Banks are the cause of millions of crypto project failures

[wxa7115]

The concept that banks are the major cause of cryptocurrency project failures oversimplifies the crypto space's numerous issues. While the banks have restrictions, operate within a regulated system that maintains financial stability. Cryptocurrency initiatives frequently face roadblocks because to market speculation, a lack of transparency, and vulnerability to fraud. Blaming banks for failures ignores the need of prudent project management, investor education, and regulatory transparency. Although creative, the crypto ecosystem demands a more sophisticated strategy for long-term success.

While banks are guilty of a lot of things, blaming them for the failure of shitcoins does not make sense, bitcoin the first and the best coin in this market did not require from the support of banks, why coins these days require the support of banks when Satoshi neither needed it or wanted it?

For what I can tell this is just a very weak excuse to try to explain away why the majority of shitcoins collapse, when in fact the reason is right in front of us, and that is that shitcoins are worth nothing and they do not deserve to receive a single cent.

[shawonngp]

Here's how banks are to blame if crypto projects fail? And how can they support crypto where it is illegal in almost every country around the world i don’t understand it. Banks work with their national currency why would they support crypto which has no regulation board.
A lot of scams happen here and being decentralized it cannot be identified so no way to banks support crypto project.

[WillyAp]

Why do you blame the banks?
Why not blaming the start up to go to a bank and calculating a too slim margin?

[Twentyonepaylots]

I am actually amazed that there has not been a single attempt to create a Bank for Crypto currency supporters, by large companies that are currently running huge Crypto companies? I know "Circle" did this in their early days, but they quickly stop supporting Crypto.. when they hooked enough clients for their business to run on it's own. (They did a complete 180 on their Bitcoin supporters)

I don't really get this, Crypto bank? isn't it counter-intuitive? Crpyto and Bank? Bank is not only meant to store assets, I think that's what you are referring to, but banking is a business which might be suitable with crypto, we already know this.

Banks are slowly losing more and more customers, with their misuse of their power and their greedy behavior. Crypto currencies has given them some competition and it opened some people's eyes, by providing an alternative.  

I don't see any statistics that banks are losing customers, and this doesn't open a huge door to cryptocurrencies as it is not widely accepted in most places but yeah there are a few who accepts it. Still there are a lot of people who uses banks not only to store their money or assets but also uses bank products and services. Search how many bank transfers are happening within the day, compare it to 10 years or more and you'll see it gotten multiply each year.

[southerngentuk]

While some banks may offer loans for crypto-related ventures, this doesn't necessarily equate to endorsement or responsibility. Banks, like any business, prioritize profitability, and their involvement is driven by potential financial gains. This doesn't imply they're blindly supporting every project that comes their way; they conduct their due diligence and assess the risks involved.

Instead of assigning blame solely to banks or developers, it's more productive to acknowledge the shared responsibility of all stakeholders within the crypto ecosystem. Investors need to be more discerning in their choices, developers should prioritize building genuine projects, and regulatory bodies should implement appropriate frameworks to protect consumers.

[EluguHcman]

It is worrisome at were the welfare of the masses is not a considerable problem to the government else every venturous productions either by a private sector such as Bitcoin would be encouraged by the government of the people to make life easy but yet the government itself is deprived selfless adherence accounts in frustrating and making lives uneasy to the people at even when an opportunity is introduced otherwise, the are likely to stand against it.
@ OP, I think the bank is the government and the government is the banks that they works incorporationally in a governing system.
We don't have to expect the government (bank) to give flexible chances to gain value volumes of Bitcoins against it's fiat currencies.
Government rules the world and they governs and takes authoritative decisions over the banks on the operations of the fiats which provides them with the power to staying on top of the World of enrichment. The Fiat had been in existence before the introduction of the Bitcoin digital currency which is on no governing authorities by the government in the sense that the Bitcoin is a decentralized non-custodial currency which has a 100% abortion of the government towards it.
So the government is surely mad at the technological invention of such technology because it serves a threat to them the government (bank).

Hence, let's not forget that Bitcoin is not only limited to serve as alternative means of payments but also am assets which is a program that is to stand against the economical downturns in the global sectors as a whole which has brought about a unique financial global economic system.
Yeah. you don't expect your oppositions to do you one of a favour that is hint you about the ability to throw them overboard. This is the fear and mindset of the government (bank) towards the inventory technology of Bitcoin.
Yet the King and the unifiable currency (Bitcoin) takes the lead to enhancing and maintaining its potentials abilities to stand still firmed and solidly reliable against the value of the governments fiats.
The thing is that Bitcoin stands a threat to the fiat while the fiat stands a barrier to enhance more values to Bitcoin yet Bitcoin stands to take the leads

[Ben Barubal]

No, this is not true, banks do not cause Crypto projects to fail, and again we do not have up to a million Crypto project out there. What is causing Crypto projects to fail is greed on the part of developers, there are many examples and has nothing to do with banks. I can also argue that banks is what helps Crypto to reach this current status it reached. The free money from banks is what is used to pump our bags

Free money, doesn't last. The teams behind these crypto projects are the ones that will either bring negative or positive results about their projects, some are brought into the space to cause competition which is clearly stated out, a user will not defile the rules just to please the artists. Crypto projects doesn't fail due to the existences of banks, rather they crumbled and fold up because there's enough barriers that holds most of them back, there are challenges these crypto projects faces and one is the originating during the heavy bearish season.

  You know, I honestly don't understand if you are talking about regulated banks or crypto banks. Also, I don't seem to remember or know if there are any banks that support crypto projects here in the crypto space.

  But I'm not sure. Anyway,  I just know that in these times, most banks in our country are still not really open to Bitcoin or cryptocurrency, except for the Union Bank that is here. Then the rest of the banks closed their systems to the concept of bitcoin, or cryptocurrency.

[Obari]

No, this is not true, banks do not cause Crypto projects to fail, and again we do not have up to a million Crypto project out there. What is causing Crypto projects to fail is greed on the part of developers, there are many examples and has nothing to do with banks. I can also argue that banks is what helps Crypto to reach this current status it reached. The free money from banks is what is used to pump our bags

Free money, doesn't last. The teams behind these crypto projects are the ones that will either bring negative or positive results about their projects, some are brought into the space to cause competition which is clearly stated out, a user will not defile the rules just to please the artists. Crypto projects doesn't fail due to the existences of banks, rather they crumbled and fold up because there's enough barriers that holds most of them back, there are challenges these crypto projects faces and one is the originating during the heavy bearish season.

  You know, I honestly don't understand if you are talking about regulated banks or crypto banks. Also, I don't seem to remember or know if there are any banks that support crypto projects here in the crypto space.

  But I'm not sure. Anyway,  I just know that in these times, most banks in our country are still not really open to Bitcoin or cryptocurrency, except for the Union Bank that is here. Then the rest of the banks closed their systems to the concept of bitcoin, or cryptocurrency.

Banks have no hands in cryptocurrency and in most of the countries, cryptocurrencies already have a lot of restrictions which includes the non involvement of banks in cryptocurrency related transactions and I still maintain my ground that the motive behind a project is what actually determine the success and failure of that project and most of the projects especially with altcoins are mostly the pump and dump hence the greed of the developers as well as their selfish interest is really high.

[yudi09]

Banks are the cause of millions of crypto project failures


-snip-

Banks are not government enemies, but government partners.
Banks are not the cause of the failure of millions of crypto projects.
The enemy of the bank is bitcoin because the Bitcoin system cannot be controlled by a third party.
The failure of the crypto project was due to the party from the project itself.

You are wrong in looking at the bank on these two things.
People who trust banks cannot be blamed because they do not know how to manage their deposit money. If the general public knows how the bank works, their trust in the bank will decrease.
The bank does not have money and money stored in a customer's bank. From the savings of the community they make a turnover of money by giving loans to people who need the percentage of interest charged.

[slapper]

While some banks may offer loans for crypto-related ventures, this doesn't necessarily equate to endorsement or responsibility. Banks, like any business, prioritize profitability, and their involvement is driven by potential financial gains. This doesn't imply they're blindly supporting every project that comes their way; they conduct their due diligence and assess the risks involved.

Instead of assigning blame solely to banks or developers, it's more productive to acknowledge the shared responsibility of all stakeholders within the crypto ecosystem. Investors need to be more discerning in their choices, developers should prioritize building genuine projects, and regulatory bodies should implement appropriate frameworks to protect consumers.

While banks certainly have financial interests to pursue, isn't their entry into the cryptocurrency space a clear indication of blockchain's immense potential? They understand that blockchain technology is the future of finance and are not just toying with the idea; rather, they are strategizing. Indeed, their prudence is understandable, but their participation gives credibility to the cryptocurrency space - a reality that we as enthusiasts want to support and celebrate

However, Investors need to step it up, both in terms of their discernment and their support for the revolutionary potential of blockchain. Developers need to move beyond "genuine projects" to ones that are revolutionary and upend the established order. And those in charge of regulation? Beyond mere protection, they must cultivate an atmosphere that allows blockchain to flourish rather than just endure. This is about more than just managing risk—it's about taking advantage of a chance to completely change the way that finance is done

[sana54210]

While banks certainly have financial interests to pursue, isn't their entry into the cryptocurrency space a clear indication of blockchain's immense potential? They understand that blockchain technology is the future of finance and are not just toying with the idea; rather, they are strategizing. Indeed, their prudence is understandable, but their participation gives credibility to the cryptocurrency space - a reality that we as enthusiasts want to support and celebrate

However, Investors need to step it up, both in terms of their discernment and their support for the revolutionary potential of blockchain. Developers need to move beyond "genuine projects" to ones that are revolutionary and upend the established order. And those in charge of regulation? Beyond mere protection, they must cultivate an atmosphere that allows blockchain to flourish rather than just endure. This is about more than just managing risk—it's about taking advantage of a chance to completely change the way that finance is done

The thing about banks is that they are sort of like exchanges, they do not care about the price of bitcoin, they do not care about the success of the investors neither, they only care about how much money they are going to make. If bitcoin price going up means more money to a bank, they will support bitcoin going up, if it means more money when bitcoin goes down, they will do everything in their power to make it go down.

A bank doesn't collapse, how many banks have you seen bankrupted? They just get money from the government or taken over by a bigger bank and continue existing, they just prefer it that way. I get that it would not be all that simple, but that's how it works and that's how they make money on the long run.

[BTC_Dragon]

The problem with banks, as we know them at this point on the historical timeline, is that they're now fully centralized. Almost all the ills throughout history, have come from some form of centralization; whether it be governments, and/or banks. Centralization is a blight upon humanity. BTC is the medicine for this blight.

You can tell TPTB want to push a CBDC, and will be trying to leverage the garbage economic conditions (that they also created) to get there.

BTC is the way.

[WillyAp]

The problem with banks, as we know them at this point on the historical timeline, is that they're now fully centralized.

The biggest issue is the ignorant user of those banks, and Crypto.
Many if not all are just after Fiat, Crypto being a way to get rich quick.

[DrBeer]

In this paradigm, it would be more correct to state - the culprits of all unsuccessful projects are people
Wrong planning, forecasting, implementation, ....
Banks don't grab project managers by the arms. they don't break the code, and they don't interfere with project creation. So the slogan "Banks are the cause of millions of crypto project failures" - sorry, but doubtful....
If we talk about confrontation, it is more correct to say that the world financial system is not very happy about competition, and not controlled. And here at the level of governments and regulators - yes, they can create certain difficulties.

[wtsimis]

I think the bank has nothing to do with various projects failing. Because bank management predates the history of cryptocurrencies. What is the job of a bank? Depositing their customer's money in a specific account and assisting the customer with various loans. Where no risk exists between holding money and lending. But if you look at cryptocurrency, you will understand that it is a decentralized currency. which has no control. Moreover, cryptos are highly volatile which can cause your assets to increase or decrease significantly at any time. So I think the bank has no direct involvement with the crypto project failing.