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Author Topic: Shower thought. Would this start "killing" the banks?  (Read 133 times)
DeadCoin
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March 13, 2018, 10:56:28 PM
 #21

What if every person loaned money from a bank or maxed out their credit cards to buy Bitcoin and deliberately not pay out those debts. Would that start "killing" the banks or, at all events, dent their dominance?

Sorry if this might be a shit topic. But go ahead, discuss. Haha.

If you refer the data 25% of account holders who bought loan from a bank has not paid back. This has become a normal attitude towards repaying back to the bank. This would seriously lead the bank to lose their business as well. We could observe, my government authority has informed that few banks are running out of loss and the account holders who have their money saved as fixed deposit should contribute service charge and a part of amount to the bank to recover back. Banks are the first competitors of crypto currency.

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entrepmind23
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March 14, 2018, 02:08:27 AM
 #22

What if every person loaned money from a bank or maxed out their credit cards to buy Bitcoin and deliberately not pay out those debts. Would that start "killing" the banks or, at all events, dent their dominance?

Sorry if this might be a shit topic. But go ahead, discuss. Haha.

I don't think banks would let that time come when many people would borrow from them just to invest in cryptocurrencies. In fact, some credit card companies do not allow nowadays transactions that will be paid to companies involve with cryptocurrencies.

This is the news regarding the banning of credit card companies to crypto currencies.
https://www.forbes.com/sites/naeemaslam/2018/02/05/banks-banning-cryptocurrency-purchase-on-credit-cards-why/#691d536a3cf9

As we can see, they are already making a move to prevent what you thought will happen if people decides to borrow money. They are just showing it that they are still in control and they will not let bitcoin "kill them".
paul00
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March 14, 2018, 05:53:15 AM
 #23

First, I don’t think there will come a time where ALL people would do such thing for we all know that not all people believed in Bitcoin. However if in case this thing would happen, banks will not just simply be on their downfall but as well as those who have loaned and not paid. Also, as far as I know banks have allotted allowance for possible loss on debts, loans and others for them to stay liquid despite unpaid liabilities.

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Wind_FURY
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March 14, 2018, 06:36:09 AM
 #24

Ok, fair enough. Loaning money and maxing out your credit cards without replaying them will not "kill" the banks. But what will?

I see that some suggested that bank runs will kill banks. I disagree. It might close a branch of that bank but it won't "kill" the whole system.

But we first came here with the idea that "Bitcoin is the future" and that it would "eliminate the fraudulent banking system". I don't see that now. What happened to us?


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cellard
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March 14, 2018, 03:55:11 PM
 #25

The transition must happen by means of necessity. If people don't see a real necessity to get their money out of banks and into Bitcoin, then this idea of "killing the banks" will simply never happen. That's how things die for real.

People no longer use regular mail (except on few occassions) this is how email took over, people don't need X because they find a better alternative and this alternative becomes #1.

And even then, as I said, the old stuff still gets used sometimes, even fax.

aardvark15
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March 14, 2018, 04:01:03 PM
 #26

What if every person loaned money from a bank or maxed out their credit cards to buy Bitcoin and deliberately not pay out those debts. Would that start "killing" the banks or, at all events, dent their dominance?

Sorry if this might be a shit topic. But go ahead, discuss. Haha.

Banks don’t typically loan money without some kind of collateral or at least the knowledge that you earn money or have assets. If you default on a loan, the bank will come after the money, so I don’t see people getting away with that. Banks will foreclose on houses, garnish wages, and go after asserts such as vehicles and bank accounts. They have the resources to get the money.
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March 17, 2018, 12:21:12 PM
 #27

The bank loan repayment system is protected by law! There are insurance capitals and organizations that make to return the loan. With crypto-loans it is more complicated. There's no mechanism protecting bank's criptocurrency capital. It is decentralization that makes banks vulnerable.

samcrypto
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March 17, 2018, 12:29:46 PM
 #28

The bank loan repayment system is protected by law! There are insurance capitals and organizations that make to return the loan. With crypto-loans it is more complicated. There's no mechanism protecting bank's criptocurrency capital. It is decentralization that makes banks vulnerable.

I think its too risk to loan some funds to those people who is unknown, baking system will still exist no matter what and this loan services will be the one for them to survive. Cryptocurrency is great, but we still need some security that most of the banks gives I believe crypto and banks can be use at the same time without having any problem.
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