Do you want to be a hero? (maybe not)

[Dave1]

A man in Lebanon was hailed a hero after he takes a bank a hostage. And the reason why he did that? it's because he can't withdraw his money from bank. He had a family emergency, so obviously, he needed that money for hospital bills and all his saving is in that bank. And the hostage ended after the negotiators were able to produce $35,000 (£29,000) of his savings upfront.

The suspect's brother told journalists: "My brother has $210,000 in the bank and wants to get just $5,500 to pay hospital bills."

https://www.bbc.com/news/world-middle-east-62514631

I don't know if I can good to that length to hostage the bank or something. But one thing is for sure, if people could just learn how to put their money on bitcoin or crypto, in which they have total control, maybe in times of need, you can just transfer some and convert it to fiat anytime you want. You don't need to be a hero.

In other news,  Video Shows Tanks Protecting Crisis-Hit Banks In China, Internet Says "History Repeats Itself".

[1715443711]

1715443711

[PrivacyG]

I despise banks and have never seen the point in keeping your money in the bank account.  And with every single story like this that I get to read, I get one more confirmation that storing your savings in the bank is a big risk.  Too many times in the history banks screwed their own customers up, so why help them continue doing this?

On the other hand, I partially disagree with you that savings should be stored in Bitcoin.  If you are in an emergency, Bitcoin will not be there to help you unless the hospital, the doctor or the person in need accepts Bitcoin payments.  Savings for emergency use better be stored in my opinion in Fiat instead, as much as I hate it.

-
Regards,
PrivacyG

[348Judah]

 

he can't withdraw his money from bank

this is one of the questionable request that should be laid on banks requesting why? because many had gone through lots of difficulties in the process of bank restrictions to one's finances, bitcoin is a good opportunity that take away this embargo for real, which has lifted many from the trap and dungeons of centralized system of hostages, with bitcoin there's freedom ones you know how to remain truly decentralized by staying away from centralized exchanges which share similarities in bank especially with KYC related issues.

I don't know if I can good to that length to hostage the bank or something

better you stay off their banking system because yours can be different case entirely, once you don't fully depends on banks with your finances then overlooked all their downfalls and embrace bitcoin.

if people could just learn how to put their money on bitcoin or crypto, in which they have total control, maybe in times of need, you can just transfer some and convert it to fiat anytime you want. You don't need to be a hero.

preferably bitcoin and not other cryptocurrencies, then the solution is easy and simple, p2p.

[jossiel]

In the same scene a bank in China, they won't allow the owners to withdraw their money. But in China, rules are tougher and their citizens can't do shit with them, or else, a big consequence that they'll regret forever will be faced.

Banks usually won't allow their customers to withdraw if there's an economic downturn that they're facing. And with Lebanon, AFAIK, they've been facing a heavy blow on their economy for a few years now.

[Upgrade00]

But one thing is for sure, if people could just learn how to put their money on bitcoin or crypto, in which they have total control, maybe in times of need, you can just transfer some and convert it to fiat anytime you want.

Putting ones savings into bitcoin?
One of the biggest deterrent of this is the volatility of Bitcoin. Bitcoin is highly speculative; someone can have $1000 worth of Bitcoin today which that reduces to $600 in a couple of weeks.
An emergency can come up at any time, and if it occurs during a down market, the person may not be able to get the complete funds to save the situation.

Secondly, the bank is still a factor here as the person would need to convert back to fiat.
If the bank can withhold savings which have been there for a while, they can definitely delay an incoming transaction and restrict the user from cashing it out.Advising people to put their money in "Bitcoin or crypto" could lead many to shitcoins; a large amount of altcoins are not worth investing in.

[Poker Player]

I despise banks and have never seen the point in keeping your money in the bank account. 

What I don't see the point is to have a lot of money, like millions, and have it all in cash. In your house, no matter how safe you think it is, it can be stolen, or there can be a fire and it can burn.

And with every single story like this that I get to read, I get one more confirmation that storing your savings in the bank is a big risk.  Too many times in the history banks screwed their own customers up, so why help them continue doing this?

What I don't quite understand about the story is why I couldn't pay the hospital bill by credit or debit card, bank transfer or check. Normally when restrictions like that have been put in place as happened in Cyprus around 2013, the restrictions are on cash, but you can still pay by other means.

[Jawhead999]

How can you mention crypto will have full of control? are you forget there's many news CEO freeze their coins even it's on non custodial wallet. Put your money on cryptos or centralized exchanges are similar you like put it on banks, there's nothing of full control.

Also you're not completely correct, even they already invest all his money on Bitcoin, when you're convert your money to Bitcoin, you still need a bank to withdraw your money. Which third party you will use to get your money then? you need the money ASAP, if you're using gift card, it's slow.

[TheNineClub]

I wouldn't necessarily classify taking hostages as heroic. I get why he did it, and I can't blame him, but that really wouldn't be heroic as he caused more problems for him and his family than previously. Something in the story doesn't add up. His brother says he just needed 5.500$, but he ended up ''walking away'' with 35k? Nevertheless, in most of the world, at least for us regular customers, you can't really come into the bank, ask for any amount of money and expect them to just hand it over, they simply don't have that on them. The banking system has, (some time ago), moved away from having the exact amount deposited on hand, and have transferred into numbers on paper or a screen. We all know that and complyed with that when we decide to do business with the bank, I think it's even in their terms of the agreement. Those that make it ok? No, but we still do business with banks. What needs to be asked is what kind of hospital was not willing to wait one day (as it usually takes that much for the bank to get the money) that it was needed to take hostages for the money to be there that day? STrange.

[PrivacyG]

What I don't quite understand about the story is why I couldn't pay the hospital bill by credit or debit card, bank transfer or check. Normally when restrictions like that have been put in place as happened in Cyprus around 2013, the restrictions are on cash, but you can still pay by other means.

Not all countries have credit or debit card payments allowed at hospitals.  I definitely know some countries around the world that do not, especially the less developed ones.

-
Regards,
PrivacyG

[D ltr]

he can't withdraw his money from bank.

For what reason can banks not give money to their customers, except here the bank suffers losses or financial problems can be said to be bankrupt, because customer savings are full rights at any time and can be withdrawn when needed,


I think the idea of diverting financial assets to btc or stablecoins is better than saving in the bank for now, because the bank system will drive customers crazy if this happens again.

[Lucius]

How can you mention crypto will have full of control? are you forget there's many news CEO freeze their coins even it's on non custodial wallet. Put your money on cryptos or centralized exchanges are similar you like put it on banks, there's nothing of full control.

That's right, storing Bitcoin or some altcoins on CEX carries with it even greater risks than storing fiat in a bank, given that at least in the EU there is state insurance for deposits up to EUR 100 000. If someone hacks CEX or makes an exit scam, in most cases the client will not get anything, or will wait for years to be compensated.

Also you're not completely correct, even they already invest all his money on Bitcoin, when you're convert your money to Bitcoin, you still need a bank to withdraw your money. Which third party you will use to get your money then? you need the money ASAP, if you're using gift card, it's slow.

In most cases, banks cannot be avoided when selling cryptocurrencies, but in some countries there are physical crypto exchanges or people sell and buy cryptocurrencies in person. The latter is not really something that is recommended because it carries certain risks, but people can always manage if they want to bypass banks when it comes to trading cryptocurrencies.

I personally feel much safer when I have Bitcoin in my possession, than when I give my trust to banks, regardless of their reputation and the insurance that the state offers on savings deposits. However, such an attitude towards saving comes from where you live, because if you have Bitcoin with which you cannot buy anything or exchange it for fiat, then you really have nothing.

[yazher]

That's right, if he got some bitcoins instead, he could try P2P with Binance or any other exchanges and have all his needs at once. If people really ponder on what's going on here they will consider bitcoin as a good option for saving your money without worrying about such problems occurring. Many companies already realized that now that's why we read in the crypto news that they already bought some bitcoins with their company reserved funds in order to keep in long term and release it when people are rushing to buy bitcoins all around the world.

[hZti]

This story proofs again that you should never just rely on one source. You should put your money in Bitcoin, Bank account and maybe some other assets. If you only have one, even if it is bitcoin you can get in huge trouble. This was always the same, even before bitcoin did exist.

[Welsh]

I despise banks and have never seen the point in keeping your money in the bank account.  And with every single story like this that I get to read, I get one more confirmation that storing your savings in the bank is a big risk.  Too many times in the history banks screwed their own customers up, so why help them continue doing this?

Because, for most countries it's a requirement to have a bank account. Either to receive your money from your job, or as proof of earnings. If you want to buy a house for example, you have to show proof of where your deposit came from, that means bank statements. You can do it with Bitcoin, but Bitcoin can't be used to purchase most houses, and a lot of mortgages class Bitcoin as a risky investment, and therefore you wouldn't be able to get the same amount that you could with fiat.

So, I do get it. Banks are something that we want to avoid using, but in a lot of countries it's a requirement, that people can't avoid. I guess it depends on your living circumstances, if you have already paid off your house or you don't mind just putting the bare minimum into fiat, then that's alright, but the reality is a lot of people that aren't over 40/50 aren't going to be in a position to do that.

[hZti]

So, I do get it. Banks are something that we want to avoid using, but in a lot of countries it's a requirement, that people can't avoid. I guess it depends on your living circumstances, if you have already paid off your house or you don't mind just putting the bare minimum into fiat, then that's alright, but the reality is a lot of people that aren't over 40/50 aren't going to be in a position to do that.

It is also very convenient in most cases to just buy with your bank card in the store. Also it is very safe, since you dont need to keep all your cash at home, what would be insane to me. Still to put it in the bank is not the best option for large sums.

[theCommittalist]

A man in Lebanon was hailed a hero after he takes a bank a hostage. And the reason why he did that? it's because he can't withdraw his money from bank. He had a family emergency, so obviously, he needed that money for hospital bills and all his saving is in that bank. And the hostage ended after the negotiators were able to produce $35,000 (£29,000) of his savings upfront.

The suspect's brother told journalists: "My brother has $210,000 in the bank and wants to get just $5,500 to pay hospital bills."

https://www.bbc.com/news/world-middle-east-62514631

I don't know if I can good to that length to hostage the bank or something. But one thing is for sure, if people could just learn how to put their money on bitcoin or crypto, in which they have total control, maybe in times of need, you can just transfer some and convert it to fiat anytime you want. You don't need to be a hero.

In other news,  Video Shows Tanks Protecting Crisis-Hit Banks In China, Internet Says "History Repeats Itself".

Have to strongly disagree with your point about 'Bitcoin or crypto' because only Bitcoin has a proven track record & even seems reliable for the time scales you need if you are trying to protect your wealth from state rats. If you put $210K in some random not-really-decentralized altcoin then you are asking for trouble.

And to go deep on this OP about heroism, it seems like it belongs to a flawed kind of binary thinking. To be a hero you have to have a problem to solve, maybe an enemy, an anti-hero or super villain, you can't really be a hero without such a thing right? Again you have to be asking for trouble just my two sats

[darkangel11]

The guy can be called rich since minimum wage in Lebanon is around 6k USD a year, so having over 30 years of minimum wage as savings is pretty neat. At least he thought he was rich because he had a statement from the bank saying so.

It's funny how we rely on others to survive. We trust the bank will give us our money, we trust the power company will keep sending power, we trust the government will honor our rights and that our property will still belong to us in 20 years. we should learn to be independent.

[franky1]

alot of people cry many things. like because i dont live in fantasy land(unlike some) of: "do what you like and use a gun if you dont get what you like.. "
and instead i do my research, whereby sometimes that means i am quoting laws and highlighting the things that can get people into trouble must, which in crybabies eyes mean that i must be on the side of the fiat elite..

they get it all wrong. actually doing research means you learn the rules of the fiat elite to then learn how to find the loop holes and avoid their headaches

EG learning some tax laws means you can learn the loop holes.. for instance giving a 'personal loan(tax exempt)
means that if yougive yourself a personalloan(many UK ministers and businesmen do this all he time)
EG from your online persona to your reallife then is a tax exempt transfer,thus not hit by income or capital gains tax

...
the guy that held a bank hostage is obviously going to get into legal trouble

the key is not to tell everyone to hold a bank hostage as that will just get you in more trouble later.

the reality is this
realise fiat is not your property. you may posses it but you dont own it (there is a difference)
its the banks invention, their patent. they just allow you usage of it if you follow their rules. they can set the rules on withdrawal limits. they can set laws that make you forfeit possession of it if you cross a boarder, they can take bank notes out of circulation and they can even set a new ratio thats not 1:1 swap on new bank notes(research hyperinflation)

so the solution is not to hoard lots of value in fiat where they set the rules. but to avoid handing them cash into a bank. because once they have it.. its not in your control. and you have to play to their whims and their rules.

its the same basic mindset of "not your key not your coin"

[famososMuertos]

A man in Lebanon was hailed a hero after he takes a bank a hostage. And the reason why he did that? it's because he can't withdraw his money from bank. He had a family emergency, so obviously, he needed that money for hospital bills and all his saving is in that bank. And the hostage ended after the negotiators were able to produce $35,000 (£29,000) of his savings upfront.

The suspect's brother told journalists: "My brother has $210,000 in the bank and wants to get just $5,500 to pay hospital bills."

..//..:::

I don't know what percentage it may be on average, but I am 100% sure that at least one person in life as a client has had some problem of the type "I can't freely access my funds".

 It is absolutely nonsense and it may be that many here when they access the banking system already had the crypto option as an alternative, but it is a nonsense that we had to endure for years and that, far from improving in service over the years, gets worse.

[Poker Player]

This story proofs again that you should never just rely on one source. You should put your money in Bitcoin, Bank account and maybe some other assets. If you only have one, even if it is bitcoin you can get in huge trouble. This was always the same, even before bitcoin did exist.

I think the same way, and act the same way in fact. Having everything in Bitcoin, or everything in cash, seems crazy to me.

Just as it is good to diversify your sources of income, it is good to diversify what you accumulate. Some cash, bitcoin, RE, something invested in the Stock Market and something else gives you much more security than if you have it all in the bank, or all in Bitcoin.