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

[Davidvictorson]

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.

People will go great lengths for their family and friends. I would have asked if he was the only customer who faced this issue with the bank but that is not the point of the topic. Back to the topic, in my country people are running to crypto to save their money already. Many many years ago our money was ours but now I feel that when we save our money in the bank it doesn't belong to us anymore but the bank and the government because they can decide to restrict our access to it for whatever reason they deem fit just as the case of the man in the story. I think that centralized exchanges also work like banks to an extent . If you want to have full control of your coins, decentralized exchange is the way to go.

[hatshepsut93]

Just because Bitcoin doesn't have this problem, doesn't mean that it's perfect or even more suitable than banks. Users can lose their seeds and as the result lose their entire savings forever with zero chance of recovery. Users can fall victim of malware that will steal all their money, but with banks it's less likely and less dramatic, because of the procedures like described in your story.

And if some banks have bad user experience, doesn't mean all of them do. I have been sending sums in range of $20,000 through online banking and my transactions were processed in less than 20 minutes with minimal obstacles.

[bitcampaign]

because banks use customer money to lend to company owners which of course the BANK itself can get interest from the loan proceeds, that's why they sometimes don't keep the customer's money full in their bank, what's worried is that when everyone simultaneously withdraws their money, the BANK will have a strange reason like the above incident, I don't have a bank account because I'm also worried about this problem 90% of the money I have is in crypto now

[m2017]

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

Every action requires the right tool. Bank account, cash or bitcoin - each financial tool is good in certain situations, has its own characteristics and disadvantages. It is wiser to take this into account and use it for your own good than to be influenced by emotions. But I understand you perfectly, because I share your contempt for banks and cash because of their shortcomings.

I believe that banks can be used if you store only a certain amount in them, which is not needed here and now, but will be stored for a long time.

The same applies to cash (keep only part of the money in them), because it is subject to inflation, but it has a wide circulation and you can pay with it everywhere. The best way to keep the "value" in the short term and the ideal solution for ongoing expenses, as well as unforeseen and sudden.

Bitcoin is very volatile, so should consider it as a long-term reserve. Use in emergency situations is fraught with losses, because if you sell now bitcoin for the sake of paying in the hospital, then this is a bad decision (especially if bought during a bull run at 2-3 times the current price).

As a result, I can assure you that the best solution would be to distribute your money among these three instruments (or not only among them). In what proportions - this is already a decision for each individual.

[Issa56]

because banks use customer money to lend to company owners which of course the BANK itself can get interest from the loan proceeds,

Yes you are right, in my country banks do give companies loan and their interest is always high, so they do business with the money you save in the bank and they take the profit. I can't really remember the last time I left hug amount in my bank account, since I started cryptocurrency, I always keep the amount I will be needing for that moment in my bank and my main money is always in my wallet address, when I need money, I will withdraw the amount I need to my bank account. I don't really trust those banks with my fund.

[Minor Miner]

~

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.

~

Depositing your savings in bitcoin is still not a better solution, mate. Bitcoin is volatile and let's say you put all your savings in bitcoin and we are in a bear market. If bitcoin drops more than 75% value means your wealth will also lose 75%, if you need money immediately bitcoin will not help you but on the contrary, you become more and more desperate.

Bitcoin is a risky investment, it is suitable for long-term investment and only uses idle money to invest, not money to solve daily emergencies to invest.

[Darker45]

This has always been with the banks, even in countries that are not in the middle of a severe crisis. It seems they don't just easily release your own money. I myself have been through such hassles. The case in Lebanon is much different, of course.

Regardless, the point is that it is not really convenient to keep your money in banks. Shit could happen anytime. China isn't in the middle of a Lebanon-like crisis but look at those tanks.

Anyway, I also don't recommend to just "put their money on bitcoin or crypto." It helps to keep some cash. Otherwise, that $210,000 would have already fallen to less than $100,000 now had it been converted to Bitcoin around the time of its peak.

[Ayers]

in a way, banks are still essential to us, bitcoin and banks have their own functions and use cases
it is not safe to put all your assets in bitcoin, the risks in the crypto industry are also many, being hacked by hackers, losing private keys...
all of these will also make your assets not 100% safe and you cannot sue anyone if your property is lost, better way is we should divide our assets and put them in different points

[davis196]

Even if that guy had crypto, he would have to deal with centralized crypto exchanges and KYC, in order to sell that crypto to fiat.
Dealing with a centralized crypto exchange is almost the same as having to deal with a bank. Even if he successfully sold his crypto to fiat, the fiat money would have to be wired into a bank account, that can be blocked as well. Unfortunately you can't avoid banks in the current financial system, even when you are pro-crypto. The only solution for him would have been saving a part of his money in his house.
Anyway, this guy was brave. It takes balls of steel for breaking the law, in order to save your family. I don't know if I'm capable of doing such thing.

[BobK71]

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.

In this case I think a person can keep some money in the bank for any emergency purpose. There they can get fiat money as needed using ATM card whose service is open 24 hours.

On the other hand, if the person is depositing most of his assets in bitcoin or crypto then I think it can be good for him. In this case, many people may be afraid of volatility, I would suggest them to convert it to stable coin or convert it to bitcoin as per the opportunity.

[Cookdata]

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.

I'm not in support of bank actions y holding his money but I feel what he did was wrong, he may still be prosecuted for holding someone as a hostage in either to get his money. I have experienced a similar situation in a bank when one of their customers did withdraw his money from ATM but the transaction wasn't successful and at the same time, he was debited, all efforts to credit back money on his account was delayed even after filling the necessary documents and the day he was told to wait passed. The next time he came to the bank, he cause a scene, he was shouting and demanded to see the manager and was ready to go one on one with the security, in less than a few minutes, the money was credited back to his account, he withdraws all his money and never used the bank again. I think that guy should have used another approach to get their attention and not on a person's life.

Not everyone will use bitcoin, it might be best to boycott these banks but it means as payment is sometimes limited by its volatility. Again, if that man is paying a hospital bill, I believe he still going to use a bank to have access to cash because banks wouldn't accept bitcoin in this case.

[BITCOIN4X]

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 words, banks have a worse reputation when their customers need them. This impression is clearly verifiable as many cases have made it a deprecated service as long as people have other storage options.

I don't have much savings in the bank account, it's just some for my needs when paying electricity bills or other expenses. In crypto, everyone has a bank in their own hands but they still need bank services to withdraw fiat especially when your country doesn't support crypto as legal tender.

[cabron]

The stand-off eventually ended peacefully with no injuries, after negotiators struck an agreement allowing the suspect to receive $35,000 (£29,000) of his savings upfront, LBC TV channel reported.

The guy is actually considered a rich guy in the country while he has more than $200,000 in his bank account. I guess the authority made a consideration  to his situation since its for hospital bill. Not everyone can be considered by authorities especially if you are not capable of paying damages. The poor is viewed differently by police not just in Lebanon.

The people in this country as far as I know has no access to USD. Paypal or any other means is not accessible for Lebanons, that's how we make these people poor. You'd be surprise how many more countries are not allowed to access USD. No freedom for these guys. Its why some of them  are grateful to have access USDT or some other stablecoin.

[ethereumhunter]

Maybe that's why we can't withdraw all or most of the money we deposit in the bank because the bank has terms and conditions that we must follow. They argue that we must complete those conditions before getting the money we deposit in the bank.

If the amount of money is very large and we want to withdraw it in one go, the bank will suspect us and want to examine it further.

If they have bitcoins, but the hospital or other places don't accept crypto payments, we will also have a hard time because we can't use crypto to pay. This situation is very confusing, especially if we are in the same situation as that man. Hopefully, the bank can understand the emergency situation and can allow us to withdraw the money we deposited in the bank.

[Mauser]

It's hard if you put all your money and trust into one bank and when the time comes that you need your money the bank won't give it to you. I haven't heard of a similar story before, the actions of the bank are not okay, but it's also not okay to take matters into your own hand and take a hostage. There are rules and laws we need to follow. Taking the bank to court probably takes a long time and he might not have that time in an emergency. I have similar fears myself with the big banks in my country. Even though the government guarantees bank deposits up to 100,000 Euros, I still don't trust the system. We should learn from this story to never put all our money into a bank. I use 1 bank that has branches in my city and 3 different online banks to spread my money. One bank to save, one to do my brokerage for stock trading, one bank where I have a loan and then my main bank for every days business.

[kryptqnick]

If this is his money in a bank account, and he needed it urgently for a hospital but the bank was unwilling to give it to him, I think his actions were understandable. It's good that nobody got hurt. I wonder, though, why it couldn't be solved differently (for example, by calling the police to the bank and complaining about the situation. Or why he couldn't transfer money from a savings account to a debit card and pay online for the hospital charges. I also wonder if charges await him, as creating a hostage situation must be a crime. Op is right that it could largely be avoided by storing BTC, but unless the hospital accepts BTC directly, there would still be a need to use a service like an ATM or an exchange to actually use the money, unfortunately.

[btc_angela]

If this is his money in a bank account, and he needed it urgently for a hospital but the bank was unwilling to give it to him, I think his actions were understandable. It's good that nobody got hurt. I wonder, though, why it couldn't be solved differently (for example, by calling the police to the bank and complaining about the situation. Or why he couldn't transfer money from a savings account to a debit card and pay online for the hospital charges. I also wonder if charges await him, as creating a hostage situation must be a crime. Op is right that it could largely be avoided by storing BTC, but unless the hospital accepts BTC directly, there would still be a need to use a service like an ATM or an exchange to actually use the money, unfortunately.

Perhaps banks is running on fractional reserves?

In any case, yeah the man is really desperate, and when we are in a bad position (needing money to pay the hospital and they can't get out obviously if they haven't settled everything), we are forced to do something like this.

But at least this has a happy ending, negotiations went good and the man just wanted his money, that's it.

[goldkingcoiner]

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".

Banks are the Blockbusters of our current age. They are screaming, flailing and doing anything they can to stay relevant but the truth is, banks are becoming completely unnecessary and redundant. I relish the thought that, one day, bankers will be on the streets with a "will hold your money for food" cardboard sign.

Its just the government's way of holding the people hostage. And if they do not have that, they can only threaten people by taking away their freedom instead of their money. And the government knows that.

I feel bad for the Lebanese guy, especially considering his emergency situation, but this is a good show of why we need to get rid of banks as soon as possible!

[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".

Banks are the Blockbusters of our current age. They are screaming, flailing and doing anything they can to stay relevant but the truth is, banks are becoming completely unnecessary and redundant. I relish the thought that, one day, bankers will be on the streets with a "will hold your money for food" cardboard sign.

Its just the government's way of holding the people hostage. And if they do not have that, they can only threaten people by taking away their freedom instead of their money. And the government knows that.

I feel bad for the Lebanese guy, especially considering his emergency situation, but this is a good show of why we need to get rid of banks as soon as possible!

Banking strikes me as one of those sectors that attracts a certain kind of opportunist asshole seeking to employ a public industry for exploitative purposes. And now the general standard is improving, the unfair advantages they entrenched themselves for are no longer so available. Like you said, they look like they are becoming desperate & it all looks a bit cheap & old hat. Coronavirus & monkey pox & all this manufactured alarmist shit are their way of trying to hold on. Once upon a time the evil bastards would have used the plague or the black death or a great spate of food factory or bushfires or something

[Mate2237]

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.

Banks really frustrate customers. To hostage bank is all depend on the country. If it is for my country then forget. the authority would even support the banks to crucify the customer. Because the Lawyers and the businessmen are working together so the working class and the poor masses can win cases in law suit. Really, using btc to keep money is best option so far.