You should never trust banks

[BeGoods]

On the one hand, they are needed, but you can do without them

My own father is old and he from birth never keep money in the bank. Although today everyone is using and needing a bank
But my father proves that he can live and do transactions without the bank. I myself can not do that lol

[1713995865]

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[Patsakkyy]

On the one hand, they are needed, but you can do without them

My own father is old and he from birth never keep money in the bank. Although today everyone is using and needing a bank
But my father proves that he can live and do transactions without the bank. I myself can not do that lol

The truth is, in today's world, the banking system has so heavily taxed people that it is impossible to live without their services. Of course, if you completely switch to Bitcoin, then you can do something else. Although it seems to me that this is a drop in the ocean.

[Vohoanghiep]

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 think the bank develops and acquires everything that is happening in the present. They have money, they buy power, they collude with the government so it is impossible to make a lawsuit. Besides, because their power is so big, lawyers do not dare to touch them is normal. I think the government should intervene in this, while Bitcoin is still developing without any barrier. This proves Bitcoin understands users, knowing what they need through the service

[neon_colors01]

That's weird.
Banks hardly close accounts that have no offenses.
Maybe you did one you just didn't notice?
So far I dont have qualms with banking.

Except during times when banks go crazy because of attacks

[stompix]

If you are not getting any decent returns on interest, why keep excess funds in the bank??? 

Because the funds up to 100k euros (in my country) are guaranteed by the central bank.
This is the amount I know it's safe no matter what.
What you do beyond this point ... your risks.

And if banks would be giving you a 60% interest that would bring also the inflation close to the same level.
Meaning that while you will be earning a lot from your deposits everything around you will become far more expensive.
In the end it will be a 0 sum game.

[mountainview]

No, We can trust banks. Only point would be we need to accept their terms and conditions. Nowadays banks also have eased their norms and they have a changed a lot in their way of functioning. They are more customer focused now.

[Gastotade]

No, We can trust banks. Only point would be we need to accept their terms and conditions. Nowadays banks also have eased their norms and they have a changed a lot in their way of functioning. They are more customer focused now.

We don't have choice for now but to trust banks we can't fully utilized our bitcoin or our cryptos without them so we shoul still trust them and use their facilities even there are lots of procedure to go through.

[BCTalkaccountforsale]

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 think the bank will not close any account of it for no reason. But for bitcoin you will not need to worry about it anymore because bitcoin does not depend on any bank or government so you will rest assured that you will not lose money when investing.

[Cherylstar86]

No, We can trust banks. Only point would be we need to accept their terms and conditions. Nowadays banks also have eased their norms and they have a changed a lot in their way of functioning. They are more customer focused now.

We don't have choice for now but to trust banks we can't fully utilized our bitcoin or our cryptos without them so we shoul still trust them and use their facilities even there are lots of procedure to go through.

I don't don't understand what exactly your point is, because trusting banks is not wrong for me since cashing out out btc to fiat can be affiliated through bank online. There's no problem with regards that kind of scenario, because banks is really trusted for a long period of time, and in fact there were many investors who showed up on their business many years ago.

[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

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

You didn't address anything of substance. You simply continued on without addressing the fact that you are claiming that trouble at bitfinex should tank bitcoin under my theory, which flat out isn't close to what I wrote. I said specifically, "when the next international financial crisis happens, people will flee bitcoin for safer assets, and the price will crash hard." You responded with 'but bitfiniex and price appreciation.'  So would you like to continue propagating the delusion that bitfinex constitutes a global financial crisis so you can try to conclude me theory to be inaccurate, or would you like to let a little more reality color your views?

It is not me who should address anything (in the first place)

It is you who said that "Bitcoin has value because there is already a robust international banking system" (as can be seen above). This is what I disagree with and which I made clear in my reply. Now you flip-flop and start claiming that "when the next international financial crisis happens..." and so on. I don't think you can jump from your first claim to the other as easily as you do (since this is not what my point is about). For example, it is like claiming that stocks derive their value from fiat (while it should be clear that their value comes from the success of the companies behind these stocks) and then proceeding to claim that when a crisis happens, the stocks will plummet. They will certainly do (and Bitcoin will likely crash too), but this, first, doesn't in the least prove that their value all of a sudden depends on "a robust international banking system" (at least, not in any meaningful degree). Second, fiat itself will likely get heavily wasted in such circumstances (in terms of its purchasing power) with the "international banking system" disintegrating (in the extreme case). And, finally, this is not what I challenge. Anyway, stocks had existed long before there was any international banking system (or just banking system, for that matter), so there is no reason to claim that "Bitcoin has value because there is already a robust international banking system". This is what you should prove, not that Bitcoin will crash in case of an economic meltdown. Hope this helps

If you can't draw the line of reasoning between "a robust international banking system" giving bitcoin value, and an "international financial crisis" taking away bitcoin's value as being the same concept, then that's on you. You see, the lack of an international financial crisis and a robust international banking system are the in the same vein. These are consistent points in the same view. It's not a flip flop if it's the same view. I can only hold your hand so far along this intellectual journey you're floundering on, at some point you have to take responsibility for finishing it yourself.  What you're currently in a tizzy about being a flip flop are mutually agreeable points of the same idea.

[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

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

You didn't address anything of substance. You simply continued on without addressing the fact that you are claiming that trouble at bitfinex should tank bitcoin under my theory, which flat out isn't close to what I wrote. I said specifically, "when the next international financial crisis happens, people will flee bitcoin for safer assets, and the price will crash hard." You responded with 'but bitfiniex and price appreciation.'  So would you like to continue propagating the delusion that bitfinex constitutes a global financial crisis so you can try to conclude me theory to be inaccurate, or would you like to let a little more reality color your views?

It is not me who should address anything (in the first place)

It is you who said that "Bitcoin has value because there is already a robust international banking system" (as can be seen above). This is what I disagree with and which I made clear in my reply. Now you flip-flop and start claiming that "when the next international financial crisis happens..." and so on. I don't think you can jump from your first claim to the other as easily as you do (since this is not what my point is about). For example, it is like claiming that stocks derive their value from fiat (while it should be clear that their value comes from the success of the companies behind these stocks) and then proceeding to claim that when a crisis happens, the stocks will plummet. They will certainly do (and Bitcoin will likely crash too), but this, first, doesn't in the least prove that their value all of a sudden depends on "a robust international banking system" (at least, not in any meaningful degree). Second, fiat itself will likely get heavily wasted in such circumstances (in terms of its purchasing power) with the "international banking system" disintegrating (in the extreme case). And, finally, this is not what I challenge. Anyway, stocks had existed long before there was any international banking system (or just banking system, for that matter), so there is no reason to claim that "Bitcoin has value because there is already a robust international banking system". This is what you should prove, not that Bitcoin will crash in case of an economic meltdown. Hope this helps

As far as stocks go, since the market is a forward looking construct, stocks trade on anticipated future earnings. When a financial crisis hits and those future earnings are in doubt, stocks trade down towards their actual worth, and many times below book value. This is entirely different from bitcoin, the value of which is entirely made up of economic excess because there is no inherent value in bitcoin. The inherent value of the stock is the liquidation value. Trading above the liquidation value is speculative, which is why that excess disappears in a financial crisis. Bitcoin is entirely speculative. In a global financial crisis, the only people holding bitcoin will be those who can still afford to speculate, and stocks will trade near book/liquidation value, also with any excess by those who can still afford to speuclate on the recovery.

[Vohoanghiep]

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 read through your posts and I assure you that banks will never die. Perhaps the money you have been sent has been stolen or lost due to a problem, the bank always has the credentials, documents related to transactions between you and the bank. So they will not to lose their credibility just because of your tiny amount. Besides, I really do not know what the money I send to the bank will be used for what purpose. However, I know I will be profitable every month, every year. So, I still trust the bank where I live

[lisa255]

If you are not getting any decent returns on interest, why keep excess funds in the bank??? 

We all did not get a decent return in putting our money in the bank, our only interest is just to make our money safe as most banks have an insurance policy when you entrusted your money to them. I have a different way of making money and that is by investing, not in a single moment I think bank interest income is worth for my money, what I can earn in a year can be achieve in day in trading.

I also decided that I will not keep money at the bank because the money should not just lie, they have to work. I'm investing my money in different projects, thanks to which my capital is constantly increasing. Banks will never give me such a high profit

[panju1]

If you are not getting any decent returns on interest, why keep excess funds in the bank??? 

You do get some risk-free interest. It doesn't matter whether the returns are decent or not. Your principal is safe, and you are getting some additional returns.

[Casabrandy]

If you are not getting any decent returns on interest, why keep excess funds in the bank??? 

You do get some risk-free interest. It doesn't matter whether the returns are decent or not. Your principal is safe, and you are getting some additional returns.

It is safe since it just in a bank and you can get anytime as long as the bank is operating but it will just keeping your money on it without additional unlike when you put in a wallet or investment it will work and can double sometimes depending on the activities youll be doing with it.

[MCS23]

I already and bypass all banks, because my wife has accumulated loans and gave me away. I'm shocked and what to do I do not know. We ourselves are to blame in many ways and always see the banks.

[freedomno1]

Banks like to say they help but it really is that they are charging you for the assistance through interest rates.
Of course it doesn't hurt to make profits which is their objective but having a minimum balance to avoid fees is more or less for their convenience than that of the users holding the account, pay peanuts in the savings or chequing account gain profits lending it out ^^.

[deisik]

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

You didn't address anything of substance. You simply continued on without addressing the fact that you are claiming that trouble at bitfinex should tank bitcoin under my theory, which flat out isn't close to what I wrote. I said specifically, "when the next international financial crisis happens, people will flee bitcoin for safer assets, and the price will crash hard." You responded with 'but bitfiniex and price appreciation.'  So would you like to continue propagating the delusion that bitfinex constitutes a global financial crisis so you can try to conclude me theory to be inaccurate, or would you like to let a little more reality color your views?

It is not me who should address anything (in the first place)

It is you who said that "Bitcoin has value because there is already a robust international banking system" (as can be seen above). This is what I disagree with and which I made clear in my reply. Now you flip-flop and start claiming that "when the next international financial crisis happens..." and so on. I don't think you can jump from your first claim to the other as easily as you do (since this is not what my point is about). For example, it is like claiming that stocks derive their value from fiat (while it should be clear that their value comes from the success of the companies behind these stocks) and then proceeding to claim that when a crisis happens, the stocks will plummet. They will certainly do (and Bitcoin will likely crash too), but this, first, doesn't in the least prove that their value all of a sudden depends on "a robust international banking system" (at least, not in any meaningful degree). Second, fiat itself will likely get heavily wasted in such circumstances (in terms of its purchasing power) with the "international banking system" disintegrating (in the extreme case). And, finally, this is not what I challenge. Anyway, stocks had existed long before there was any international banking system (or just banking system, for that matter), so there is no reason to claim that "Bitcoin has value because there is already a robust international banking system". This is what you should prove, not that Bitcoin will crash in case of an economic meltdown. Hope this helps

As far as stocks go, since the market is a forward looking construct, stocks trade on anticipated future earnings. When a financial crisis hits and those future earnings are in doubt, stocks trade down towards their actual worth, and many times below book value. This is entirely different from bitcoin, the value of which is entirely made up of economic excess because there is no inherent value in bitcoin. The inherent value of the stock is the liquidation value. Trading above the liquidation value is speculative, which is why that excess disappears in a financial crisis. Bitcoin is entirely speculative. In a global financial crisis, the only people holding bitcoin will be those who can still afford to speculate, and stocks will trade near book/liquidation value, also with any excess by those who can still afford to speuclate on the recovery.

And how does that support you claim?

I don't get it, really. You basically say (in your previous posts) that a robust international banking system gives value to Bitcoin and stocks. I cannot possibly agree with this claim. As to me, it pretty much sounds like claiming that stocks and Bitcoin have value because an asteroid doesn't hit the Earth since otherwise (if it hit the Earth) the stocks (as well as Bitcoin) wouldn't have any value. Indeed, they would be quite worthless in that very case, but it doesn't in the least mean that asteroids give value to these assets

[Smuft]

 crypto exchanges are even worse though

[Vikingr]

I already and bypass all banks, because my wife has accumulated loans and gave me away. I'm shocked and what to do I do not know. We ourselves are to blame in many ways and always see the banks.

Yeah there is different between bank and bitcoin is just bank can affect you in a different ways. Where bitcoin can give you more benefits as compare to banks. If you got that much loan and looking toward bank and realize that it was a huge mistake then right it was a huge mistake in your life. If you ever invested that loan in bitcoin you might have 10x more than that loan in your pocket.