It's Time To Get Painfully Honest: Banks Are Evil

[Xester]

I know how they try to make money. They milk as much money as possible from their customers by introducing not-really necessary services and life insurance. They try to attract you with their promos. I just opened my account last week.  To be safe, I only open an account on top banks renowned worldwide.

I just finished some reading materials last month and I realized that banking system is not really focused in giving services but rather making profit. As long as it guarantees them huge income they need to create more services and offer it to the public. That is why that banks are called evil since their intention is no longer customer oriented but profit oriented.

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[chaser15]

Regardless of the quoted article* in the first post, all I can say is don't generalize bank as evil one. Believe me, it would be a downfall to the economy if all banks will be gone. What do you think of the solution? It's a shit if you think bitcoin or any other cryptocurrency can replaced what banks can do. People are just unlucky that they goes to the banks that turns into the shit.

I have been in the banking industry for years that's why I've witnessed how helpful banks is. Compare to their past performance, today have been upgraded and giving much comfortable ways to it's clients and merchants. Not just that, banking industry is so big here that makes employment rate blooms for up to 70%. Imagine that numbers? Aside from that, employees are getting a quarterly decent bonus + benefits + allowances + holiday pays for up to 300% + Sunday works aside from their decent monthly income.

About services, there are banks here that offers a low interest (don't expect for no interest as any services, even a bitcoin related company will have a interest) and electronic banking (just like bitcoin) that works anytime. With thousands of ATM's stationed here, it can save us even when there is no internet connection.

Don't just be blinded that banks are evil just because some of their branches turned into fraud. Open for wild comments.

[joshy23]

Regardless of the quoted article* in the first post, all I can say is don't generalize bank as evil one. Believe me, it would be a downfall to the economy if all banks will be gone. What do you think of the solution? It's a shit if you think bitcoin or any other cryptocurrency can replaced what banks can do. People are just unlucky that they goes to the banks that turns into the shit.

I have been in the banking industry for years that's why I've witnessed how helpful banks is. Compare to their past performance, today have been upgraded and giving much comfortable ways to it's clients and merchants. Not just that, banking industry is so big here that makes employment rate blooms for up to 70%. Imagine that numbers? Aside from that, employees are getting a quarterly decent bonus + benefits + allowances + holiday pays for up to 300% + Sunday works aside from their decent monthly income.

About services, there are banks here that offers a low interest (don't expect for no interest as any services, even a bitcoin related company will have a interest) and electronic banking (just like bitcoin) that works anytime. With thousands of ATM's stationed here, it can save us even when there is no internet connection.

Don't just be blinded that banks are evil just because some of their branches turned into fraud. Open for wild comments.

I guess there's always two side on a story. But me personally, I don't have any negative experience with the banking system. I have deal with multiple banks and its always smooth. From credit cards to personal loans, banks have always been a positive thing for me. Of course, sometimes you wonder for the fees and interest you have incurred and pay to the them. But for me, its your duty and obligation to settle it and have a good financial record in the banking industry.

[BobK71]

The really sad part is when people are asking when we will have a Bitcoin Bank. The correct and the best anwer would be - hopefully never.
Bitcoin was created to battle banks, as they are economic parasites. Average Joe is not even able to imagine how much he is being exploited by big corporations and banks.
Banks are not here to help you, they are here to give you a calendar with a big sign 'Sucker" written on it, because you will be paying banks interest for your whole life.

This is very true.  What is the fundamental purpose of banking, and how did banks get started?

One major purpose was to protect you from theft.  Thieves could steal your gold and silver, but they could never change the information that you had this much money in an account.  Goldsmith banks were born because goldsmiths knew how to protect precious metals, and used that expertise to offer to safeguard people's money.

Of course, once banks got hold of your money, they had the incentives to commit a wholly different kind of theft, in the next few centuries!

Since Bitcoin runs a distributed software protocol to maintain account information, it replaces this major function of banks.

(Although, we have to admit, Bitcoin doesn't address another key function of banks, i.e. to match savers with investments, although it does help make capital markets fundamentally healthier, if it ever manages to take the power of money creation from central banks and governments.)

[Chikito]

The really sad part is when people are asking when we will have a Bitcoin Bank. The correct and the best anwer would be - hopefully never.
Bitcoin was created to battle banks, as they are economic parasites. Average Joe is not even able to imagine how much he is being exploited by big corporations and banks.
Banks are not here to help you, they are here to give you a calendar with a big sign 'Sucker" written on it, because you will be paying banks interest for your whole life.

This is very true.  What is the fundamental purpose of banking, and how did banks get started?

One major purpose was to protect you from theft.  Thieves could steal your gold and silver, but they could never change the information that you had this much money in an account.  Goldsmith banks were born because goldsmiths knew how to protect precious metals, and used that expertise to offer to safeguard people's money.

Of course, once banks got hold of your money, they had the incentives to commit a wholly different kind of theft, in the next few centuries!

Since Bitcoin runs a distributed software protocol to maintain account information, it replaces this major function of banks.

(Although, we have to admit, Bitcoin doesn't address another key function of banks, i.e. to match savers with investments, although it does help make capital markets fundamentally healthier, if it ever manages to take the power of money creation from central banks and governments.)

true root of understanding of the bank, but the bank began to shift into a means of financial  the transaction, bank converted into a commercial and take payments market,example, house payments, loans, electricity and payments balances telephone with a fee. Bank bookkeeping system is a example for technology blockchain this applied in bitcoin . fee for payment at a bank is profits bank, while the fee transaction bitcoin, used to pay miners working bitcoin for mining block, nakamato satoshi apply decentralization economy for proyek bitcoin, users may have access blockchain , management self and get a fee if the conduct of mining blocks.

[pitham1]

The really sad part is when people are asking when we will have a Bitcoin Bank. The correct and the best anwer would be - hopefully never.
Bitcoin was created to battle banks, as they are economic parasites. Average Joe is not even able to imagine how much he is being exploited by big corporations and banks.
Banks are not here to help you, they are here to give you a calendar with a big sign 'Sucker" written on it, because you will be paying banks interest for your whole life.

This is very true.  What is the fundamental purpose of banking, and how did banks get started?

One major purpose was to protect you from theft.  Thieves could steal your gold and silver, but they could never change the information that you had this much money in an account.  Goldsmith banks were born because goldsmiths knew how to protect precious metals, and used that expertise to offer to safeguard people's money.

Of course, once banks got hold of your money, they had the incentives to commit a wholly different kind of theft, in the next few centuries!

Since Bitcoin runs a distributed software protocol to maintain account information, it replaces this major function of banks.

(Although, we have to admit, Bitcoin doesn't address another key function of banks, i.e. to match savers with investments, although it does help make capital markets fundamentally healthier, if it ever manages to take the power of money creation from central banks and governments.)

The root of this is fractional reserve lending. It caused goldsmiths to go bankrupt, and banks today can face the same fate too.
It is not the bank as an institution, but its practices which have made its business risky.

[Ayers]

I know how they try to make money. They milk as much money as possible from their customers by introducing not-really necessary services and life insurance. They try to attract you with their promos. I just opened my account last week.  To be safe, I only open an account on top banks renowned worldwide.

bank are worse than those scammers that make altcoin each day in altcoin section, at least those have these new altcoin that propose something which can be good or bad, but bank just scam you money and you don't even know that they are scamming you, on crypto you are perfectly aware of your money, i think this is why many people are choosing crypto over bank

[zimmah]

no shit sherlock

it's why most of the early investors even invested in bitcoin in the first place.

It's why bitcoin was created in the first place.

And ironically, bitcoin is now controlled by AXA.

Is it controlled, really? As far as I read it in the news, AXA and other groups (Deutche Bank, etc...) are only interested in the technology, and not already controlling bitcoin.
Or this is the Blockstream venture capital thing, sticking the system to the 1MB limit?
As I've read, banking industry don't want bitcoin at all, they only want the technology behind, and they want to create a similar but centralized one for their purposes. I don't think that bitcoin can be regulated or controlled, but everything is possible...
BU and the people behing wanted to rule bitcoin and fork it into a new coin, but it has still not happened, so I think bitcoin can be hardly regulated.

Yes, AXA has a big share in blockstream, and blockstream s actively stalling bitcoin development.   

You can see with your own eyes the result of blockstreams stalling tactics and how they tear the community apart.

[pearlmen]

I will agree that banks are evil in as much as they have serve as a tool to drive development, they are also the ones that have made sure businesses dont survive by even disrupting the social system with killing interest rates that will make the business continue to struggle whereas the bank will live fat and their owners. When it comes to individual they just make sure its too difficult to obtain loan. In short they have caused more harm than good.

[Silberman]

Banks are generally not evil, but yeah there policies might become painfully evil sometimes. But atleast they are taking care of our saved money from real evils of the world. Some banks supported by Government are really nice, but some private Banks though providing awesome service, charges heavy fees/service charge.

How can someone or something not be evil but been able to do evil things? If banks do evil things then by definition they are evil, it is not any surprise that most people hate banks since they keep taking decisions that benefit only themselves and no one else.

[jaysabi]

It is no news that banks are evil.  They prey on innocent people and take advantage of their deposited money.  They have the freedom to use it anywhere and charges depositors for maintenance fee and even eats the balance when it does not meet the minimum requirement.  And when it is time to get our money, we have to undergo several verification procedure before we can get our own money.

That's the problem though.  Once you give your money to the bank, it's not your money anymore.  It's the bank's money and because everyone holds money in the bank people have started leading themselves to believe that it's acceptable for banks to hold everyone's money, when in fact you are at their mercy.

When you deposit money in the bank, it does not become the bank's money. You retain ownership and the bank must return it to you on demand. Having custody of something is not the same as owning it. The bank has custody of your money, they do not own it.

[michkima]

It is no news that banks are evil.  They prey on innocent people and take advantage of their deposited money.  They have the freedom to use it anywhere and charges depositors for maintenance fee and even eats the balance when it does not meet the minimum requirement.  And when it is time to get our money, we have to undergo several verification procedure before we can get our own money.

That's the problem though.  Once you give your money to the bank, it's not your money anymore.  It's the bank's money and because everyone holds money in the bank people have started leading themselves to believe that it's acceptable for banks to hold everyone's money, when in fact you are at their mercy.

When you deposit money in the bank, it does not become the bank's money. You retain ownership and the bank must return it to you on demand. Having custody of something is not the same as owning it. The bank has custody of your money, they do not own it.

I partly agree with your statement. What really happens in a bank is that you don't actually deposit here. Your relationship with the bank is that of a lender and borrower. The bank being the borrower and you the lender. They owe you that money and they have the obligation to pay it back to you.

[gredisgold88]

banks are not really evil, the bank makes storage safe money, the bank also provides transaction services, fast course with a fee, this is almost the same with bitcoin, bitcoin has blockchain as general ledger transactions and finance that can be accessed, and the transaction fee with bitcoin for miner blok , this scheme is called desentrilisasi. I think banks are not really evil, but also many private banks that assist crime.

[Kemarit]

I think not all banks are evil. Only the top 10 or 12 banks because this banks don't care about ethics and doing financial tactics such credit default swaps, slapping high interest if you are late in your payment and other strategy to milk this customers. A few years ago, I read that a bank has allegedly used tactics to lead homeowners into foreclosures and denied eligible homeowners for loan modifications to even lied to them about the status of their payments.

[vapourminer]

When you deposit money in the bank, it does not become the bank's money. You retain ownership and the bank must return it to you on demand. Having custody of something is not the same as owning it. The bank has custody of your money, they do not own it.

tell that to the folks in cyprus.

https://en.wikipedia.org/wiki/2012%E2%80%9313_Cypriot_financial_crisis

[bamboylee]

It's easy to see that most of the profit comes through interest rates. But perhaps the problem lies in the fact that most people are very greedy, do not pay attention to the interest rate tables, and do not do a good analysis of the contracts before choosing a banking plan.

basically, its purely business. banks have their own standard operating procedures and internal control to follow. banks are established to earn profit not to.help people. with the current existing market interest rates, lenders dont have a choice but to.pay the interest to the banks.

[xypos]

I think not all banks are evil. Only the top 10 or 12 banks because this banks don't care about ethics and doing financial tactics such credit default swaps, slapping high interest if you are late in your payment and other strategy to milk this customers. A few years ago, I read that a bank has allegedly used tactics to lead homeowners into foreclosures and denied eligible homeowners for loan modifications to even lied to them about the status of their payments.

It is hard for me to agree with you, even if not impossible.

Banks all over the world are exploiting both their customers, and the financial law.
I never could grasp the idea of why banks can borrow the money to someone else if they dont own it?

It is not logical at all, giving credits should be allowed only if the bank really has the money, not only numbers right?

That is why we should never let the financial system to create companies where you can deposit the money, but in case of all customers would try to get their money, bank would simply go bankrupt.

We should stop government help for banks, it is not fair at all to the rest of the community.

[webtricks]

It is hard for me to agree with you, even if not impossible.

Banks all over the world are exploiting both their customers, and the financial law.
I never could grasp the idea of why banks can borrow the money to someone else if they dont own it?

It is not logical at all, giving credits should be allowed only if the bank really has the money, not only numbers right?

That is why we should never let the financial system to create companies where you can deposit the money, but in case of all customers would try to get their money, bank would simply go bankrupt.

We should stop government help for banks, it is not fair at all to the rest of the community.

Interesting. I am really catched by your statement, Banks don't have money but only numbers. Apparently you can say banks really don't hold that much funds but it is not true to assume the amounts are only numbers or imaginary. I am studying banking system from quite a long, the process you pointing is known as Credit Creation. This process involves keeping aside of reserve funds for people who might come to withdraw their amount and on Earth it is all not possible that everyone come on same day. Consider even if something like this happen, banks can go for short term financing known as Call Money. So this problem is ruled out.
Now coming to numbers, when Banks accept deposit or give loans, they dont actually generate money but just shift ownership. It is like creating chain where amount get compounded at every level. This process is very vital for growth of economy and one of the leading reason why some countries are developed while others are not.

[xypos]

It is hard for me to agree with you, even if not impossible.

Banks all over the world are exploiting both their customers, and the financial law.
I never could grasp the idea of why banks can borrow the money to someone else if they dont own it?

It is not logical at all, giving credits should be allowed only if the bank really has the money, not only numbers right?

That is why we should never let the financial system to create companies where you can deposit the money, but in case of all customers would try to get their money, bank would simply go bankrupt.

We should stop government help for banks, it is not fair at all to the rest of the community.

Interesting. I am really catched by your statement, Banks don't have money but only numbers. Apparently you can say banks really don't hold that much funds but it is not true to assume the amounts are only numbers or imaginary. I am studying banking system from quite a long, the process you pointing is known as Credit Creation. This process involves keeping aside of reserve funds for people who might come to withdraw their amount and on Earth it is all not possible that everyone come on same day. Consider even if something like this happen, banks can go for short term financing known as Call Money. So this problem is ruled out.
Now coming to numbers, when Banks accept deposit or give loans, they dont actually generate money but just shift ownership. It is like creating chain where amount get compounded at every level. This process is very vital for growth of economy and one of the leading reason why some countries are developed while others are not.

That made me laugh a little bit, they don't have money but numbers Sad, but also slightly true.
It is the same thing with the retirement pensions, in my country people who work now and pay taxes for that purpose, does not collect their money to have them withdrawn as a old age pension every month.
Instead of, they give their money to the goverment to be able to pay the people that are old right now.
So the conclusion is that it is like a giant ponzi, someday it will collapse.

I think that the same thing may happen with banks, but we need some smart replacement- and we are not ready yet.

[darkangel11]

That made me laugh a little bit, they don't have money but numbers Sad, but also slightly true.
It is the same thing with the retirement pensions, in my country people who work now and pay taxes for that purpose, does not collect their money to have them withdrawn as a old age pension every month.
Instead of, they give their money to the goverment to be able to pay the people that are old right now.
So the conclusion is that it is like a giant ponzi, someday it will collapse.

I think that the same thing may happen with banks, but we need some smart replacement- and we are not ready yet.

The pension system has been many times compared to a pyramid scheme. Sad part is, the system was designed to make money from what you're paying them during your life and after 30 or 40 years have enough to support you and itself. Somewhere something went wrong along the way and the system lost money left by its first "investors" and became indebted and forced to work like a pyramid, that's why now pension is obligatory and functions like a tax, while it should be voluntary.