You should never trust banks

[sergio red]

It's really a controversial post. Why don't you believe in bank.? Perhaps you faced any negative incident from general banking system.?. But one thing you have to consider that without banking system how we can save or deposit in a secured way.
I think you don't have any answer.?

[deisik]

When a bank closes an account, they don't just get  to keep the money. That would set up a perverted incentive structure to find as many reasons to close accounts as they can so they can just confiscate any funds in the bank. Allowing such a policy would lead to a lack of confidence in the banks. A bank doesn't have to open an account for you, but they can't steal your money either.

Exactly , first if you going to deposit your money you must check the background and authorized papers of respective bank.second they cant close your account without proper reason and documentation and they should give prior notice.if they dont then you have full right to complain or ask about bank through government.

Yeah , true but here it is the terms and conditions of the bank system that we should keep visiting in the bank to see the bank balance or without any reason make deals atleast in the 6 months of the year .
I think here the same rule in the bitcoin/altcoin exchange , I heared once in this forum a exchange freeze the account of the person when he didn't log for some years .
Well here we have the option of the bitcoin where you will never loss or freez or any close of your account , the money in your bitcoin wallet is only your and no one can access and no one can steal and also no one can ban to use , whether there is even any reason exists .

If you deposit your coins in an exchange though, it's no longer in your wallet, it's in the exhange's wallet. So you've essentially given up control of your coins. Unless you're trading actively or otherwise have a reason to kee coins on deposit with an exchange, there's no benefit to doing so. The longer you let someone else control your coins, the greater the possibility something will go wrong and you won't get your coins back

It doesn't make a lot of sense to just sit on your coins either

Though this time I basically agree with your conclusion that the longer someone controls your coins, the higher are the chances of not getting them back, but you certainly aren't embracing all "options" available to a happy Bitcoin user. What I mean to say is that even if you safely and securely keep your coins "under the mattress", so to speak, you are still facing the systemic risk of them losing value on their own or even turning to trash altogether

[BluePoppy]

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!

That's insane! Banks have so much control over our money. The only way to keep your money 100% is to be your own... bank. With cryptos.

[L00n3y]

First is banks are owned by millionaires that will do anything to squeeze the money of people. Never trust a millionaire when it comes to money especially those who owns banks. Second is when banks are slowly become bankrupt there is no way that your money will be back to you, there is no guarantee and that is a common problem in banks nowadays.
The best thing to do is instead storing your money in the bank you should instead invest it on lands and businesses as well as in BTC.

[Viscore]

First is banks are owned by millionaires that will do anything to squeeze the money of people. Never trust a millionaire when it comes to money especially those who owns banks. Second is when banks are slowly become bankrupt there is no way that your money will be back to you, there is no guarantee and that is a common problem in banks nowadays.
The best thing to do is instead storing your money in the bank you should instead invest it on lands and businesses as well as in BTC.

You probably don't understand how the banking system works, you see the bank as corrupt industry which is not. The government are in control of the bank and they have the power to closed any bank when they are not following the banking laws.

What do you mean about when bank gets bankrupt they won't pay you, of course they can't but there is a certain government agency who will because our deposits are insured and they are obliged to pay us.

[LevshaK1]

First is banks are owned by millionaires that will do anything to squeeze the money of people. Never trust a millionaire when it comes to money especially those who owns banks. Second is when banks are slowly become bankrupt there is no way that your money will be back to you, there is no guarantee and that is a common problem in banks nowadays.
The best thing to do is instead storing your money in the bank you should instead invest it on lands and businesses as well as in BTC.

Now at least one bank has almost one bank account, because this is one of the options for a place where it is possible to safely store money. Of course, all savings should not be put in one basket, but it is not entirely right to avoid banks.

[Xester]

It's really a controversial post. Why don't you believe in bank.? Perhaps you faced any negative incident from general banking system.?. But one thing you have to consider that without banking system how we can save or deposit in a secured way.
I think you don't have any answer.?

There is nothing to argue about choosing which one is trusted or not. In todays time banks and bitcoin have become complementary, what I mean is banks support bitcoin and bitcoin is supporting banks. Huge people in the banking system are now buying large amounts of bitcoin and they are preparing for something big and that is the adoption of bitcoin in their country. Bitcoin support banking systems because the exchanges have an agreement with the banks allowing your bitcoin to be converted to cash to your bank account through a third party group.

[Theb]

I don't know whether to believe you or not in many reasons. One is that you approach someone who will represent you online, you did not even bothered to communicate a local attorney yet. Second your money in the bank is not them to decide what will happen to it, it is your money and your property only, what they did is totally illegal and they can be liable for damages if your money is really worth a Mercedes they really did steal a lot of money.

[AjithBtc]

Cannot completely trust banks, but what they have provided is simply extraordinary. Without a banking system we could have never got such a money managing accessibility. Though they levy unwanted charges they are the primary service provider to all those users who now say banks are not trustworthy.

[mothergodness]

Cannot completely trust banks, but what they have provided is simply extraordinary. Without a banking system we could have never got such a money managing accessibility. Though they levy unwanted charges they are the primary service provider to all those users who now say banks are not trustworthy.

Now it's hard to trust someone, any system can collapse. But if you sit and are afraid of investing somewhere, you can lose everything and remain a beggar.

[Ziskinberg]

Cannot completely trust banks, but what they have provided is simply extraordinary. Without a banking system we could have never got such a money managing accessibility. Though they levy unwanted charges they are the primary service provider to all those users who now say banks are not trustworthy.

Now it's hard to trust someone, any system can collapse. But if you sit and are afraid of investing somewhere, you can lose everything and remain a beggar.

You can trust bank up to a certain limit only, I treat bank to safely keep my money but it was never treated to me as investment, I have my investment in crypto and some real life business operated by our family but I need bank to fully secure my money or the proceeds from my business. Banks will not do anything illegal otherwise they will lose their business, they can only do it when they have a conspiracy against the government who regulates them.

[ScriptYoYo]

Cannot completely trust banks, but what they have provided is simply extraordinary. Without a banking system we could have never got such a money managing accessibility. Though they levy unwanted charges they are the primary service provider to all those users who now say banks are not trustworthy.

Now it's hard to trust someone, any system can collapse. But if you sit and are afraid of investing somewhere, you can lose everything and remain a beggar.

You can trust bank up to a certain limit only, I treat bank to safely keep my money but it was never treated to me as investment, I have my investment in crypto and some real life business operated by our family but I need bank to fully secure my money or the proceeds from my business. Banks will not do anything illegal otherwise they will lose their business, they can only do it when they have a conspiracy against the government who regulates them.

Yes, banks are very helpful in business development and try to make the best possible cooperation with their customers.

[CoinFoxs]

Cannot completely trust banks, but what they have provided is simply extraordinary. Without a banking system we could have never got such a money managing accessibility. Though they levy unwanted charges they are the primary service provider to all those users who now say banks are not trustworthy.

Now it's hard to trust someone, any system can collapse. But if you sit and are afraid of investing somewhere, you can lose everything and remain a beggar.

Exactly it's very hard to trust someone but banks are not running by a single person so for me banks are reliable source because you can claim someone if you have problems related to your finance.

[stompix]

It's really a controversial post. Why don't you believe in bank.? Perhaps you faced any negative incident from general banking system.?. But one thing you have to consider that without banking system how we can save or deposit in a secured way.
I think you don't have any answer.?

There is nothing to argue about choosing which one is trusted or not. In todays time banks and bitcoin have become complementary, what I mean is banks support bitcoin and bitcoin is supporting banks. Huge people in the banking system are now buying large amounts of bitcoin and they are preparing for something big and that is the adoption of bitcoin in their country. Bitcoin support banking systems because the exchanges have an agreement with the banks allowing your bitcoin to be converted to cash to your bank account through a third party group.

Do you have any proof about a huge number o people working in the banking system buying bitcoins?

Also your last phrase makes absolutely no sense.
I doubt you have ever used a banking account to pay or to receive money from an exchanger.

[28days_ever]

Cannot completely trust banks, but what they have provided is simply extraordinary. Without a banking system we could have never got such a money managing accessibility. Though they levy unwanted charges they are the primary service provider to all those users who now say banks are not trustworthy.

Now it's hard to trust someone, any system can collapse. But if you sit and are afraid of investing somewhere, you can lose everything and remain a beggar.

Exactly it's very hard to trust someone but banks are not running by a single person so for me banks are reliable source because you can claim someone if you have problems related to your finance.

It is safer to invest in banks because they are controlled by the state, and not in questionable online scams that promise huge profits, but in fact they are deceiving.

[Cherylstar86]

I am confused about the subject never trust banks, my question is why not trust banks despite of many investors intrusted their wealth with them, and in fact many businesses were being expanded and successfull by banking finances. For me in my own insight here banks should deserve to be trusted, because btc exchanges from digital currency to fiat can always be compatible partners specially currency buying and selling.

[deisik]

It's really a controversial post. Why don't you believe in bank.? Perhaps you faced any negative incident from general banking system.?. But one thing you have to consider that without banking system how we can save or deposit in a secured way.
I think you don't have any answer.?

There is nothing to argue about choosing which one is trusted or not. In todays time banks and bitcoin have become complementary, what I mean is banks support bitcoin and bitcoin is supporting banks. Huge people in the banking system are now buying large amounts of bitcoin and they are preparing for something big and that is the adoption of bitcoin in their country. Bitcoin support banking systems because the exchanges have an agreement with the banks allowing your bitcoin to be converted to cash to your bank account through a third party group.

Do you have any proof about a huge number o people working in the banking system buying bitcoins?

Also your last phrase makes absolutely no sense

I'd rather say that it is who are unfamiliar with how banks (and exchanges) actually work

And it is strange to hear that from you since (if I'm not mistaken) it was you who argued with me about Bitfinex USD withdrawals and deposits issues (not exactly about these issues but still). I thought you knew that they had arisen because banks via which this exchange had been making to and accepting payments from their clients refused to make such payments any more. As you can see, you might want to think again who is actually talking nonsense here

[DrGuns4Hands]

Why should we never trust banks? I'm confused with this subject. It is much safer to invest in banks because it is controlled by the state not only with one person. Banks will not do anthing illegal because it's there name who puts them in dirt. Otherwise, if you don't really trust banks then, invest your money in the lands or buy btc.

[Gameroid]

First is banks are owned by millionaires that will do anything to squeeze the money of people. Never trust a millionaire when it comes to money especially those who owns banks. Second is when banks are slowly become bankrupt there is no way that your money will be back to you, there is no guarantee and that is a common problem in banks nowadays.
The best thing to do is instead storing your money in the bank you should instead invest it on lands and businesses as well as in BTC.

i do not think so. to me i think most of the banks are links with central banks which are working under government. to me i think all the banks are monitor by the government, therefore there are very little chances that some one will squeeze the public money. most of the public accounts are ensure so governments are responsible if some thing wrong happen there, but still there are very little chance that the public will lose their money that they have deposited in banks.

[geegaw]

Cannot completely trust banks, but what they have provided is simply extraordinary. Without a banking system we could have never got such a money managing accessibility. Though they levy unwanted charges they are the primary service provider to all those users who now say banks are not trustworthy.

Now it's hard to trust someone, any system can collapse. But if you sit and are afraid of investing somewhere, you can lose everything and remain a beggar.

You can trust bank up to a certain limit only, I treat bank to safely keep my money but it was never treated to me as investment, I have my investment in crypto and some real life business operated by our family but I need bank to fully secure my money or the proceeds from my business. Banks will not do anything illegal otherwise they will lose their business, they can only do it when they have a conspiracy against the government who regulates them.

Yes, banks are very helpful in business development and try to make the best possible cooperation with their customers.

Agreed, the bank is a very good place to keep our money and it belongs to the government, the government certainly will not let it do things that violate the law and affect the people of their country. However we should only trust the bank to a certain degree because maybe the bank belongs to the government but does not mean the government can know everything the bank does, for example, bankers can still steal our money and escape. The worst situations can happen, so we can not fully trust the bank