Nice job Justin!

[Mometaskers]

I just can't help but mention this since we've already had a lot of discussion about the Canadian government freezing the Freedom Convoy protesters' bank accounts.

https://tokenist.com/big-banks-in-canada-face-outage-day-after-emergency-declared/

Headline:

A number of major Canadian banks were hit by an hours-long outage on Wednesday. The outage happened one day after the Canadian Government invoked the Emergencies Act, giving officials the authority to freeze bank accounts of suspects, seize protesters’ trucks, and suspend their vehicle insurance.

Congratulations Justin. You just singlehandedly destroyed the trust of Canadians on the banking system. We are possibly seeing the start of a bankrun. Even assuming most of the outages are with mobile banking than ATMs, it showed that people are getting anxious and could start pulling funds in the coming days.

Worst thing that could happen after is that they'd lock people out of their money by limiting withdrawals, like what happened when Greece when bankrupt. Except here there's no severe economic reason for people to take out all of their money - it's simply a response to the government's authoritarian actions.

[1714966638]

1714966638

[Silberman]

I just can't help but mention this since we've already had a lot of discussion about the Canadian government freezing the Freedom Convoy protesters' bank accounts.

https://tokenist.com/big-banks-in-canada-face-outage-day-after-emergency-declared/

Headline:

A number of major Canadian banks were hit by an hours-long outage on Wednesday. The outage happened one day after the Canadian Government invoked the Emergencies Act, giving officials the authority to freeze bank accounts of suspects, seize protesters’ trucks, and suspend their vehicle insurance.

Congratulations Justin. You just singlehandedly destroyed the trust of Canadians on the banking system. We are possibly seeing the start of a bankrun. Even assuming most of the outages are with mobile banking than ATMs, it showed that people are getting anxious and could start pulling funds in the coming days.

Worst thing that could happen after is that they'd lock people out of their money by limiting withdrawals, like what happened when Greece when bankrupt. Except here there's no severe economic reason for people to take out all of their money - it's simply a response to the government's authoritarian actions.

This is why bitcoin is important, while the volatility and the financial profits that people can gain with bitcoin are one of the main reasons why people are here, the decentralized nature of bitcoin is what makes all of this possible, governments are feeling the pressure, after serving themselves and neglecting the well-being of their population for too long they thought that they could keep abusing their citizens, but now people are finally reacting to this, and governments are dealing with this as they always had, by suppressing the rights of their citizens, but if people adopt bitcoin massively then the government will be left without the option of taking away your savings with just a few clicks as they can do now, so if we want a future in which we do not have to talk, think and act as the governments want then we need bitcoin to succeed.

[Gozie51]

With this that has happened in Canada, I'm expecting two things to happen at the long run when the whole drama is settled, one of that is that there will be litigation against the Canadian government by the protestants for freezing their accounts and the second possible thing to happen is increase in btc hodlers in Canada.

[The Sceptical Chymist]

A number of major Canadian banks were hit by an hours-long outage on Wednesday. The outage happened one day after the Canadian Government invoked the Emergencies Act, giving officials the authority to freeze bank accounts of suspects, seize protesters’ trucks, and suspend their vehicle insurance.

Yeah, that's a bunch of bullshit if you ask me.  I really dislike all of these "emergency powers" that the government can just bestow upon themselves basically whenever they think it's necessary.  And yes I realize that they're not a new thing at all, but when you look at a situation like this with a bunch of protesters you start to see how politicians being able to level up straight to God Mode is not a good thing.

I wouldn't have thought Canada would stoop to the Draconian measures the US and some other countries have imposed on their citizenry, but I guess we're really living in a different time, eh?

Not sure what the status is of the protest and the truckers, but I'm rooting for them all the way.

[Gyfts]

People already knew your bank accounts could be frozen at any time. Canadians voted for this clown, they don't mind some radical far lefty casually using his personal politics to target the online banking of law abiding citizens. We don't even know if the funds that were donated were used for illegal activity, but that wouldn't matter either. If you receive money from someone but have it in an account for the purposes of something the government doesn't like, legality aside, they can decide whether or not to confiscate.

Trudeau just wants to enforce his tyranny on anyone that might disagree with him (or anyone with a functioning brain, essentially).

[kryptqnick]

I wish people saw cryptos as an alternative to banks not only when something like measures against the anti-vaccination movement take place... Also, while I don't normally like emergency power the state gives to itself, the protests aren't expressing the will of the majority at all (with 80% Canadians being vaccinated), and the protests blocked trade routes, causing losses of lots of money, including 145 million in wages. So it's not like Justin's taking measures without any reasons to do so.

[Upgrade00]

I wish people saw cryptos as an alternative to banks not only when something like measures against the anti-vaccination movement take place...

Seeing crypto as an alternative is one thing, but using it as a decentralized network is another.

A lot of people who are into crypto do not necessarily care about their privacy, anonymity, or freedom, they simply use it cause it's shiny digital money that can grow in value. This usually means that they go for the easiest way to store it, in a centralized exchange (custodian wallet), so if they ever lost their account, they could restore it, cause the platform offers a Fail-Safe. This still makes then vulnerable to government regulations as their crypto related accounts can also be identified and frozen as easily as their bank accounts can be.

[CaVO32]

I wish people saw cryptos as an alternative to banks not only when something like measures against the anti-vaccination movement take place...

Seeing crypto as an alternative is one thing, but using it as a decentralized network is another.

A lot of people who are into crypto do not necessarily care about their privacy, anonymity, or freedom, they simply use it cause it's shiny digital money that can grow in value. This usually means that they go for the easiest way to store it, in a centralized exchange (custodian wallet), so if they ever lost their account, they could restore it, cause the platform offers a Fail-Safe. This still makes then vulnerable to government regulations as their crypto related accounts can also be identified and frozen as easily as their bank accounts can be.

Surely, the people affected by Justin's move will look for alternative ways how to secure their money. But it is not only crypto that will serve as good alternative, because there are other options how to secure your funds. A lot of people don't have the right knowledge to go into crypto, the reason why some of them would be hesitant to touch crypto. However, with the knowledge that some of the donations is in the form of btc, people will get interested on learning this crypto.

[Hydrogen]

Congratulations Justin. You just singlehandedly destroyed the trust of Canadians on the banking system. We are possibly seeing the start of a bankrun.

I would be interested to know how many canadians are aware of this happening. There are many who go through their daily routine without knowing things like this are current events. Any news involving trucker protestors they immediately ignore and avoid.

The sad truth is, there have been many events over the past 10 years which could have destroyed trust in the global banking industry or caused a bank run.

• The euro amount of insurance on european bank accounts has been reduced over time
• Banks around the world limited and reduced cash withdrawals
• India destroyed a big proportion of cash in circulation, which could negatively impacted trust in banks and the financial system
• Etc

People tend to be oblivious until something happens that directly affects them.

If its only an announcement made in the news cycle, they might never notice.

[paxmao]

I would not say that JT has destroyed anything. There is a limit to the protest in terms of the effects that causes and how it may affect many people that do not really want any involvement. While it may look like protesters are super-cool and they are teaching a lesson to those crooked officials and the like, they are actually causing an economic problem for many that is not being given the right attention by the media.

[stompix]

We are possibly seeing the start of a bankrun. Even assuming most of the outages are with mobile banking than ATMs, it showed that people are getting anxious and could start pulling funds in the coming days.

Yeah, nice scenario but ..no!  
The worst way to make the system of all banks collapse would be to go to a damn slow ATM machine, lose time while inserting the card, insert pin, select operation have to atm dispense your cash and your card, all for one operation.
Even if we assume somehow all of Canada ATM's would have been online, would have had cash and every single one of them would be constantly used you don't bring a bank system down with 10k transactions per minute, even if those ATMs would have been constantly used for 8 hours at a rhythm of 1 per minute they wouldn't reach the number of transactions banks do on Black Friday or Christmas.

Far easier to crash the system by sending 1 dollar to all your relatives a couple of times which takes seconds on predefined payments in an app and having them send it back and multiple that by 100 000 users rather than a march of half of the population to ATMs.

Outages don't happen because poeple rush to the ATMs, poeple rush to the ATMs because outages and panic.  

Would be interested to know how many canadians are aware of this happening. There are many who go through their daily routine without knowing things like this are current events. Any news involving trucker protestors they immediately ignore and avoid.

Well, for sure it would have to be a majority cause you can't create a bank run and a crash of the whole banking sector with 1% of the population.

These aside, I think we're past the point where a solution can be found that would make everyone happy, the longer this goes on the more some on each side will become angrier at the opposing one, I'm definitely surprised that of all places in the western world Canada is the place where this happens.

[Vatimins]

     Man, just look at what they have done. This will certainly cause huge panic and make things chaotic within Canada. I mean if you were a citizen of that country what would you do having witnessed such news? Specially when you are aware of the crypto industry? Gosh. The real worse case would be also banning any form of crypto currency in Canada just to control the masses. This is just outrageous. Why take such measures just because of protesters? Are you a child?

[Mometaskers]

Yeah, that's a bunch of bullshit if you ask me.  I really dislike all of these "emergency powers" that the government can just bestow upon themselves basically whenever they think it's necessary.  And yes I realize that they're not a new thing at all, but when you look at a situation like this with a bunch of protesters you start to see how politicians being able to level up straight to God Mode is not a good thing.

What did the saying said about giving an inch? The koof has given governments everywhere the perfect excuse to give themselves more power in the name of "public safety". Good luck having them let go of that. If anything, they're going to take more. If Canadians fail to protect themselves against their government, it's going to set a precedent for the rest of the developed world.

[batang_bitcoin]

     Man, just look at what they have done. This will certainly cause huge panic and make things chaotic within Canada. I mean if you were a citizen of that country what would you do having witnessed such news? Specially when you are aware of the crypto industry? Gosh. The real worse case would be also banning any form of crypto currency in Canada just to control the masses. This is just outrageous. Why take such measures just because of protesters? Are you a child?

They might come up with that next but how can they do that? I think they'll limit most exchanges to ban Canadian citizen transacting with any of them.
He's coming up to the point that he's showing the real nature of centralization especially with the banks. People are not in power to hold their money and the banks together with the government has the power over the citizen's money which is really worrisome if being used like this.

[Fivestar4everMVP]

     Man, just look at what they have done. This will certainly cause huge panic and make things chaotic within Canada. I mean if you were a citizen of that country what would you do having witnessed such news? Specially when you are aware of the crypto industry? Gosh. The real worse case would be also banning any form of crypto currency in Canada just to control the masses. This is just outrageous. Why take such measures just because of protesters? Are you a child?

Really outrageous, though am not a citizen of Canada but I sure feel the pain and anger in me, it's really disheartening and disturbing when government that are supposed to care and protect the people are the ones causing or trying to cause havoc in the lives of the same people they were supposed to protect.
It's absolutely wrong to lock people out of their own money, money they've worked really hard for, and the most annoying part is that this same people are the ones who voted this government into office, and when the same government fail to perform, and the people protest, the government raise against the people, just like what we've witnessed in Canada.
Each and everyday that breaks, we have more reasons why bitcoin and cryptocurrencies in general are very important for our society today, we have given this politicians too much power and now, we have to take that power back through crypto.

[Lucius]

I wouldn't have thought Canada would stoop to the Draconian measures the US and some other countries have imposed on their citizenry, but I guess we're really living in a different time, eh?

I will not go into which political group the Canadian president belongs to, but what I read in the media for days is that the US is putting a lot of pressure on him to end the protests in any way, and that probably means using the military if there is no other way.

The Canadian government is coming under increasing pressure from the United States to resolve anti-vaccine mandate protests that are impacting the economy in both countries with border blockades, including a 5-day shutdown of the vital Ambassador Bridge

In any case, I support the protests of people who primarily fight for their own and their children's health by refusing to be experimental rats for Pfizer, Moderna, and the like who put over $90 million a day in their pockets saving people from a disease that is nowhere near as dangerous as represent it. The example of my country says the following, in 2021 over 15 000 people died of cancer - in 2 years of a pandemic 14 000+ people died of covid - but only because that number included those who had covid, but it was not the primary cause of death.

We really live in a time when communism is back on the small doorstep, and I know what it looks like because I've felt it on my skin before - so all credit to the people who rose up against political and mega-corporate terror.

[fiulpro]

Okay the thing is they didn't just lock out people's money, at the same time they proceeded to do e everything they can like suspending expensive insurance for all the truckers during pandemic where people are already struggling to make the ends meet. I think it's going to be a major concern since with the quarantine people will find it hard to actually find new jobs and to pay for their insurance again. This was uncalled for and at the same time it's very important to understand the fact that if someone does not want to be double vaccinated, it's their choice, you cannot hate them for anything like that. You cannot freeze their bank accounts and at the same time take their insurances away, the one thing a government is here to do is to protect the people and their liberty, what this government is doing is baffling.

[hatshepsut93]

Using banks is way too convenient for people to abandon them. It's like boycotting cars or the Internet or smartphones at this point. And there's really no alternative to them now, not even our beloved crypto, because of fees, transaction times, price volatility, lack of merchant support, weakness to malware and so on. So I can totally see how people who boycott the banks today will return to them in a few weeks once this all blows over.

[coolcoinz]

I will not go into which political group the Canadian president belongs to, but what I read in the media for days is that the US is putting a lot of pressure on him to end the protests in any way, and that probably means using the military if there is no other way.

If he uses the military it's going to be a bloodbath because such actions never end with a few bruises. Somebody is going to get shot, they will poke somebody's eye out with a rubber bullet, break some skulls and cripple people and that's going to escalate things even more. This still is a peaceful protest, but if politicians decide to choose violence they will learn that protesters can be violent too and guess what, the people don't depend on the government, they can live without it, but the government can't exist without people who support it.

[bitmover]

Seeing crypto as an alternative is one thing, but using it as a decentralized network is another.

A lot of people who are into crypto do not necessarily care about their privacy, anonymity, or freedom, they simply use it cause it's shiny digital money that can grow in value. This usually means that they go for the easiest way to store it, in a centralized exchange (custodian wallet), so if they ever lost their account, they could restore it, cause the platform offers a Fail-Safe. This still makes then vulnerable to government regulations as their crypto related accounts can also be identified and frozen as easily as their bank accounts can be.

Exactly. Funds on exchanges are not really yours, and government can take those funds as well!

Take a look at Kraken co-founder said on twitter just yesterday. Kraken (or any other exchange) will freeze your account if government asks it to do so.

https://twitter.com/jespow/status/1494462097161220104


They can move money through cryptowallets and p2p, just avoid regulated exchanges.

[Darker45]

It's so sad that what started as a small protest among truck drivers against COVID-19 vaccination requirement ended up with the whole huge country of Canada placed under a state of national public order emergency. It could have been addressed quickly and easily.

I'm not sure if, as prime minister, Trudeau has any more cards left to play. After all, this is not anymore a protest of truck drivers. This has morphed into a political movement. And this is indeed damaging to the whole country and its economy.

The effects of the Emergencies Act might indeed bring people to the realization that they lack full ownership of their money deposited in the banks. But, personally, I wouldn't go further as to cheer the government for taking such drastic steps in order for the possibility that Bitcoin will be considered an alternative.

I'm not saying this is what is being implied here, but I wouldn't be advancing my own selfish agenda while the beautiful country is in chaos. I guess that's what's happening right now. A lot are taking advantage of this disorder. There are now emerging self-proclaimed leaders who probably have nothing in mind than political desires.

[Vatimins]

~

     You cannot underestimate a leader having such childish mindset. Seeing his actions, you can understand that this guy has too little to no control over his emotions. I can only imagine to what extent this kind of leader can go to just to satisfy his ego and fck with the ones opposing him. This is not just a matter of exchanges because he is complete capable of restricting freedom of his countrymen. I don't really understand what purpose his political party and advisers are.

~

     I know right? These politicians spit flowers from their mouths when campaigning for their desired positions but when they get to sit on their offices after being supported by the people, they don't do their jobs well. Damn bastards. - now while I hope this crypto optimism that most of us have really does give us our freedom back, I think it'll be quite hard and if possible, would be taking a very long time. But even with that, the chances are still pretty slim.

[Lucius]

Using banks is way too convenient for people to abandon them. It's like boycotting cars or the Internet or smartphones at this point. And there's really no alternative to them now, not even our beloved crypto, because of fees, transaction times, price volatility, lack of merchant support, weakness to malware and so on. So I can totally see how people who boycott the banks today will return to them in a few weeks once this all blows over.

You are absolutely right, the system is set up in such a way that most people depend on it to such an extent that they have to obey it completely if they want to survive. If you do a legal job then you have to have a bank account to be able to receive a salary, and even if you receive a salary in Bitcoin you have to find a way to convert it to fiat so you can pay the bills and buy food.

If he uses the military it's going to be a bloodbath because such actions never end with a few bruises.

This is the last option, but if nothing else, the authorities will have no choice but to destroy the protests by force. The only reason they don't do this is that in that case, they know they are losing in the next election, but also because they know that the strength of the protesters is in the numbers and that they are determined in what they do. As far as I can see from the Canadian and US media, they are now trying to influence the protesters in the media by showing data that says that most Canadians are against the protesters.

[takngantuk]

what he is doing is increasingly making people distrust the centralized system. just see with just a few statements, people can be restricted from their funds. the way they handle the problem is very bad. I wouldn't be surprised if in the future Canadians prefer bitcoin, and other cryptos that are more privacy-friendly. suspend bank accounts, and suspend their insurance. This includes violations. government cannot be arbitrary. This is not solving the problem, it will only create new problems and create another wave of demonstrators.

[Emitdama]

Using banks is way too convenient for people to abandon them. It's like boycotting cars or the Internet or smartphones at this point. And there's really no alternative to them now, not even our beloved crypto, because of fees, transaction times, price volatility, lack of merchant support, weakness to malware and so on. So I can totally see how people who boycott the banks today will return to them in a few weeks once this all blows over.

There are people that depends too much on bank's but there are also people that can still live peacefully without a bank. Cryptos have that disadvantage you mentioned about but let's not forget that cryptos do also have an advantage and most importantly they are not tied to banks so no bank restriction that's going to happen.

This main functionality of crypto is very much needed now in the on going issue with banks and governments in Canada. I cannot believe how the issue in that country grows and spread like a wildfire because we thought it is just a simple issue that can be resolve immediately but I guess no. Let see how far this things go.

[pinggoki]

They'll definitely lock up their banks if people starts withdrawing their money altogether because banks don't have enough to be able to do that, it's definitely a bad situation for Canada but given the current situation is in the country, it's difficult to sympathize with the country as their government is the antagonist of their own people.

[Findingnemo]

Because its their money they just gave us the promise but there is a fact" Promises are made to be broken", maybe this is the beginning for Canadians and understand why decentralized currency is better than paper bills issued by government and also government is helping the cryptocurrency adoption in the hardway.

[NellyBrownne]

I have seen they're also currently hurting peaceful protesters by using tear gas which is very bad.
They have indeed tarnished the trust they had in them.
This is the best time to embrace the future... BITCOIN.
Buy Bitcoin and watch all of your finance grow.

[Lanatsa]

People already knew your bank accounts could be frozen at any time. Canadians voted for this clown, they don't mind some radical far lefty casually using his personal politics to target the online banking of law abiding citizens. We don't even know if the funds that were donated were used for illegal activity, but that wouldn't matter either. If you receive money from someone but have it in an account for the purposes of something the government doesn't like, legality aside, they can decide whether or not to confiscate.

Trudeau just wants to enforce his tyranny on anyone that might disagree with him (or anyone with a functioning brain, essentially).

This one should really bare up in mind that government is the tip top of the chain on which they could really made out actions which neither be that dumb ass or simply those ethical ones depending

on what they've been currently seeing.If they do saw that it do totally opposes their interest then expect that they would do such bullshit but if they do see some benefit then they would definitely
do the opposite.
This clearly proves out about that certain risks on which people been aware off.

[batang_bitcoin]

~

     You cannot underestimate a leader having such childish mindset. Seeing his actions, you can understand that this guy has too little to no control over his emotions. I can only imagine to what extent this kind of leader can go to just to satisfy his ego and fck with the ones opposing him. This is not just a matter of exchanges because he is complete capable of restricting freedom of his countrymen.

He's showing just who he is. But the reality is that he's the one in the position and that won't change the matter. It's only going to take long while he's acting like the selfish person.

I don't really understand what purpose his political party and advisers are.

Most of them are only for their own, no matter what the situation is, the very first that they have to worry is themselves and not with the people. Well, this is the reality that we can see for most of the countries although a few would be spared from this attitude and decisions.

[Synchronice]

I would say that everything comes with pros and cons. By online banking, we are able to comfortable store our money on bank account and withdraw cash anytime we wish, so we don't have to store all the money at house, pay comfortably and avoid issues, send & receive money in seconds. But it has the evil side: We aren't really insured and if a bank or the government wish, they can do whatever they want and shock the population. They can freeze our accounts, they can limit withdrawals as that happened in Greece.
Is crypto an alternative? Sure, but people aren't ready to use crypto as an alternative that will be a great escape. The majority of people think that they'll move on crypto and use crypto exchanges but that's not an alternative, that's like getting eaten by shark instead of lion, does that matter? Anyway, you are eaten alive.

Crypto would be an alternative if people use offline wallets to store their money instead of traditional centralized crypto exchanges. That's very risky too cause you can't predict the price but at least no one can steal a thing from you.
I don't believe bitcoin will experience this kind of support because people trust banks, seeing posts on this forum can't help you to make the right conclusion because there is a different picture on this forum compared to real life.

Every day I start to think that Anarchy can be a better alternative because the governments suck very much but then I realize that people always form social bonds and then the government or similar structure is formed again.

[cabron]

I would say that everything comes with pros and cons. By online banking, we are able to comfortable store our money on bank account and withdraw cash anytime we wish, so we don't have to store all the money at house, pay comfortably and avoid issues, send & receive money in seconds. But it has the evil side: We aren't really insured and if a bank or the government wish, they can do whatever they want and shock the population. They can freeze our accounts, they can limit withdrawals as that happened in Greece.
Is crypto an alternative? Sure, but people aren't ready to use crypto as an alternative that will be a great escape. The majority of people think that they'll move on crypto and use crypto exchanges but that's not an alternative, that's like getting eaten by shark instead of lion, does that matter? Anyway, you are eaten alive.

Crypto would be an alternative if people use offline wallets to store their money instead of traditional centralized crypto exchanges. That's very risky too cause you can't predict the price but at least no one can steal a thing from you.
I don't believe bitcoin will experience this kind of support because people trust banks, seeing posts on this forum can't help you to make the right conclusion because there is a different picture on this forum compared to real life.

Every day I start to think that Anarchy can be a better alternative because the governments suck very much but then I realize that people always form social bonds and then the government or similar structure is formed again.

The Canadian government is also looking into crypto which started tightening when they saw funds sent to the Truckers so banks connected to accounts that were discovered connected to Truckers funds were looked into. They are aware of crypto which is why they have frozen some of the accounts but this is just what I've heard on youtube influencers.

It's the Canadians that will have to adopt BTC knowing that it's going to be a wild ride for them if they stood up against government mandates. Anarchy would be worse. This could also happen to other countries like France which recently also have street protests.

[so98nn]

Oh actually thanks to Justin, he just made everyone aware that banking systems are forceful organisations who could out run your part of money when situation like this come underway. This is so bad, I mean they literally did not even think about it for one minute before freezing the accounts. I’m sure this gonna turn the whole user into crypto enthusiasts. That’s just one good thing about this awful story. May be everything happened for good. I just hope they will get back the accounts and will get into crypto sooner or later. Lolz

[beerlover]

What people are missing on all of these talks is that Justin and the government sees this as justified because these are criminals on their mind. You may agree or disagree with that, that's fine but you are still considering like they are confiscating money of the fair and regular citizens which they shouldn't. They are not doing that, according to them they are trying to stop a criminal organization. Think of it like mafia, for them it is like they are fighting against a mafia. Sure it may not be like that for you, but it is for them.

These are "people who are going against the laws of a nation and endangering both themselves and others and causing death" according to the government. Like I said, you may disagree on the view, but you have to understand that if a government sees a group like that, then they will confiscate all the money and the freedom of those people because they are dangerous people according to them.

[Silberman]

People already knew your bank accounts could be frozen at any time. Canadians voted for this clown, they don't mind some radical far lefty casually using his personal politics to target the online banking of law abiding citizens. We don't even know if the funds that were donated were used for illegal activity, but that wouldn't matter either. If you receive money from someone but have it in an account for the purposes of something the government doesn't like, legality aside, they can decide whether or not to confiscate.

Trudeau just wants to enforce his tyranny on anyone that might disagree with him (or anyone with a functioning brain, essentially).

While it is true that governments and banks always had the power to do something like this, now it is even more obvious, any disagreement that you have with the banks and the government can mean that your bank and social media accounts will be blocked, it will not be long until the day comes in which they will also cancel your access to services like electricity as well because you are a threat to them, and it is precisely because of this that it is important that something like bitcoin exists.

[Sirait]

I just can't help but mention this since we've already had a lot of discussion about the Canadian government freezing the Freedom Convoy protesters' bank accounts.

https://tokenist.com/big-banks-in-canada-face-outage-day-after-emergency-declared/

Headline:

A number of major Canadian banks were hit by an hours-long outage on Wednesday. The outage happened one day after the Canadian Government invoked the Emergencies Act, giving officials the authority to freeze bank accounts of suspects, seize protesters’ trucks, and suspend their vehicle insurance.

Congratulations Justin. You just singlehandedly destroyed the trust of Canadians on the banking system. We are possibly seeing the start of a bankrun. Even assuming most of the outages are with mobile banking than ATMs, it showed that people are getting anxious and could start pulling funds in the coming days.

Worst thing that could happen after is that they'd lock people out of their money by limiting withdrawals, like what happened when Greece when bankrupt. Except here there's no severe economic reason for people to take out all of their money - it's simply a response to the government's authoritarian actions.

How can a country's Government intervene in the assets of its citizens just because they have different opinions about the necessity of vaccination? These are the kinds of things that cryptocurrencies are trying to destroy, a decentralized financial system where no one person can interfere with anyone's assets.

[Mometaskers]

BTW, I'd like to add that it looks like they are indeed worried that people would just outright take their money out after Turdeau's antics. This guy couldn't withdraw money from his HSBC account and was being asked for a "valid" reason on why he's taking out HIS money. The only explanation they can give later was some anti-money laundering BS.

https://www.offthegridnews.com/financial/bank-blocks-customers-from-withdrawing-cash/

[Silberman]

BTW, I'd like to add that it looks like they are indeed worried that people would just outright take their money out after Turdeau's antics. This guy couldn't withdraw money from his HSBC account and was being asked for a "valid" reason on why he's taking out HIS money. The only explanation they can give later was some anti-money laundering BS.

https://www.offthegridnews.com/financial/bank-blocks-customers-from-withdrawing-cash/

It is not that surprising, in the eyes of the bank it is their money and not yours, I know it does no makes sense but since the bank is the entity with all the power they can do whatever  they want and you as the client needs to take it, this is why even if I do have a bank account, as it is almost impossible in these days to live without one, I only have a very small amount of money in it, that way if the day comes this happens to me my losses will be negligible.

[Mometaskers]

BTW, I'd like to add that it looks like they are indeed worried that people would just outright take their money out after Turdeau's antics. This guy couldn't withdraw money from his HSBC account and was being asked for a "valid" reason on why he's taking out HIS money. The only explanation they can give later was some anti-money laundering BS.

https://www.offthegridnews.com/financial/bank-blocks-customers-from-withdrawing-cash/

It is not that surprising, in the eyes of the bank it is their money and not yours, I know it does no makes sense but since the bank is the entity with all the power they can do whatever  they want and you as the client needs to take it, this is why even if I do have a bank account, as it is almost impossible in these days to live without one, I only have a very small amount of money in it, that way if the day comes this happens to me my losses will be negligible.

It's disgusting but that's how it really is. If you don't have it on hand, you don't own it. That's why I found those people buying gold certificates a bit ridiculous. If I have that much money to buy gold, I'd probably just buy a safe too and keep it at home. Once given away, there's no guarantee that things - or rights, will be given back.

[mobilestrike]

Using banks is way too convenient for people to abandon them. It's like boycotting cars or the Internet or smartphones at this point. And there's really no alternative to them now, not even our beloved crypto, because of fees, transaction times, price volatility, lack of merchant support, weakness to malware and so on. So I can totally see how people who boycott the banks today will return to them in a few weeks once this all blows over.

I do not think that banks have that much importance for our lives as cars, internet or smartphones because there are many alternatives of banking system and majority of people are working without relying on banks but the other three are used by almost all of the people. We cannot resemble these three with banks.
With the current decision of Canadian government not only the victims will lose trust on banks but other people will also worry and will find other alternatives which maybe crypto for them.

[Silberman]

Using banks is way too convenient for people to abandon them. It's like boycotting cars or the Internet or smartphones at this point. And there's really no alternative to them now, not even our beloved crypto, because of fees, transaction times, price volatility, lack of merchant support, weakness to malware and so on. So I can totally see how people who boycott the banks today will return to them in a few weeks once this all blows over.

I do not think that banks have that much importance for our lives as cars, internet or smartphones because there are many alternatives of banking system and majority of people are working without relying on banks but the other three are used by almost all of the people. We cannot resemble these three with banks.
With the current decision of Canadian government not only the victims will lose trust on banks but other people will also worry and will find other alternatives which maybe crypto for them.

Older generations were more skeptical about centralized institutions like banks, for example it is not rare to find that those that are older store most of their money in their homes, and while some see this as a risk, as long as you do not advertise this to anyone then no one is going to know about it and in the case of a crisis or a bank run you are always going to have access to your cash, while at the same time the government cannot block you from using your cash, so it seems the new generations will have to learn this lesson the hard way and be reminded why they cannot trust in banks at all.