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Author Topic: Crypto to trigger a global bank run?  (Read 642 times)
Broly46
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May 15, 2019, 03:10:21 AM
 #1


I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

Self hating nerd that want to escape from reality into the cyberpunk.
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May 15, 2019, 03:38:05 AM
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 #2

Firstly, come down to the ground because you are currently sitting on an imaginary issue which doesn't exist!

Understand the below facts,

1. crypto is not a magic wand.
2. Crypto is not created to bring economic overhaul
3. Crypto doesn't have the power to become global currency
4. Cryptos are literally a piece of code

Now, lets look at the possibilities,

1. Virtual currencies will take over the world economy which will be created and circulated by the central banks
2. Banks will have to bring in major technological changes in their operating structure to cope up with the changes
3. World will never move to "one world one currency" regime
4. Banks will still control the economy
5. The parallel economy created by cryptos, will get merged with mainstream economy after banks and governments realize that it's impossible to stop them
6. Crypto enthusiasts will keep the revolutionary ideas in heart but continue to live in reality

Constructive criticisms are welcome!

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May 15, 2019, 03:48:16 AM
 #3

5. The parallel economy created by cryptos, will get merged with mainstream economy after banks and governments realize that it's impossible to stop them
6. Crypto enthusiasts will keep the revolutionary ideas in heart but continue to live in reality

These two points are spot on!

At this moment I don't know what the future holds, but Bitcoin become the only currency for this world is damn near impossible. There are too many powerful government bodies and of course politicians which won't let that happen. Unless somehow they force the consensus to change and allows Bitcoin to be inflated just like fiat.

On the other hand, it's almost too late to stop crypto from becoming mainstream. Which is why the compromise would be to allow crypto and fiat to coexist together. I think Bitcoin was never meant to be a fully usable daily currency anyway, at least you don't need to use Bitcoin if you only need to buy a snack from your neighborhood.




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AjithBtc
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May 15, 2019, 03:54:46 AM
 #4

The term fake money itself shows the misunderstanding about the bitcoin. When it comes to fake money, it is the one that we give with kids to play business. Bitcoin is completely different and has given a new dimension to the financial technology. People were more attached to currencies that have a backing, here the technology backs bitcoin. With fiat each currency is provided with a value, here the value is generated.

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May 15, 2019, 04:02:23 AM
 #5


I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?
That's even more than what has already written by satoshi on its WP. It looks like there was a lot of unpredictable condition when people are seeing bitcoin as a revolutionary system right now and it's not only limited to change the digital payment system only like what has already stated by satoshi.

It will disrupt the centralized economy system but it will not so far as your prediction to make the bank gone. Store of value? maybe not maybe yes.

Broly46
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May 15, 2019, 04:25:47 AM
 #6

Firstly, come down to the ground because you are currently sitting on an imaginary issue which doesn't exist!

Understand the below facts,

1. crypto is not a magic wand.
2. Crypto is not created to bring economic overhaul
3. Crypto doesn't have the power to become global currency
4. Cryptos are literally a piece of code

Now, lets look at the possibilities,

1. Virtual currencies will take over the world economy which will be created and circulated by the central banks
2. Banks will have to bring in major technological changes in their operating structure to cope up with the changes
3. World will never move to "one world one currency" regime
4. Banks will still control the economy
5. The parallel economy created by cryptos, will get merged with mainstream economy after banks and governments realize that it's impossible to stop them
6. Crypto enthusiasts will keep the revolutionary ideas in heart but continue to live in reality

Constructive criticisms are welcome!


Facts:
1.agree, crypto is nothing without people using it.
2.economics, well the terms economics I believe didn’t change overtime, it should still refer to interaction among human beings, when two person trades with each other we called that economics, but crypto? I think it is visible enough the trading is very tremendous, although I could hardly get a clue what’s going on.
3.If money itself is an IOU, crypto itself could work just as great as IOU too.
4.true, crypto is just a knowledge if I would like it to be more precise.

Possibilities:
1.I think digital money itself is virtual at best, it had replaced the paper money itself. And central bank create the money? I don’t think so. People believe money are created by M0, M1, and M2, which m0 is money base, M1 and M2 is digital money and stock market, what could crypto fitted in this definition?
2.I doubt bank could catch up with the change, they don’t need to change, I certainly agree with most of the point Vitalik Butterin the creator of the ETH stressing.
3.how about one world one crypto, but it would seem more hostile, because of how easily crypto move from one to another, a currency will only be strong when it is highly controlled.
4.without human being interaction, bank economics wouldn’t work, and I believe bank will survive, but may be getting smaller market.
5.And 6. I think joniboini has addressed it pretty well.


Well, it is just my opinion, economics is certainly not my cup of coffee, I actually had very limited understanding itself, but I can feel something itself is changing, it could be the crypto is the source of that change. However I may be as dumb as the government who is always hostile toward the change.

Self hating nerd that want to escape from reality into the cyberpunk.
CryptoBry
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May 15, 2019, 04:58:51 AM
 #7

Firstly, come down to the ground because you are currently sitting on an imaginary issue which doesn't exist!

Understand the below facts,

1. crypto is not a magic wand.
2. Crypto is not created to bring economic overhaul
3. Crypto doesn't have the power to become global currency
4. Cryptos are literally a piece of code

Now, lets look at the possibilities,

1. Virtual currencies will take over the world economy which will be created and circulated by the central banks
2. Banks will have to bring in major technological changes in their operating structure to cope up with the changes
3. World will never move to "one world one currency" regime
4. Banks will still control the economy
5. The parallel economy created by cryptos, will get merged with mainstream economy after banks and governments realize that it's impossible to stop them
6. Crypto enthusiasts will keep the revolutionary ideas in heart but continue to live in reality

Constructive criticisms are welcome!

Sometimes we can get carried by our cryptocurrency-induced dreams that we tend to forget that we are still living in reality. We are dreaming that one day the whole world (and that of course includes China, Russia, India and the vast territories of the North and South Pole) will be coming magically under the influence of Bitcoin with maybe Satoshi Nakamoto coming out of retirement and lead the world towards the nirvana we all wanted with all of our heart and soul. This forum is for the dreamers but also for people who prefer to also live in reality. Cryptocurrency and the blockchain can be a good tool towards innovations and changes but relying on them to magically transform the world can be a bit too much.


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Broly46
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May 15, 2019, 05:35:55 AM
 #8


I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?
That's even more than what has already written by satoshi on its WP. It looks like there was a lot of unpredictable condition when people are seeing bitcoin as a revolutionary system right now and it's not only limited to change the digital payment system only like what has already stated by satoshi.

It will disrupt the centralized economy system but it will not so far as your prediction to make the bank gone. Store of value? maybe not maybe yes.

Store of value, I don’t know how you think about store of value, my store of value refer to anything that many people would want it badly, long ago, people love some art, and some people like bill gates love the art, he would buy it at any price, because it is what many people want it, and there is even more retard store of value, rare retro game cartridges which worth hundreds of thousands, why people want it badly, but it certainly has a lot of value thus it has good store of value, does the money itself has great store of value? Or it is just a piece of IOU certificate that nobody want it, and thus throwing at each other.

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May 15, 2019, 05:53:16 AM
 #9


I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

If you really think that fiat money is really garbage and fake,why don't you just throw some fiat money in the thrash. Grin I believe you wouldn't do that,right.
Some people don't realize how small the crypto industry is.The global market is 200 bln USD which under 1% of the global GDP.The banks simply don't care about crypto,because it's too small.


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May 15, 2019, 06:11:11 AM
 #10


I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?
Most of the people not aware of what is inflation in money which is the only things keep us poor no matter of how much we are earning but if everyone knows that then we will see the depletion of fiat money but it will take time and no one is going to teach about this publically so for common people it may take to time reach it.
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May 15, 2019, 08:05:09 AM
Last edit: May 15, 2019, 11:53:35 AM by Broly46
 #11


I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

If you really think that fiat money is really garbage and fake,why don't you just throw some fiat money in the thrash. Grin I believe you wouldn't do that,right.
Some people don't realize how small the crypto industry is.The global market is 200 bln USD which under 1% of the global GDP.The banks simply don't care about crypto,because it's too small.

Of course we have seen people throwing cash from the high rise into the busy town street while everybody else pick it up and the next thing is the cops go and arrest the guy and send him into the prison, it is not legal to litter everywhere, but throwing at the crypto seem safe to do so, it may not sound like throwing to you, but it is perfectly worrying, and banks/government/economists certainly aware of crypto, they’re trying hard to ban it, shut it down, stop people from throwing their money into crypto, whatever they may tell you something deceiving, it is our job to tell who is telling lies/fake news.  

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May 15, 2019, 08:19:31 AM
 #12

I also agree with avikz that banks still control the economy even if we have a lot of crypto and even if a lot of people will use governments and banks will still control the economy.

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May 15, 2019, 09:58:54 AM
 #13


I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?
Now think about it once again: during most part of its existance cryptocurrencies were used for different kinds of scams, fake ICOs and ponzi schemes. People lost millions due to exchange hacks or wallet hacks and most of them probably would never get their funds back. So you compare it with fiat money that are only inflate slightly every year in order to provide some advantages for its manufacturers on the world arena.
So how can you say that cryptocurrencies are safe?
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May 15, 2019, 12:11:48 PM
 #14


I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

There's no sign of this actually happening, the whole world uses banks and only a tiny minority distrusts them and discusses it on the Internet, while the mainstream platforms almost never cover this topic - you won't read much FUD about banks in mainstream media or big social sites like reddit, and this is not because of censorship or some conspiracy, people simply don't care.
To me the idea of some crypto revolution sounds as utopian as communism, anarchism and other revolutionary ideas - they are popular among small groups of people while the majority, that is supposed to carry out those revolutions, is absolutely not interested.

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May 15, 2019, 12:45:29 PM
 #15

In the near future, I don't think it will be a trigger because now there is no definite legal clarity in some countries and there are even countries that prohibit the use of crypto currencies because they are considered to be detrimental to users because they consider crypto currencies do not have a clear legal basis while in the laws of some countries mean that money or means of payment are legal objects of a legal state. Whereas crypto currency?
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May 15, 2019, 01:11:22 PM
 #16

Banks controls governments. So it will be expected that if anything close to this happen, governments will use their power to stop this.

What I think it could happen, is that we will see in some small countries people start to use more crypto than Fiat. Especially in turism destination. But in big and stable countries something like this would be not possible.
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May 15, 2019, 01:28:24 PM
 #17

In the near future, I don't think it will be a trigger because now there is no definite legal clarity in some countries and there are even countries that prohibit the use of crypto currencies because they are considered to be detrimental to users because they consider crypto currencies do not have a clear legal basis while in the laws of some countries mean that money or means of payment are legal objects of a legal state. Whereas crypto currency?
I think there will be any legal clarity for the use of cryptocurrency, and I think right now, the government still discuss the legality of the cryptocurrency, and once they can get one vote about the legality, they will share it to the public, so the public will know that cryptocurrency has legality in the law.
But when it happens?
Only time will tell.
Besides that, I think crypto can trigger a global bank to run or integrate the bank system, so it will make them better than before.


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May 15, 2019, 02:37:01 PM
 #18

Firstly, come down to the ground because you are currently sitting on an imaginary issue which doesn't exist!

Understand the below facts,

1. crypto is not a magic wand.
2. Crypto is not created to bring economic overhaul
3. Crypto doesn't have the power to become global currency
4. Cryptos are literally a piece of code

Now, lets look at the possibilities,

1. Virtual currencies will take over the world economy which will be created and circulated by the central banks
2. Banks will have to bring in major technological changes in their operating structure to cope up with the changes
3. World will never move to "one world one currency" regime
4. Banks will still control the economy
5. The parallel economy created by cryptos, will get merged with mainstream economy after banks and governments realize that it's impossible to stop them
6. Crypto enthusiasts will keep the revolutionary ideas in heart but continue to live in reality

Constructive criticisms are welcome!


I agree with you. Sometimes, people interprets and define Crypto in a wrong way that they expect too much out of it and sometimes, it exceeds more than it's normal and natural function. Government couldn't stop cryptocurrency but cryptocurrency couldn't control the economy alone.

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May 15, 2019, 02:53:37 PM
 #19


Well, it is just my opinion, economics is certainly not my cup of coffee, I actually had very limited understanding itself, but I can feel something itself is changing, it could be the crypto is the source of that change. However I may be as dumb as the government who is always hostile toward the change.

Excellent reply! Here I would not contradict with you because no one really knows what is going to happen! So lets keep the revolution alive within our heart and soul. But when it comes change, I want to quote a great philosopher and freedom fighter of my country, Mahatma Gandhi.

First they ignore you,
Then they laugh at you,
Then they fight you,
Then you win.

I have quoted his statement previously as well because this is what is going to happen in crypto space as well! No other quote can describe the future of crypto in any better way!

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May 15, 2019, 02:57:22 PM
 #20


I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

Though others may disagree, I doubt cryptocurrencies will trigger a bank run. A bank run will be triggered by self-inflicted instability and uncertainty within the banking industry. In this scenario, money would pour into cryptocurrencies, but I believe cryptocurrencies and fiat currencies will coexist in the long run.
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