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Author Topic: While banks keep failing, Bitcoin has proven to be reliable  (Read 1504 times)
MightyStorm
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May 18, 2015, 05:02:01 AM
 #1



Do you have any idea how many US banks have failed since Bitcoin has been invented and launched?


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May 18, 2015, 05:10:24 AM
 #2


Banks keep failing because they keep playing with fictional money.
It's just numbers that show up on a screen and "lend" it to you.

 
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May 18, 2015, 05:19:25 AM
 #3

This article headline is misleading. Certainly hearing that 575 banks failed since 2008 is a big statistic. But it's misleading because it makes people think that the customers lost their savings, which isn't what happened. The only example used in the article is Washington Mutual (WaMu), WaMu failed and was bought out by a competing bank. The only change the customers noticed was a different name of their bank. The only hardship the customers noticed was having to get used to a new website for their online banking.

To be fair, how many bitcoin users have lost their bitcoins since 2008? A shit ton! Way more than customers of banks have lost their savings.

I love bitcoin. I'm a supporter. I just don't like it when people use misleading facts to push bitcoin forward, bitcoin doesn't need that kind of bullshit help.

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May 18, 2015, 06:06:17 AM
 #4

they didn't fall because of bitcoin, especially those in the early 2009 until 2012, there were other reasons that have to do with the current crisis which started in 2008, inflation and so on
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May 18, 2015, 06:12:23 AM
 #5

Read the comments on the article, people quickly pick up on Bullshit.

Yes, we all know, banks cannot succeed with it's current business model. There are always weak points in EVERY system, even with Crypto currencies.

The protocol can be as solid as a rock, but once the 3rd parties enter the scene, and the human factor gets involved, the house of cards collapse.

Humans can be bribed, threatend, blackmailed and they create these "weak points" in the system.

Keep the human factor out of the equation, and you have the safest system. {The Bitcoin protocol was developed in such a way to keep people honest}  

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May 18, 2015, 06:22:04 AM
 #6

One bitcoin bank failed too!

Neo&Bee were a start up Bitcoin bank in Cyprus, but the owner ran off with everyones money.  Regulations are usually there for a reason, even if they can be annoying, a normal bank can't just up and leave with all of the money in the vaults!

Out of interest, how many banks have failed in the last 5 years? I would guess not too many.  I am pro-bitcoin, but I fear you are picking out figures to make bitcoin look good and banks look bad!
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May 18, 2015, 07:01:08 AM
 #7

It is true there is a big list of failed banks in last few years.They failed because of their own policies and issuing unrealistic credits and governments. Still banking system with all its faults is trusted by everyone everywhere.Bitcoin is becoming popular and being adopted everyday but still is nor reliable and trusted by everyone.Future belongs to Bitcoin and especially to blockchain but still is long way to reach there.
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May 18, 2015, 07:10:11 AM
 #8

Fitch ratings plans to downgrade several european banks this week.

http://uk.reuters.com/article/2015/05/17/europe-banks-ratings-idUKL5N0Y80N320150517
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May 18, 2015, 08:00:51 AM
 #9

Bitcoin will rule the next financial system which will be based on blockchain technology.Banks are pro capitalism they are failing because they failed to give some real time benefit to people.Only rich became more rich and corporates became giants with the help of banking system.Bitcoin is hope in this dark time for bright future.
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May 18, 2015, 08:02:30 AM
 #10

Bitcoin still didn't be adopted by massive people, bank is still the only choice for most of people even they keep failing.
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May 18, 2015, 08:14:46 AM
 #11

Bitcoin still didn't be adopted by massive people, bank is still the only choice for most of people even they keep failing.

Mainstream adoption is still far away.
There are issues that need be taken care of for that to happen.

 
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May 18, 2015, 08:44:21 AM
 #12

How about the failing rate of the banks? maybe just 1-2%. However, there is no one Bitcoin bank yet.
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May 18, 2015, 09:19:31 AM
 #13

its still hard to believe that bitcoin will replace fiat.
banks that are weak are failing, thats true tho
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May 18, 2015, 10:43:38 AM
 #14

Bitcoin will rule the next financial system which will be based on blockchain technology.Banks are pro capitalism they are failing because they failed to give some real time benefit to people.Only rich became more rich and corporates became giants with the help of banking system.Bitcoin is hope in this dark time for bright future.

And how do You thing bitcoin will give more riches to the poor or middle class? If you don't have money you cannot do investment, no matter is it dollar euro or btc. If you will have plenty of bitcoin you can use it as dollars for investment or to start your own business. And banks will just adopt btc and will go on, becouse banks are needed, what needs to change is the way banks are over watched and supervised.
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May 18, 2015, 11:32:03 AM
 #15

its still hard to believe that bitcoin will replace fiat.
banks that are weak are failing, thats true tho

Not hard at all, just don't think about it. Bitcoin will never replace fiat.

Banks will update their old fashion system to something related to the blockchain. Which will give them 20 years or so without having to worry about the blockchain getting "old" like their current system.

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May 18, 2015, 11:47:33 AM
 #16

its still hard to believe that bitcoin will replace fiat.
banks that are weak are failing, thats true tho

BTC have the ability to replace the old FIAT system but BTC will never replace FIAT because FIAT is issued by the goverment which means that goverment will do anything to not replace their FIAT. Using BTC is not benefical for the goverment since it is decentralize.

Bitcoin will rule the next financial system which will be based on blockchain technology.

BTC will on the lead to rule the financial system but it will not be leading anything if there is still FIAT on the same road with it since more people will still favor FIAT over BTC.

url=http://cointelegraph.com/news/114265/527-us-banks-have-failed-since-late-2008-but-the-bitcoin-protocol-still-hasnt-been-hacked?utm_source=google&utm_medium=cpc&utm_campaign=bitcointalk&utm_content=EVG

This is quite biased article to compare this things IMO. BTC is acknowledge by most people on the late 2010/2011 and it has nothing to do with the banks failling there
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May 19, 2015, 12:09:04 AM
 #17

Why are you comparing Bitcoin with banks?
Bitcoin is a currency while banks are corporate entities?
You should compare Bitcoin with failed currencies.

Alternatively, you can look at the failure rate among Bitcoin exchanges/companies vs banks.


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May 19, 2015, 01:09:11 AM
 #18


Banks keep failing because they keep playing with fictional money.
It's just numbers that show up on a screen and "lend" it to you.


Well if you really think about it, its a business that doesnt really create anything.. lol.

As for the fiat system goes, they keep failing only cause they can as well since everything else is deep within their powers to buy or pay off people like chess pieces. But, its also cause wages are way worst then compared now from back then.

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May 20, 2015, 04:02:08 PM
 #19

Actually, there has not been a real stress test for Bitcoin yet, in my opinion. Bitcoin software is currently able to process seven transactions per second. This is not real in oder to replace payment processors like banks.
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May 20, 2015, 05:02:26 PM
 #20

Why are you comparing Bitcoin with banks?
Bitcoin is a currency while banks are corporate entities?
You should compare Bitcoin with failed currencies.

Alternatively, you can look at the failure rate among Bitcoin exchanges/companies vs banks.
Read the article in the Op. We are not comparing banks as corporate entities with bitcoin but instead we compare security of Banks with bitcoin protocol. While banks are failing to protect our money and their networks are full of holes bitcoin still stand strong. Since 2009 through 2013, bank failures resulted in a total loss of at least US$65 billion, according to the FDIC. Bankrate.com stated that the FDIC closes more banks each week. The number of bank failures have exponentially increased and have resulted in more than US$100 billion in losses over the last decade. - That is the meaning behind 'Bank Failures' from the Op post.

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▓▓▓▓▓▓▓▓▓▓▓⌐         ▓▓▓▓▓         ╣▓▓▓▓▓▓▓▓▓▌
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▓▓▓▓▓▓▓▓▓▓                 #▒▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌
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WALLET




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