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Author Topic: Hong Kong Activist Leader Calls For A Run On Chinese Banks Tomorrow (Friday)  (Read 210 times)
veleten
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August 19, 2019, 07:52:51 AM
 #21

I don't think such withdrawal order will affect the Chinese bank rather it is a very big risk on the HK who are pushing their resources into bitcoin. If bitcoin drops, it means a big loss to them. This is better not to withdraw everything into bitcoin.

The bank run was supposed to be a protest like the ones in France and they weren't planning to buy bitcoin. The idea is to use ATMs to withdraw and if you are holding your money anyway, exchange it to foreign currency. Buying Bitcoin doesn't mean a great loss to them. It's a growing asset so you have much greater chance of earning on it than not.

but I highly doubt there will be any reaction from the common folk ,except for some fellow "activists"

The reaction was pretty big. People around the world are getting fed up with monetary policies of their governments. Hard to say if it was meant to destabilize the country or just show them the point of view of the common folk, but it wasn't a small protest made by a group of fanatics.
https://www.youtube.com/watch?v=LOb6J8-GpN4

to be fair I don't believe in spontaneous public protests that are self organized
behind every protest there is a motivator or even a sponsor and an organizer
read Gene Sharp's book " From Dictatorship to Democracy" for example , he describes nearly 200 methods of "nonviolent resistance"
if you look closely , you can find the key points that are written there in every single protest, starting from protests in France and Hong Kong and any coup-d'etat
that are many in the recent years
the problem is that people who will go and withdraw their money achieve nothing but hurt themselves in the long run ( if they live in China )
crowds and meetings are not the right places to try and change something , for that one has to become a part of the system and change it from inside
that is  if we are talking not about slogans but real changes in legislation and policies

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August 19, 2019, 08:28:43 AM
 #22

If they like, they should close down all their banks, the citizens needs to know that cryptocurrency has got them covered, and If I were them, I would seriously be considering out the money in cryptocurrency, especially that of bitcoin.

I don’t know the level of corruption in their country, but if they all withdraw their money, they will have no choice than to keep it at home, and this could be an easy target for them by thieves, but if they transfer their coin to bitcoin market, they can always pull it out anytime that their crisis is over, at least before the crisis is over, the market of bitcoin would have increased and also increased in value for them to even get more profit from keeping their money into banks.
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August 19, 2019, 03:42:02 PM
 #23

The surrounding issues around Hong Kong is somthing that is continue to gather attention worldwide and no one ever thought it would amount to what it is today neither did I personally think it would be dragged to this level. That aside, instructing people to move their money out of the banking system does in other to have effect on China to me is not a strategic economic moves because as much as the Chinese government are borrowing money from the banks so also are Hong Kong businesses are doing and banks being a strategic sector of the economy, a collapse of the system with not enough money to provide credit facilities means the economy might crumble to the disadvantage of the common man. And again, moving money away from the banks does not translate to moving to crypto or bitcoin.
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August 19, 2019, 04:54:23 PM
 #24

I doubt this can have any big effect on banks or the overall situation in Hong Kong. People can try to withdraw money from ATMs until they become empty, but banks can always close doors and stop the business under any pretext. I am sure money will not go in Bitcoin even if most of citzens there manage to withdraw their fiat, we see that situation there is have zero impacts on Bitcoin price.

They can protest as much as they want, but they are thus damaging their economy which ultimately suits China perfectly as they prepare some more serious actions in the background. I read that HK real estate stock is lost $50 billion until now, and some of of the richest people there are practically asking the protesters to stop causing them financial loss day by day.

"In the name of love, please turn away from anger," read an advertisement published by Li Ka-shing in several local newspapers in Hong Kong on Friday. Li's appeal comes as the protests begin to weigh heavily on Hong Kong's economy, and as businesses — mostly notably the city's top airline Cathay Pacific — struggle to deal with the fallout. "The road to Hell is often paved with good intentions," Li added in a statement provided to CNN Business by his spokesperson.About $8.8 billion has been wiped off the market value of Li's CK Asset since its recent peak in early April. 
I am actually starting to think that these protestors have been hired by the Chinese government so that they will have a perfect excuse when they start to brutally crackdown on the protests just as they did during the tiananmen square massacre and took full and total control of the entire region.

 
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August 19, 2019, 06:02:11 PM
 #25

The situation in Hong Kong is getting worse every day, though I doubt that this plan for the banks would seriously make a dent on the unrelenting stubbornness of the Chinese officials for the welfare of the Hong Kong activists. Idk why the issue on the said state isn't that much reported in major news outlets all over the world but seriously, HK protests are slowly mirroring the events that lead to the Tiananmen Square massacre. I just hope that it does not end like that.

 
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August 20, 2019, 07:27:36 AM
 #26

Crypto will cover most of the "savings" assets but not the everyday spending one, how are these people gonna go to a cafe and buy food and have a dinner what not with cyrpto, you need a crypto debit card which is a big hassle to handle to make sure you are fine wherever you go.

Even if banks do not close but you just personally decide not to use banks there is no way you can actually live a fully cash life because some people doesn't earn that much and spend credit cards instead of some people want to buy a car or a house and use banks for it. Basically, banks cover a lot of our lives people do not realize, you think going full crypto is easy but I have been trying that for 3 years and haven't managed to do it at all, its a lot harder than people think it is.

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August 20, 2019, 10:53:42 AM
 #27

I am actually starting to think that these protestors have been hired by the Chinese government so that they will have a perfect excuse when they start to brutally crackdown on the protests just as they did during the tiananmen square massacre and took full and total control of the entire region.

I do not think they are hired by in the true sense of the word, but that they may have been deliberately misled to do what they do now. China wants more control on HK, and citizens have two options : to accept that they are part of China and adopt its laws, or to protest and thus provoke China into military action.

In any case, this is a win-win situation for China, they will get what they want one way or another.

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August 20, 2019, 12:38:48 PM
 #28

The surrounding issues around Hong Kong is somthing that is continue to gather attention worldwide and no one ever thought it would amount to what it is today neither did I personally think it would be dragged to this level. That aside, instructing people to move their money out of the banking system does in other to have effect on China to me is not a strategic economic moves because as much as the Chinese government are borrowing money from the banks so also are Hong Kong businesses are doing and banks being a strategic sector of the economy, a collapse of the system with not enough money to provide credit facilities means the economy might crumble to the disadvantage of the common man. And again, moving money away from the banks does not translate to moving to crypto or bitcoin.
China is too big for Hong Kong to have any effect on its economy, even if the whole people in Hong Kong move their money, no single penny of their money in china bank will make the system of china government down which I even think that it would be impossible for them to have access to it.

It was just like when Binance was hacked of the $41 million dollars, the first step that Binance took was to first stop withdrawal of money knowing full well that such event could lead to panic of investors and then crack down their system till they were able to resolve it, and I think if it is an issue that china is willing to resolve, they will simply just block their fund which they would not even be able to move out, but I believe that whatever the issue is between them both, it would be resolved before then.


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August 20, 2019, 02:43:13 PM
 #29

This is not a " new call" to action, there already was such call few weeks ago.
This is not a decisive tool but can be good way to protest , I support them.

In general I dont see this Honk Kong problem going away soon, Chinese are not use to listen to masses. Today red that Twitter is blocking protesters acounts, if this is true shame on Twitter they are as bad as Chinese government,

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August 20, 2019, 03:45:13 PM
 #30

Well that would be a dumb move if you are considering ways to protest. Basically Hong Kong is at war right now and if the locals decided to unite and withdraw their money they will be moving targets by the Chinese, civil wars like these especially when the police are not on their side will make crimes easier to happen if the other side knows that they have withdrew all their money they could take advantage and steal it from them. There are a lot of ways to do protest against them and I don't think this is one of it as it involves the locals risking their own money.

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merchantofzeny
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Activity: 672
Merit: 265


I'm honest, it's the world that's awful


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August 20, 2019, 06:51:06 PM
Merited by Lucius (1)
 #31

Another HK news that I never saw on my social media. Google it up and it seems to have not have pushed through. Even if they were successful though I'm not sure if they'd just flock to bitcoin and crypto. That's like jumping from the pan to the flame. Should the price suddenly crash then they'll lose a lot. Banks still do have some purpose for now.

I doubt this can have any big effect on banks or the overall situation in Hong Kong. People can try to withdraw money from ATMs until they become empty, but banks can always close doors and stop the business under any pretext. I am sure money will not go in Bitcoin even if most of citzens there manage to withdraw their fiat, we see that situation there is have zero impacts on Bitcoin price.

Reminded me of that time Greece declared bankruptcy. They shut down the banks to prevent people from withdrawing their cash. Senior citizens were out on the streets lining up the few working ATMs to get their pension. Government basically took their money hostage.

I don't doubt the Chinese government is capable of this. Even if the massive withdrawal won't ruin the economy, the might block the bank-run just out of spite.  Grin

I am actually starting to think that these protestors have been hired by the Chinese government so that they will have a perfect excuse when they start to brutally crackdown on the protests just as they did during the tiananmen square massacre and took full and total control of the entire region.

I do not think they are hired by in the true sense of the word, but that they may have been deliberately misled to do what they do now. China wants more control on HK, and citizens have two options : to accept that they are part of China and adopt its laws, or to protest and thus provoke China into military action.

In any case, this is a win-win situation for China, they will get what they want one way or another.

I remember seeing claims from protesters that Beijing is "seeding" the protest with their own people to cause more violence. Beijing might not have started this but they'll definitely try to shape it into something that will benefit them.

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