You should never trust banks

[Ereacia]

Thank heavens I don't generally have much spared in the bank. (Well don't have much investment funds in any case, hehe.) The most I need to do with banks is utilize a Visa month to month. They don't generally gain much from me, I'd get a kick out of the chance to accept. I just utilize the card to purchase stock and I'm not charged any intrigue.

[Cavyanpo]

Lender is extremely important and its incorrect to say that you shouldn't believe in banking institutions its so crucial to bitcoin cash out as exchange. Banking is really well-liked to individuals and currently being acknowledged by govt as the safest storage of peoples conserving as nicely as thier property. Many organization depend on banking institutions and they are expanding greater as financial system rises progressively.

[rayneh]

You just did not get lucky. Banks can be trusted.

No your right first you see what is bitcoin and how many people are demand in bitcoin a large amount of peoples follow bitcoin and those peoples are don’t believe in banks your if softly right we just did not get lucky. Banks can be trusted.

[digitalgame4life]

One thing I dont trust in this world are banks, governments and people who think they know everything not coming out of their comfort zone, privilaged and nothing learned in life.

[sergeyo9]

- A lot of individuals feel that place cash in banks is a ideal choice, since the bank secure, respected, create the believe in to the sender, and can be withdrawn income each and every month. Even so, in the current day culture, Banking institutions have as well a lot volatility, coordination and management is unstable, the popularity of Financial institutions is heading down. A lot of consumers complained shedding of income in the account, it appears to vanish into slim air, and some situations, buyers have to ship money but can not withdraw income. We must not be as well trust in the financial institution

[J. Cooper]

- A lot of individuals feel that place cash in banks is a ideal choice, since the bank secure, respected, create the believe in to the sender, and can be withdrawn income each and every month. Even so, in the current day culture, Banking institutions have as well a lot volatility, coordination and management is unstable, the popularity of Financial institutions is heading down. A lot of consumers complained shedding of income in the account, it appears to vanish into slim air, and some situations, buyers have to ship money but can not withdraw income. We must not be as well trust in the financial institution

The main reason people still store money in banks, for either saving or 'investing', is because everyone does it and because there isn't a better alternative for them (according to them). Of course you have real estate and the stock market but the majority of people think it's too much hassle. So they just let their money rot in banks. Not that great of an alternative, especially with the bad interest rates.

[deisik]

- A lot of individuals feel that place cash in banks is a ideal choice, since the bank secure, respected, create the believe in to the sender, and can be withdrawn income each and every month. Even so, in the current day culture, Banking institutions have as well a lot volatility, coordination and management is unstable, the popularity of Financial institutions is heading down. A lot of consumers complained shedding of income in the account, it appears to vanish into slim air, and some situations, buyers have to ship money but can not withdraw income. We must not be as well trust in the financial institution

The main reason people still store money in banks, for either saving or 'investing', is because everyone does it and because there isn't a better alternative for them (according to them). Of course you have real estate and the stock market but the majority of people think it's too much hassle. So they just let their money rot in banks. Not that great of an alternative, especially with the bad interest rates.

I basically agree with what you say

Putting your money in a deposit account seems to be the simplest way of "storing" wealth. That said, I still think it is a pretty rational choice if you are working 8 hours a day 5 days a week and have a family to look for (provided you really have some spare money at the end of the day). You simply don't have enough time and life to investigate all investment opportunities out there. If you don't want to lose your hard earned money, you will have to spend plenty of time learning the markets, and this still doesn't in any way guarantee success

[joinfree]

Banks are very risky right now, and most if you are trading with bitcoins and trying to withdraw your funds to your bank acount. Maybe in some countries you will never have that issue, but i tried to withdraw $2000 worth of bitcoins to my bank account and the bank interrogated me a lot about how did i get those funds, and they were about to put me in jail because they though that i was laundering money.. but i was only withdrawing my bitcoin earnings.

[unbotak]

Banks are very risky right now, and most if you are trading with bitcoins and trying to withdraw your funds to your bank acount. Maybe in some countries you will never have that issue, but i tried to withdraw $2000 worth of bitcoins to my bank account and the bank interrogated me a lot about how did i get those funds, and they were about to put me in jail because they though that i was laundering money.. but i was only withdrawing my bitcoin earnings.

Money laundering only applies to officials and big business people, if you are a regular businessman then it is impossible, you can answer with full openness and willing to be taxed transactions, provided your country does not prohibit bitcoin then it is very unlikely to be accused like that, actually banks are greatly benefited because they get paid from every transaction made.

[bestluck]

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!

And how can they be trusted if, during a crisis, they either burst or are nationalized. And where our money goes, into emptiness. And then prove and knock out your blood. You need to trust only yourself and no one else, but keep the money in hard currency or real estate.

In the present world, when the usage of paper money is far more than that of digital currency. You have to trust the banks as these are the only place where you can place your cash and you’ll be satisfied with that. Banks are no doubt very much preferable especially for the ones who are fond of saving their money. You need to trust banks for the safety of your money.

[Futureblnr]

Banks could be closed for some reason and very unexpected but in some countries, there are a lot of laws which protect banks costumers ...but all crypto industry now is so unstable and can disappear from our view in any second for nobody knows how long if governments start to ban it everywhere...

[jamids]

The main reason people still store money in banks, for either saving or 'investing', is because everyone does it and because there isn't a better alternative for them (according to them). Of course you have real estate and the stock market but the majority of people think it's too much hassle. So they just let their money rot in banks. Not that great of an alternative, especially with the bad interest rates.

It is what people have known where to store money as what they have seen from their parents, grandparents and other friends and relatives that's why they are doing it. People also want to secure their money and bank would be the first thing you want to go to since they have systems that someone cannot get easily your funds. It gives the people the security they wanted for their funds that's why many people use it. It's just not wise to keep a large amount of money just anywhere without some protection. Though there may be risk involve in storing your money there because the bank may close or your account be compromise, it is still the safe way I think. Good thing now, we can be our own bank through bitcoin and other cryptocurrency as well can be an option.

[Clairvoyance]

I don't use banks to circulate my profit made in digital currency. I usually use banks for fiat currency transaction and more than that. I don't feel safe if my investment and money can be gone in an instant. Also, most banks offer the same tricks over and over again they are just pretending its new but the reality its not.

[goaldigger]

I understand that banks there and here are completely different. I trust them fully regarding every matter. Actually, when you are making a transaction with them like savings, loan, investment or what, you will engage on this "contract" which lies the terms and conditions on what to do and what you dont do. If ever you will not comply on this matter, they will definitely make some actions and charge what ever it will cost. I believe that banks will not make such an action if you comply properly with its conditions.

[jaysabi]

It's true because it's true

It is essentially the simplest example of tautology ("a logical statement in which the conclusion is equivalent to the premise"). Truism, on the contrary, is something which is basically a true statement but which has been repeated so often that it became boring

As for the first statement, I agree. "Creates" is the wrong verb; I should be saying it "enables." In this change, it is more accurate and the central premise of my point remains. The excess economic output enabled by a robust international banking system allows for bitcoin as a speculative asset to retain a lot of speculative value. And in a devastating international crisis or global economic depression, all speculative assets will lose value as people turn to guarding wealth rather trying to expand it by taking on risk.

Okay, so what creates value then?

Obviously, now you say it yourself, it is economic output which is the real wealth (excessive or not is another question). Could it be "enabled" by a payment system provided by crypto (though not necessarily by Bitcoin)? Hypothetically, yes, it could (if we discard technical issues). Would it change anything in the speculative nature of Bitcoin (or some other coin)? I guess, no, since just like people speculate with dollars or some other fiat today, they would speculate with bitcoins with no fiat around tomorrow (though the prices would likely be less volatile in that case). So why do you say that it is the fiat payment system which enables this speculation when, in fact, it is just an optional or facultative element of the whole system which can be replaced with a payment system provided by crypto itself (where excessive output is the central element required for speculation)?

Stability allows value to be stored. If the base currency is not stable, there will be no reliable store of value and no savings. Fiat like the USD currently provides that and it is the system everything is denominated in. It's where the stability is. Speculation is the search for alpha above the zero point (which fiat represents since everything is denominated in USD). Without a stable system first, there would be no ability to speculate, because the underlying assets themselves are too unstable to make speculating above that worthwhile. It would be piling risk on top of risk. You don't take on more risk if your base currency already provides all the risk you can stomach. It's only through stability that the appetite for risk grows. Places where there is high inflation, USD is in high demand because it's a stable store of value. Venezuela right now has the highest inflation in the world, and people there are turning to mining bitcoin and ether to supplement income. Interestingly, no one is interested in using bitcoin to speculate or store value because they're too busy trying to survive in an economic crisis. It's simply an income vehicle. Mine, liquidate, survive.

[deisik]

It's true because it's true

It is essentially the simplest example of tautology ("a logical statement in which the conclusion is equivalent to the premise"). Truism, on the contrary, is something which is basically a true statement but which has been repeated so often that it became boring

As for the first statement, I agree. "Creates" is the wrong verb; I should be saying it "enables." In this change, it is more accurate and the central premise of my point remains. The excess economic output enabled by a robust international banking system allows for bitcoin as a speculative asset to retain a lot of speculative value. And in a devastating international crisis or global economic depression, all speculative assets will lose value as people turn to guarding wealth rather trying to expand it by taking on risk.

Okay, so what creates value then?

Obviously, now you say it yourself, it is economic output which is the real wealth (excessive or not is another question). Could it be "enabled" by a payment system provided by crypto (though not necessarily by Bitcoin)? Hypothetically, yes, it could (if we discard technical issues). Would it change anything in the speculative nature of Bitcoin (or some other coin)? I guess, no, since just like people speculate with dollars or some other fiat today, they would speculate with bitcoins with no fiat around tomorrow (though the prices would likely be less volatile in that case). So why do you say that it is the fiat payment system which enables this speculation when, in fact, it is just an optional or facultative element of the whole system which can be replaced with a payment system provided by crypto itself (where excessive output is the central element required for speculation)?

Stability allows value to be stored. If the base currency is not stable, there will be no reliable store of value and no savings. Fiat like the USD currently provides that and it is the system everything is denominated in. It's where the stability is. Speculation is the search for alpha above the zero point (which fiat represents since everything is denominated in USD). Without a stable system first, there would be no ability to speculate, because the underlying assets themselves are too unstable to make speculating above that worthwhile. It would be piling risk on top of risk. You don't take on more risk if your base currency already provides all the risk you can stomach. It's only through stability that the appetite for risk grows. Places where there is high inflation, USD is in high demand because it's a stable store of value. Venezuela right now has the highest inflation in the world, and people there are turning to mining bitcoin and ether to supplement income. Interestingly, no one is interested in using bitcoin to speculate or store value because they're too busy trying to survive in an economic crisis. It's simply an income vehicle. Mine, liquidate, survive.

But this has nothing to do with your original point

Namely, that stable financial system creates value. It makes it possible to create value in a consistent way, but it simply can't create value on its own. It is really fascinating that you are stubbornly trying to argue that point. Regarding Venezuela, I'm not sure about the liquidate part. As far as I know, they switched to using a sort of bitnotes to pay for food and daily expenses now, and those notes can be converted to regular bitcoins, i.e. they basically use Bitcoin as genuine money. Indeed, they still value things based on their US dollar price for the most part, but it is only because Bitcoin itself is mostly priced in dollars everywhere in the world. If Bitcoin were priced directly in terms of goods and services (like the US dollar is), people in Venezuela would do exactly the same

[borislt]

Anytime a person has great electricity, difficulties get started. Banking institutions have grow to be so large that they can get away with almost everything and thats the difficulty. I feel they have a role to enjoy but up to a stage. Of program i dont trust them, i use them of training course but i do almost everything i can to be on the safe facet.

[Bitcoincole]

Anytime a person has great electricity, difficulties get started. Banking institutions have grow to be so large that they can get away with almost everything and thats the difficulty. I feel they have a role to enjoy but up to a stage. Of program i dont trust them, i use them of training course but i do almost everything i can to be on the safe facet.

I don't agree with your statement that i never trust banks why because bank are still number one choice to save money. And all over the you cannot transact document without bank account cause thats what every government requirement. And if you loss your money on a bank there has to be an insurance to pay you back.

[viktors7]

Yea that is negative response for me simply because I want some lender in which I can trust but I trust in this matter response that we dont need to have to trust so I believe in only to myselft and nobody other because nowadays planet is location in which you cant trust to almost no one.

[Mrsmants]

- A lot of people think that place money in banking institutions is a very best selection, simply because the lender safe, reputable, develop the have faith in to the sender, and can be withdrawn profit every single month. Nevertheless, in the current day culture, Financial institutions have as well significantly volatility, coordination and administration is unstable, the reputation of Banks is going down. Several buyers complained getting rid of of cash in the account, it seems to vanish into thin air, and some cases, customers have to deliver income but can not withdraw cash. We should not be also have confidence in in the bank