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Leina
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June 30, 2014, 07:39:26 AM |
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At least bank's transaction can be reverted. So its almost risk free.
Not if that bank is insolvent or freezes withdrawals. Having a bank account is worthless if you can't access your funds. It would be unlikely that your account would be completely worthless in the long run as you would eventually be given something. Although this something is likely to be much less then what your account should be worth based on how much you have deposited In the long run is also a problem. Most people don't keep a decent stash of currency in the house. In the 2008 meltdown it was the people that caused the problem that got taken care of while the people that were truly hurt got nothing. This is true however people can survive for some time without money. Most families keep some level of food in their house, don't need to fill up their gas tank every day, have a grace period on their rent/mortgage. If they were to change the way they got paid by their employer so they would be paid in cash then a family could somewhat get by until they are paid (now in cash) again In developed and semi developed nation, people live day by day and only keep enough food in the house for a week. |
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"There should not be any signed int. If you've found a signed int
somewhere, please tell me (within the next 25 years please) and I'll
change it to unsigned int." -- Satoshi
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rebuilder
Legendary
 Offline
Activity: 1615
Merit: 1000
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June 30, 2014, 10:31:44 AM |
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If you were to "turn off" fractional reserve banking then how would anyone be able to borrow money?
Yes because there was no bank loans before 1913 *sarcasm* There was fractional reserve banking *well* before 1913. |
Selling out to advertisers shows you respect neither yourself nor the rest of us.
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Too many low-quality posts? Mods not keeping things clean enough? Self-moderated threads let you keep signature spammers and trolls out!
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cr1776
Legendary
Offline
Activity: 4032
Merit: 1299
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June 30, 2014, 10:54:26 AM |
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The bank system it´s a fonzi scheme, for making slaves. I dream with the day when all the corrupt bank institutions dead.
What does Happy Days have to do with this? |
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Marlo Stanfield
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June 30, 2014, 11:52:17 AM |
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Is there any chance that this could affect BTC-e at all?
I know that they are based out of Bulgaria. Or at least that is the general consensus. They are pretty secretive.
I know they do use banks in London as well. But some of their money has to come through Bulgaria, right?
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2GOOD (OP)
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June 30, 2014, 11:59:20 AM |
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Is there any chance that this could affect BTC-e at all?
I know that they are based out of Bulgaria. Or at least that is the general consensus. They are pretty secretive.
I know they do use banks in London as well. But some of their money has to come through Bulgaria, right?
AFAIK they are only registered in Bulgaria, and that's all. |
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nextgencoin
Legendary
Offline
Activity: 1106
Merit: 1000
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June 30, 2014, 01:10:44 PM |
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Anyone who is stupid enough to have money in a European bank probably deserves to be screwed.
The banking collapse already happened back in 2008 where we had the big financial boys make runs on the banks. Its already happened. People will wake up one day and find out all their money is gone, its inevitable. People gonna learn what fractional reserve banking is pretty soon.
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KeyserSozeMC
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June 30, 2014, 01:14:01 PM |
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Hey, smexy. Don't waste your time. Time's precious.
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nextgencoin
Legendary
Offline
Activity: 1106
Merit: 1000
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June 30, 2014, 01:26:00 PM |
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The Banks worst fear, my greatest hope. Though I would argue in all this Banks get too much blame. The bigger problem is more specifically Central Banks and Government entanglement with them. Banks just did what they are supposed to do, make money. And they were supposed to lose it if they failed. |
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Gargulan
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June 30, 2014, 01:54:56 PM |
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Is there any chance that this could affect BTC-e at all?
I know that they are based out of Bulgaria. Or at least that is the general consensus. They are pretty secretive.
I know they do use banks in London as well. But some of their money has to come through Bulgaria, right?
AFAIK they are only registered in Bulgaria, and that's all. Btc-e uses Czech bank, which is part of the whole European mess. I would be worry if I have any balance there. |
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IIOII
Legendary
Offline
Activity: 1153
Merit: 1012
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June 30, 2014, 02:09:16 PM |
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At least bank's transaction can be reverted. So its almost risk free.
Not if that bank is insolvent or freezes withdrawals. Having a bank account is worthless if you can't access your funds. It would be unlikely that your account would be completely worthless in the long run as you would eventually be given something. Although this something is likely to be much less then what your account should be worth based on how much you have deposited In the long run is also a problem. Most people don't keep a decent stash of currency in the house. In the 2008 meltdown it was the people that caused the problem that got taken care of while the people that were truly hurt got nothing. This is true however people can survive for some time without money. Most families keep some level of food in their house, don't need to fill up their gas tank every day, have a grace period on their rent/mortgage. If they were to change the way they got paid by their employer so they would be paid in cash then a family could somewhat get by until they are paid (now in cash) again In developed and semi developed nation, people live day by day and only keep enough food in the house for a week. I would say worse: Many people in developed nations don't even keep enough food and water(!) for a single week. At the same time the supply chain today is much more fragile than it used to be, because storage capacities are kept at a minimum to optimize costs. Supermarkets will be emptied shortly after a serious event. |
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indiemax
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June 30, 2014, 02:35:45 PM |
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More bloody bailouts for a bankrupt country by the EU central bank,failed state helped out by a failed entity,you couldn't make it up,come on Bitcoin finish this game off
From the Guardian
EC approves credit line to support Bulgaria after bank runs
The European Commission has offered Bulgaria's banking system its assistance, to prevent the country's banking system sliding deeper into trouble, after last week's bank runs.
It announced this morning that it has approved a request from Bulgaria to extend a credit line of 3.3 billion levs (or £1.35bn), to support its banks.
The EC explained:
"The Commission concluded that the state aid implied by the provision of the credit line is proportionate and commensurate with the need to ensure sufficient liquidity in the banking system in the particular circumstances."
The authorities in Brussels also tried to calm savers' worries, having seen the queues that built up outside branches of two major Bulgarian banks in recent days.
It insisted that Bulgaria's banking system was:
"well capitalised and has high levels of liquidity compared to its peers in other member states. For precautionary reasons, Bulgaria has taken this measure to further increase the liquidity and safeguard its financial system".
The Bulgarian authorities have blamed the bank runs on people spreading mis-information. But there's no doubt people are worried
On Friday, many depositors at First Investment Bank, the country third-largest lender, dashed to withdraw their savings - forcing it to shut until this morning.
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IIOII
Legendary
Offline
Activity: 1153
Merit: 1012
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June 30, 2014, 04:01:55 PM |
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The authorities in Brussels also tried to calm savers' worries, having seen the queues that built up outside branches of two major Bulgarian banks in recent days.
It insisted that Bulgaria's banking system was:
"well capitalised and has high levels of liquidity compared to its peers in other member states. For precautionary reasons, Bulgaria has taken this measure to further increase the liquidity and safeguard its financial system".
That statement is an outright lie. Authorities lie, because they can't do much else to stop the bank run. If only a fraction of the population demands their savings handed over, banks will collapse. This should be taken very serious. Of course the World Cup comes in handy to distract the general public in Europe... |
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bitbouillion
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June 30, 2014, 05:37:27 PM |
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I deposit $1000 into the Bank
Bank Clerk types "+$10,000" on the keyboard and then the clerk lends out $9000 in mortgages and loans to other customers,
This is not how it works. A bank CREATES a loan against collateral (the common definition "out of nothing" is not correct) and this CREATES demand deposits. Cash in the same amount is never needed (only certain reserves by regulations). A customer deposit is nothing else than a cash loan to the bank. The bank will tap this money, AFTER it created a loan and the loan amount goes to another institution or is paid out in cash (cash outflows). If there is not enough cash deposits, the bank has to borrow cash from the central bank or other banks (creates interest expenses). If there is too much cash deposits, the bank can pay back it's debt to the central bank or other banks (saves interest expenses) and lend excess money to the central bank and other banks (creates interest income). Cash is like a token to move demand deposits between institutions or between banks and the public. It is never needed in the same amount to maintain demand deposits (MZM >> M0). I deposit $10,000 cash into the Bank. Bank Clerk types "+$10,000" on the keyboard and the bank may pay it's liabilities/debt (to other customers, to the central bank, to other banks) the next second from my money. I get an IOU from the bank in return. |
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bitbouillion
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June 30, 2014, 05:42:52 PM |
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The authorities in Brussels also tried to calm savers' worries, having seen the queues that built up outside branches of two major Bulgarian banks in recent days.
It insisted that Bulgaria's banking system was:
"well capitalised and has high levels of liquidity compared to its peers in other member states. For precautionary reasons, Bulgaria has taken this measure to further increase the liquidity and safeguard its financial system".
That statement is an outright lie. Authorities lie, because they can't do much else to stop the bank run. If only a fraction of the population demands their savings handed over, banks will collapse. This should be taken very serious. Of course the World Cup comes in handy to distract the general public in Europe... It's not really an outright lie. "high levels of liquidity compared to its peers" and "increase the liquidity" does not necessarily mean, that all available cash covers all demand deposits. You can have a look at the publicly available data of the Bulgarian central bank to see that all available cash does NOT cover all demand deposits. |
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BitchicksHusband
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June 30, 2014, 06:48:40 PM |
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At least bank's transaction can be reverted. So its almost risk free.
Tell that to the guy on here who had 700,000€ taken from his account by the government. |
1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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IIOII
Legendary
Offline
Activity: 1153
Merit: 1012
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June 30, 2014, 07:41:59 PM |
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The authorities in Brussels also tried to calm savers' worries, having seen the queues that built up outside branches of two major Bulgarian banks in recent days.
It insisted that Bulgaria's banking system was:
"well capitalised and has high levels of liquidity compared to its peers in other member states. For precautionary reasons, Bulgaria has taken this measure to further increase the liquidity and safeguard its financial system".
That statement is an outright lie. Authorities lie, because they can't do much else to stop the bank run. If only a fraction of the population demands their savings handed over, banks will collapse. This should be taken very serious. Of course the World Cup comes in handy to distract the general public in Europe... It's not really an outright lie. "high levels of liquidity compared to its peers" and "increase the liquidity" does not necessarily mean, that all available cash covers all demand deposits. You can have a look at the publicly available data of the Bulgarian central bank to see that all available cash does NOT cover all demand deposits. Well in this case I don't want to know how bad the situation of those peers is... this could spread to other countries fast. Gold and Bitcoin both jumping today. Coincidence? |
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bitbouillion
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June 30, 2014, 08:19:27 PM |
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Well in this case I don't want to know how bad the situation of those peers is... this could spread to other countries fast.
Gold and Bitcoin both jumping today. Coincidence?
Banking is a confidence game. A panic doesn't necessarily follow logic. |
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ShakyhandsBTCer
Sr. Member
Offline
Activity: 448
Merit: 250
It's Money 2.0| It’s gold for nerds | It's Bitcoin
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June 30, 2014, 11:12:55 PM |
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The authorities in Brussels also tried to calm savers' worries, having seen the queues that built up outside branches of two major Bulgarian banks in recent days.
It insisted that Bulgaria's banking system was:
"well capitalised and has high levels of liquidity compared to its peers in other member states. For precautionary reasons, Bulgaria has taken this measure to further increase the liquidity and safeguard its financial system".
That statement is an outright lie. Authorities lie, because they can't do much else to stop the bank run. If only a fraction of the population demands their savings handed over, banks will collapse. This should be taken very serious. Of course the World Cup comes in handy to distract the general public in Europe... This is the case anywhere that fractional reserve banking is instituted. |
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DannyElfman
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July 01, 2014, 04:25:13 AM |
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The authorities in Brussels also tried to calm savers' worries, having seen the queues that built up outside branches of two major Bulgarian banks in recent days.
It insisted that Bulgaria's banking system was:
"well capitalised and has high levels of liquidity compared to its peers in other member states. For precautionary reasons, Bulgaria has taken this measure to further increase the liquidity and safeguard its financial system".
That statement is an outright lie. Authorities lie, because they can't do much else to stop the bank run. If only a fraction of the population demands their savings handed over, banks will collapse. This should be taken very serious. Of course the World Cup comes in handy to distract the general public in Europe... It's not really an outright lie. "high levels of liquidity compared to its peers" and "increase the liquidity" does not necessarily mean, that all available cash covers all demand deposits. You can have a look at the publicly available data of the Bulgarian central bank to see that all available cash does NOT cover all demand deposits. Well in this case I don't want to know how bad the situation of those peers is... this could spread to other countries fast. Gold and Bitcoin both jumping today. Coincidence? bulggaria is not as high profile or a big (economy) of a country as greece is/was |
This spot for rent.
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tinof
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July 01, 2014, 08:35:13 AM |
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The authorities in Brussels also tried to calm savers' worries, having seen the queues that built up outside branches of two major Bulgarian banks in recent days.
It insisted that Bulgaria's banking system was:
"well capitalised and has high levels of liquidity compared to its peers in other member states. For precautionary reasons, Bulgaria has taken this measure to further increase the liquidity and safeguard its financial system".
That statement is an outright lie. Authorities lie, because they can't do much else to stop the bank run. If only a fraction of the population demands their savings handed over, banks will collapse. This should be taken very serious. Of course the World Cup comes in handy to distract the general public in Europe... It's not really an outright lie. "high levels of liquidity compared to its peers" and "increase the liquidity" does not necessarily mean, that all available cash covers all demand deposits. You can have a look at the publicly available data of the Bulgarian central bank to see that all available cash does NOT cover all demand deposits. Well in this case I don't want to know how bad the situation of those peers is... this could spread to other countries fast. Gold and Bitcoin both jumping today. Coincidence? bulggaria is not as high profile or a big (economy) of a country as greece is/was It is small until someone find out it owed Germany or UK a lot of money. |
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