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Author Topic: Crypto to trigger a global bank run?  (Read 652 times)
shinharu10282016
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May 29, 2019, 11:04:26 PM
 #41

Your statement actually be taken, as crypto vice versa. You do believe the transaction costs can actually help with the mass adoption? If I were a non crypto person, I would like my money whole given to me. The same goes for the non crypto business people. Plus the value of your precious crypto is pegged on your hated fiat in case you forget.

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May 30, 2019, 01:00:49 AM
 #42


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 consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.

           
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May 30, 2019, 03:41:02 AM
 #43


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 consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.
right, I think the best achievement that can be achieved by cryptocurrency is as an alternative payment that accompanies fiat currencies. of course the government has considered to maintain economic stability in the country

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May 30, 2019, 03:54:23 AM
 #44


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?
Electronic money is an asset that helps banks operate more efficiently. In fact, we cannot cancel the fiat money being circulated to use a new common currency. because that will create a barrier between countries when exchanging goods or fiat money. It is impossible for every country to agree to use a common currency.
I still appreciate cryptocurrency but it will be great and appreciated when fiat money is still there. Because fiat money is inflation and crypto is deflation, both combinations will create balance and it is desirable in many countries.

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May 30, 2019, 04:33:04 AM
 #45

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 fully support your point of view. Bitcoin and cryptocurrency in general is not a magic wand and will not lead to too much change in financial relations in society. In any case, in the near foreseeable future. Recently, the European Central Bank announced that cryptocurrency does not yet have any serious impact on the global financial system. Therefore, I concluded that while cryptocurrency should not be paid special attention.
Of course, the cryptocurrency will be distributed in society, but most likely it will be another type of non-cash means of payment, which will go along with their other types.

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May 30, 2019, 05:10:45 AM
 #46


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 consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.

While there are many bitcoin believers who seems to be basing their perception on wishes and speculations, we have to remember that we are still living in a real world where control of the financial system is on the hands of the banking and financial sector and not so much with the people. Granted that this is the same system that bitcoin and the blockchain wanted to change but we are not there yet...and it can surely take many, many years before this can happen. In the next few decades I myself don't see the fiat money to be gone for good as that seems to be impossible -- what can happen is that fiat money and cryptocurrency can co-exist and I see no problem with that.


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May 30, 2019, 05:11:50 AM
 #47


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?

Nope. I simply do not think that bitcoin is in direct competition with banks per se, nor is it going to replace a lot of the functions that the banking system offers.

Especially when you consider the fact that bitcoin exchange with fiat mostly does not involve cash at all, but rather in essence just exchanging electronic balances at banks - it is extremely unlikely that a spark in demand will all of a sudden lead to a cash crunch in a nation.

Unless of course, you're talking about an economy that is already experiencing hyperinflation or an economic crisis, like Zimbabwe or Venezuela. In that case, the government of these respective nations will most likely try to avoid capital flight through banning the use of BTC, but even then it is not enforceable, and not the cause of their economic issues.

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May 30, 2019, 06:12:47 AM
 #48


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 consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.
The real value if crypto currency will be measured on satoshis and only the people using USD as common reference but even USD is not a stable coin.The chances of replacing is less based on the current scenario but if people uses cryptocurrency for payments then we are not in need of banks.

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May 30, 2019, 06:44:43 AM
 #49

Nope. I simply do not think that bitcoin is in direct competition with banks per se, nor is it going to replace a lot of the functions that the banking system offers.
I don't think that people even realize what they are wishing for. They just jump on the anti bank--government bandwagon because they think it's cool to rehash the words of a bunch of crypto maximalists.

Another thing is that they hope the price will go up a lot, but as foolish as people are, they aim at an increase in fiat value, which you only benefit from when you cash out to your bank account. How ironic is that, right?

There is no shortage of fools here. Banks will stay here and can easily adapt to the changed climate by offering crypto related services, where some banks have already started doing so.
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May 31, 2019, 06:38:22 AM
 #50


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 consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.
This is how we should exactly be seeing these coins, crypto was never meant to take the place of fiat, but to compliments it and also serves as alternative to it. People that usually use their mouth to kill fiat should first ask how they will get the cryptocurrency without fiat.

It is when you pay fiat that you get the equivalent practice before furthering to use the crypto on any site we wish to use it on.It’s because we usually pay attention more to crypto that is making government also to be stricter about using it, if we can just use crypto without having to condemn cash till the whole blockchain gets dip, then we will not be having all these FUD on news created by government.
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May 31, 2019, 02:06:38 PM
 #51

Blockchain right now is helping rich more than it helps the poor. If you calculate the prices, when you want to send 1 dollar to someone it is highly impossible via bitcoin, maybe some altcoins could help you better but in the end how would that person go about spending it or cashing it out, so basically its impossible to send 1 dollar from one person to another using crypto and having cash in the end.

However, when you want to send 20 million dollars, blockchain is the best method there is, and that would help the rich people a lot, the amount is very little and cashing out is quite easy at that amount. So, as you see if rich people realize bitcoin is the real deal and they would be even richer if they used crypto instead of banks then wealthy money will go towards crypto instead of banks which will rapidly make crypto the standard instead of niche.
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May 31, 2019, 04:33:51 PM
 #52

Blockchain right now is helping rich more than it helps the poor. If you calculate the prices, when you want to send 1 dollar to someone it is highly impossible via bitcoin, maybe some altcoins could help you better but in the end how would that person go about spending it or cashing it out, so basically its impossible to send 1 dollar from one person to another using crypto and having cash in the end.
That's what Lightning is for. You don't have to use an altcoin for fast and cheap transactions. It requires you just a simple third party wallet to receive payments right away, which is a perfectly viable option since you don't require the uttermost security and self control of funds with such low amounts.

As far as spending goes, you can't do much with $1 to begin with, unless it concerns a third world country, but even then you can convince the store or other person to accept your satoshis. It might require some effort, but it's not super difficult either.

However, when you want to send 20 million dollars, blockchain is the best method there is, and that would help the rich people a lot, the amount is very little and cashing out is quite easy at that amount. So, as you see if rich people realize bitcoin is the real deal and they would be even richer if they used crypto instead of banks then wealthy money will go towards crypto instead of banks which will rapidly make crypto the standard instead of niche.
Cashing out $20 million easy? Can you give me an example of how cashing out that much in value is easy?

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May 31, 2019, 06:32:14 PM
 #53


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 everyone loses faith on fiat money, and causes a bank run, no one will be willing to sell their bitcoin for fiat money anymore, right? Why would they? Since you said "trust towards money is rapidly depleting", it means the fiat currency will end up being worthless. No one will exchange those worthless currency anymore. You see, this does not make any sense. Fiat won't be completely replaced by us, at least for now. Though it might in the future but in a planned way.


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Argoo
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May 31, 2019, 06:54:47 PM
 #54


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 everyone loses faith on fiat money, and causes a bank run, no one will be willing to sell their bitcoin for fiat money anymore, right? Why would they? Since you said "trust towards money is rapidly depleting", it means the fiat currency will end up being worthless. No one will exchange those worthless currency anymore. You see, this does not make any sense. Fiat won't be completely replaced by us, at least for now. Though it might in the future but in a planned way.
Fiat and can not be replaced by cryptocurrency. It also does not make sense for the development of the economy from the point of view of each state. The state will lose just its statehood if it switches to using cryptocurrency as the main currency of the state. Therefore, this can never be. This is possible only if only one super-state remains on planet Earth. While such a case in the history of mankind we do not know. Therefore, the cryptocurrency will always go at Fiat, and not vice versa.

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May 31, 2019, 07:53:51 PM
 #55

Okay, now you could go back to the real world.
Better, go to provinces or those places which cannot be reached by technology up until now.

We are here creating threads and using internet and that means we can access it easily anytime.
But when you go out of your town go to other far places you could see a different version of living.
You are going to be mad you cannot even get a good frequency for your smartphone.  Grin

Those things are the reason into why fiat will stay. Banks will stay. Maybe 20 to 50 years more.
If there will be changes with how we will pay or transact then it will just be a little upgrade.

You are looking for an overhaul which I doubt will happen at this age.

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June 01, 2019, 03:11:22 PM
 #56

If cryptocurrency willbe declared as a legal and strong currency all over the world then the game with banks will be completely different. Banks store money which they use to invest or to fund loan. If crypto would be interacting with it, banks would have a hard time dealing with super volatile currency.

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June 01, 2019, 06:27:44 PM
 #57

I think that could happen but of course what we are facing now has not reached this level. What I mean is what will require a cooperation agreement that has a vision and mission and of course each country has their own ego. Im not sure about economical global changes even i support it.

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June 01, 2019, 06:54:34 PM
 #58

I think that could happen but of course what we are facing now has not reached this level. What I mean is what will require a cooperation agreement that has a vision and mission and of course each country has their own ego. Im not sure about economical global changes even i support it.

No need cooperation or anything like that. It could come from an economic situation with worldwide impact. Like Europe collapsing financially (which is not far to happen btw). I take Europe as examples because it could have a bigger effect than the 2008 crisis and Leman Brothers.
Another example could be the Venezuela case, here it's a matter of politic

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June 01, 2019, 07:01:33 PM
 #59

Cryptocurrency can replace FIAT in the future, Crypto cannot fake and cannot create more. This restricts frauds using counterfeit money, and inflation will not happen in any country that uses Cryptocurrency as currency. But it still has many disadvantages so it should develop in the future.

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June 01, 2019, 07:51:44 PM
 #60


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 consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.

Saying that fiat money is fake is some kind of protest but it shows also ignorance about basics about finances and economy.
Cryptocurrencies will not replace fiat money and to my opinion that is not idea of crypto and not the goal. Also banks will continue to exist but they will modify their business and start implementing cryptocurrencies in their business. Just good regulation is needed for that.

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