Crypto to trigger a global bank run?

[dothebeats]

Banks know that they can't stop crypto from revolutionizing the financial scene though they know that they can control the interest of the people, and that's why using bitcoin (especially the word 'blockchain') on their offerings and words somehow mitigates the negative perception of people to the banks. Also, note that cryptocurrencies aren't great financial tools and cannot function in a complex economic environment where money supply should be regulated, hence bitcoin would be an ineffective currency and banks would still reign supreme no matter how hard the situation gets for them.

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[FauxHammer]

Banks are attached to their solutions, because they know them and they know how to make money from them. It's would cost them a lot to adapt to new conditions and new environment which are cryptocurrencies. Cryptos still aren't stable enough to be considered as an element that banks could adapt to their actions.

[emmybd]

As cryptos have gradually been adopted all over the world, banks would have a very tough time in future, but despite that i believe they would continue to function well, as they have got the support of their governments.

[kryptqnick]

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 don't understand why you only mentioned these points. Fact #3, for example, is true for now, but it's not like it is in principle impossible for cryptocurrencies to replace fiat currencies in the long run. As for #4, one could respond that money is literally a piece of fabric or paper with numbers on it. Code seems more reliable.
Now to possibilities. I don't think it will be just one of them. They can get combined in various ways. And it's not necessary that either banks will make their own "cryptos" that will dominate the world or two economies will merge because the banks won't have any choice.
For one, fiat could indeed become a thing of the past. And banks could find a way to benefit enough from actual cryptocurrencies, and thus change their policy towards them willingly.

[buwaytress]

Banks know that they can't stop crypto from revolutionizing the financial scene though they know that they can control the interest of the people, and that's why using bitcoin (especially the word 'blockchain') on their offerings and words somehow mitigates the negative perception of people to the banks. Also, note that cryptocurrencies aren't great financial tools and cannot function in a complex economic environment where money supply should be regulated, hence bitcoin would be an ineffective currency and banks would still reign supreme no matter how hard the situation gets for them.

Actually, I think you're giving quite a bit of undue credit to banks. As I've become more and more acquainted with them, I'm realising that the vast majority of first and second line bankers actually understand very little beyond what they're taught. And you know what's the thought leading the line at their levels? That they actually can stop (and should) stop crypto. At least at the higher levels they probably understand that this is all beyond them and so have decided to join the game. But believe me, this isn't them becoming friendly, this is them wanting to beat crypto by changing it into something they understand, something they can manipulate, just the way they do the current system.

Good you recognise that crypto and blockchain aren't the universal panacea to everything. Crypto can't trigger bank runs. Banks trigger bank runs

[monalia]

Banking is the worst main stream economy tool since 1780. This changed the world completely and scamming since the year I mentioned in the legal way. In some places we can see the scammers who can act like they are legit and running the business.
Similar way world banks also have launched some acts in many countries bill and they were trigger the gold long back ago now bitcoin has trigger the banks and wash it out of the world. Then this world will be clean with the communism.

[akram143]

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?

the market situation by developing little by little but it not been a equipment to Trigger something so that expectation is always been right but cryptocurrency will not made any changes in the normal economic situation.

[cryptjh]

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?

I think that crypto cut leads to a new kind of bank run, there will be no lines of angry people outside their banks demanding to empty their bank accounts, but the customers will sit in front of their computers and send a lot of their fiat bank deposit into crypto exchanges to buy crypto.
People will still be needing their banks, but to keep their funds save from inflation, people cut place some of their wealth in crypto.

[rizkyhiw]

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?

the market situation by developing little by little but it not been a equipment to Trigger something so that expectation is always been right but cryptocurrency will not made any changes in the normal economic situation.

What is currently happening with the crypto conditions above I really think it will not change the real economy or dominate the whole in the economy, indeed the OP is a little negative thinking with local banks and what can we do to change everything? Do not disturb the economy as a whole, I believe crypto will be strong because it is very difficult for the government to control it.

[MakeMoneyBtc]

Banks and governments have control over the economy and people's money since they were created and there is not much you can do to change that because it would take mass action from a high population of this world. It's possible that one day crypto will become so used that banks will have to take some preventing actions but don't imagine it would be something that big that could completely change this world's economy. Crypto is strong but it cannot defeat fiat

[rijaljun]

This can't be happen for now, but later perhaps Bitcoin will make it happen when people prefer to use crypto for their daily expense than fiat currency. However, bank could just swap their system from centralize to decentralize, from using fiat in their operation to use crypto for any operations. Crypto basically is not a threat, it's an option to replace an obsolete centralize system.

[zidanw]

As cryptos have gradually been adopted all over the world, banks would have a very tough time in future, but despite that i believe they would continue to function well, as they have got the support of their governments.

surely the difficulty will be there, the world of cryptocurrency needs to be regulated and realigned to make it more secure from the word theft and other online crimes because this is what often happens and is feared by everyone. I am sure that as technology advances, crypto will surely be glimpsed by the government.

[klaaas]

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?

It would be amazing to see people dont want fiat any more and/or funneling it towards crypto. From that moment all price tags will be with 8 numbers behind the digit.

[Shenzou]

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?

I do think that crypto will be the downfall of fiat, but i don't think that it will lead to banks's downfall, because first by the time crypto starts making a significant impact or comes close to that government will have a back up plan by creating an alternative digital currency that they will backing it up, and that is one of the reason they are not accepting or at least acknowledging currencies like bitcoin, and by that time surely banks will transition from banking fiat to bank whatever digital currency used.

[stomachgrowls]

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
!

1. I would rather believe that government would create their own e-currency thats why crypto situation wont really be possible to take place.
2. They would really surely adopt yet they arent blind on whats on the demand or people do prefer.
3. True
4. Banks =Fiat /They do have all the control.
4. Not totally.It might have some diversion but government wont accept defeat into some sort of codes.
6. This is on point.We do love crypto but we are still living mainly with Fiat.

[traderethereum]

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
!

1. I would rather believe that government would create their own e-currency thats why crypto situation wont really be possible to take place.
2. They would really surely adopt yet they arent blind on whats on the demand or people do prefer.
3. True
4. Banks =Fiat /They do have all the control.
4. Not totally.It might have some diversion but government wont accept defeat into some sort of codes.
6. This is on point.We do love crypto but we are still living mainly with Fiat.

1. So we might see a transition from fiat into e-fiat because the government will create a new currency so they can take control of the circulation.
2. Before they are fully adopted cryptocurrency, they will launch their own cryptocurrency to the public (maybe each country will do that), so they can take control of the currency from the manipulation or anything else.
3. That could happen if there is a massive explosion or big crushing in all country and make populations in all countries will reduce so people will unite into one big league and they will have one currency to unite them all.
4. But they cannot control the economy when it gets decentralized, and they will only watch the transaction.
5. To prevent the losing trust from their people, the government will give support to the cryptocurrency, and they will use their currency to prove to their people that they are integrated their system with cryptocurrency.
6. The existing crypto will have a chance to open the bank's mind that the presence of cryptocurrency will not only help people, but it also will help the economy of the country.

But that could be wrong because I am not an expert in this field.
I only think about what I can do as we don't know what will happen in the future.

[Kimonoe]

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?

I do think that crypto will be the downfall of fiat, but i don't think that it will lead to banks's downfall, because first by the time crypto starts making a significant impact or comes close to that government will have a back up plan by creating an alternative digital currency that they will backing it up, and that is one of the reason they are not accepting or at least acknowledging currencies like bitcoin, and by that time surely banks will transition from banking fiat to bank whatever digital currency used.

I think it still takes a long time for crypto to replace fiat. for the time being recognized as an alternative currency is good. and the government I think will not turn off the bank, of course the government will make policies

[Botnake]

I think it still takes a long time for crypto to replace fiat.

It will take forever because I believe it will not happen.

for the time being recognized as an alternative currency is good. and the government I think will not turn off the bank, of course the government will make policies

Crypto is a good alternative but will only remain as an alternative since the main money in this world will always be fiat.
There are people who believe on the possibility that crypto will replace fiat, but are we big enough to replace them or do we have the support from the government to make it happen, whether we like it or not, we are all under the control of the government.

[TheCoinGrabber]

Will only trigger a bank run if the banks allow it. I suppose people might start rushing when we see prices reach the 2017 levels again. I don't think it would be easy to withdraw a lot of  money during a bull run though. Of course I'm assuming you meant a literal bank run.

In the long term, I do see banks seeing reduced savings in them as people set aside part of their assets in crypto. Not counting on banks disappearing though, they'll just coopt it.

[Palmaper]

I believe that we are still at a very early stage of adoption of the cryptos, so it seems to me that for a long time people will continue to be fooled by this archaic financial-banking system that only impoverishes the population and destroys the planet. Even so, I firmly believe that cryptos are also a stage of transition towards a more solid response to come, because unfortunately we have been able to confirm over these years that the banking system and savage capitalism have taken over the control of the crypto market, and seem to be manipulating the price at convenience to turn it into a pump and dump scheme, more sophisticated but just one more option to make money.