Long Bitcoin Short Banks.

[Sylfaen]

Banco Millenium BCP (Banco Comercial Português) has increased the threshold for account maintenance fees exemption from a minimum €5k to €10k deposited/invested at the bank. Simultaneously, the bank has eliminated the €2.5k-5k bracket which had a reduced account maintenance fee (€54.42/year). The bank will be charging €64.9/year in account maintenance fees for clients with deposits below €10k. (Eco)

Ahahaha seriously? I think the majority of people in Portugal doesn't have 5'000 eur of savings, and now they need 10'000 eur. Well, what is going to happen when the merchant adoption of Bitcoin increases in Portugal? Short banks, long Bitcoin.



Banks are so greedy that they are killing themselves. Bravo. They are helping Bitcoin so much, thank you.

[magneto]

It's not only just the fact that they charge absurd rates for activities that can really be pretty much all done for free with third party payment processors, or decentralised cryptocurrencies (including services such as international transfers, maintenance fees, etc.). Banks as centralised entities mean that your funds are never in full control of yours.

For example, bank funds can easily be frozen, certain transactions can be blocked selectively by banks, because they have full control over the payment infrustructure. That affects the fungibility of the currency that is held within any traditional, centralised banks, not to mention the fact that they run on fractional reserve.

This is the exact opposite of the decentralised system which bitcoin runs on. With such high fees, inconvenient transfer clearing times (epecially internationally), and a lack of support for people who have only got savings on a small scale, it wouldn't be a surprise for a lot of the underbanked and the unbanked to start utilising bitcoin as both a medium of payment and store of value increasingly in the future.

I see banks integrating more and more with blockchain technology in the future and potentially even starting to offer crypto based financial services. They wouldn't be completely replaced by decentralised cryptos any time soon, but I do think that bitcoin can serve as a viable alternative that will see increased adoption.

[exstasie]

For example, bank funds can easily be frozen, certain transactions can be blocked selectively by banks, because they have full control over the payment infrustructure.

Sure they can but the reality is this only matters in specific, limited circumstances. For example, in grey markets like the cannabis business in America, it can be difficult to maintain banking relationships. This leads to businesses needing to rely heavily on cash. Bitcoin could conceivably fill niches like this.

The fundamental problem with these cases is there isn't much interest from consumers to spend BTC. There is a very limited economy built around it since it's mainly used for speculation. So it doesn't offer much to businesses who are trying to work around banking limitations.

[Crypdon]

Portugal has a lot of debt so this lame move by the banks is not surprising. Hopefully the yellow vests will encourage bitcoin adoption and it will spread to portugal as well

[magneto]

For example, bank funds can easily be frozen, certain transactions can be blocked selectively by banks, because they have full control over the payment infrustructure.

Sure they can but the reality is this only matters in specific, limited circumstances. For example, in grey markets like the cannabis business in America, it can be difficult to maintain banking relationships. This leads to businesses needing to rely heavily on cash. Bitcoin could conceivably fill niches like this.

The fundamental problem with these cases is there isn't much interest from consumers to spend BTC. There is a very limited economy built around it since it's mainly used for speculation. So it doesn't offer much to businesses who are trying to work around banking limitations.

You're right. In the present, speculation is still the main use of bitcoin, and banking services are obviously being practically used on a daily basis around the world.

Another problem that is preventing bitcoin from being practically used for large scale commercial payments is probably simply the lack of awareness of what bitcoin is all about, what its underlying principle is, etc. There is also the concern with regulations surrounding the use of bitcoin, which creates a grey area in many countries.

However, I do think that in the future, when adoption picks up (especially use by merchants), there more awareness of decentralised cryptos, and regulation matures (hopefully); more companies and institutions will use bitcoins to gain the advantages that I stated above, replacing some functions of banks. Even if regulations aren't in favour of this in the future, individual use is still possible.

[avikz]

Banco Millenium BCP (Banco Comercial Português) has increased the threshold for account maintenance fees exemption from a minimum €5k to €10k deposited/invested at the bank. Simultaneously, the bank has eliminated the €2.5k-5k bracket which had a reduced account maintenance fee (€54.42/year). The bank will be charging €64.9/year in account maintenance fees for clients with deposits below €10k. (Eco)

Ahahaha seriously? I think the majority of people in Portugal doesn't have 5'000 eur of savings, and now they need 10'000 eur. Well, what is going to happen when the merchant adoption of Bitcoin increases in Portugal? Short banks, long Bitcoin.

Banks are so greedy that they are killing themselves. Bravo. They are helping Bitcoin so much, thank you.

That's happening everywhere! Even in third world countries, Banks are increasing the minimum relationship value that needs t be maintained with the bank. I am not just talking about the premium banks like HSBC, JPM or ANZ, but general government run banks as well. Even in my country, three government run banks have been merged into a single entity in last month. Just two days back, they have announced to double their minimum relationship value. The same bank is sending mailers to discourage people from investing into bitcoin citing it is a fraud scheme. A member of parliament had also gone ahead and declared bitcoin as a ponzi scheme few years back. 

I don't know if it's really helping bitcoin, because people are not knowledgeable about it. But it is certainly helping to increase the agony and frustration of the general mass against the strictly centralized banking cartel. Not now, but later it will fire back surely!

[dothebeats]

This is also happening ironically even at the poorest countries. Even though banks know that their clients don't have much in their savings, they still ask for a ludicrous amount for 'maintenance' even though there's really nothing to maintain anyway, or can be done even at the lowest of rates. That's why it's hard to choose a bank--or to just use banks in general--that will not rip you off of your savings. Instead of saving something for the rainy days, they are slowly, silently and legally taking your money away from you.

[clrpod]

You'd think with how extortionate it is to borrow from a bank that they would try and encourage savings as much as possible so they could make more loans. Then again I guess that's not really necessary when they can just use fractional lending to multiply their funds 10 fold or more

[mersal]

You'd think with how extortionate it is to borrow from a bank that they would try and encourage savings as much as possible so they could make more loans. Then again I guess that's not really necessary when they can just use fractional lending to multiply their funds 10 fold or more

The terms of using Bitcoin will be very unusual by the people because we don't accept while the price becomes very low but we had slept while the price become more higher do not a good system to convey the development of Bitcoin because when the price become low we are selling our investment this will affect the development of Bitcoin that's why the untouchability will continually flowing through the cryptocurrency especially Bitcoin.

[jjjfff]

Banks are so greedy that they are killing themselves. Bravo. They are helping Bitcoin so much, thank you.

I certainly hope you're right but I'm not holding my breath.

Banks have never lost a war. They bet on both sides and always win.

[crzy]

Banks are so greedy that they are killing themselves. Bravo. They are helping Bitcoin so much, thank you.

I certainly hope you're right but I'm not holding my breath.

Banks have never lost a war. They bet on both sides and always win.

They have the money for this, and we can’t beat them easily. Banks knows how they can still earn despite of growing cryptomarket. But I like the idea of investing with cryptocurrency for long and just make a short run with the banks because banks can’t make us rich.

[South Park]

Banco Millenium BCP (Banco Comercial Português) has increased the threshold for account maintenance fees exemption from a minimum €5k to €10k deposited/invested at the bank. Simultaneously, the bank has eliminated the €2.5k-5k bracket which had a reduced account maintenance fee (€54.42/year). The bank will be charging €64.9/year in account maintenance fees for clients with deposits below €10k. (Eco)

Ahahaha seriously? I think the majority of people in Portugal doesn't have 5'000 eur of savings, and now they need 10'000 eur. Well, what is going to happen when the merchant adoption of Bitcoin increases in Portugal? Short banks, long Bitcoin.



Banks are so greedy that they are killing themselves. Bravo. They are helping Bitcoin so much, thank you.

Banks are not necessarily killing themselves, they are being pressured from many directions and they do not know what to do except to raise their fees which will only diminish their power over the long term, just to give an example in the past it was difficult to get loans and only banks gave them and so they got a monopoly on lending, but now you can get loans everywhere without the need of banks, this is killing their lending business so they are looking for ways to get more profits from their clients.

[clrpod]

You'd think with how extortionate it is to borrow from a bank that they would try and encourage savings as much as possible so they could make more loans. Then again I guess that's not really necessary when they can just use fractional lending to multiply their funds 10 fold or more

The terms of using Bitcoin will be very unusual by the people because we don't accept while the price becomes very low but we had slept while the price become more higher do not a good system to convey the development of Bitcoin because when the price become low we are selling our investment this will affect the development of Bitcoin that's why the untouchability will continually flowing through the cryptocurrency especially Bitcoin.

Price won't affect the development of bitcoin whatsoever. Most of the work is already done and there are countless people working on improvements. Most have been doing so for a long time, they've already banked their millions and are doing it for something other than money, therefore for them to continue, price doesn't matter.

[Ranly123]

Banco Millenium BCP (Banco Comercial Português) has increased the threshold for account maintenance fees exemption from a minimum €5k to €10k deposited/invested at the bank. Simultaneously, the bank has eliminated the €2.5k-5k bracket which had a reduced account maintenance fee (€54.42/year). The bank will be charging €64.9/year in account maintenance fees for clients with deposits below €10k. (Eco)

Ahahaha seriously? I think the majority of people in Portugal doesn't have 5'000 eur of savings, and now they need 10'000 eur. Well, what is going to happen when the merchant adoption of Bitcoin increases in Portugal? Short banks, long Bitcoin.



Banks are so greedy that they are killing themselves. Bravo. They are helping Bitcoin so much, thank you.

I don't think they are killing themselves. Many businessmen would deposit in banks so €10k is nothing if it's only for deposit. Those banks in Portugal increased their threshold not for ordinary people but it's for the high profile personalities. Yes, ordinary people cannot easily deposit or create bank accounts but in contrary, they can still gain more interest from high profile persons.

[Dreamchaser21]

Banks are so greedy that they are killing themselves. Bravo. They are helping Bitcoin so much, thank you.

I certainly hope you're right but I'm not holding my breath.

Banks have never lost a war. They bet on both sides and always win.

They have the money for this, and we can’t beat them easily. Banks knows how they can still earn despite of growing cryptomarket. But I like the idea of investing with cryptocurrency for long and just make a short run with the banks because banks can’t make us rich.

On point, bank is just here for some reason but not a good way to become rich if you are just saving money there. Investing for long with cryptocurrency is still not a sure profit but if good things continues to happen in the market you can expect a more profitable investment.

[awik p]

Banks are so greedy that they are killing themselves. Bravo. They are helping Bitcoin so much, thank you.

I certainly hope you're right but I'm not holding my breath.

Banks have never lost a war. They bet on both sides and always win.

They have the money for this, and we can’t beat them easily. Banks knows how they can still earn despite of growing cryptomarket. But I like the idea of investing with cryptocurrency for long and just make a short run with the banks because banks can’t make us rich.

On point, bank is just here for some reason but not a good way to become rich if you are just saving money there. Investing for long with cryptocurrency is still not a sure profit but if good things continues to happen in the market you can expect a more profitable investment.

banks are not a place to invest, they are only limited to saving money so that the nominal will only increase a little or even less than the amount of inflation that exists. after that they roll back our money to be loaned with bigger interest. besides that of course the biggest income from the bank is trading

[darewaller]

Thankfully my country banned such practices.
Banks are already making waaay too much money thanks to giving people less savings interest while giving people higher rate loans and keeping all of those money in the bank instead of actually giving people banknotes which means they are capable of using those "numbers" to invest into companies as well.

Take a look at my countries stock market, all of the public companies are either owned by banks or at least they buy as much as possible even if its just 30% open to public they own like 27% of it and give the rest to regular people to have fun.

It means they literally own all the open to public stock market companies in all of my company anyway. It doesn't make sense to charge couple dollars a month from each person as well. I mean they are making literally billions a year, why try to screw over the little guy. Government finally said that is enough and they cancelled it.

Banks are so ruthless and shady that they are still charging people for it but if you give them a paper saying you will sue them and get more back later on, basically a warning, they give it back to you. If you don't, they charge it and you let it be, than they still earn money.

[South Park]

Thankfully my country banned such practices.
Banks are already making waaay too much money thanks to giving people less savings interest while giving people higher rate loans and keeping all of those money in the bank instead of actually giving people banknotes which means they are capable of using those "numbers" to invest into companies as well.

Take a look at my countries stock market, all of the public companies are either owned by banks or at least they buy as much as possible even if its just 30% open to public they own like 27% of it and give the rest to regular people to have fun.

It means they literally own all the open to public stock market companies in all of my company anyway. It doesn't make sense to charge couple dollars a month from each person as well. I mean they are making literally billions a year, why try to screw over the little guy. Government finally said that is enough and they cancelled it.

Banks are so ruthless and shady that they are still charging people for it but if you give them a paper saying you will sue them and get more back later on, basically a warning, they give it back to you. If you don't, they charge it and you let it be, than they still earn money.

That is the greatest problem with banks as long as they can use fractional reserve banking and create money out of nowhere then they can buy almost everything in the world, that is why I have always being against that practice since it makes banks more powerful than even countries and all of this happens in such a way that people do not realize what is happening, I just hope the bitcoin revolution will open the eyes of most people and they realize the current economic system is nothing but a fraud.