You should never trust banks

[positivezero]

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

[noormcs5]

Depend on what bank do you save. If the bank still unknown and brand new, then you shouldn't save there since they may bankrupt ( as my experienced said that even long life bank still can bankrupt )

I don't think bank will close your account without reason, for example in my country, you have to have a minimum balance in your bank account. If your balance are below the min requirement for 3 month, ....

So what do you mean without a reason ?

Bank shut down your account because " you have to have a minimum balance in your bank account. If your balance are below the min requirement for 3 month, " as you mentioned

I think banks had gone beyond the minimum account balance, we have zero account without being close but for the period of inactive account it is need with a longer period( possibly 1 year), for cases of death of the account owners. However, If bitcoin remain unacceptable by the government, with fewer store accepting bitcoin, fiat will be a legal tendency in most of our transaction and to avoid money laundering, bank will still remain the solution

In cases of death, as you mentioned, the bank account will be kept active for a year or so and the sibling of him/ her will collect the money stored in the banks. However, in case of bitcoin, how will those bitcoins be recovered and the only option to recover bitcoin is through private key and the dead person cannot tell the private key. Maybe we should think on how to tackle this problem.

[Kasabus]

Depend on what bank do you save. If the bank still unknown and brand new, then you shouldn't save there since they may bankrupt ( as my experienced said that even long life bank still can bankrupt )

I don't think bank will close your account without reason, for example in my country, you have to have a minimum balance in your bank account. If your balance are below the min requirement for 3 month, ....

So what do you mean without a reason ?

Bank shut down your account because " you have to have a minimum balance in your bank account. If your balance are below the min requirement for 3 month, " as you mentioned

I think banks had gone beyond the minimum account balance, we have zero account without being close but for the period of inactive account it is need with a longer period( possibly 1 year), for cases of death of the account owners. However, If bitcoin remain unacceptable by the government, with fewer store accepting bitcoin, fiat will be a legal tendency in most of our transaction and to avoid money laundering, bank will still remain the solution

In cases of death, as you mentioned, the bank account will be kept active for a year or so and the sibling of him/ her will collect the money stored in the banks. However, in case of bitcoin, how will those bitcoins be recovered and the only option to recover bitcoin is through private key and the dead person cannot tell the private key. Maybe we should think on how to tackle this problem.

It's not a big problem if you understand how the system of bitcoin works, if you have a good volume bitcoins stored in your wallet, you will have to make an initiative how are you gonna  give that to your family in case you die. Banks is legal and when a depositor died with outstanding deposits in banks, the family will receive the deposits on depends on what will be the last will of testament of the diseased.

[hardtime]

FDIC will protect your money when it comes to money being stolen inside the bank so their is that tangent that I know tons of people on this thread already probably went on. If the bank really did steal your money as you've alleged (which I think is bullshit) you'd probably have an easy ability to get one of the many watchdogs of these banks from the government to reign down on them with fines and have your money back within hours.

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

I'd love to see some of these observations buddy, I don't think a bank will just go **poof** and run away.

[gandame]

That is a wrong perception that banks should not be trusted, because morr people trusted it since a long time ago and more businesses being succesfull from using a bank to put their assets. Most importantly bank is very important of bitcoin because it can be used to cash out your bitcoin earning into fiat money currency and could be a sustainable source of needs.

[Pattart]

That is a wrong perception that banks should not be trusted, because morr people trusted it since a long time ago and more businesses being succesfull from using a bank to put their assets. Most importantly bank is very important of bitcoin because it can be used to cash out your bitcoin earning into fiat money currency and could be a sustainable source of needs.

should you could see that the whole finances in each country set and controlled by the central bank in each country. and I also believe that most bitcoin users have a bank account and was helped because the bank

[Schuyler]

My bank closed my account last year for no reason, and all money in my account was gone. I argued with the bank, even contacted the local government, no use. My bank just stated that "Pursuant to the CMA Disclosure and Agreement, 'THE BANK, at its discretion, may elect not to accept an account, terminate the account agreement and the account agreements of any related parties'. Both parties to the agreements have the right to end the relationship at any time and neither is obliged to provide a basis for such a decision to terminate". No single word explaing the termination was given to me. I contacted all banking lawyers online, and they were all representing the bank, not the customers. The money I lost can buy a new Mercedes. However, banks around the world now are too powerful. They are too big to fail. When you open an account in the United States, and probably also many other countries, you voluntarily give up the rights to sue the bank under their arbitrage clause. Even worse, they define the financial laws and enforce them. They can close your account, freeze and steal your property and evict you from your house. The more money you deposit into your bank account, the more you are helping the evil. I'm glad to see Bitcoin is changing all of these. Let banks die!

I've  been working at the bank for almost a year and now I am using bitcoin. First,we will inform our client why we need to close their account.  When the client did not full cooperate with us, we have a limited time to terminate or close the account. Maybe you may not comply with the rules and regulations of the bank so they made it.Do not compare the bank in bitcoin. They are different processes and systems.If you think that bitcoin can change your life then good for you.  Do not discredit the bank.Many bank users are vulnerable. Similar to deride the bitcoin you also hurt.

[Text]

That is a wrong perception that banks should not be trusted, because morr people trusted it since a long time ago and more businesses being succesfull from using a bank to put their assets. Most importantly bank is very important of bitcoin because it can be used to cash out your bitcoin earning into fiat money currency and could be a sustainable source of needs.

You are right. I can cash out my bitcoins converted to fiat money with the help of a bank. I am able to have a cash on hand even I don't have a credit card and the best about this is no transaction fee. Our local exchange is sending the set of numbers in our e-mail address and the pass code to our mobile phone number that will be inputted to ATM machines.

[positivezero]

FDIC will protect your money when it comes to money being stolen inside the bank so their is that tangent that I know tons of people on this thread already probably went on. If the bank really did steal your money as you've alleged (which I think is bullshit) you'd probably have an easy ability to get one of the many watchdogs of these banks from the government to reign down on them with fines and have your money back within hours.

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

I'd love to see some of these observations buddy, I don't think a bank will just go **poof** and run away.

Yes maybe FDIC will protect the money being stolen by the banks, but not all of them. Well it is not that easy to return your money back especially if the manager of the bank the one who stole it. The manager will run out the country, and never come back. I know a friend happened like this, all of his money never came back because the bank that he trusted is already bankrupt and as ive said, the manager of the bank stole all of it

[jaysabi]

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

I don't know of any country that doesn't charter banks as a means of regulation. And in modern industrialized nations, bank deposits are usually insured by the government so that there is public confidence in the banks. When a bank goes under, deposits that are lost are reimbursed to the public so they do not suffer the loss. But if you're going to some unregulated or unchartered bank, there will obviously be no deposit guarantee because the bank is operating illegally anyway. Depsositor beware?

[Doms]

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

I don't know of any country that doesn't charter banks as a means of regulation. And in modern industrialized nations, bank deposits are usually insured by the government so that there is public confidence in the banks. When a bank goes under, deposits that are lost are reimbursed to the public so they do not suffer the loss. But if you're going to some unregulated or unchartered bank, there will obviously be no deposit guarantee because the bank is operating illegally anyway. Depsositor beware?

Unfortunately, banks only cover up to a certain amount of what you have in your account as deposit insurance, so if you plan on putting all your money in a bank, better to choose something that has a very stable financial standing. In my country, rural banks are always the ones who are more prone to declare bank holiday because maybe of their client base, which mostly belong from the rural areas, and which doesn't always have the means to payback what they owe to the bank.

[Japinat]

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

I don't know of any country that doesn't charter banks as a means of regulation. And in modern industrialized nations, bank deposits are usually insured by the government so that there is public confidence in the banks. When a bank goes under, deposits that are lost are reimbursed to the public so they do not suffer the loss. But if you're going to some unregulated or unchartered bank, there will obviously be no deposit guarantee because the bank is operating illegally anyway. Depsositor beware?

Unfortunately, banks only cover up to a certain amount of what you have in your account as deposit insurance, so if you plan on putting all your money in a bank, better to choose something that has a very stable financial standing. In my country, rural banks are always the ones who are more prone to declare bank holiday because maybe of their client base, which mostly belong from the rural areas, and which doesn't always have the means to payback what they owe to the bank.

True, hence you need to make actions to divide your savings. In my country, insurance on deposit per account covers an equivalent of only up to $10,000, thus, we have to limit our deposits per account. If fact, in my case, I have to deposit with different banks just to make sure I'll stay in the safe side.

I have worked in a bank before and it was closed by the government due to non compliance of the law, and too bad there are people who deposited more than the maximum amount covered and they only recover up to the insured amount.

[deisik]

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

I don't know of any country that doesn't charter banks as a means of regulation. And in modern industrialized nations, bank deposits are usually insured by the government so that there is public confidence in the banks. When a bank goes under, deposits that are lost are reimbursed to the public so they do not suffer the loss. But if you're going to some unregulated or unchartered bank, there will obviously be no deposit guarantee because the bank is operating illegally anyway. Depsositor beware?

It is a double-edged sword really

The point being that this may have both favorable and unfavorable consequences. Indeed, if you a depositor and the bank in question runs away with your money you are at a loss, but if you borrowed from this bank and it still runs away eventually, I guess, you don't have to return the funds (you may try to run as well). Indeed, such banks may not lend money at all, at least, to outsiders, but this is basically how they scam in real life (by moving their assets somewhere, say, to a dummy company and then filing for bankruptcy)

[NEWGOODOUBLE]

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

because the banks are third parties who at any time could be a scam. in my country there have individual bank, after the bank was quite large, then the owner went to bring the majority of bank funds. Here it is scary

[deisik]

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

because the banks are third parties who at any time could be a scam. in my country there have individual bank, after the bank was quite large, then the owner went to bring the majority of bank funds. Here it is scary

Not only banks are like that

Fiat money itself is pretty much like your bank deposit in the sense that a government is basically the same third party in respect to it as a bank is to your deposit in it. A government can devalue their "coin" at any moment, and you are exposing yourself to essentially the same risk. Indeed, governments don't default as often as banks do but they still default occasionally, and in that case no one is going to compensate your losses due to an abrupt currency devaluation

[Ayers]

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

because the banks are third parties who at any time could be a scam. in my country there have individual bank, after the bank was quite large, then the owner went to bring the majority of bank funds. Here it is scary

they can't directly scam you, when they took your money away is because they are insolvent and they are going to declare bankrupt, this is the only case where they will lose your money and can't afford to pay back

[sportis]

--snip--

In cases of death, as you mentioned, the bank account will be kept active for a year or so and the sibling of him/ her will collect the money stored in the banks. However, in case of bitcoin, how will those bitcoins be recovered and the only option to recover bitcoin is through private key and the dead person cannot tell the private key. Maybe we should think on how to tackle this problem.

As I see it and the law provides there is the possibility, the deceased have a will to a notary or a qualified attorney and he has kept the private key for example in one piece of paper in the deposit box of a bank. Hence when he dies his heirs can use this key according to the wishes of the deceased.

[bncbnc]

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

because the banks are third parties who at any time could be a scam. in my country there have individual bank, after the bank was quite large, then the owner went to bring the majority of bank funds. Here it is scary

i do not think that in such a modern time banks can scam you, because banks are mostly controlled by government and therefore i think they cannot scam us and therefore we can trust on bitcoin. but i think the use of banks will decrease with the increasing number of bitcoin users.

[eminem90]

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

because the banks are third parties who at any time could be a scam. in my country there have individual bank, after the bank was quite large, then the owner went to bring the majority of bank funds. Here it is scary

i do not think that in such a modern time banks can scam you, because banks are mostly controlled by government and therefore i think they cannot scam us and therefore we can trust on bitcoin. but i think the use of banks will decrease with the increasing number of bitcoin users.

The fact that the government does not always act correctly with regard to its citizens, so that they control the banks are doing the same. And with regard to bitcoin government also will not make any concessions, so that the arrival of cryptocurrency instead of banks rather doubtful.

[maister77777]

--snip--

In cases of death, as you mentioned, the bank account will be kept active for a year or so and the sibling of him/ her will collect the money stored in the banks. However, in case of bitcoin, how will those bitcoins be recovered and the only option to recover bitcoin is through private key and the dead person cannot tell the private key. Maybe we should think on how to tackle this problem.

As I see it and the law provides there is the possibility, the deceased have a will to a notary or a qualified attorney and he has kept the private key for example in one piece of paper in the deposit box of a bank. Hence when he dies his heirs can use this key according to the wishes of the deceased.

Playing the role of the document only. This paper is a value, because the key to the coins or coins themselves have no legal support.