Are people losing faith from centralized organizations? - page 3.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

Quote from: South Park on August 23, 2020, 11:49:44 AM

Quote from: bits4books on August 22, 2020, 06:40:34 AM

Many people do not just withdraw money from their accounts and take it out of the banks - they either buy something for super-long-term use or invest in something that will always be in the price. They buy gold or land or real estate - anything that in the future will definitely be in demand for one reason or another and is minimally subject to inflation, for example.
As they say - no matter how much money there is in the world, there is no more land!

This is why despite the crash that we saw in March of this year in the price of bitcoin the price recovered relatively quickly, bitcoin by design is very scarce and people are realizing that governments do not have any kind of problem printing as much money as they want in order to solve the problems that they have created themselves but as we know this decreases the purchasing power of your money but in the case of bitcoin we see the opposite with the price of bitcoin having a tendency to go up over the long term.

When the bitcoin thing first started the whole premise was the fact that banks were ruining the whole world and that was actually right, they are still ruining the world as well but unfortunately it is not getting as much attention as it did 2008 because at that moment banks basically ruined the economy of not only USA but other big nations as well, causing literally over a billion people being affected because banks wanted to leverage mortgages a lot higher than it is and with that high risk they didn't care if it would go down or not because they were profiting from it a ton, they got greedy and all of that came down crashing.

Hence I believe ever since 2008 the new generations do not trust banks, they would rather not work with banks if there was a possibility.

TIDOVEE

sr. member

Activity: 1246

Merit: 255

It's the same in my country too, and I think this is due to the fact that 1. Most our banks are now very busy with long queue to attend to customers because of the social distancing, even the ATM has too many queue.
2. Since people are not really going to their work place, what they need is to withdraw the saved money to keep surviving.
3. In my country, even withdraw VAT deductions had increased so many prefer to withdraw big at ones and keep spending by bit.

bits4books

sr. member

Activity: 854

Merit: 264

Crypto is not a religion but i like it

Quote from: South Park on August 23, 2020, 11:49:44 AM

Quote from: bits4books on August 22, 2020, 06:40:34 AM

Quote from: naikturun on August 21, 2020, 03:10:06 PM

conditions in my country are still fairly reasonable unlike in your country, withdrawals do exist but naturally and banks are still working as usual, it's just that small and medium enterprises are the biggest affected here, gold is an investment from a long time ago, so it's no wonder people will put their money down there.

By the way, I agree with this. Many people do not just withdraw money from their accounts and take it out of the banks - they either buy something for super-long-term use or invest in something that will always be in the price. They buy gold or land or real estate - anything that in the future will definitely be in demand for one reason or another and is minimally subject to inflation, for example.
As they say - no matter how much money there is in the world, there is no more land!

This is why despite the crash that we saw in March of this year in the price of bitcoin the price recovered relatively quickly, bitcoin by design is very scarce and people are realizing that governments do not have any kind of problem printing as much money as they want in order to solve the problems that they have created themselves but as we know this decreases the purchasing power of your money but in the case of bitcoin we see the opposite with the price of bitcoin having a tendency to go up over the long term.

This may be true - but btc is too unstable and unpredictable for ordinary people to be happy to invest in it. Most people are suffering when their investments fall sharply - and no one wants to get an extra heart present.
For the younger generation, BTC can be an attractive means for investment (and even then - only for those who have money hah). Anyway, there are more people from the older generation in our world.

tippytoes

sr. member

Activity: 1988

Merit: 275

Quote from: cryptoboss2020 on August 26, 2020, 05:36:39 PM

i dont hate banks i like banks they protect my money:)

if you lose your crypto keys how will you rcover funds? but with bank even i lose my online passwrods or bank card the bank will still verify who i am and will hold funds for me.

i dont mind banks and i really dont undestood this bs against centralised organisations.

Banks will always be there. And I don't think the withdrawing of funds these days means losing trust on these institutions. But rather they are just withdrawing in preparation for this crisis. Because we don't know how long it's gonna be. It is better to have always cash on hand to prepare for the worst case scenario. But once this pandemic is over, people will always go back to their banks because that's where they feel safe to entrust their funds. And many people still do.

cryptoboss2020

member

Activity: 322

Merit: 14

i dont hate banks i like banks they protect my money:)

if you lose your crypto keys how will you rcover funds? but with bank even i lose my online passwrods or bank card the bank will still verify who i am and will hold funds for me.

i dont mind banks and i really dont undestood this bs against centralised organisations.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: The Cryptovator on August 23, 2020, 11:58:33 AM

Well, even peoples are not losing faith from centralized organizations but there are some problems in my country. The government of my country announced lately that they will not responsible for bankruptcy. If a bank goes bankrupt, means you lost your money. This wasn't a real-time and perfect decision, especially during the COVID-19 pandemic. Most probably that's why I have seen that picture to our banks. Possibly people's withdrawing money to confrontation the bad situation or both would be a reason why banks are becoming empty.

Wow, this is extremely worrying, historically the reason governments backed banks in the case of bankruptcy is because they want to avoid a run on the banks, because as we know most of the time banks hold debts from other banks and if one of them collapses this puts other banks at risk of collapsing as well creating a domino effect that could destroy the economy of the country, I do not really know what took the government of your country to take that decision but taking into account the moment in which they did it with the economic crisis that we're facing and the pandemic that does not go away I can say they could not have chosen an even worst time to do this.

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

Quote from: iv4n on August 24, 2020, 05:05:36 AM

Quote from: The Cryptovator on August 23, 2020, 11:58:33 AM

Well, even peoples are not losing faith from centralized organizations but there are some problems in my country. The government of my country announced lately that they will not responsible for bankruptcy. If a bank goes bankrupt, means you lost your money. This wasn't a real-time and perfect decision, especially during the COVID-19 pandemic. Most probably that's why I have seen that picture to our banks. Possibly people's withdrawing money to confrontation the bad situation or both would be a reason why banks are becoming empty.

Those banks will be replaced with other bank, in the end all people will get is another name, everything else will be the same.
I think that people don't really knows what centealized and decentralized means in the first place. Many of us still learn about that, I can say we are lucky we are in crypto and here we know more about how economy works, what centralized and decentralised organisations means, how they work and what they are stand for, and I guess most of us give advantage to decentralised because we know its a more fair system, and honest to all, not just for individuals and groups as centralized organisations are.
People who feels sick from governments and banks are turning to crypto, they lost faith in centralization long time ago, but they (we) didn't have alternative, now we have and its crypto.

This is why people must insist on well decentralized system, so those centralized financial institutions and others, don't come and dominate/exploit you again under the watch of our "governments".

Well, I think part of the reasons we got where we are is due to inadequate/lack of true transparency, accountability..., lack of just laws, violation of just-laws/fundamental rights, centralization of powers(as opposed to true decentralization of powers) , poor participation in governance, etc..
Blockchains or decentralized systems/networks can help solve these problems, especially in the online world. People should steadily insist on true decentralization, for their own good and the good of society. This is our chance to prove that we are not part of the problems. What we support/encourage today will also determine the future of our world and many souls.
I think it will be foolish to be screaming about unfair/unjust systems while supporting centralization against these good/important ideals of Blockchain/Bitcoin: decentralization, transparency, immutablity, censorship resistant, security/safety, privacy/anonymity, permissionless/trustless, consensus etc

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: Arkann on August 25, 2020, 09:51:08 AM

Quote from: Findingnemo on August 25, 2020, 06:39:18 AM

How exactly these banks are getting investors? Only the depositors are the reason for the people to invest on banks but the profit of bank is not from investors because they have to return it back the invested amount when they sell their shares.

So banks are making profits by giving the loans and the money is coming from the rich depositors in general.SO exactly bank gets money from people by giving less interest in the name of deposit interest and give the same money to other people for more interest rates.

I believe that today almost all governments are doing everything to ensure that the banking system exists for a very long time. During this period, the economic situation is very difficult and many people live without work, unable to replenish their household budget, and for some, the main job reduces the already small salaries. In order to survive, people go to the bank for loans, leaving their property as collateral. Thus, the banking system not only controls the expenses and incomes of people, but also makes them its slaves. And this whole process takes place under the auspices of the government.

That is why banking system were created for, they don't want the people to enjoy what they are earning in the form of salary or profit they just want to grab them by giving loans to them in the critical conditions by just printing the papers.Government is lacking up the banking system but people are the reason why banks are exists for now.

slapper

legendary

Activity: 1946

Merit: 1100

Leading Crypto Sports Betting & Casino Platform

Quote from: The Cryptovator on August 10, 2020, 05:16:31 AM

When I see the picture of our banks in my country's, it seems lots of people in the line to withdraw their funds. An analysis of my country says that people keeping funds on their hands instead of keeping into the bank. And it hasn't happened before where a huge amount of funds holding by population. Bank reports saying, clients are just withdrawing their money, deposits are very low by comparing with withdrawal. That's why people encountering lots of questions from the bank regarding withdrawal. Most likely due to the global pandemic, people want to keep funds on their hands.

I don't know if it is happening in your country as well. But seems people losing their faith from centralized organizations like a bank. It would happen due fair of bankruptcy or due to need money on emergency situations. On the other hand, gold and bitcoin movements saying that new investors getting in. Most probably people want to be their own bank.

What's your thought and what's the real situation of your country?

In my country, people are still believing in centralized organizations and the banking system. They dont have other choices since most of them are not well educated and they are hardly depended on everything on the governments. They realize that those centralized organizations can easily steal their money cause there are many cases which people lose their money when a bank becomes bankrupt. There is no insurance for us at all

I try to teach many of my friends how to use bitcoin and how to manage money by themselves in a proper way. But It seems that they lose their hope in bitcoin and other cryptocurrencies since there are too many scammers around us. And they are not independent enough to understand the concept of digital money. Therefore, they choose to buy gold instead of bitcoin. Well, that is still good though

Ulven

legendary

Activity: 1610

Merit: 1131

Originally central banks were set up for the purpose of deposits and withdrawals, so why should we be concerned about seeing people withdraw their money from banks?
Withdrawing money from banks remains a natural matter, So we must not think negatively, as we all know the world is still under the influence of the epidemic. Certainly, this health crisis will soon pass and life will return to its normal course.
In my country, funds are deposited and withdrawn from banks freely without fear or thinking about an economic crisis!

jaysabi

legendary

Activity: 2044

Merit: 1115

★777Coin.com★ Fun BTC Casino!

Quote from: iv4n on August 24, 2020, 05:05:36 AM

Quote from: The Cryptovator on August 23, 2020, 11:58:33 AM

Well, even peoples are not losing faith from centralized organizations but there are some problems in my country. The government of my country announced lately that they will not responsible for bankruptcy. If a bank goes bankrupt, means you lost your money. This wasn't a real-time and perfect decision, especially during the COVID-19 pandemic. Most probably that's why I have seen that picture to our banks. Possibly people's withdrawing money to confrontation the bad situation or both would be a reason why banks are becoming empty.

Those banks will be replaced with other bank, in the end all people will get is another name, everything else will be the same.
I think that people don't really knows what centealized and decentralized means in the first place. Many of us still learn about that, I can say we are lucky we are in crypto and here we know more about how economy works, what centralized and decentralised organisations means, how they work and what they are stand for, and I guess most of us give advantage to decentralised because we know its a more fair system, and honest to all, not just for individuals and groups as centralized organisations are.
People who feels sick from governments and banks are turning to crypto, they lost faith in centralization long time ago, but they (we) didn't have alternative, now we have and its crypto.

Banks being replaced with other banks don't help the people who's savings are gone as a result of a bank going out of business with to backstop by the government for savings. Bank bankruptcies reduce confidence in the banking system. Bank runs are merely the loss of confidence in the bank, regardless of whether the bank is actually unstable or not. Just the worry that banks could become unstable actually makes the banks unstable, and the more banks that fail the more people will be concerned about the remaining banks.

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Quote from: Arkann on August 25, 2020, 09:51:08 AM

Quote from: Findingnemo on August 25, 2020, 06:39:18 AM

How exactly these banks are getting investors? Only the depositors are the reason for the people to invest on banks but the profit of bank is not from investors because they have to return it back the invested amount when they sell their shares.

So banks are making profits by giving the loans and the money is coming from the rich depositors in general.SO exactly bank gets money from people by giving less interest in the name of deposit interest and give the same money to other people for more interest rates.

I believe that today almost all governments are doing everything to ensure that the banking system exists for a very long time. During this period, the economic situation is very difficult and many people live without work, unable to replenish their household budget, and for some, the main job reduces the already small salaries. In order to survive, people go to the bank for loans, leaving their property as collateral. Thus, the banking system not only controls the expenses and incomes of people, but also makes them its slaves. And this whole process takes place under the auspices of the government.

Thats the worse situation one could ever get into while there is a recession. Thigns are becoming very difficult for every body already but the banks are still taking advantage of everyone who pays them to keep their own money.

This is why its not good for banks to be part of the equation still because its one of the institution that just doesn't help an individual to grow financially. You'd much survive if the money is kept somewhere else you only knew.

Arkann

full member

Activity: 714

Merit: 104

Quote from: Findingnemo on August 25, 2020, 06:39:18 AM

How exactly these banks are getting investors? Only the depositors are the reason for the people to invest on banks but the profit of bank is not from investors because they have to return it back the invested amount when they sell their shares.

So banks are making profits by giving the loans and the money is coming from the rich depositors in general.SO exactly bank gets money from people by giving less interest in the name of deposit interest and give the same money to other people for more interest rates.

I believe that today almost all governments are doing everything to ensure that the banking system exists for a very long time. During this period, the economic situation is very difficult and many people live without work, unable to replenish their household budget, and for some, the main job reduces the already small salaries. In order to survive, people go to the bank for loans, leaving their property as collateral. Thus, the banking system not only controls the expenses and incomes of people, but also makes them its slaves. And this whole process takes place under the auspices of the government.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: Finestream on August 24, 2020, 05:55:06 AM

Quote from: Findingnemo on August 15, 2020, 04:42:07 AM

Banks are making money from the interest rate only, if you deposit some amount into your bank they are going to lend it for more interest rate than your deposit interest and this is what we call they are making money out of nothing.

I don't think they'll only rely on people's deposit. Most of the deposits are can be withdrawn anytime, so they can't match it with loans as they can't force the borrower to pay at a specific period if it can't pay, that's why there's a non performing loans in the bank but bank can't say no when something ask for withdrawal, so it's impossible.

Banks through their investors put money to as capital, and they can also use that for lending purpose, but what I'm aware of is that, majority of the funds they release through loans are also borrowed funds from big banks, which they will only pay lesser interest compared to loans they'll extend.

Quote from: Findingnemo on August 15, 2020, 04:42:07 AM

If there is no more depositors then how banks can lend money to the people.

Like I said, they will borrow money, they don't rely on depositors.

How exactly these banks are getting investors? Only the depositors are the reason for the people to invest on banks but the profit of bank is not from investors because they have to return it back the invested amount when they sell their shares.

So banks are making profits by giving the loans and the money is coming from the rich depositors in general.SO exactly bank gets money from people by giving less interest in the name of deposit interest and give the same money to other people for more interest rates.

nasipadang

sr. member

Activity: 1274

Merit: 252

Quote from: The Cryptovator on August 10, 2020, 05:16:31 AM

When I see the picture of our banks in my country's, it seems lots of people in the line to withdraw their funds. An analysis of my country says that people keeping funds on their hands instead of keeping into the bank. And it hasn't happened before where a huge amount of funds holding by population. Bank reports saying, clients are just withdrawing their money, deposits are very low by comparing with withdrawal. That's why people encountering lots of questions from the bank regarding withdrawal. Most likely due to the global pandemic, people want to keep funds on their hands.

I don't know if it is happening in your country as well. But seems people losing their faith from centralized organizations like a bank. It would happen due fair of bankruptcy or due to need money on emergency situations. On the other hand, gold and bitcoin movements saying that new investors getting in. Most probably people want to be their own bank.

What's your thought and what's the real situation of your country?

Based on what I have experienced and a little speculation, that in my country the bank has an appeal to people who are in the working years and old. Banks have solutions for those who want to save money and at the same time get money (deposits) and those who want money (loans). At the same time, the government offers a very nice discount up front for those who have accounts at certain banks, making banks the first choice for buying anything related to the government. The centralized organization still has a lot of faith in my country because it is more instant, even though if we understand it will have bad consequences in the future and have a big risk when compared to what they offer.

goldade

full member

Activity: 896

Merit: 104

The Standard Protocol - Solving Inflation

I think it's absolutely normal for people to withdraw money from their banks in this period. The pandemic has caused problems economically and it's only normal for people to withdraw money to meet their needs.
I don't know of your county but in my country, people rely on what they've saved over the years to scale through. If no other money is coming, then there is no other choice than to withdraw what's it the bank.
People still have faith in centralized institutions. It's just circumstances that have forced their hands

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: Findingnemo on August 15, 2020, 04:42:07 AM

Banks are making money from the interest rate only, if you deposit some amount into your bank they are going to lend it for more interest rate than your deposit interest and this is what we call they are making money out of nothing.

I don't think they'll only rely on people's deposit. Most of the deposits are can be withdrawn anytime, so they can't match it with loans as they can't force the borrower to pay at a specific period if it can't pay, that's why there's a non performing loans in the bank but bank can't say no when something ask for withdrawal, so it's impossible.

Banks through their investors put money to as capital, and they can also use that for lending purpose, but what I'm aware of is that, majority of the funds they release through loans are also borrowed funds from big banks, which they will only pay lesser interest compared to loans they'll extend.

Quote from: Findingnemo on August 15, 2020, 04:42:07 AM

If there is no more depositors then how banks can lend money to the people.

Like I said, they will borrow money, they don't rely on depositors.

iv4n

legendary

Activity: 3248

Merit: 1179

Quote from: The Cryptovator on August 23, 2020, 11:58:33 AM

Well, even peoples are not losing faith from centralized organizations but there are some problems in my country. The government of my country announced lately that they will not responsible for bankruptcy. If a bank goes bankrupt, means you lost your money. This wasn't a real-time and perfect decision, especially during the COVID-19 pandemic. Most probably that's why I have seen that picture to our banks. Possibly people's withdrawing money to confrontation the bad situation or both would be a reason why banks are becoming empty.

Those banks will be replaced with other bank, in the end all people will get is another name, everything else will be the same.
I think that people don't really knows what centealized and decentralized means in the first place. Many of us still learn about that, I can say we are lucky we are in crypto and here we know more about how economy works, what centralized and decentralised organisations means, how they work and what they are stand for, and I guess most of us give advantage to decentralised because we know its a more fair system, and honest to all, not just for individuals and groups as centralized organisations are.
People who feels sick from governments and banks are turning to crypto, they lost faith in centralization long time ago, but they (we) didn't have alternative, now we have and its crypto.

The Cryptovator

legendary

Activity: 2394

Merit: 2223

Signature space for rent

Well, even peoples are not losing faith from centralized organizations but there are some problems in my country. The government of my country announced lately that they will not responsible for bankruptcy. If a bank goes bankrupt, means you lost your money. This wasn't a real-time and perfect decision, especially during the COVID-19 pandemic. Most probably that's why I have seen that picture to our banks. Possibly people's withdrawing money to confrontation the bad situation or both would be a reason why banks are becoming empty.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: bits4books on August 22, 2020, 06:40:34 AM

Quote from: naikturun on August 21, 2020, 03:10:06 PM

conditions in my country are still fairly reasonable unlike in your country, withdrawals do exist but naturally and banks are still working as usual, it's just that small and medium enterprises are the biggest affected here, gold is an investment from a long time ago, so it's no wonder people will put their money down there.

By the way, I agree with this. Many people do not just withdraw money from their accounts and take it out of the banks - they either buy something for super-long-term use or invest in something that will always be in the price. They buy gold or land or real estate - anything that in the future will definitely be in demand for one reason or another and is minimally subject to inflation, for example.
As they say - no matter how much money there is in the world, there is no more land!

This is why despite the crash that we saw in March of this year in the price of bitcoin the price recovered relatively quickly, bitcoin by design is very scarce and people are realizing that governments do not have any kind of problem printing as much money as they want in order to solve the problems that they have created themselves but as we know this decreases the purchasing power of your money but in the case of bitcoin we see the opposite with the price of bitcoin having a tendency to go up over the long term.

Topic: Are people losing faith from centralized organizations? - page 3. (Read 1162 times)