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Author Topic: Will There Be a "Digital Run" on the Banks?  (Read 110 times)
cryptocamacho
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April 17, 2018, 09:43:16 PM
Merited by d5000 (1)
 #1

Do you think so?

I certainly do. Not a matter of if, but when...

Here's the case:

1. Have bank runs happened in the past?
YES! Many many many times. Runs on the banks have happened since banks existed. Here are a few links to show you the proof:

-https://en.wikipedia.org/wiki/List_of_bank_runs
-https://en.wikipedia.org/wiki/List_of_banking_crises#21st_century

2. Are Governments scared of crypto? Could Crypto replace the dollar and fiat currencies?
YES! They are shaking in their boots because they know the end of Fiat is near. Governments are now running all directions trying to figure out what to do with crypto. Russian, Venezuela, and other governments are starting to create their own cryptocurrencies to coax the public to adopting them. India, pakistan, china and others are trying to ban crypto all together... but know their efforts will be futile. Europe, US and other nations are trying to 'embrace' cryptocurrency, because they know that it's inevitable that they adapt their business model or perish.

The dollar's days are numbered and will soon be replaced as the world's reserve currency. There is FINALLY an alternative to the dollar and the world knows this.

The truth is that cryptos WILL replace fiat currency. This will cause the price of crypto to skyrocket and the dollar to hyperinflate. The dollar will hyper inflate to crypto and many will wake up only to find out that their dollars are worthless.... because it will not require such a large amount of fiat to purchase any cryptocurrency of value (think if bitcoin in fact did go up to $100K).

Here is some proof for your reading pleasure:
-https://www.google.com/search?q=us+government+cryptocurrency&oq=us+government+crypto&aqs=chrome.0.0j69i57j0l4.4120j0j7&sourceid=chrome&ie=UTF-8
-https://www.google.com/search?ei=-VnWWsDaGoqq8APUzZuQCw&q=us+dollar+collapse+crypto&oq=us+dollar+collapse+crypto&gs_l=psy-ab.3...8052.9348.0.9526.9.9.0.0.0.0.100.790.8j1.9.0....0...1c.1.64.psy-ab..0.2.172...0i13k1.0.rkAR1-JYReQ
-https://www.google.com/search?q=dollar+hyperinflation+crypto&oq=dollar+hyperinflation+crypto&aqs=chrome..69i57.8042j0j7&sourceid=chrome&ie=UTF-8


3. What does the IMF and Big Banks Say about Crypto? Is the financial world worried about crypto?
YES! They are all very worried because their business models are all being threatened. The IMF has now come out multiple times saying that that crypto could disrupt business models, and will present challenges for banks  and central banks. They know fiat's days are numbered.

Today the IMF chief Christine Lagarde said this:

"Moreover, banks and other financial institutions will face challenges to their business models, should there be a large-scale shift away from government-issued currencies toward crypto-assets. Regulators might find it harder to ensure the stability of a more diffuse and decentralized financial system. Central banks might have more trouble acting as the lender of last resort in case of a crisis."

Here are a few more things the IMF has said about crypto: https://www.google.com/search?q=imf+crypto&oq=imf+crypto&aqs=chrome..69i57j0j69i60j0l3.1565j0j7&sourceid=chrome&ie=UTF-8


What does Bank of America and Chase Bank have to say about this? Well take a gander below....

-https://www.google.com/search?q=banks+crypto&oq=banks+crypto&aqs=chrome..69i57j0l5.5934j1j7&sourceid=chrome&ie=UTF-8
-https://www.google.com/search?q=bank+of+america+crypto&oq=bank+of+america+crypto&aqs=chrome..69i57j0l5.7669j0j7&sourceid=chrome&ie=UTF-8

They have repeatedly said that crypto is a threat to their business and that they need to adapt or die. They see the writing on the wall. They have also tried to claim bitcoin is a fraud/scam because they are scared of it.


What about Goldman Sachs?
They are trying to actual embrace and enter the market because they know that the revolution is coming. They have now started acquiring crypto-related companies such as Poloniex (crypto exchange) and Circle (app to text people cryptocurrency via phone). They have also stated that crypto is a threat to their business. See the proof below...

-https://www.google.com/search?q=goldman+sachs+crypto&oq=goldman+sachs+crypto&aqs=chrome..69i57j0l5.3560j0j7&sourceid=chrome&ie=UTF-8
-https://coincentral.com/goldman-sachs-funded-circle-purchases-poloniex-400mln-buyout/
-https://www.reuters.com/article/us-crypto-currencies-circle/goldman-backed-startup-circle-buys-major-crypto-exchange-poloniex-idUSKCN1GA1N4


4. So Where Does That Leave Us?
Well... we all need to embrace and transition to crypto from fiat. The sooner you do this, the better for you.

The writing is on the wall. This will happen.

There will be a digital run on the banks.

People will convert fiat to crypto at an alarming rate as this rocket ship takes off. This will cause hyperinflation of fiat currencies around the world... which will only accelerate the adoption of crypto and push the prices higher.

If you're reading this... you are doing something right.... welcome to the club.

Many of the 'new rich' and 'future elite' are amongst us. Place nice and help others understand what is going on.

Cheers!
Crypto Camacho


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April 18, 2018, 12:18:56 PM
 #2

This is one good compilation of the different situations between the banking system and the banks. We can actually observe by reading many articles that even banks and governments are planning to launch their own cryptocurrency. Others such as the G7 central banks are planning to invest on cryptocurrency. This news are examples that though bitcoin has no impact yet on fiat currency but it has a huge impact on the banking system.
cryptocamacho
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April 18, 2018, 10:42:56 PM
 #3

This is one good compilation of the different situations between the banking system and the banks. We can actually observe by reading many articles that even banks and governments are planning to launch their own cryptocurrency. Others such as the G7 central banks are planning to invest on cryptocurrency. This news are examples that though bitcoin has no impact yet on fiat currency but it has a huge impact on the banking system.

Thanks Xester. I threw it together quickly, but may consider making a more elaborate compilation, etc. I've even heard that the states are all going to launch their own cryptocurrency. Bitcoin doesn't have much impact on fiat yet... but just wait until the momentum and adoption grow. Fiat will quickly be replaced... which is why they are all shaking in their boots!

When do you think the 'Digital' run on the bank might happen? any thoughts?

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April 19, 2018, 12:20:20 AM
 #4


I love the idea of a run on the banks and all of us in crypto being 'right' but I'm not so sure this is coming. They are generally very smart (if a bit, mmmm, self-confident) people and have made crypto hard to own and acquire. As crypto gets bigger in 2018, I would expect grosser attempts at limiting crypto for average people. They are, in a sense, at war - on the other hand if they embrace it wholeheartedly, you know it can't be good for anyone either.

But you lay out a very persuasive argument. I think we'll see banks fail within our lifetime - whether people go to bitcoin or any other crypto is the question. i do think most people are pretty woke to bank shenanigans, but we still have to make a better case for adoption, not to mention more unity as a community.
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April 19, 2018, 12:31:29 AM
 #5

You are making some interesting points. Above all, I think Bitcoin and other cryptocurrencies indeed will slowly decrease the importance of the traditional banking sector because they offer interesting alternatives (e.g. crowdfunding).

However, I don't believe that a "spectacular bank run" will occur, at least in the next ten or twenty years.

The reason is that cryptocurrencies aren't prepared for mass adoption, and much less to replace traditional fiat currencies. For this reason, cryptocurrencies will be caught in a "boom-bust cycle" with spectacular speculative bubbles and crashes, until major problems are solved. That will allow the "fiat world" to present themselves as the more reliable and stable system. And most people will believe them  Angry

There is first the scalability problem. Lightning is an interesting solution, but it has not been tested on a large scale. It's possible that it won't work as expected or that there's some vulnerability we don't know. However, in this aspect I'm pretty optimist (maybe it won't be LN but sidechains, but I think the problem is solvable).

The volatility problem, however, is more difficult to solve. It may be solvable once cryptocurrencies are massively used as currencies; but it's a chicken-and-egg problem - as long as cryptocurrencies are volatile, they won't be used massively for that. A decentralized backing system (like envisioned here (with money) or here (with goods)) may be a part of a solution, but these approaches are even more unproven than Lightning. One can cite the NuBits altcoin project but they largely failed and are now almost dead.

Third is the usability problem. Above all, if they make mistakes, many people want someone to blame - e.g. if they lose their access data to their bank account, they have the bank to solve the problem. If you make a mistake with Bitcoin, your money likely is gone, forever.

Once these three problems are solved, cryptocurrencies could really (largely) replace fiat currencies. But it would be most likely a gradual process and not a spectacular "collapse" or "bank run".

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April 19, 2018, 10:59:25 AM
 #6

Do you think so?

I certainly do. Not a matter of if, but when...

Here's the case:

1. Have bank runs happened in the past?
YES! Many many many times. Runs on the banks have happened since banks existed. Here are a few links to show you the proof:

-https://en.wikipedia.org/wiki/List_of_bank_runs
-https://en.wikipedia.org/wiki/List_of_banking_crises#21st_century

2. Are Governments scared of crypto? Could Crypto replace the dollar and fiat currencies?
YES! They are shaking in their boots because they know the end of Fiat is near. Governments are now running all directions trying to figure out what to do with crypto. Russian, Venezuela, and other governments are starting to create their own cryptocurrencies to coax the public to adopting them. India, pakistan, china and others are trying to ban crypto all together... but know their efforts will be futile. Europe, US and other nations are trying to 'embrace' cryptocurrency, because they know that it's inevitable that they adapt their business model or perish.

The dollar's days are numbered and will soon be replaced as the world's reserve currency. There is FINALLY an alternative to the dollar and the world knows this.

The truth is that cryptos WILL replace fiat currency. This will cause the price of crypto to skyrocket and the dollar to hyperinflate. The dollar will hyper inflate to crypto and many will wake up only to find out that their dollars are worthless.... because it will not require such a large amount of fiat to purchase any cryptocurrency of value (think if bitcoin in fact did go up to $100K).

Here is some proof for your reading pleasure:
-https://www.google.com/search?q=us+government+cryptocurrency&oq=us+government+crypto&aqs=chrome.0.0j69i57j0l4.4120j0j7&sourceid=chrome&ie=UTF-8
-https://www.google.com/search?ei=-VnWWsDaGoqq8APUzZuQCw&q=us+dollar+collapse+crypto&oq=us+dollar+collapse+crypto&gs_l=psy-ab.3...8052.9348.0.9526.9.9.0.0.0.0.100.790.8j1.9.0....0...1c.1.64.psy-ab..0.2.172...0i13k1.0.rkAR1-JYReQ
-https://www.google.com/search?q=dollar+hyperinflation+crypto&oq=dollar+hyperinflation+crypto&aqs=chrome..69i57.8042j0j7&sourceid=chrome&ie=UTF-8


3. What does the IMF and Big Banks Say about Crypto? Is the financial world worried about crypto?
YES! They are all very worried because their business models are all being threatened. The IMF has now come out multiple times saying that that crypto could disrupt business models, and will present challenges for banks  and central banks. They know fiat's days are numbered.

Today the IMF chief Christine Lagarde said this:

"Moreover, banks and other financial institutions will face challenges to their business models, should there be a large-scale shift away from government-issued currencies toward crypto-assets. Regulators might find it harder to ensure the stability of a more diffuse and decentralized financial system. Central banks might have more trouble acting as the lender of last resort in case of a crisis."

Here are a few more things the IMF has said about crypto: https://www.google.com/search?q=imf+crypto&oq=imf+crypto&aqs=chrome..69i57j0j69i60j0l3.1565j0j7&sourceid=chrome&ie=UTF-8


What does Bank of America and Chase Bank have to say about this? Well take a gander below....

-https://www.google.com/search?q=banks+crypto&oq=banks+crypto&aqs=chrome..69i57j0l5.5934j1j7&sourceid=chrome&ie=UTF-8
-https://www.google.com/search?q=bank+of+america+crypto&oq=bank+of+america+crypto&aqs=chrome..69i57j0l5.7669j0j7&sourceid=chrome&ie=UTF-8

They have repeatedly said that crypto is a threat to their business and that they need to adapt or die. They see the writing on the wall. They have also tried to claim bitcoin is a fraud/scam because they are scared of it.


What about Goldman Sachs?
They are trying to actual embrace and enter the market because they know that the revolution is coming. They have now started acquiring crypto-related companies such as Poloniex (crypto exchange) and Circle (app to text people cryptocurrency via phone). They have also stated that crypto is a threat to their business. See the proof below...

-https://www.google.com/search?q=goldman+sachs+crypto&oq=goldman+sachs+crypto&aqs=chrome..69i57j0l5.3560j0j7&sourceid=chrome&ie=UTF-8
-https://coincentral.com/goldman-sachs-funded-circle-purchases-poloniex-400mln-buyout/
-https://www.reuters.com/article/us-crypto-currencies-circle/goldman-backed-startup-circle-buys-major-crypto-exchange-poloniex-idUSKCN1GA1N4


4. So Where Does That Leave Us?
Well... we all need to embrace and transition to crypto from fiat. The sooner you do this, the better for you.

The writing is on the wall. This will happen.

There will be a digital run on the banks.

People will convert fiat to crypto at an alarming rate as this rocket ship takes off. This will cause hyperinflation of fiat currencies around the world... which will only accelerate the adoption of crypto and push the prices higher.

If you're reading this... you are doing something right.... welcome to the club.

Many of the 'new rich' and 'future elite' are amongst us. Place nice and help others understand what is going on.

Cheers!
Crypto Camacho




Indeed, cryptocurrencies do not yet have a major impact on FIAT, but banks are extremely interested in creating possibilities for adapting to the crypto world. However, governments have the last word to say about this subject and we do not have much, but to hope for an environment favourable to our own investments.
jseverson
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April 19, 2018, 01:55:01 PM
 #7

As much of a believer as I am of Bitcoin, I'd say the chances of a bank run happening because of crypto is very slim. Crypto is gaining popularity, but it's still very small in the grand scheme of things, and it's still more widely treated as a speculative asset and an investment vehicle rather than an actual alternative to fiat. I'd like to believe things are changing on that end, but it's coming on extremely slowly. Moreover, cryptos need to scale first and foremost, before we can talk about it being a viable replacement.

All in all, crypto certainly does have the potential to disrupt banking and fiat, but it's still way far off from reaching that potential. Governments/banks aren't afraid of it in its current incarnation -- they're afraid of its potential.

cryptocamacho
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April 26, 2018, 05:30:24 PM
 #8

As much of a believer as I am of Bitcoin, I'd say the chances of a bank run happening because of crypto is very slim. Crypto is gaining popularity, but it's still very small in the grand scheme of things, and it's still more widely treated as a speculative asset and an investment vehicle rather than an actual alternative to fiat. I'd like to believe things are changing on that end, but it's coming on extremely slowly. Moreover, cryptos need to scale first and foremost, before we can talk about it being a viable replacement.

All in all, crypto certainly does have the potential to disrupt banking and fiat, but it's still way far off from reaching that potential. Governments/banks aren't afraid of it in its current incarnation -- they're afraid of its potential.

Yes, you are right... today. But, as crypto gains popularity, it gains more adoption. As it gains more adoption, it gains more popularity and awareness. At some point, there is going to be a tipping point - when we hit critical mass. At THAT point, this is why things will accelerate very quickly.

Think about the Internet itself. It had been around for years before it gain true adoption... then came along a little company called Prodigy. That helped mass adoption... but adoption really happened when AOL launched it's killer app AOL Instant messager. Then things blew up. Everyone NEEDED the internet. The snowball affect kicked in and the rest is history.

... same thing will happen to crypto as UI/UX interfaces get better, as merchant adoption becomes easier, etc. It's only to take one killer app that everyone wants to use to quickly accelerate things.

Even now some folks ask... why do we need crypto? Well, back in 1990 I could have said the same thing about the Internet (and many folks did). The truth is, that we don't need crypto. We don't need the internet.... but dang we love it and it can you imagine life without it at this point!!!???

When the digital run on the banks happen, the dollar will naturally hyerpinflate to the price of crypto. To buy crypto, it will be very expensive and those who want to 'use' it, will be left behind and will realize that their precious fiat has been naturally devalued as crypto becomes a more dominant way to spend money.

Cheers!


How to Day Trade CryptoCurrency: CryptoCamacho.com
cryptocamacho
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April 26, 2018, 05:35:33 PM
 #9

Do you think so?

I certainly do. Not a matter of if, but when...

Here's the case:

1. Have bank runs happened in the past?
YES! Many many many times. Runs on the banks have happened since banks existed. Here are a few links to show you the proof:

-https://en.wikipedia.org/wiki/List_of_bank_runs
-https://en.wikipedia.org/wiki/List_of_banking_crises#21st_century

2. Are Governments scared of crypto? Could Crypto replace the dollar and fiat currencies?
YES! They are shaking in their boots because they know the end of Fiat is near. Governments are now running all directions trying to figure out what to do with crypto. Russian, Venezuela, and other governments are starting to create their own cryptocurrencies to coax the public to adopting them. India, pakistan, china and others are trying to ban crypto all together... but know their efforts will be futile. Europe, US and other nations are trying to 'embrace' cryptocurrency, because they know that it's inevitable that they adapt their business model or perish.

The dollar's days are numbered and will soon be replaced as the world's reserve currency. There is FINALLY an alternative to the dollar and the world knows this.

The truth is that cryptos WILL replace fiat currency. This will cause the price of crypto to skyrocket and the dollar to hyperinflate. The dollar will hyper inflate to crypto and many will wake up only to find out that their dollars are worthless.... because it will not require such a large amount of fiat to purchase any cryptocurrency of value (think if bitcoin in fact did go up to $100K).

Here is some proof for your reading pleasure:
-https://www.google.com/search?q=us+government+cryptocurrency&oq=us+government+crypto&aqs=chrome.0.0j69i57j0l4.4120j0j7&sourceid=chrome&ie=UTF-8
-https://www.google.com/search?ei=-VnWWsDaGoqq8APUzZuQCw&q=us+dollar+collapse+crypto&oq=us+dollar+collapse+crypto&gs_l=psy-ab.3...8052.9348.0.9526.9.9.0.0.0.0.100.790.8j1.9.0....0...1c.1.64.psy-ab..0.2.172...0i13k1.0.rkAR1-JYReQ
-https://www.google.com/search?q=dollar+hyperinflation+crypto&oq=dollar+hyperinflation+crypto&aqs=chrome..69i57.8042j0j7&sourceid=chrome&ie=UTF-8


3. What does the IMF and Big Banks Say about Crypto? Is the financial world worried about crypto?
YES! They are all very worried because their business models are all being threatened. The IMF has now come out multiple times saying that that crypto could disrupt business models, and will present challenges for banks  and central banks. They know fiat's days are numbered.

Today the IMF chief Christine Lagarde said this:

"Moreover, banks and other financial institutions will face challenges to their business models, should there be a large-scale shift away from government-issued currencies toward crypto-assets. Regulators might find it harder to ensure the stability of a more diffuse and decentralized financial system. Central banks might have more trouble acting as the lender of last resort in case of a crisis."

Here are a few more things the IMF has said about crypto: https://www.google.com/search?q=imf+crypto&oq=imf+crypto&aqs=chrome..69i57j0j69i60j0l3.1565j0j7&sourceid=chrome&ie=UTF-8


What does Bank of America and Chase Bank have to say about this? Well take a gander below....

-https://www.google.com/search?q=banks+crypto&oq=banks+crypto&aqs=chrome..69i57j0l5.5934j1j7&sourceid=chrome&ie=UTF-8
-https://www.google.com/search?q=bank+of+america+crypto&oq=bank+of+america+crypto&aqs=chrome..69i57j0l5.7669j0j7&sourceid=chrome&ie=UTF-8

They have repeatedly said that crypto is a threat to their business and that they need to adapt or die. They see the writing on the wall. They have also tried to claim bitcoin is a fraud/scam because they are scared of it.


What about Goldman Sachs?
They are trying to actual embrace and enter the market because they know that the revolution is coming. They have now started acquiring crypto-related companies such as Poloniex (crypto exchange) and Circle (app to text people cryptocurrency via phone). They have also stated that crypto is a threat to their business. See the proof below...

-https://www.google.com/search?q=goldman+sachs+crypto&oq=goldman+sachs+crypto&aqs=chrome..69i57j0l5.3560j0j7&sourceid=chrome&ie=UTF-8
-https://coincentral.com/goldman-sachs-funded-circle-purchases-poloniex-400mln-buyout/
-https://www.reuters.com/article/us-crypto-currencies-circle/goldman-backed-startup-circle-buys-major-crypto-exchange-poloniex-idUSKCN1GA1N4


4. So Where Does That Leave Us?
Well... we all need to embrace and transition to crypto from fiat. The sooner you do this, the better for you.

The writing is on the wall. This will happen.

There will be a digital run on the banks.

People will convert fiat to crypto at an alarming rate as this rocket ship takes off. This will cause hyperinflation of fiat currencies around the world... which will only accelerate the adoption of crypto and push the prices higher.

If you're reading this... you are doing something right.... welcome to the club.

Many of the 'new rich' and 'future elite' are amongst us. Place nice and help others understand what is going on.

Cheers!
Crypto Camacho




Indeed, cryptocurrencies do not yet have a major impact on FIAT, but banks are extremely interested in creating possibilities for adapting to the crypto world. However, governments have the last word to say about this subject and we do not have much, but to hope for an environment favourable to our own investments.


Do you think that governments will ban crypto? If so, which ones and how will they choose? How will they enforce?

How to Day Trade CryptoCurrency: CryptoCamacho.com
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April 26, 2018, 06:10:18 PM
 #10

This is often the case when the government loses control of the finances. Happened during the credit crisis and will happen again when they realise that crypto is the new form of currency. Better to invest now before the global public joins in!

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April 26, 2018, 06:16:53 PM
 #11

A digital run is imminent. Banks will have to take it seriously otherwise, they will be simply left behind in the competition. Just an hypothetical example, There was a small cooperative bank in my area which doesn't have any internet banking facility. They were running on ancient bookkeeping method. They were getting a good amount of business from the local people because the locals didn't have any other choice. Now suddenly, the biggest private bank of my country opened a branch in my area with all modern facilities like internet banking, ATM machines and Home banking. Within 3 years, that cooperative bank disappeared from the map because they couldn't evolve with the changing need of the consumers.

I am sure, the banking industry is now facing the same challenge with crypto currency market. The kind of freedom and facility is offered by a crypto currency, banks are not able think off because they are a regulated entity. So soon they will have only two choices in hand, either they adopt crypto currency or they simple vanish from the map. However, this transition will happen quickly. It may take 10-15 years from now, but will happen surely!

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conceivedspoon2
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April 26, 2018, 06:26:46 PM
 #12

Maybe. We have some of the banks in Nigeria who have started running on a crypto platform. The bank doesnt want to accept this because of the things they do with people's money. More importantly, digital currency will soon be the talk of the day in times to come.

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Lovecove
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April 26, 2018, 06:32:15 PM
 #13

I'm simply unconvinced that a run because of bitcoin is possible. You'd be talking about a mass failing in fiat that would cause everyone to run to crypto. How does that happen? Only if nuclear war happens or something really huge that causes the dollar and other currencies to fluctuate even more wildly than btc.

It's obvious that fiat is a lot more stable than btc when it comes to price. So that's why people won't honestly keep daily money in crypto. They'd keep it in fiat. they'd keep their "savings" in btc though. This is why there can't be a run on banks for bitcoin unless bitcoin stabilizes in price... which is never happening.

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April 26, 2018, 06:39:41 PM
 #14

that was very complicated issues right now for many aspect of them, not because about it the crypto right now are very favourable to people but the goverment or any company are dislike it, they can accepted it but they are still thingking of it how to (not control) but to a bit to track any infromation for them
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May 01, 2018, 03:49:55 PM
 #15

A digital run is imminent. Banks will have to take it seriously otherwise, they will be simply left behind in the competition. Just an hypothetical example, There was a small cooperative bank in my area which doesn't have any internet banking facility. They were running on ancient bookkeeping method. They were getting a good amount of business from the local people because the locals didn't have any other choice. Now suddenly, the biggest private bank of my country opened a branch in my area with all modern facilities like internet banking, ATM machines and Home banking. Within 3 years, that cooperative bank disappeared from the map because they couldn't evolve with the changing need of the consumers.

I am sure, the banking industry is now facing the same challenge with crypto currency market. The kind of freedom and facility is offered by a crypto currency, banks are not able think off because they are a regulated entity. So soon they will have only two choices in hand, either they adopt crypto currency or they simple vanish from the map. However, this transition will happen quickly. It may take 10-15 years from now, but will happen surely!

VERY great points - thanks! I think it will occur sooner than most folks think. Disrupted industries need to adapt or die.... think about circuit city, tower records, toys r us, good guys, book stores, etc.... the list goes on. Companies that didn't innovate with the internet no longer exist. Banks will not all disappear, but they will change in nature and those that deny crypto and push against it's progres... will lose.

The Digital run on the banks will happen as soon as crypto is setup as viable means for transaction. Same as ecommerce... once it became easy for the masses to create ecommerce stores, the internet and retail industry was permanently changed forever.

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May 01, 2018, 04:00:42 PM
 #16

I'm simply unconvinced that a run because of bitcoin is possible. You'd be talking about a mass failing in fiat that would cause everyone to run to crypto. How does that happen? Only if nuclear war happens or something really huge that causes the dollar and other currencies to fluctuate even more wildly than btc.

It's obvious that fiat is a lot more stable than btc when it comes to price. So that's why people won't honestly keep daily money in crypto. They'd keep it in fiat. they'd keep their "savings" in btc though. This is why there can't be a run on banks for bitcoin unless bitcoin stabilizes in price... which is never happening.

Yes, I completely understand why you would be unconvinced. Also, just to clarify... I don't mean there will be a run on the banks for bitcoin itself. All/Any cryptocurrencies will have an impact, but bitcoin may likely have the largest impact. Bitcoin currently have the technical capability to do this... which is why I think bitcoin cash is being tested.

The mass adoption that I speak of will likely not happen with BTC... because it is simply incapable of delivering. They banks are not stupid and know this. There will surely be manipulation and propaganda developed to proliferate this nonsense.

I don't think fiat will see a mass failing immediately. It will be slow until it reaches critical mass. Then it will accelerate exponentially and those unprepared or unaware will be left in the dust.

If you think that fiat and the dollar are stable.... you may want to rethink your position. Do you know how many times fiat has failed in the past? Many. Don't you think it a little naive to think it cannot happen here or that it cannot happen again? What is preventing it from happening? Our federal reserve? Our banks? Our president? The current world order?

Trust me... China, Russia, etc... are licking their lips at the opportunity to displace the dollar and cause it to be replaced as the world reserve currency.

In fact, search on Google for 'Russia to dominate crypto' and you will see what I'm talking about. Here is ONE example: http://bitcoinist.com/russia-intends-dominate-finance-cryptocurrency-world-introducing-new-technologies/


They know what is going on. They know the days of fiat are numbered. They know that looking back, fiat will be looked at as one of the strongest tools ever developed to control the masses.

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cryptocamacho
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May 01, 2018, 04:06:19 PM
 #17

that was very complicated issues right now for many aspect of them, not because about it the crypto right now are very favourable to people but the goverment or any company are dislike it, they can accepted it but they are still thingking of it how to (not control) but to a bit to track any infromation for them

Yes, they want to track and control it. Of course they do. If they can, they will make trillions off it. The problem is, they can't - not with many cryptos (monero, zcash, dash, bitcoin cash, etc.).

They know they can't control it entirely.

Remember Napster? Remember how the government tried to control music, software, and file distribution... well what happened? They failed. Yes, they closed down napster which led to limewire, which led to kazaa, which led to Torrents. Can torrents be stopped? Was usenet ever stopped? Nope. Why? Because it can't be.

Crypto is the napster of our day and I promise you... they will stop some cryptos from being adopted, but they will not be able to stop them all. Some will emerge as dominant and will truly be unstoppable by anyone.... same way tor is and cannot be stopped.

If I wanted to, I can go download a tor browser and download all the free music, software, etc. that I wanted to... completely for free. And guess what.... millions of people do this everyday and are not stopped by the government.

Get ready.... programmable money is here to stay. Tech is usually smarter than government.

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