Need bitcoin!

[Smack That Ace]

Four banks of a province in China have frozen people's deposits amounting to millions of dollars and now no one can withdraw their money.

There is some news that banks may go bankrupt and the possibility is that people will not be able to withdraw their money.

No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!

Having a “volatile” assets, it’s better than having no assets.

https://twitter.com/nvk/status/1546281750543966208



https://www.reuters.com/world/china/chinese-protesters-demanding-bank-deposits-tussle-with-security-men-2022-07-10/

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[Yogee]

No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!

Not when they're stored on custodial wallets. Isn't trading and commercial use of bitcoin also banned in China? So it may be true that bitcoin can fix the freezing of assets in other countries but not in China. It becomes useless if they cannot use it to buy goods directly or convert it to fiat first. There may be some individuals willing to trade P2P but for how long?

[Lucius]

As @Yogee well pointed out, the way someone keeps his Bitcoin plays a crucial role in whether it really belongs to him or he entrusted it to someone else for safekeeping. Therefore, all Bitcoin that is on centralized crypto exchanges belongs to the owners, those exchanges and any government that at some point wants to confiscate it for some reason.

Bitcoin cannot fix China or any country in the world in the way you think until people change and start seriously asking for society to change. In countries like China, this has been proven to be an almost impossible mission because the Chinese (the majority) do not want change, and given how many there are, they could overthrow any government overnight.


@Smack That Ace, it would be nice if you could learn to reduce the image to the appropriate size.

Code:

[img width=200]Link here[/img]

[PaulBf1]

No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!

True but do you know what else can happen if you store all your assets in bitcoin ?  This in a little over 6 monhts.

I'm not saying you shouldn't hold bitcoins or anything, In fact bitcoin can be a great investement if proper risk managment was taken, The point im trying to make is putting all your funds onto one place is not a smart thing to do no matter how good or secure that "place" looks like, the key is to  always try and diversify.

[darkangel11]

This is one of the areas where bitcoin can make a change. You're your own bank and you don't have to worry about the facility being closed, their servers being down, their website having some issues, them leaking your private data, and the most important thing, them going bankrupt and not being able to give you back your money. With bitcoin there's no line to the ATM, nobody will spray you with tear gas for demanding your money to be returned. It's about time people learn this simple truth.

[m2017]

Until a person feels it for himself, he will never understand for anything in the world that you can't keep your money in banks. Only what only you have access to can be called yours. In the case of banks, your money is in their hands bank accounts and they can do whatever they want with it. Including, not to give to your customers, as in what happened in China. Bitcoin in this case is incomparably superior to a bank deposit, which no one can freeze or prohibit from using. I wonder what percentage of people who are victims of the banking system in China will then go to bitcoin.

[PX-Z]

There may be some individuals willing to trade P2P but for how long?

As long as they feel need to use bitcoin for their investment and financial freedom.

China has +billion of people, almost 70% of them can access the internet and probably that heard already about bitcoin. Even China banned bitcoin years ago, I'm sure there are still chinese people keep using and trading bitcoin secretly residing on that country playing on devils luck since the banned happen.

[crwth]

That bank has probably something to do with economic crises in their place. Because if they can't let people withdraw the deposited money that they have input, it's probably gone with them. Along with the investment that they probably bought using the deposited money or something. It's going to be troublesome for them if it did happen like that and they can't give a proper solution or something..

If you are one of the depositors there, I hope you get your deposit soon. Bitcoin can't fix it but it can prevent the overloading or bearing of the money that they have invested. If they used the asset to invest in another thing, it would just be the same.

[noorman0]

-snip-
No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!

From the bank customer's perspective, technically yes. But they have a variety of purposes and lengths of holding about the money they save. The only concern for bitcoin here is its volatility, they may have to re-plan their spending if bitcoin drops.
And for a while bitcoin still doesn't meet the criteria as a currency in a number of ways other than high volatility.

[Yogee]

There may be some individuals willing to trade P2P but for how long?

As long as they feel need to use bitcoin for their investment and financial freedom.

China has +billion of people, almost 70% of them can access the internet and probably that heard already about bitcoin. Even China banned bitcoin years ago, I'm sure there are still chinese people keep using and trading bitcoin secretly residing on that country playing on devils luck since the banned happen.

Is their internet "free" or is it controlled by the State as well? It's a fact that many of them have heard about bitcoin before but so what? There may be a few percentage still playing cat and mouse with the authorities but it's not sustainable is it? It's tough to really tell them to convert their life savings to bitcoin knowing the situation that they can be caught anytime and be punished.

[livingfree]

Everyone will now have the idea that the banks can closed and stop withdrawals of their own money. Whether they're currently holding bitcoin or not, that will tick their curiosity on what the banks can really do with our money.

This is the reason why we need bitcoin and what we can do with our own money and wealth. We can hold it on our own with confidence without having the worry that we won't be able to withdraw it someday unless you're holding it on custodial wallets.

[sheenshane]

From time to time, no one will trust banks to save their assets.

Though we know Bitcoin can't compete with traditional money but still, it has an advantage when it comes to storing it, the golden rule which I most like, "Not your keys, not your coins", the same on the bank, you didn't have full control in your money at the bank so don't expect that it's safe.  You might safe from the volatility but still, there's a risk part when freezing your account.

It might people of China has been now owned Bitcoin even though their government against it.

[dansus021]

From time to time, no one will trust banks to save their assets.

Though we know Bitcoin can't compete with traditional money but still, it has an advantage when it comes to storing it, the golden rule which I most like, "Not your keys, not your coins", the same on the bank, you didn't have full control in your money at the bank so don't expect that it's safe.  You might safe from the volatility but still, there's a risk part when freezing your account.

It might people of China has been now owned Bitcoin even though their government against it.

Agree with this.

why they can't withdraw their money as far as i know the government have some kind program to protect the customer in case like this happen. if like this happen and banks till can't withdraw thei customer money 1998 that happen in southeast asia will happen to china

[JLink]

From time to time, no one will trust banks to save their assets.

Though we know Bitcoin can't compete with traditional money but still, it has an advantage when it comes to storing it, the golden rule which I most like, "Not your keys, not your coins", the same on the bank, you didn't have full control in your money at the bank so don't expect that it's safe.  You might safe from the volatility but still, there's a risk part when freezing your account.

It might people of China has been now owned Bitcoin even though their government against it.

Agree with this.

why they can't withdraw their money as far as i know the government have some kind program to protect the customer in case like this happen. if like this happen and banks till can't withdraw thei customer money 1998 that happen in southeast asia will happen to china

They were cheated by intermediaries, who used higher interest rates to induce users to deposit. Users thought it was a deposit, but it was actually an investment, and then the intermediaries ran away with money. Basically, there was a problem with the intermediaries and relevant supervision (there may be interest transfer), rather than a simple bank unable to withdraw money

[Dave1]

China though is cracking down on everything related to bitcoin, so the Chinese people might have a hard time also putting their money and wealth thru bitcoin, hide it, and how do they encash it?

So it's a dilemma for them, but for us who enjoyed the support of our government, needless to say it will be easy for us and for sure majority of us have put our money on bitcoin already. And just put some on banks just an option but not our whole wealth.

[coolcoinz]

Makes me think if this crisis is going to spread and go through China like a wave. If more provinces get similar bank runs it's going to be a huge eye opener for people around the world, similar to the Cyprus bailouts that many have already forgotten about. I'd hate to see people fight for their money and being left with no money to live by, but if it's the only way to teach people that banks are vulnerable and the only safe way is to hold bitcoin and cash, so be it.

[ImThour]

"No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!"

Bitcoin in Exchange = Not SAFE.
Cash in Bank = Not SAFE.

Bitcoin in HW Wallet = SAFE.
Cash in Hand = SAFE.

Centralized systems are the main problem, not fiat. I hope you will understand this.
Also, Bitcoin fixes the problems which aren't problems for 95% of the current population on this planet.

[tbct_mt2]

Central banks are not trusted. They have leverage and can over leverage to raise fund and if bear market, financial recession comes, they get troubles, liquidation calls and their endings would be like Celcius, Terra Luna, Three Arrows Capital.

Story is same. With cryptocurrency, you can store it in your own wallet. With fiat currency, you can store it in your vault but it is less safe when storing big money in vault at your home. Especially if security in your country is not too good.

Use non custodial wallet, say no to central bank.

[KennyR]

"No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!"

Bitcoin in Exchange = Not SAFE.
Cash in Bank = Not SAFE.

Bitcoin in HW Wallet = SAFE.
Cash in Hand = SAFE.

Centralized systems are the main problem, not fiat. I hope you will understand this.
Also, Bitcoin fixes the problems which aren't problems for 95% of the current population on this planet.

Here centralized system is the problem. Is there a way through which traditional currency can be made into usage same as that we have got limited number of supply. Bitcoin usage might've eliminated it, even if we need to have some bitcoin we're in need of banks. Such situations can't be avoided at present.

[btc78]

Everyone will now have the idea that the banks can closed and stop withdrawals of their own money. Whether they're currently holding bitcoin or not, that will tick their curiosity on what the banks can really do with our money.

depend on how you can handle explaining  to the banks your part when they are trying to withdraw your funds.

but when holding bitcoin? are you referring in  exchanges?

This is the reason why we need bitcoin and what we can do with our own money and wealth. We can hold it on our own with confidence without having the worry that we won't be able to withdraw it someday unless you're holding it on custodial wallets.

but never forget about the risk , because there are hackers that will target your funds if you will not know the use of security and the power of knowledge .