Bitcoin Forum
October 17, 2018, 02:14:22 AM *
News: Make sure you are not using versions of Bitcoin Core other than 0.17.0 [Torrent], 0.16.3, 0.15.2, or 0.14.3. More info.
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: Why the Animosity Towards Banks  (Read 150 times)
richardsNY
Legendary
*
Offline Offline

Activity: 1134
Merit: 1084


View Profile
February 26, 2018, 11:14:44 PM
 #21

I don't think it's fair to blame just banks for this, though, as they are also acting under regulatory requirements, which just add to the red tape. I'm not saying they're not rotten, just that they receive a lot of the blame because they're the ones the end users interact with, and that there are a more factors at play.

I agree. Indirectly, banks are nothing more than a slave of the government, just like ourself and basically any other business in our economy. However, in the same way I don't think it's fair to blame the government for the insane fees banks charge when people try to send back money to their families. Banks aren't shy of exploiting the weaker layer of our economy for their own benefit. In other words, legal extortion and putting people into debt is what they are known for, and what makes people heavily dislike them. Bitcoin or crypto in general is a safe haven for people (all layers of the economy) who aim to break through this barbaric cycle of injustice. Bitcoin adoption in Venezuela is perfectly demonstrating how people are being offered an alternative to escape from a system that won't allow them to move forward. Imagine how things would have been for the people there if Bitcoin wasn't created....
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1539742462
Hero Member
*
Offline Offline

Posts: 1539742462

View Profile Personal Message (Offline)

Ignore
1539742462
Reply with quote  #2

1539742462
Report to moderator
ldah94
Full Member
***
Offline Offline

Activity: 350
Merit: 102



View Profile
February 26, 2018, 11:18:01 PM
 #22

The main difference between the fiat currency and the crypto-currency is that the fiat currency is limited by the central banks and they can create an infinite number of currencies. Instead cryptocurrencies follow rules to be created and they mostly have a finite number of coins. Although the fiat currency has a physical medium as is the ticket, its value is not supported more than by the word of the central banks, unlike the cryptocurrencies that thanks to the lack of control makes it impossible for any authority to manipulate its currency value or cause inflation producing more quantity, in fact, its production and value is based on the law of supply and demand.

Neluns
♦ New Generation Financial Ecosystem ♦
Pre-sale on Aug, 1
Bezobraznike
Sr. Member
****
Offline Offline

Activity: 560
Merit: 251


OPEN WiFi


View Profile
February 26, 2018, 11:41:28 PM
 #23

   Many pages are written, but main point of animosity toward banks are social differences!
Rich people are getting richer! How many times we heard that? Many people do not have for
basic needs! Many people, including me, do not have money for luxurious things, travels, life
generally. Whom to blame for all that? For world misery? Banks are on top of that list!
   We have Bitcoin now, as alternative, but before Bitcoin what we had? Majority of world
population waited something like Bitcoin to show up. Now when people can skip the banks
and use something better!

          ▄▄▄█████████▄▄▄
       ▄███████████████████▄
     ▄███████████████████████▄
   ▄████████▀▀       ▀▀████████▄
  ▄██████▀               ▀██████▄
 ▄██████                   ██████▄
 ██████                     ██████
▄█████▀                     ▀█████▄
██████                       ██████
██████                       ██████
██████                       ██████
██████                       ██████
▀█████▄                     ▄█████▀
 ██████                     ██████
 ▀██████                   ██████▀
  ▀██████▄               ▄██████▀
   ▀████████▄▄       ▄▄████████▀
     ▀███████████████████████▀
       ▀███████████████████▀
          ▀▀▀█████████▀▀▀
         ▄▄███████▄▄
      ▄███████████████▄
    ▄███████████████████▄
  ▄████████▀▀   ▀▀████████▄
  ██████▀           ▀██████▌
 ██████               ██████
 █████                 █████▌
▐█████                 ██████
▐█████                 ██████
▐█████                 █████▌
▐█████                ██████
▐█████             ▄▄██████▌
▐█████████████████████████▀
▐███████████████████████▀
▐████████████████████▀▀
▐█████
▐█████
▐████▀
▐███▀
▐█▀
         ▄▄███████▄▄
      ▄███████████████▄
    ▄███████████████████▄
  ▄████████▀▀   ▀▀████████▄
  ██████▀           ▀██████▌
 ██████               ██████
 █████                 █████▌
▐█████                 ██████
▐█████                 ██████
▐█████                 █████▌
▐█████                ██████
▐█████             ▄▄██████▌
▐█████████████████████████▀
▐███████████████████████▀
▐████████████████████▀▀
▐█████
▐█████
▐████▀
▐███▀
▐█▀








  ▄████████▄     █████████▄   █████████  ███▄     ███
 ████▀▀▀▀████    ███▀▀▀▀▀██▄  ███▀▀▀▀▀▀  █████    ███
███        ███   ███     ███  ███        ██████   ███
███        ███   ███▄▄▄▄▄██▀  ███▄▄▄▄▄▄  ███ ███  ███
███        ███   █████████▀   █████████  ███  ███ ███
███        ███   ███          ███        ███   ██████
 ████▄▄▄▄████    ███          ███▄▄▄▄▄▄  ███    █████
  ▀████████▀     ███          █████████  ███     ▀███


                ▄▄████████▄▄
              ▄██▀▀▄▄▄▄▄▄▀▀██▄
             ██▀▄██▀▀▀▀▀▀██▄▀██
               ██▀▄██████▄▀██
                 ██▀    ▀██
                    ▄██▄             ▄██▄
███    ████    ███  ▀██▀  █████████  ▀██▀
███    ████    ███        ████▀▀▀▀▀ 
 ███  ██████  ███   ████  ████       ████
 ███  ██████  ███   ████  ████▄▄▄▄   ████
  ██████  ██████    ████  ████████   ████
  ██████  ██████    ████  ████       ████
   ████    ████     ████  ████       ████
   ████    ████     ████  ████       ████

▬▬  #HOMEPAGE    #BOUNTY  ▬▬

▬▬  #WHITEPAPER   #TELEGRAM  ▬▬
nskendrovic
Full Member
***
Offline Offline

Activity: 290
Merit: 100


Presale is live!


View Profile
February 27, 2018, 12:28:21 AM
 #24

Big banks have fucked up a lot and their boards are full of corrupt and selfish people. Their main goal ismaking profit but it should be growing the economies and preventing economic disasters, in some ways they're doing the opposite of what they should.

Fuck banks.

jeanne513lefe
Newbie
*
Offline Offline

Activity: 51
Merit: 0


View Profile
February 27, 2018, 03:44:52 AM
 #25

go back to a gold standard or completely adopt crypto. 
Jesus, those are alternatives on the complete opposite sides of the spectrum.  I'd say going back to a gold standard is ridiculous at this point, at least in the U.S. 
We've gotten so far into the free money printing that I don't think there's any going back from this--there isn't enough gold in the world to back all the money we've printed.  It was a nice thing for many years to have something backing up the currency, but I don't think that's even necessary anymore. 

The crypto idea is more of a solid one, but I don't think governments OR banks are going to get behind this unless they come up with their own crypto.  Bitcoin will forever remain borderless, IMO.  Banks are always on the receiving end of hate because they have all the fuckin' money, plain and simple, and they charge you for it.  I don't think they're afraid of crypto, but they sure as hell are being slow to adopt it.  Not sure they ever really will.

I agree that those alternatives are on the complete opposite sides of the spectrum and the gold standard would not work in the U.S(and perhaps most other major economies). Though I understand we can't change history, I couldn't help but wonder if the free money printing thing should keep on going. Haven't we learned how this money printing race has screwed up the global financial world?  And yes, I don't think the governments/banks are going to get behind this unless they come up with their own crypto since there are too many risks involved. Unless the governments find a way to tax the transaction of cryptos, of course. Lips sealed
jseverson
Hero Member
*****
Offline Offline

Activity: 756
Merit: 634


View Profile
February 27, 2018, 07:08:02 AM
 #26

Bitcoin adoption in Venezuela is perfectly demonstrating how people are being offered an alternative to escape from a system that won't allow them to move forward. Imagine how things would have been for the people there if Bitcoin wasn't created....

Overall adoption in Venezuela is probably a lot lower than what some people make it out to be, but Bitcoin is still helping out Venezuelans; just not in a way anybody ever expected. Their government has started to actively encourage crypto adoption in the hopes of stopping an imminent economic collapse. They're obviously under a lot of international sanctions, and are taking advantage of the fact that crypto is discrete from the "traditional economy" to duck them. 

It's just funny to me how people can use crypto to save themselves from their governments (which they've been doing for quite a while), and how even governments can use crypto to save themselves from other governments (which is what the Venezuelan government is trying to do now with its own crypto).

swscowods
Full Member
***
Offline Offline

Activity: 362
Merit: 100


UBEX.COM


View Profile
February 28, 2018, 06:06:59 AM
 #27

One of the biggest reasons that I love the idea of BTC and crypto in general is because I hate the unpredictability and inflationary nature of fiat money supply.  If it were up to me, we would get rid of the US Federal Reserve and go back to a gold standard or completely adopt crypto.  But one of the other big reasons that people seem to gravitate towards crypto is the hatred of big banks.  I'm wondering why that is.  I use Chase and I never have to pay any fees to wire money, move money around my accounts.  Yeah, the bank pays out only tiny bits of interest but I don't feel like I'm getting robbed by these banks in any way.  When I need to transfer money, I use PayPal, when I have to buy stuff I use my credit card and I get points for it.  I just don't see why this community has this hatred towards big banks so I'd love to understand some of the reasons people have.
First of all you said if it were up to you, that you would get rid of the US Federal Reserves and go back to Gold standards or completely adopt crypto. Tell me, doesn’t that highlight you as one of those having hatreds for banks?

Secondly, how do you think it is possible to carry out wire transfers or use western union services without being charged some fees? And how do you get points for making use of your credit card? Quite interesting. Seems like your bank is one that has an ambition to lose in future. Well, I don’t hate banks. I even fear to keep my money in cryptos and prefers banks as the safest place to store my wealth.

Notcalculator
Member
**
Offline Offline

Activity: 196
Merit: 12

★Bitvest.io★ Play Plinko or Invest!


View Profile
February 28, 2018, 07:22:29 AM
 #28

Read this news story. It will help explain some of the negative sentiment towards banks.

Quote
HSBC Helped Terrorists, Iran, Mexican Drug Cartels And Shady Russians Launder Money, Senate Report Says

JUL 16, 2012

A Senate report released ahead of the embargo time revealed that HSBC’s lax anti-money laundering policies allowed Mexican drug money, Iranian terrorist money, and even suspicious Russian money to enter the U.S. and gain access to U.S. dollar liquidity over the last couple of years.

The report, released late on Monday despite a 10 PM embargo time, was prepared by the Permanent Subcommittee on Investigations, and counted with the support of Senators Carl Levin and Tom Coburn.

In a year-long investigation, the Subcommittee found that HSBC violated several rules, exposing the U.S. financial system to “a wide array of money laundering, drug trafficking, and terrorist financing.”  According to the report, HSBC’s Mexican affiliate channeled $7 billion into the U.S. between 2007 and 2008 which possibly included “proceeds from illegal drug sales in the United States.”

UPDATE: In a statement, HSBC acknowledged that "in the past, we have sometimes failed to meet the standards that regulators and customers expect."  Vowing to improve their oversight and compliance with the law, they committed to fixing what is wrong, taking the opportunity to learn from previous mistakes.

HSBC actively circumvented rules designed to “block transactions involving terrorists, drug lords, and rogue regimes.”  In one case, “two HSBC affiliates sent nearly 25,000 transactions involving $19.4 billion through their HBUS [HSBC’s U.S. affiliate] accounts over seven years without disclosing the transactions’ links to Iran.”

They provided U.S. dollar financing and services to banks in Saudi Arabia and Bangladesh that were tied to terrorist organizations, while also clearing $290 million in “obviously suspicious travelers cheques” that benefitted Russians “who claimed to be in the used car business.”

Furthermore, the investigation showed how the bank’s regulator, the Office of the Comptroller of the Currency (OCC) failed to take a single enforcement action against HSBC despite numerous violations by the international bank.  Among them, failing to monitor $60 trillion in wire transfer and account activity, a backlog of 17,000 unreviewed account alerts regarding potentially suspicious activity, and a failure to conduct anti-money laundering due diligence before opening accounts for HSBC affiliates.

Senator Levin, whose scolding of Goldman Sachs’ Lloyd Blankfein during a hearing on collaterized debt obligations made him a well-known face in Wall Street, was hard on both HSBC and their regulator:

Due to poor AML [anti-money laundering] controls, HBUS exposed the United States to Mexican drug money, suspicious travelers cheques, bearer share corporations, and rogue jurisdictions.  The bank’s federal bank regulator, the OCC, tolerated HSBC’s weak AML system for years.  If an international bank won’t police its own affiliates to stop illicit money, the regulatory agencies should consider whether to revoke the charter of the U.S. bank being used to aid and abet that illicit money.

The Senate’s Subcommittee will reveal its findings on Tuesday during a Congressional hearing that will include testimony by HSBC officials and federal regulators.  This report is the latest in a string of embarrassments for the world’s major banks.  Only a few days ago, JPMorgan’s Jamie Dimon finally revealed further details on the so-called London Whale trades (which reportedly cost the bank more than $5 billion), while the on-going Libor manipulation scandal sparked a series of lawsuits that could be difficult to swallow for Barclays and other institutions involved.

HSBC’s New York-traded shares fell in post-market trading, as the report was leaked.  After a 0.3% decline during the trading session, the stock dropped 2.5% to $42.50 by the end of aftermarket trading.

https://www.forbes.com/sites/afontevecchia/2012/07/16/hsbc-helped-terrorists-iran-mexican-drug-cartels-launder-money-senate-report-says/

The most obvious reasons for negative sentiment against banks:

  • As noted above banks have laundered money for terrorists, drug cartels, organized crime and russians over the past 10-15 years
  • Banks caused the economic crisis of 2008 with their irresponsible handling of derivatives, lack of legitimate regulation is also responsible
  • Banks have contributed towards economic crisis in greece and elsewhere in the world
  • Banks have been known to discriminate against workers in the adult entertainment industry(chase bank) and other small business owners
  • Banks often create economic and foreign policy for major nations which decrease standard of living and redistribute wealth away from the poor and middle class to the super wealthy

There are many other good reasons. I think that if people don't recognize banks as being a negative influence--it has to do with them being uninformed and unaware of past history.

The worst part is they are able to get away with it because they are "too big to fail" and "too big to jail". The centralization of power to them made them invincible. That is the root of animosity for me. I do understand why the government has to bail them out. That decision is for the benefit of the many relying on the economy supported by the bank. But what i do not understand is that why are there no proper laws that protect the economy from irresponsible risks and manipulation enacted by the banks? If we could just implement the right laws then there wouldnt be a problem.

Also i'd like to add that NO ONE was jailed in the HSBC scandal. It's extremely ridiculous.

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ ★ ★ ★ ★ ★ ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
PLINKO    |7| SLOTS     (+) ROULETTE    ▼ BIT SPINBITVESTPLAY or INVEST ║ ✔ Rainbot  ✔ Happy Hours  ✔ Faucet
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ ★ ★ ★ ★ ★ ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
aimey
Newbie
*
Offline Offline

Activity: 92
Merit: 0


View Profile
March 03, 2018, 11:50:10 AM
 #29

One of the biggest reasons that I love the idea of BTC and crypto in general is because I hate the unpredictability and inflationary nature of fiat money supply.  If it were up to me, we would get rid of the US Federal Reserve and go back to a gold standard or completely adopt crypto.  But one of the other big reasons that people seem to gravitate towards crypto is the hatred of big banks.  I'm wondering why that is.  I use Chase and I never have to pay any fees to wire money, move money around my accounts.  Yeah, the bank pays out only tiny bits of interest but I don't feel like I'm getting robbed by these banks in any way.  When I need to transfer money, I use PayPal, when I have to buy stuff I use my credit card and I get points for it.  I just don't see why this community has this hatred towards big banks so I'd love to understand some of the reasons people have.

Bank is good at one point. It makes your money safe in their vaults. The only annoying with bank is they are using  your money to gain more interest and give a share of very very small interest per annum while they using your money everyday. When you barrow interest rate is very high per month. This is the reason the Banks earned huge amount of money.
Hovhannes
Member
**
Offline Offline

Activity: 364
Merit: 14

XDNA - Most innovative cryptocurrency in 2018


View Profile
March 03, 2018, 12:26:51 PM
 #30

Banks do not create value, they create money out of thin air, which leads to an increase in money supply and price inflation. Today's banking system is old and requires fundamental changes.

trouble401
Jr. Member
*
Offline Offline

Activity: 76
Merit: 6


View Profile
March 05, 2018, 12:25:41 AM
 #31

Banks do not create value, they create money out of thin air, which leads to an increase in money supply and price inflation. Today's banking system is old and requires fundamental changes.

So I get a lot of what people are saying here, but what is the alternative?  Banks do create value, they allow us to store money in a secure location and allow us to take out loans, etc.  As much as I love my ledger I would trust my money in a bank over a ledger.  The real culprits to increases in money supply and price inflation are the central banks.  Obviously, I'm in the minority, but I feel like the crypto world would be better if the big banks bought in.  Undecided

DeepOnion ⚡ Anonymous & Untraceable Cryptocurrency
⚡ Join DeepOnion Airdrop NOW! ⚡ (https://deeponion.org/apply.php?ref=1135054)
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!