Or are often essentially a representation of banks.

Your money in a bank is as safe as it is in a stablecoin - bank runs destabalise a currency they don't really inflate it though (unless enough people get nervous about holding cash).

[boyptc]

Speaking of China and bank.

--> https://www.abc.net.au/news/2022-07-11/china-bank-protests-security-crackdown-demand-money-frozen/101225856

This is the one problem that the customers are demanding and dealing with it. For individuals like you and me, crypto is the solution to these problems and we're handling it on our own.

Just as said, "we're our own bank" but for the banks? There's only a little possibility that they'll adopt crypto.

[Hydrogen]

It seems as if there is no real safe place to store wealth in this day and age. Most are being hit hard no matter where they store their wealth.

Stablecoins pegged to the dollar have shown some promise as a hedge against inflation. Unfortunately, shifting negative market conditions and regulatory crackdowns have put pressure some stablecoins to depeg. Bitfinex and tether have been investigated since 2017. It hasn't been the easiest 5 years for them to beat all of the accusations, lawsuits and investigations thrown at them. Foreign markets could benefit the most from stablecoin hedges against inflation, as their prices and inflation do not track with the US cost of goods and services.

For americans we need something that can appreciate closer to our rise in inflation. Which is a tough ask in this day and age.

I've thought about HODL'ing scrap metal as a entry level commodities play to beat inflation. That could still be a viable candidate which is accessible for most. Plants and agriculture could also be viable investments if food shortages materialize and the cost of fruits and vegetables continue to rise. Plants and trees also carry an advantage of generally appreciating in value.

[dansus021]

Speaking of China and bank.

--> https://www.abc.net.au/news/2022-07-11/china-bank-protests-security-crackdown-demand-money-frozen/101225856

This is the one problem that the customers are demanding and dealing with it. For individuals like you and me, crypto is the solution to these problems and we're handling it on our own.

Just as said, "we're our own bank" but for the banks? There's only a little possibility that they'll adopt crypto.

yes there is also topic that disccused about this https://bitcointalk.org/index.php?topic=5406021.msg60557888#msg60557888 little bit crazy dont you think that bank can withdraw their customer money

[wmaurik]

Bank runs make u use crypto.
Stable coins are future nobody cant touch ur coins.
China bank run also coming cyber problems system down and so the only solution will be bininance exchanger our new bank.
Also poloniex exchanger is good as bank its an oldschool exvhanger so for older people retro.
But bank runs and out of liquitity with deflation and rate hikes not enough liquityty to everyone.
So bank runs coming and crypto is solution

So far I have never heard of the Bank Run you mean because so far I have only used ordinary banks in my country even though I can't exchange crypto there. And that's not a problem for me because I'm still comfortable keeping crypto privately and also still comfortable exchanging it with platforms or exchanges that I'm familiar with.
So what is the Bank Run for and what are its functions apart from what you described?

[cabron]

Bank runs make u use crypto.
Stable coins are future nobody cant touch ur coins.
China bank run also coming cyber problems system down and so the only solution will be bininance exchanger our new bank.
Also poloniex exchanger is good as bank its an oldschool exvhanger so for older people retro.
But bank runs and out of liquitity with deflation and rate hikes not enough liquityty to everyone.
So bank runs coming and crypto is solution

So far I have never heard of the Bank Run you mean because so far I have only used ordinary banks in my country even though I can't exchange crypto there. And that's not a problem for me because I'm still comfortable keeping crypto privately and also still comfortable exchanging it with platforms or exchanges that I'm familiar with.
So what is the Bank Run for and what are its functions apart from what you described?

Well bank run is the same thing with crypto companies like 3AC or Voyager. Chinese banks mentioned were under investigation due to fraud in health security that made them decide to halt withdrawals, doesn't really sound like a bank run.

But this is China, its not surprising anymore because they always do this whenever solving a tiny issue such as locking down the entire city for few people infected by a virus.

[Darker45]

1. Stablecoin issuers could freeze your funds. It could censor an address. The largest stablecoins likes USDT and USDC are not decentralized. Another problem with stablecoins is that their value is pegged on fiat and fiat is fast losing value. So stablecoins are a double whammy.

2. Binance is never the replacement to banks. For one, it is centralized. Second, it was already hacked. Its customers' data was also leaked. It also halted withdrawal. Binance is far from a better alternative to banks. Poloniex is no better.

3. Banks may run out of liquidity but so are exchanges. Read the recent crypto news and you'll see how a good number of crypto companies are losing liquidity. If there's a bank run, there's also an exchange run. The problem with the latter is that there's no government that will bail them out.

[2stout]

I agree that the bank runs are by design to shake the people out of their money, transferring hands like they transferred wealth, and since crypto is money, we are seeing the same thing happen in our space.  However, I disagree with stablecoins being the future.  Can't crown these shitcoins as such.

[Strongkored]

Bank runs make u use crypto.
Stable coins are future nobody cant touch ur coins.
China bank run also coming cyber problems system down and so the only solution will be bininance exchanger our new bank.
Also poloniex exchanger is good as bank its an oldschool exvhanger so for older people retro.
But bank runs and out of liquitity with deflation and rate hikes not enough liquityty to everyone.
So bank runs coming and crypto is solution

It seems that you really love binance because this is your second post which I think really glorifies binance, unfortunately the exchange is very likely to collapse it might seem impossible right now but when it happens you will realize that in crypto many things can happen.

Regarding stablecoins you should read a lot so don't think of stablecoins as a solution this thread and the discussion https://bitcointalk.org/index.php?topic=5204055.0 will really open your eyes that your stablecoin assets can be frozen and stablecoins are not a solution

[_act_]

Stable coins are future nobody cant touch ur coins.

When people can easily put their money in bank, why the use of stable coins aside during crypto trading? I prefer to have my money with the government than with centralized but private entity.

China bank run also coming cyber problems system down and so the only solution will be bininance exchanger our new bank.

If I am not a trader, I can not use a centralized exchange. Exchanges that have more ways to legitimately scam people while bank is better. Exchanges that can be hacked, if money is stolen in a bank by theives, the bank will still continue to function, some exchanges can collapse because of that, if not collapse, they will stop withdrawal and trading activities for long time.

So bank runs coming and crypto is solution

I think you do not know what you are talking about.

Worst of all, most stable coins can be freezer on noncustodial wallet, worse than fiat.

[Fortify]

Bank runs make u use crypto.
Stable coins are future nobody cant touch ur coins.
China bank run also coming cyber problems system down and so the only solution will be bininance exchanger our new bank.
Also poloniex exchanger is good as bank its an oldschool exvhanger so for older people retro.
But bank runs and out of liquitity with deflation and rate hikes not enough liquityty to everyone.
So bank runs coming and crypto is solution

So by that logic... Crypto runs, like when bitcoin plummets to 30% of its all time high, would increase the popularity of reliable and stable banking systems. Using China as an example for anything is laughable because they run such a centralised and authoritarian system which are prone to runaway mistakes. Besides that, bitcoin is still effectively illegal in China or comes with heavy risk, that even those Chinese users suffering collapsed banks don't have this option available to them.

[yhiaali3]

Not completely, You have to be aware that there are centralized stablecoins and decentralized stablecoins, central stablecoins are very similar to digital coins so banks adopt them, where there are certain people or groups that control the central stablecoin, and they also have real assets in banks, so they are not as safe as Decentralized cryptocurrency, they can lock up your assets and it can collapse, remember what happened very recently with Terra Luna and its stablecoin UST.
Despite all this, a centralized stablecoin is still better than digital currency, banks, or fiat.

[Kakmakr]

Satoshi has always said.... "Bitcoin is an alternative payment option".... so what happens when your primary payment option fail? ==> You turn to alternative payment options.... like Bitcoin that are widely accepted. Is stablecoins widely accepted? No.... it is more suitable to trading pairs and a hedge against Bitcoin's price volatility.

If a Bank run happens... Banks will "restrict" withdrawals or close the doors.... then you will be forced to buy goods and pay for services at merchants that accept Bitcoin payments. 

[boyptc]

Speaking of China and bank.

--> https://www.abc.net.au/news/2022-07-11/china-bank-protests-security-crackdown-demand-money-frozen/101225856

This is the one problem that the customers are demanding and dealing with it. For individuals like you and me, crypto is the solution to these problems and we're handling it on our own.

Just as said, "we're our own bank" but for the banks? There's only a little possibility that they'll adopt crypto.

yes there is also topic that disccused about this https://bitcointalk.org/index.php?topic=5406021.msg60557888#msg60557888 little bit crazy dont you think that bank can withdraw their customer money

Totally crazy.

Just like the centralized exchanges that are facing financial problems, they're not allowing their users to withdraw their money. So, that's the same problem from the banks and they can't just let go of it while facing a downturn.

Thanks for the link of that discussion.

[gunhell16]

Speaking of China and bank.

--> https://www.abc.net.au/news/2022-07-11/china-bank-protests-security-crackdown-demand-money-frozen/101225856

This is the one problem that the customers are demanding and dealing with it. For individuals like you and me, crypto is the solution to these problems and we're handling it on our own.

Just as said, "we're our own bank" but for the banks? There's only a little possibility that they'll adopt crypto.

Yes and you are right in saying that, it's just like at this time not all banks have accepted the concept of cryptocurrency, only a few in this generation were some banks that enjoy crypto. And we also know that even if we don't use a bank, we can still save money for our future with our own income that comes from crypto, which is where we hold our money as if it were the crypto is also like a bank for us.

[TravelMug]

Speaking of China and bank.

--> https://www.abc.net.au/news/2022-07-11/china-bank-protests-security-crackdown-demand-money-frozen/101225856

This is the one problem that the customers are demanding and dealing with it. For individuals like you and me, crypto is the solution to these problems and we're handling it on our own.

Just as said, "we're our own bank" but for the banks? There's only a little possibility that they'll adopt crypto.

Yes and you are right in saying that, it's just like at this time not all banks have accepted the concept of cryptocurrency, only a few in this generation were some banks that enjoy crypto. And we also know that even if we don't use a bank, we can still save money for our future with our own income that comes from crypto, which is where we hold our money as if it were the crypto is also like a bank for us.

Yeah, but there are still banks that are crypto friendly. However, stable coins are not that good as hedge as well for our wealth, we've seen the Luna debacle and we've heard problems with Tether as well. And I would agree that there seems to be no way to hedge our wealth at this time, every commodities we've known is going down as well. Probably the best option is crypto, but we are in the bear market, and it might take at least a year or two before we can finally see a recovery.

[boyptc]

Speaking of China and bank.

--> https://www.abc.net.au/news/2022-07-11/china-bank-protests-security-crackdown-demand-money-frozen/101225856

This is the one problem that the customers are demanding and dealing with it. For individuals like you and me, crypto is the solution to these problems and we're handling it on our own.

Just as said, "we're our own bank" but for the banks? There's only a little possibility that they'll adopt crypto.

Yes and you are right in saying that, it's just like at this time not all banks have accepted the concept of cryptocurrency, only a few in this generation were some banks that enjoy crypto. And we also know that even if we don't use a bank, we can still save money for our future with our own income that comes from crypto, which is where we hold our money as if it were the crypto is also like a bank for us.

I think that in relation to the banks, they're not going to wholly adopt crypto. But they're going to adopt the technology, blockchain.

That's more interesting to them and if ever they go adopt crypto, that will be nothing to us because we don't need them in managing our portfolios because we can do it on our own.

[justdimin]

I think that in relation to the banks, they're not going to wholly adopt crypto. But they're going to adopt the technology, blockchain.

That's more interesting to them and if ever they go adopt crypto, that will be nothing to us because we don't need them in managing our portfolios because we can do it on our own.

If actually the blockchain technology makes transactions go fast, without anything or anything having the power to effect any alterations, banks adopting the blockchain technology still doesn’t put them in control over anything, we still get the power to decide what happens with our assets.

But, that wouldn’t be the case here since banks are never going to adopt the blockchains that we see with cryptocurrencies, they are going to build their own and there will be a backdoor for them to manipulate everything. That idea aside, adoption of the blockchain technology will stand as one of the toughest things that can get popular/adopted by all kind of people.

[wxa7115]

Yeah, but there are still banks that are crypto friendly. However, stable coins are not that good as hedge as well for our wealth, we've seen the Luna debacle and we've heard problems with Tether as well. And I would agree that there seems to be no way to hedge our wealth at this time, every commodities we've known is going down as well. Probably the best option is crypto, but we are in the bear market, and it might take at least a year or two before we can finally see a recovery.

It is getting more and more difficult to find a store of wealth that protect us against inflation as governments are trying to manipulate the few assets that can perform this function.

And as you may guess this is by design, if there is a store of wealth then eventually when a huge systemic crisis hit us then people are going to flock to those assets, governments are trying to avoid this by making it seem as if there is not really a place to store your wealth so you can keep using their fiat currencies, however if things get as bad as it seems then all their efforts will be in vain and a great deal of people will use bitcoin, and not stable coins, as a store of value.