Are the Central Banks starting to worry about the public's perception?

[DrG]

I am not in favor of mocking people who have done so much to help but nothing happened in return, they at least did something which is what matters in these type of situations. We are talking about people who have worked hard to make sure they get a better world, they did protests against wall street and how they get away with basically greedy illegal moves and maybe they didn't get anyone jailed or nothing changed at all but at least they tried.

So, to call them useless and tell that they went back to basement to play COD (like that is a bad thing, I would love to be able to freely do that without worrying about life) is really not helping at all, in fact those people did more for you than you ever did for them so I would say they are much better humans than you can ever be this way.

Those people accomplished nothing other than damage city property so that taxpayer had to repair lawns and sidewalks. Occupiers largely sat in tents on grass and sidewalks eating trail mix, prepackaged food or fast food and left tons of trash behind to destroy the local environment. Did you forget the amounts of trash that went down the drain from those people living in cardboard boxes and tents? Doing something just for the sake of saying "we tried something" is not prudent. It's like creating change to alleviate boredom.

As a physician I've done more pro bono work that those lazy welfare collectors will ever have done. In fact I went 3 years making less money than the cost of my malpractice insurance seeing Medicaid patients. Focus on the issue at hand and trying to defend people's lifestyle choices. If people weren't apathetic in the first place the politicians and Wall Street would not have gotten to the place it is at. Protesting Wall Street greed while walking around with Apple phones, Nike shoes and a Coca Cola in hand seems antithetical.

[wxa7115]

I disagree, they do see it as a threat, maybe not right now but they see the potential of the technology and they know they could be against their most fierce adversary yet, and just to show you how this can become true, banks charge a fee for many transactions, some are free but the major ones cost money and they take a percentage out of it, in the case of bitcoin the cost of the transaction will depend on how much you want to pay but the bigger the amount you want to move the cheaper it becomes and eventually a point is reached in which moving your money in bitcoin is the cheaper alternative.

Meaning that a wealthy person trying to make a transaction or simply move his money from one address to another will find this to be cheaper on bitcoin than in a bank and people for the most part will always choose the cheaper option which means that if bitcoin gets enough adoption people will begin to send more money through bitcoin than with banks and they cannot allow this to happen.

I believe this one factor is one benefit of crypto, transferring from one wallet to another will incur minimal fee as compared to using banks or other traditional remittance centers. I have seen that in some countries, the usage of crypto is more on remittance purposes. Some find out that sending money to their family via crypto is very favourable as they are not paying high transaction fees. And it doesn't matter if you will send good amount of money or not. And then from the other end of the world, what your family can do is just exchange the crypto to their local fiat. A lot of crypto exchanges are already offering the conversion of crypto to your local fiat. Just make sure to find a legit site. So I believe, banks don't like that because they can't charge high fees anymore if crypto will become mainstream.

I think the same, we can talk about freedom, the history of fiat currencies and their failure and the ideology of bitcoin all we want but for most people that holds no meaning, they are only interested in what helps them now, this is why trading and investing are so popular in the market because people see a very direct way in which they can benefit with bitcoin.

And this is the same case, moving your bitcoin can be cheaper than moving it through banks and once enough people become part of the bitcoin ecosystem they will see it is cheaper to move money that way and then they will choose bitcoin naturally as the best alternative for that kind of service and banks will be affected negatively because of this.

[iamsheikhadil]

Central bank employees are just human beings like us that are not really independent rather slave of the instructions and establishment themselves. Real monsters are the elites that want these status quo to be maintained and having the fiat as the dominant currency. It's a good thing that we are going opposite of what they want!

[AicecreaME]

I think centralized organizations like banks are worrying about the investors perception of them and not about the general public’s perception.

Yes, public perception somehow matter to them, but i think the common men’s view about them is not their top priority. After all, they think these people have no other choice, but to trust them their hard-earned money. Maybe somewhat they think that these people’s decision will not do much harm unlike investors’ idea of them. Because the potential investors and the investors already play a vital role in the foundation of their organization. If ever a big investor will pull out their shares, the organization would lose its strength and slowly collapse. Sudden withdrawal of big corporations will greatly affect the banks.

On the other hand, I don’t think banks are really that worried about the emergence of cryptocurrencies. These central organizations know how to step up the game. They know that majority of the people are relying on them in terms of digital transactions and saving money. Hence, there’s no need for them to be threatened to bitcoin and other cryptocurrencies. I guess they are confident enough that they’ll never be replaced ENTIRELY by cryptocurrency. It will just coexist as an alternative mode of payment and currency.

[carter34]

If you ask average people on the street, what do they know about central banks, they'll only have very vague understanding of what they are doing. If the crisis will worsen, people won't be blaming central banks, they'll blame the ruling people, especially the leader, because it's the person responsible for everything. So, I don't think that central banks are panicking right now, they probably just want to explain what they are doing, because there will be more intervention now, and more people might be curious what's going on.

But ask random people if they trust the government, and the monetary system, and I believe the smarter portion of those asked would answer "NO".

Plus there are more and more people learning more about "the banksters" because of the internet. Like us for instance.

Ok, the majority doesn't trust the banks, but what does the majority use every single day? Fiat money, bank accounts, credit cards. The majority takes loans, keeps money on savings accounts, pay social secutity. They don't trust politicians but they vote for them. Trust or lack of it doesn't change much these days.

In most countries with the current events of money shortage and printing, many distrust is rising on the part of the central banks and banks generally, that is the problem of lack of trust. The financial system is beginning to build untrust in them and the perception of people about the financial system is fast changing.

[oHnK]

I think centralized organizations like banks are worrying about the investors perception of them and not about the general public’s perception.

Yup man, I agree that the public perception that is very worried about by the central bank today is the perception of investors.  Because investor distrust of banks in a country will have a very bad impact.  They could easily withdraw large amounts of their funds from the country's banks and that was a disaster for the national financial system.  Banks with poor liquidity will be exacerbated by negative perceptions of investors withdrawing their funds.  The current central bank policy that prints money not for the productivity of production factors will have a very severe inflationary impact and this will lead to investor distrust in the country's financial management.

[freedomgo]

I think centralized organizations like banks are worrying about the investors perception of them and not about the general public’s perception.

Yup man, I agree that the public perception that is very worried about by the central bank today is the perception of investors.  Because investor distrust of banks in a country will have a very bad impact.  They could easily withdraw large amounts of their funds from the country's banks and that was a disaster for the national financial system.  Banks with poor liquidity will be exacerbated by negative perceptions of investors withdrawing their funds.  The current central bank policy that prints money not for the productivity of production factors will have a very severe inflationary impact and this will lead to investor distrust in the country's financial management.

I doubt everyone is worrying about that, the vast majority still trust bank like they usually did.

Banks are safe as it's supported by the state and in reality, decentralized platform are no match with the centralized platform as they control the laws and regulation, our only way to excel is when government are willing to accept us as that means adoption, however, we can never be as good as the centralized currency, yes, some banks are bad but that does not represent the totality of the banking institution.

[Shasha80]

Public perception won't stop Central Banks from continuing to print money, so there's nothing to worry about. The one that worries
about general public perception is actually the government, because the Central Banks print money based on government instructions.
The government is worried that it will lose people's trust if it continues to print money. So usually the government will hold a press
conference to explain to the general public what Central Banks is doing. Because all governments expect the support of their people.

[bryant.coleman]

Do the banks need to worry about their perception in the public? IMO, they don't. At least that is the impression that I get, when I interact with the bank officials. They are well aware that they have an absolute monopoly in the financial sector. Almost every sub-sector is linked to the banks in one way or another. And on top of that, they have unlimited support from the governments and the authorities.

[darewaller]

From what I understand in USA the federal bank is just filled with people who worked in banking industry and other financial companies for almost all their lives and "retired" to federal bank, how could those people ever think differently from a bank? This is why they only care about what banks and other financial companies think and not what we think.

Problem with the industry is the fact that no democratic socialist ever becomes a banker, there is no social democrat that works in central banks, these are the type of industry that calls out for the capitalists and greedy and they want more and more power / wealth so they end up getting to those positions. When you pick those people there it is not because they are the best candidate, it is because they are the only ones.

[Dorodha]

Central banks are starting to worry about public perception because every bank has taken this kind of concern to keep them stable. The central bank is further expanding monetary policy the central bank says monetary policy formulation review and interest rate monitoring cannot be the sole job of the central bank. The government and the central bank need to look at two more issues to expand development and make financing readily available. One financial sector efficiency-discipline and two financial sector stability.

[ChiBitCTy]

I believe deep inside them, those people behind the Central Banks, they know that "the cat is out of the bag". Billions and billions of the paper money they print will shift into sound money, Bitcoin.

https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200930~169abb1202.en.html

"We must explain much better to the general public what we are doing and why. Monetary policy can only be credible if we ensure that our goals are truly understood and shared by the people we serve".

Honestly I don't think that they really give a shit.  Central banks often run with complete control, and at least here in the United States, they aren't elected officials. Just like an already elected in government, I don' t think they really care what the people think when they've got near complete control.

[oHnK]

From what I understand in USA the federal bank is just filled with people who worked in banking industry and other financial companies for almost all their lives and "retired" to federal bank, how could those people ever think differently from a bank? This is why they only care about what banks and other financial companies think and not what we think.

This is a reality in the field of how bankers think. They have thoughts that are very different from us, because a banker will think how their financial industry can still exist without systemic problems, instead of focusing on how people's welfare can be achieved. They never think about the perceptions of the general public, they only think about the perceptions of investors for the sustainability of their industry.

[AndySt]

This is a reality in the field of how bankers think. They have thoughts that are very different from us, because a banker will think how their financial industry can still exist without systemic problems, instead of focusing on how people's welfare can be achieved. They never think about the perceptions of the general public, they only think about the perceptions of investors for the sustainability of their industry.

This is not surprising, because there is nothing personal, just pure business For the growth of people's well-being is not the direct responsibility of either the banking sector or the Central Bank employees, no matter what beautiful words they say to us and no matter what good intentions they hide behind. Undoubtedly, the financial industry is experiencing a lot of problems, but the banking sector will not deal with them directly, because this is not their responsibility, and Central banks only implement the line that the Executive and legislative branches of the state have drawn for them.

[jjigoku]

I believe deep inside them, those people behind the Central Banks, they know that "the cat is out of the bag". Billions and billions of the paper money they print will shift into sound money, Bitcoin.

In a sense its just a marketing plan. Not every cbdc is going to do the same thing, I believe.
Being in cointact with users/customers is a good idea for such a big project

[mariaana]

I believe deep inside them, those people behind the Central Banks, they know that "the cat is out of the bag". Billions and billions of the paper money they print will shift into sound money, Bitcoin.

https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200930~169abb1202.en.html

"We must explain much better to the general public what we are doing and why. Monetary policy can only be credible if we ensure that our goals are truly understood and shared by the people we serve".

Pretty sure you're right. They have to get worried about people's opinion more, otherwise they'll lose audience.

[Mauser]

Banks in my country really hate BTC, because they know bitcoin will take over soon.

Yeah same in my country. In my opinion central banks are starting to evaluate crypto currencies differently these days and feel my more threatened by them. Just look at China or Europe for example they are all trying to promote their own digital currency. They wouldn't invest all these resources in their own infrastructure if they wouldn't see cryptos as a competition.

[slapper]

I agree that Central Banks may worry about the public's perception, but it is hard to make a tremendous shifting from paper money to bitcoin. Central banks do know how to maintain their system and there will be solutions for any issue. And as far as I know, many places are developing their own CBDC which is centralized by the bank itself. Although we (crypto enthusiasts) do not like the banks at all, we can not deny the benefit and the order they have created for our world. With these orders, it is easier for people to work and send and transfer money. And we have created the economy thanks to the banks

In the future, bitcoin may have a more important role in our economy and people may believe it is a key to change the whole centralized system forever. But right now, we have to face with the fact that there are still many advantages which are brought to us by the banks. And it is not easy to live a life without interacting with fiat

[BTCappu]

Well, the funny thing is that the same government is now looking for means to take control over Bitcoin and other cryptocurrencies.

It is true that cryptocurrencies are decentralized, but centralized exchanges are going to cause us more trouble, because they are the ones that will assist the government in penetrating the cryptocurrency environment, maybe it’s time we all boycott these centralized exchanges and go for exchanges that are fully decentralized, that way the government won’t be able to be giving us orders on what we should do with our own money.