You should never trust banks

[betlord90]

At first, I would like to show respect of your decision but I don't agree with you about whole over the banking system. Some banks can be good and some can be worthless.
In my opinion, most of the banks are playing good role for running an economy. I can't imagine our daily life without banking system.

In general, banks are not such a terrible institution, because people turn to them for their help, and in most cases people do not withstand the conditions and because of this

Bank are not a charitable institution, how can they help us financially, they are in the business and they will not give money to stay in the business, instead they earn from us but I agree they are not a bad institution. They will not last that long if they are a bad institution, they can help us in a way that they can lend us money if we have the capability to pay.

Banks does good to the users, because if banks were not their people would have suffered a lot for making investment and on other emergency requirement. The bad thing that most banks do is the unwanted charges that they take away without any prior information in the name of service charge. Now if bitcoin and banks gets tied up the systematic usage of banks can be seen better.

Not only that Banks helps out to secure our money interms of time locking it since if we don't have any bank to placed our money at i believe we will spend it since theirs so many temptation that can make us spend our money in lousy things. Although banks gives us little profits still it is totally ok for me aslong as my money will be safety then theirs no big deal for me for anything low returns that they can give.

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[jaysabi]

that's true banks are already up with their huge empire which is spread over whole world. its still surprises me that many people still now didn't realized about it they where just helping those evil banks with their all properties and those loans. People nowadays can stand against us if they found that we hate banks. Its not that we hate banks in true sense we just love this new monetary system which gives us freedom to do anything

And yet more than 90% of all bitcoin purchases are made by using banking services.
Kind of funny right?

Would bitcoin survive in it's current state without banks? I doubt it.
Just take a look at the price tanking when an exchange has problem with its bank accounts or deposits/withdraws.

Take a look in the other threads where people are cheering a bitcoin bank.
And they have cheered a lot in the past for a few so called "bitcoin banks" and we know how a few of them went... missing

Right on. Bitcoin has value because there is already a robust international banking system. People think Bitcoin steals value from or competes with banks, but it's actually the reverse- the banking system allows Bitcoin to have value. When the next international financial crisis happens, people will flee Bitcoin for safer assets, and the price will crash hard. Nobody is going to run to a more speculative assets when money is disappearing from the international system. That expectation is crazy

I strongly disagree with this point

And you will have a hard time defending it. Since you will have to explain not some obscure theory but harsh reality. I've been always claiming myself that ideas that the banking system (or, more specifically, the US dollar as many here assert) somehow gives Bitcoin value is outright bullshit, but that was mostly all theory. Now we see this theory proved in practice. Namely, the largest Bitcoin exchange, Bitfinex, has issues with USD deposits as well as withdrawals. In fact, you can neither deposit nor withdraw the US dollar altogether. According to your theory, Bitcoin should crash there since it is no longer supported by the US dollar, right? But we somehow see quite a different picture with Bitcoin steadily conquering new ATH's

You take a small data point and try to extrapolate it to a macro-event and then claim your narrow view of things is proof of your point. In this case, you are trying to claim that one exchange with some technical issues should sink the value of Bitcoin under my theory, which either intentionally misunderstands my point or proves you're incapable of understanding it. See if you can spot the difference between your scenario, and the idea that a robust and stable economic system allows for speculative assets to have value. If you can't understand the difference, ask someone for help. When you understand the difference, maybe you won't post nonsense. Again, to recap, Bitfinex having issues is NOT a global financial crisis, which is the point you directly responded to by quoting it.

[asriloni]

Banks are great when you need some extra money to buy a house or a house, but the only thing is that you will end pay over 30-80% the money you pick. Their service is something you wont find anywhere else, the % they charge is due to those people who ask for the money and dont repay, soo banks need to cover the loss, since the money belongs to the costumers.

It is not great. The bank just give you a loan if you can offer a reliable collateral for the bank itself. With high interest and it makes those loaners gets stressed to pay his interest to the bank.

Don't be fooled by the bank. Bank is not good place.

[Karmakid]

There no such banks worldwide that will close their customers bank account without any notice and without any violation,i hardly believe that you have done some violations against the bank company which lead to your account getting close

[goldcoinminer]

There no such banks worldwide that will close their customers bank account without any notice and without any violation,i hardly believe that you have done some violations against the bank company which lead to your account getting close

That is true, they are in the business and they will also protect their reputation so they will not do anything stupid
end their business.

[Quadast]

There no such banks worldwide that will close their customers bank account without any notice and without any violation,i hardly believe that you have done some violations against the bank company which lead to your account getting close

In fact, I have not yet seen any situation when banks could in a brazen deceive their client and therefore I have a dual opinion about the banking system. Basically I observe that people suffer because of their incompetence and because they themselves violate the terms of various contracts with the bank.

[deisik]

that's true banks are already up with their huge empire which is spread over whole world. its still surprises me that many people still now didn't realized about it they where just helping those evil banks with their all properties and those loans. People nowadays can stand against us if they found that we hate banks. Its not that we hate banks in true sense we just love this new monetary system which gives us freedom to do anything

And yet more than 90% of all bitcoin purchases are made by using banking services.
Kind of funny right?

Would bitcoin survive in it's current state without banks? I doubt it.
Just take a look at the price tanking when an exchange has problem with its bank accounts or deposits/withdraws.

Take a look in the other threads where people are cheering a bitcoin bank.
And they have cheered a lot in the past for a few so called "bitcoin banks" and we know how a few of them went... missing

Right on. Bitcoin has value because there is already a robust international banking system. People think Bitcoin steals value from or competes with banks, but it's actually the reverse- the banking system allows Bitcoin to have value. When the next international financial crisis happens, people will flee Bitcoin for safer assets, and the price will crash hard. Nobody is going to run to a more speculative assets when money is disappearing from the international system. That expectation is crazy

I strongly disagree with this point

And you will have a hard time defending it. Since you will have to explain not some obscure theory but harsh reality. I've been always claiming myself that ideas that the banking system (or, more specifically, the US dollar as many here assert) somehow gives Bitcoin value is outright bullshit, but that was mostly all theory. Now we see this theory proved in practice. Namely, the largest Bitcoin exchange, Bitfinex, has issues with USD deposits as well as withdrawals. In fact, you can neither deposit nor withdraw the US dollar altogether. According to your theory, Bitcoin should crash there since it is no longer supported by the US dollar, right? But we somehow see quite a different picture with Bitcoin steadily conquering new ATH's

You take a small data point and try to extrapolate it to a macro-event and then claim your narrow view of things is proof of your point. In this case, you are trying to claim that one exchange with some technical issues should sink the value of Bitcoin under my theory, which either intentionally misunderstands my point or proves you're incapable of understanding it. See if you can spot the difference between your scenario, and the idea that a robust and stable economic system allows for speculative assets to have value. If you can't understand the difference, ask someone for help. When you understand the difference, maybe you won't post nonsense. Again, to recap, Bitfinex having issues is NOT a global financial crisis, which is the point you directly responded to by quoting it

I guess you should rather try to defend your point

Instead of claiming that I don't understand (or misunderstand) something and should ask for help. You basically claim that Bitcoin has value because there is a working banking system (wtf, I seem to have repeated you words one by one). As to me, this is the point you should specifically address first (before asking me to go for help or elsewhere), namely, how can Bitcoin get its value from an existing banking system if Bitcoin itself is a banking system in its own right? In other words, it can exist even if the fiat banking system dies one day, and this is exactly what happened at Bitfinex. Anyway, this exchange is the largest Bitcoin exchange out there so you can't possibly discard it as a "small data point" (in short, the gods are closer to you than you think). If it really were so (as you speculate), we wouldn't see the Bitcoin price rising half a thousand dollars in a matter of two weeks (and then consolidating there). This you can't discard either and have to address as well. To sum it up, you can't discard reality for your wild fantasies

[Yutikas_11920]

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

We can not fully trust banks, but without them it is difficult to develop a business. Although if bitcoin spreads, then it will be possible to promote business without banks.

Banks are important for each and every individual and even if you are earning bitcoins you will need to have faith in banks as you cannot ignore the fact that banks are still the best and safe place to save your money as it exists since long time and more people have faith in banks.

Well, it is basically a bank is a place that is excellent in storing bitcoin. Because the bank is very in to protect your country by any in the world, so their security is very assured. But it does not cover the possibility that the bank could be the worst thing for us in a system that used the bank is not secured properly. There have been many examples in the world, there are some hackers who successfully perform bank system break-ins so they get a lot of money in minutes
 

[easynote]

Banks are the worse when money is brought up in a conversation. I could be talking to someone and I would say “Bank” and a bunch of Bank tellers would be rubbing their palms together planning on taking a few bucks from me, I would just look at them with a blank stare because that’s all that they would get from me.

[lilit]

Banks are the worse when money is brought up in a conversation. I could be talking to someone and I would say “Bank” and a bunch of Bank tellers would be rubbing their palms together planning on taking a few bucks from me, I would just look at them with a blank stare because that’s all that they would get from me.

People's indignation about the banking system is growing constantly and every person in his life in one way or another is not connected with the bank. But in my opinion the bank can only blame for the fact that it receives super-profits for money earned by people. Well, only there is the question that people themselves are rushing these money to the Bank, but as things go on, you know yourself. I just wanted to say that a person does not force anyone to contact the bank for any means.

[HongKong]

It's pretty weird to see how many civilians within the world that put money into a Bank and think that nothing bad will happen to their money. Little do the people know about Banks is that they are just borrowing the money from the person just so they can have the option to escape with it when there is a really big disaster.

[Theb]

It's pretty weird to see how many civilians within the world that put money into a Bank and think that nothing bad will happen to their money. Little do the people know about Banks is that they are just borrowing the money from the person just so they can have the option to escape with it when there is a really big disaster.

Its pretty obvious from the start. In which why are banks protecting our money for free yet there is also an added interest although not much, the answer to that os they are loaning out our money for them to earn and in return we get a portion out of it but not enough to call it an investment. If I am choosing between putting my money in a bank or to an expensive ass safe I would rather choose the free and safe option. Having a safe with all your money in it is a big disaster going to happen without your protecting it.

[BitcoinPC]

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 am surprised to know, Because i don't think that it can happen without any valid reason. Kindly tell us, what's the name of your Bank. Because i never hear anything that kind of news relative with the banks. Also before 5 years ago, i was doing a job in bank. But i am sure, if bank terminate your account than may be some reasons wise. Otherwise, if you sent application than definitely they will open your account if you have money on it. 

[secdark]

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 am surprised to know, Because i don't think that it can happen without any valid reason. Kindly tell us, what's the name of your Bank. Because i never hear anything that kind of news relative with the banks. Also before 5 years ago, i was doing a job in bank. But i am sure, if bank terminate your account than may be some reasons wise. Otherwise, if you sent application than definitely they will open your account if you have money on it. 

Agree, banks will not closing your bank account without any reasons, i think youve violated their rules thats why they close it or otherwise they have mistakes in your system but in your cases youve contacted them and nothing happen then they really close it with a big reasons. Though i think you should do is find another person that it happen also so them then that is the time  to contact them.

[carlerha]

At first, I would like to show respect of your decision but I don't agree with you about whole over the banking system. Some banks can be good and some can be worthless.
In my opinion, most of the banks are playing good role for running an economy. I can't imagine our daily life without banking system.

In general, banks are not such a terrible institution, because people turn to them for their help, and in most cases people do not withstand the conditions and because of this

Bank are not a charitable institution, how can they help us financially, they are in the business and they will not give money to stay in the business, instead they earn from us but I agree they are not a bad institution. They will not last that long if they are a bad institution, they can help us in a way that they can lend us money if we have the capability to pay.

Well yeah the business of the bank at the end is to earn. The banks are a profit making organizations and they actually make profit from the money of the people who deposit money in the bank accounts. Or those who are offered to lend with the banks. But being supported by the governments they are the only option.

[bitbob82]

There no such banks worldwide that will close their customers bank account without any notice and without any violation,i hardly believe that you have done some violations against the bank company which lead to your account getting close

In fact, I have not yet seen any situation when banks could in a brazen deceive their client and therefore I have a dual opinion about the banking system. Basically I observe that people suffer because of their incompetence and because they themselves violate the terms of various contracts with the bank.

Hahaha I find your comment too innocent. My dear the business of the bank is also to earn money and they hardly invest their own money into the business, most of it is the money of the account holders that they use to give to the next person and earn by collecting interest on it. So the banks main work is dealing interest.

[stergium]

There no such banks worldwide that will close their customers bank account without any notice and without any violation,i hardly believe that you have done some violations against the bank company which lead to your account getting close

In fact, I have not yet seen any situation when banks could in a brazen deceive their client and therefore I have a dual opinion about the banking system. Basically I observe that people suffer because of their incompetence and because they themselves violate the terms of various contracts with the bank.

Yes exactly these are the people who go against the contracts and then suffer while blaming the bank for being a reason of their sufferings.  Actually when someone at the time of taking loan makes his calculations and if the calculations differs from the actual scenario then they consider the bank responsible for it.

[oktana]

There no such banks worldwide that will close their customers bank account without any notice and without any violation,i hardly believe that you have done some violations against the bank company which lead to your account getting close

In fact, I have not yet seen any situation when banks could in a brazen deceive their client and therefore I have a dual opinion about the banking system. Basically I observe that people suffer because of their incompetence and because they themselves violate the terms of various contracts with the bank.

Yes exactly these are the people who go against the contracts and then suffer while blaming the bank for being a reason of their sufferings.  Actually when someone at the time of taking loan makes his calculations and if the calculations differs from the actual scenario then they consider the bank responsible for it.

In my country this injustice has happened when the country is in financial crisis, they conspire and take all the savings from state banks for the sake of saving the country, it looks like a good thing, but it becomes very bad when they not announce this and act in secret . From the moment i started losing my trust in the bank, I was more interested in gold and bitcoin than saving a lot of money in national bank.

[DZU1410]

There no such banks worldwide that will close their customers bank account without any notice and without any violation,i hardly believe that you have done some violations against the bank company which lead to your account getting close

In fact, I have not yet seen any situation when banks could in a brazen deceive their client and therefore I have a dual opinion about the banking system. Basically I observe that people suffer because of their incompetence and because they themselves violate the terms of various contracts with the bank.

Yes exactly these are the people who go against the contracts and then suffer while blaming the bank for being a reason of their sufferings.  Actually when someone at the time of taking loan makes his calculations and if the calculations differs from the actual scenario then they consider the bank responsible for it.

In my country this injustice has happened when the country is in financial crisis, they conspire and take all the savings from state banks for the sake of saving the country, it looks like a good thing, but it becomes very bad when they not announce this and act in secret . From the moment i started losing my trust in the bank, I was more interested in gold and bitcoin than saving a lot of money in national bank.

We are probably from one country, because I also had this situation. I do not trust banks now. But I have to keep my national money there. And now I invest only in the cryptocurrency

[cryptomium]

We are probably from one country, because I also had this situation. I do not trust banks now. But I have to keep my national money there. And now I invest only in the cryptocurrency

You do not need to keep your country's fiat currency there, you can always keep them in a stash with padlock.  The hell with banks, they are wicked.  they offer us ony a tiny percent of the earning of our money and yet they have the right to say, we cannot move our money if we do not have the right document.  Or they can freeze or completely steal our money in our bank account anytime they wanted.